Analysts/Institutional Investor Meet/Con. Call Updates

October 16, 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, October 14, 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, October 14, 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) Q2 FY27 Earnings Conference Call October 14, 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 15 Billionbrains Garage Ventures Limited (Groww) October 14, 2026 Moderator: Good afternoon, ladies and gentlemen. Welcome to Billionbrains Garage Ventures Limited or Groww's Q2 FY 27 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 opening 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 Lalit Keshre, Co-founder and CEO; Ishan Bansal, Co-founder and CFO; Lalit Bhimani, Group Head, Finance; and Shiv Tallam, Head of Investor Relations and Corporate Development. I now hand the call over to Shiv. Thank you, and over to you. Shiv Tallam: Thank you, Yashashri. Thank you, everyone. Good afternoon and welcome to the Q2 FY 27 earnings call on 14th October. Our results and shareholders' letters have been updated on the exchanges along with KPIs on the Investor Relations website. For our investors whose analyst is a bot, there is also an AI earnings pack that we started updating on our website. We'd like everyone to take a note on the call that some of the statements that we make may be deemed as forward-looking and carry risks. They are not guarantees of future performance, and the actual results may differ. On that short introduction, I'd like to just open up the floor for calls. Moderator: Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. In order to ensure management is able to answer queries from all participants, kindly restrict your questions to two at a time. We'll take our first question from Sameet Sinha. Mr. Sinha, please introduce yourself and go ahead with your question, please. Sameet Sinha: Yes. Thank you very much for taking the question. Just on a question between your interplay between Cost to Grow and Cost to Serve: Cost to Grow obviously came down pretty dramatically this quarter. Is that a function of the fact that Cost to Serve went up or was it just a function of the fact that the market was not suitable, so you decided to pull back on this spend? Ishan Bansal: Let me take this. The Cost to Grow and Cost to Serve, first of all, are very independent costs in some ways. Cost to Serve primarily has costs related to transactions and costs related to technology from our side, whereas Cost to Grow is primarily a growth-related cost, where we spend some part of that in brand building, some part of that in performance marketing as well. What happened, what you saw in last quarter, we did a branding event in IPL, and there was a cost attributed to that IPL piece, which didn't show up in this quarter's Cost to Grow. Because of that, the Cost to Grow actually was lower. Whereas Cost to Serve, the reason it was higher was independent of actually Cost to Grow, and we have actually explained that in our shareholders' letter as well. There were multiple, two or three different reasons why it went up. Page 2 of 15 Billionbrains Garage Ventures Limited (Groww) October 14, 2026 One reason was basically there is the AI-related cost that started coming now because we started focusing a lot on AI. Second piece was, because of AI itself, actually some of the compute cost has also went up. Second piece is actually the number of trading days in last quarter was higher, and because of that also the compute cost goes up because we actually use compute more on the trading days and significantly lower on non-trading days. The third piece was due to one-time. There was an issue that we faced because on a particular expiry day, the files got delayed. Because of that, there was a one-time hit of around INR10 crores to INR13 crore, which is also kind of part of Cost to Serve in this quarter. Because of these three things, the Cost to Serve went up, and Cost to Grow went down because of IPL not being there in this quarter. Sameet Sinha: Got it. Got it. I understand that those are independent. I just wanted to make sure that they were, one did not, as you saw Cost to Serve increase, wasn't that you managed the Cost to Grow. Second thing is, in terms of CAS, obviously we'll hear more about what SEBI decides to do by the end of this week. Any thoughts there? What are you expecting to hear from them? If things go as per your expectation, when do you expect to see volume start to kind of come back to more normalized levels? Ishan Bansal: CAS, if you look at the circular, both the options that SEBI has given, more or less are not going to impact derivatives as a segment because the closing of derivative segment will either be like 100% based on VWAP or will have a weighted average. Even with weighted average also, the large part of the weight will come from the VWAP piece compared to the CAS piece. Hence, our expectation is that it will go back to like normal in some ways. We are also waiting for the circular to understand the date from which this will be applicable. We think that from the date it becomes applicable, the normalization will be much faster. But it will depend on from which date it becomes applicable. Sameet Sinha: Got it. Thank you very much. Moderator: Thank you. I now invite Prayesh Jain. Mr. Jain, kindly introduce yourself and go ahead with the question, please. Prayesh Jain: Hi, everyone. This is Prayesh Jain from Motilal Oswal, and congrats on a good set of numbers. Firstly, just wanted to touch base on the margin trade funding book side. We saw some bit of moderation and steadiness in during the quarter and then towards the end again you started scaling up. What really went through there, and how should we see the trajectory going ahead on this? Ishan Bansal: So, I think like stocks is volatile, right? Basically whenever some stocks goes down, people try to kind of take positions at that time. When it goes [Showing first 8,000 characters — download PDF for full document]