Analysts/Institutional Investor Meet/Con. Call Updates

October 14, 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 October 14, 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 Q2 FY 2026-27 dated October 14, 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 Q2 FY27 Groww Shareholders’ Letter – Q2 FY27 Consolidated Financial Highlights Total Income +44% YoY ₹1,536 Cr ₹1,549 Cr ₹1,541 Cr ₹1,261 Cr ₹1,071 Cr Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 EBITDA +60% YoY ₹939 Cr ₹971 Cr ₹969 Cr ₹721 Cr ₹604 Cr Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 +54% YoY ₹735 Cr ₹725 Cr ₹686 Cr ₹547 Cr ₹471 Cr Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Groww Shareholders’ Letter – Q2 FY27 Summarizing Our Performance Our Platform 2.4 Cr ₹3.9 L Cr +27% YoY +46% YoY Total Transacting Users Total Customer Assets Unit Economics Q2 FY27 vs. Q2 FY26 Q2 FY26 Q2 FY27 ₹1,017 Cr Revenue ₹1,497 Cr Cost to Serve EBITDA Excluding Groww AMC egareveL gnitarepO ₹124 Cr (12.2%) ₹206 Cr (13.8%) ₹123 Cr (12.1%) Cost to Grow ₹105 Cr (7.0%) ₹148 Cr (14.5%) Cost to Operate ₹202 Cr (13.5%) ₹622 Cr (61.2%) ₹983 Cr (65.7%) Groww Shareholders’ Letter – Q2 FY27 Summarizing Our Performance Our Market Share Across Products Mutual Funds Stocks ₹14,430 Cr ₹14,347 Cr ₹11,254 Cr ₹10,129 Cr 15.4% 14.8% 12.9% 13.1 % Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 MF SIP Inflows Market Share Stocks ADTO Retail Market Share Equity Derivatives Margin Trading Facility ₹12,322 Cr ₹9,574 Cr ₹4,351 Cr 11.0% 8.6% ₹1,668 Cr 2.7% 1.6% Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 Equity Derivatives Premium ADTO Retail Market Share MTF Book Market Share Groww Shareholders’ Letter – Q2 FY27 Investors’ Top Of Mind Q1. What were the key developments in Q2 FY27? Our consolidated Total Income grew 44% YoY, with 27% growth in Total Transacting Users and 46% growth in Total Customer Assets. We added 11 lakh NTUs during the quarter, propelled by primary market activity. 42 lakh users applied for equity IPOs via Groww, resulting in a 22% market share in total allotments. We saw increased contribution across most products, like MTF and Commodity Derivatives. While the share of Equity Derivatives in Total Income declined 12.2pp YoY, driven by market adjustments to CAS, we believe this will recover once the recommendations from SEBI’s consultation paper go into effect. Consolidated expenses increased 29% YoY, with PAT 54% higher YoY, delivering a PAT margin of 47% (+3.0pp YoY). We continue to scale our new businesses, with our Wealth Assets crossing ₹10,000 crores and our AMC AUM expanding 145% YoY to ₹7,179 crores. Q2. What is the revenue contribution from each product? Total Income mix, by Products (% Share) 56.9% 53.5% 54.8% 51.9% 44.8% 17.4% 16.1% 16.5% 15.6% 6.2% 17.8% 3.5% 4.5% 4.9% 10.1% 0.2% 4.7% 5.6% 6.9% 8.0% 8.4% 7.4% 7.0% 7.9% 8.4% 6.2% 5.9% 5.2% 5.9% 5.5% 1.9% 4.3% 3.3% 4.8% 2.1% 4.9% 3.6% 2.0% 3.1% 2.5% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Equity Derivatives Stocks Commodity Derivatives MTF Float PL + LAS Other Operating Income Other Income We have changed the revenue classification to better reflect the evolving nature of our business, changing Treasury to Other Income, moving IPO and BSDA revenue from Stocks revenue into Other Operating Income and delayed payment charges from Other Operating Income into Float. Groww Shareholders’ Letter – Q2 FY27 In Q2, we saw increased contribution from MTF (+5.5pp YoY), Commodity Derivatives (+6.0pp YoY), and Other Operating Income (facilitated by strong primary activity in the quarter), whereas Equity Derivatives activity was softer. The contribution of Stocks, which comprises brokerage (70-75% of Stocks revenue) and other revenue (25-30%) which includes DP, DDPI, pledge charges and autosquareoff, also decreased marginally YoY. While this quarter’s quantum was outsized, broadly, we expect the growth of products which are not yet fully penetrated, like MTF and Commodity Derivatives, to be higher, leading to increased contribution from them in the coming quarters. Q3. What was the impact of the Closing Auction System (CAS) on your business? Effective 3 August 2026, SEBI introduced the Closing Auction System (CAS) for F&O eligible stocks, replacing the earlier Volume-Weighted Average Price (VWAP) method with a 20-minute closing auction (3:15 PM to 3:35 PM). During the initial adoption phase, a disparity emerged between the 3:15 PM reference price (3:00–3:15 PM VWAP) and the equilibrium price published from 3:20 PM, leading to a decline in volumes across the industry. While our Equity Derivatives revenue declined 14.3% QoQ, the bulk of which we attribute to CAS, this was in-line with the decline that the industry has seen. The consultation paper published by SEBI proposes to delink derivatives settlement from CAS closing prices, which, if implemented, should help in normalising trading activity. Q4. What caused the increase in expenses this quarter and is this expected to be the run rate going forward? Total Expense Walk QoQ ₹13 Cr ₹5 Cr ₹42 Cr ₹13 Cr ₹15 Cr in Cost to ₹514 Cr ₹510 Cr AI-related One-time Operate largely client increase due to in Cost to due to reimburs- CSR Grow (no higher IPL spends -ements trading in Q2) days Cost to Serve Q1 FY27 Expenses Q2 FY27 Expenses Total expenses for the quarter here is the sum of Cost to Serve, Cost to Grow, and Cost to Operate (excluding Groww AMC). Groww Shareholders’ Letter – Q2 FY27 This quarter’s increase in Cost to Serve was driven by higher tech costs largely due to higher trading days, one-time reimbursements to clients for abnormal trades1, and inflation in compute costs due to AI and other factors. Typically, quarters with higher trading days tend to have higher Cost to Serve. We expect the inflation-driven costs to remain a part of the operational baseline run rate going forward. This quarter’s Cost to Operate included ₹5 crores of CSR expenses, with a further ~₹28 crores expected in H2 FY27. Q5. How is the company investing in its operating business? While we received an investment of ₹580 crores this quarter from State Street Global Advisors, Inc., we continue to deploy cash into our MTF, PL and LAS books (₹1,915 crores) and repay our debt (₹203 crores), bringing our cash balance from ₹3,893 crores at the start of H1 FY27 to ₹3,849 crores by the end. Cash Flow Walk ₹1,568 Cr ₹1,915 Cr ₹3,893 Cr ₹580 Cr ₹3,849 Cr Operating ₹203 Cr Cash ₹74 Cr LAS Debt Capex SSGA Repayment & Investment Change in WC Opening Cash as
 Closing Cash of H1 FY27 Cash balance includes Fixed Deposits, Investments in MFs, Investment in Securities including Government Securities and NCDs. 1 Stemming from an operational issue at a third-party Market Infrastructure Institution. Groww Shareholders’ Letter – Q2 FY27 Q6. Could you please provide an update on your Wealth offerings? We completed the Fisdom integration during the quarter, which will now enable us to provide Wealth offerings across multiple platforms. Currently, we provide the following p [Showing first 8,000 characters — download PDF for full document]