Billionbrains Garage Ventures Limited — Q2FY27 earnings call summary

Filed 16 October 2026 · Official transcript

Market share expected to grow long-term; cash and derivatives market share to converge with NSE active market share over ~10 years
Employee costs stable; variable pay amortized over 12 months; structural costs expected to rise
SEBI's CAS changes expected to normalize volumes; impact depends on implementation date
MTF portion of cash turnover above 5%, expected to rise with volatility
Margin Trade Funding (MTF) book shows volatility but grows ~INR600-700 crore quarterly; risk management includes higher haircuts and real-time stock reviews
Cost to Grow decreased this quarter due to no IPL branding event; Cost to Serve increased due to AI compute costs, more trading days, and a one-time INR10-13 crore hit
AI investment focused on in-house tools for customer experience and cost efficiency
Competition addressed by focusing on customer value and AI tools; US stocks product in early testing with positive feedback