Buy Billionbrains Garage Ventures; target of Rs 190: Motilal Oswal

About this update from Billionbrains Garage Ventures Limited

Motilal Oswal's research report on Billionbrains Garage VenturesBillionbrains Garage Ventures (GROWW) reported operating revenue of INR12.2b in 3QFY26, up 25% YoY and 19% QoQ. For 9MFY26, operating revenue was flat YoY at INR31.4b. Operating expenses were up 20% QoQ in 3QFY26 to INR5b due to the launch of commodity segment and other incremental costs related to new user acquisitions and other transaction activity. Adj. EBITDA grew 24% YoY/19% QoQ, and adj. EBITDA margin was stable at 61% (61.4%/61.3% in 3QFY25/2QFY26). Excl. Fisdom, adj. EBITDA margin expanded to 63.7%.OutlookWe have increased our FY27/FY28 EPS estimates by 2% each, considering strong MTF book expansion and better-than-expected launch of the commodities segment. We maintain our BUY rating with a revised TP of INR190 (premised on 28x FY28E EPS).For all recommendations report, click hereDisclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.Billionbrains Garage Ventures_16012026_Motilal Oswal

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