Billionbrains Q2 FY27 Results (NSE: GROWW)
Signal: Margin expansion
The read
The operating trajectory remains favorable: revenue reached ₹1,501.53 Cr, up 47.4% YoY but flat QoQ, while derived EBITDA grew 57.5% YoY and margin expanded 272bps to 67.1%, marking the fourth consecutive quarter of margin expansion. PAT rose 53.8% to ₹724.70 Cr without help from other income, but the quality cross-check is weaker because H1 operating cash flow was negative ₹827.73 Cr and EPS growth lagged PAT growth.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,501.53 Cr | +47.4% | +0.0% |
| EBIT | ₹1,002.81 Cr | +52.9% | |
| Net profit | ₹724.7 Cr | +53.8% | |
| EPS | ₹1.17 | +48.1% | |
| EBIT margin | 67.1% |
P&L walk
Revenue rose 47.4% YoY to ₹1,501.53 Cr but was flat QoQ; EBITDA margin expanded to 67.1% from 64.4% as employee and other-expense intensity fell, while PAT rose 53.8% to ₹724.70 Cr despite lower other income.
Key positives
- Revenue was ₹1,501.53 Cr, up 47.4% YoY, while remaining broadly flat QoQ at ₹1,501.42 Cr, sustaining the elevated revenue base.
- Derived EBITDA was ₹1,007.52 Cr, up 57.5% YoY versus revenue growth of 47.4%, with EBITDA margin expanding 272bps YoY to 67.1%.
- Combined employee and other expenses rose 28.5% YoY versus revenue growth of 47.4%, with their intensity falling from 40.7% to 35.5% of revenue.
- Finance costs declined 57.3% YoY to ₹4.71 Cr as borrowings and debt securities fell to ₹21.00 Cr from ₹224.01 Cr at 31 March 2026.
- IPO proceeds utilisation reached ₹1,014.99 Cr of ₹1,015.98 Cr, leaving only ₹0.99 Cr unutilised.
Key concerns
- Operating cash flow was negative ₹827.73 Cr in H1FY27 versus negative ₹152.76 Cr in H1FY26, despite H1 PAT of ₹1,459.74 Cr; loans increased by ₹1,915.32 Cr and trade payables declined by ₹450.12 Cr.
- Revenue was flat QoQ at ₹1,501.53 Cr while EBITDA margin declined 68bps QoQ to 67.1%, indicating sequential operating momentum moderated after the Q1 peak.
- EPS rose 48.1% YoY to ₹1.17, trailing PAT growth of 53.8% because of share-base expansion.
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