Analysts/Institutional Investor Meet/Con. Call Updates

July 15, 2026 To, To, The Listing Department, The Listing Department BSE Limited, National Stock Exchange of India Ltd., Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Bandra Kurla Complex, Bandra (East), Mumbai – 400001 Mumbai – 400051 Scrip code: 544603 Symbol: GROWW Dear Sir / Madam, Sub: Shareholders’ Letter dated July 15, 2026. Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed Shareholders’ letter for Q1 FY 2026-27 dated July 15, 2026. The above information is being uploaded on the website of the Company viz. www.groww.in. Kindly take the same on record and oblige. Thanking you, For Billionbrains Garage Ventures Limited (Formerly known as Billionbrains Garage Ventures Private Limited) Roshan Dave Company Secretary and Compliance Officer Encl.: As above Billionbrains Garage Ventures Limited (Formerly known as Billionbrains Garage Ventures Private Limited) Registered Office: Vaishnavi Tech Park, South Tower, 3rd Floor, Survey No.16/1 and 17/2, Ambalipura Village, Varthur Hobli, Bellandur, Bangalore, Bangalore South, Karnataka, India, 560103 W: www.groww.in E:corp.secretarial@groww.in T: +91 80-69601300 CIN: L72900KA2018PLC109343 Shareholders’ letter Q1 FY27 Groww Shareholders’ Letter – Q1 FY27 Consolidated Financial Highlights Total Income +1% QoQ +63% YoY ₹1,536 Cr ₹1,549 Cr ₹1,261 Cr ₹1,071 Cr ₹948 Cr Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 EBITDA +101% YoY +3% QoQ ₹939 Cr ₹971 Cr ₹721 Cr ₹604 Cr ₹483 Cr Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 +7% QoQ +94% YoY ₹735 Cr ₹686 Cr ₹547 Cr ₹471 Cr ₹378 Cr Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Groww Shareholders’ Letter – Q1 FY27 Summarizing Our Performance Our Platform 2.2 Cr ₹3.6 L Cr +4% QoQ +22% QoQ +24% YoY +38% YoY Total Transacting Users Total Customer Assets Active Users: 1.7 Cr Q1 Net Inflows: ₹23k Cr Net Inflows are defined as investments by users in the quarter less outflows at cost price. Our Platform Economics Q1 FY27 vs. Q1 FY26 Q1 FY26 Q1 FY27 ₹904 Cr Revenue ₹1,473 Cr Cost to Serve egareveL gnitarepO ₹132 Cr (14.6%) ₹158 Cr (10.7%) ₹108 Cr (11.9%) Cost to Grow ₹146 Cr (9.9%) ₹166 Cr (18.3%) Cost to Operate ₹170 Cr (11.5%) ₹499 Cr (55.2%) EBITDA ₹999 Cr (67.8%) Excluding Fisdom
 & Groww AMC Groww Shareholders’ Letter – Q1 FY27 Summarizing Our Performance Our Market Share Across Products Mutual Funds Stocks ₹15,801 Cr ₹13,229 Cr ₹10,674 Cr ₹10,020 Cr 15.1% 14.1% 12.4 % 11.8% Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 MF SIP Inflows Market Share Stocks ADTO Retail Market Share Equity Derivatives Margin Trading Facility ₹15,661 Cr ₹9,277 Cr 11.0% ₹3,775 Cr 7.2% ₹1,036 Cr 2.7% 1.2% Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Equity Derivatives Premium ADTO Retail Market Share MTF Book Market Share Market share for the MTF Book is now calculated using the combined outstanding MTF Books of NSE and BSE as the denominator. On the same basis, the market share in Q4 FY26 would have been 2.6%, compared with the previously stated 2.7% based on NSE only. Groww Shareholders’ Letter – Q1 FY27 Investors’ Top Of Mind Q1. What were the key developments in Q1 FY27? Our consolidated Total Income grew 63.3% YoY, led by continued penetration of newer products like MTF and Commodity Derivatives. PAT increased 94.3% YoY, as operating leverage played out across all the cost buckets, leading to a PAT margin of 47.5%, a YoY expansion of 7.6pp. As a tech-driven organisation, we believe that the operating leverage from economies of scale will continue to play out as we grow. We extended our market leadership across categories. We added 115k net clients, driven by higher retention and superior product quality, despite an industry-wide slowdown. In Mutual Funds, we remain the largest distribution platform for direct Mutual Funds in India, with ₹1.9 lakh crore of direct MF AUM, and our SIP Inflows grew 32% YoY, double the industry’s 16%. In Stocks, risk controls that we implemented resulted in our ADTO retail market share