Analysts/Institutional Investor Meet/Con. Call Updates

July 17, 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: Transcript of the Earnings Conference Call for Analysts and Investors held on Wednesday, July 15, 2026. Ref: Disclosure pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Pursuant to the provisions of Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby submit the transcript of the Earnings Conference Call for Analysts and Investors held on Wednesday, July 15, 2026. The transcript 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 Billionbrains Garage Ventures Limited (Groww) July 15, 2026 Billionbrains Garage Ventures Limited (Groww) Q1 FY27 Earnings Conference Call July 15, 2026 Management Representatives: Mr. Lalit Keshre – Co-Founder and CEO Mr. Ishan Bansal – Co-Founder and CFO Mr. Lalit Bhimani – Group Head, Finance Mr. Shiv Tallam – Head of Investor Relations and Corporate Development Page 1 of 14 Billionbrains Garage Ventures Limited (Groww) July 15, 2026 Moderator: Good afternoon, ladies and gentlemen. Welcome to Billionbrains Garage Ventures Limited or Groww Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the management's remarks. Please note that this call is being recorded. Additionally, please note that this earnings call is scheduled for a duration of 45 minutes. If you wish to ask a question, please use the raise hand feature available on your Zoom dashboard. We will announce your name on the call and unmute your line post which you can proceed with your questions. For today's call from the management, we have Mr. Lalit Keshre, Co-founder and CEO; Mr. Ishan Bansal, Co-founder and CFO; Mr. Lalit Bhimani, Group Head Finance; Mr. Shiv Tallam, Head of Investor Relations and Corporate Development. I now hand over the call to Shiv. Thank you and over to you, sir. Shiv Tallam: Thank you, Michelle. Good afternoon everyone, and welcome to the call. Our results and shareholder letters have been published on the exchanges as well as uploaded on the company's IR website. Before we begin the call, I would like to remind all the attendees that some statements or comments made on the call today by the management can be deemed as forward-looking and hence may involve certain risks and are not subject to any review. Such statements or comments are not guarantee of future performance and the actual results may differ. With that, I would like to invite Lalit for the opening remarks. Lalit Keshre: Hello, thanks Shiv. Hello everyone, good afternoon and welcome to our Q1 FY27 earnings call. This is our fourth call after we got listed. This past May, we reached an important milestone in our company, we completed 10 years of our journey. When we started Groww, we had a very simple and very, very big goal to democratize wealth in India. And as I mentioned in my last call that every quarter you will hear the same thing again and again and we'll continue following the same purpose for many more years. Our strategy has also been consistent throughout last 10 years and that is to improve the user experience and keep launching more and more products that our customers want. And this customer focused strategy has also led to the creation of the platform that is loved by like millions of customers. That strategy has also taken us from starting with mutual funds to stocks, derivatives, MTF and many more products, the most recent one being commodities where we achieved like more than 28% market share, the retail market share in terms of notional ADTO. The first 10 years of our journey was more about giving access to wealth, to investing to millions of Indians and managing their wealth. The next one will move beyond just Page 2 of 14 Billionbrains Garage Ventures Limited (Groww) July 15, 2026 being an execution platform or a very, very good user experience platform to actually becoming like a true wealth management company. And as part of that, we over last few quarters we have been kind of building multiple products including MF Prime and W where we help customers on multiple fronts in building wealth. Lot of these products are basically very research backed where we help customers in figuring out the best investments, rebalancing, tax considerations and many more things. So that is the kind of big focus area for us. Secondly, we continued doing multi-product on the platform, we continued launching more products, the last one being bonds which is scaling really, really well. This quarter also you will see another new product coming. On credit, as we have spoken like it's a good compounding business for us. The focus there over last few months or last few quarters like LAS is showing good growth, now it constitutes 34% in our disbursement and very relevant for our investors. On AMC, last time we had kind of announced about the SSG, State Street Global partnership investment. One development there is that now we have got SEBI and CCI approval as well. Lastly, on AI like we remain focused on it on various fronts in both serving customer experience and also on how we build products. We believe that it will fundamentally reshape the investing experience as well as how things are built and we kind of continue kind of focusing on that. We are leveraging it across multiple places. Yes, so 10 years in, we believe we are still early in the journey and we are glad to have you with us in it. And with that, let's open to the Q&A. Thank you. Moderator: Thank you very much, sir. Ladies and gentlemen, we will now begin the question-and- answer session. The first question is from Dipanjan Ghosh. Kindly introduce yourself and proceed, sir. Dipanjan Ghosh: Hi, this is Dipanjan here from Citigroup Global Markets. So, few questions from my side. First if I look at your employee expense number, it seems that you have been onboarding some employees to the overall organization, maybe because of the new product segments or post the integration with Fisdom.So just wanted to get some colour if I were to take a 2-to-3-year view, how should one think of the employee additions given your aspiration to transition into more of a digital savvy wealth sort of a company out there. So that's the first question. The second question, if I look at your MTF growth, obviously the momentum has been sustained. Having said that, I think a large part of the growth has been driven by increase in ticket size. So, two subparts to this question, one is in terms of customer acceptance of the product, I mean how much more acceptance rate do you expect? And secondly, I mean is the increase in MTF actually yield accretive for the cash business given the ceiling in terms of brokerage can be relatively higher? Page 3 of 14 Billionbrains Garage Ventures Limited (Groww) July 15, 2026 And third question is on the active derivatives customers. If I look at sequentially and look at the active derivative customer data, [Showing first 8,000 characters — download PDF for full document]