decreasing QoQ to 15.1% (albeit 3.3pp higher YoY). In Commodity Derivatives, we have scaled to 28.6% retail market share in Notional ADTO across MCX & NSE. Product shipping velocity remained high. We remain focused on leveraging AI across the organisation. Our engineers have seen significant leverage using AI which has improved our product shipping velocity. We now offer an AI-powered mutual fund advisory product ‘MF Prime’, for users who want additional guidance to manage their MF portfolio. We continue to scale our bonds offering and ‘W’, our wealth advisory offering. In Consumer Credit, our Loans against Securities (LAS) product anchored this quarter's growth, making up over a third of our on-book disbursements. Groww AMC is scaling fast as well, seeing ~140% growth in AUM over the last year. Additionally, we have received SEBI and CCI approval for the strategic investment by State Street Global Advisors into Groww AMC. Q2. What is the revenue contribution from newer products? Total Income mix, by Products (% Share) 56.4% 56.9% 53.5% 54.8% 52.0% 18.2% 16.4% 16.4% 19.3% 19.4% 4.9% 3.5% 4.5% 0.2% 8.1% 9.9% 7.2% 6.8% 7.6% 5.6% 8.0% 3.0% 4.7% 6.9% 6.6% 6.2% 5.9% 5.2% 5.5% 3.5% 2.0% 3.0% 4.6% 4.8% 2.9% 2.7% 2.1% Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Equity Derivatives Stocks Commodity Derivatives Float MTF PL + LAS Treasury Other Income Groww Shareholders’ Letter – Q1 FY27 In Q1, we saw increased contribution from MTF (+1.1pp QoQ) and Commodity Derivatives (+0.4pp QoQ), driven by deeper product penetration and adoption. We expect the trend of revenue diversification away from Equity Derivatives to continue, offsetting the volatility-driven spike that we alluded to last quarter. Q3. How is Groww being able to add NSE Active Clients even in a volatile market? In Q1, we added 115k net NSE Active Clients, while the overall industry saw a net decline of approximately 257k NSE Active Clients. We believe this performance was supported by our focus on product quality, user experience and trust, resulting in better retention rates than the industry. This helped to more than offset our low quarterly NTU addition, which was driven, in part by lower capital markets activity, particularly among IPOs and ETFs. Q4. How have the improved risk controls impacted your business? Based on our learnings from the increased market volatility in Q4 FY26, we implemented certain risk controls in Q1 FY27, such as tightening of limits across MTF and Intraday. We believe that these measures somewhat restrained our market share growth in Stocks and MTF. Despite this, our Stocks ADTO increased 48.0% YoY, and our MTF Book grew 264.4% YoY. Q5. How has the Commodity Derivatives business ramped up? The scale-up in commodities over the past few quarters has been a function of growth in user adoption and industry momentum. We now have 435k Commodity Derivatives Active Users on our platform (+10.7% QoQ), implying an attach rate of 2.6% in overall Active Users. We had a Notional ADTO retail market share of 28.6% in Q1 FY27. Commodity Derivatives Active Users 435k 393k 256k Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Groww’s retail market share in Commodity Derivatives Notional ADTO is across MCX & NSE. Groww Shareholders’ Letter – Q1 FY27 Q6. How has the mix of the credit business evolved? Loans against Securities, a relatively new product for us, continued to scale and now represents a growing share of our credit disbursements. Our credit book grew 11.8%, led by LAS, with the secured book now accounting for 18.5% of the total book, up from 13.5% last quarter. Disbursements through GCS grew 26.1% QoQ, with LAS contributing 35.0% of the disbursements. Q7. What is your strategy with Groww AMC and how has its performance been? We intend to capture whitespaces in the industry through the manufacturing of differentiated mutual funds and ETFs, based on customer demand. As we announced earlier in the year, we are partnering with State Street Global [Showing first 8,000 characters — download PDF for full document]