Billionbrains Garage Ventures Limited (GROWW) has released its Shareholder's Letter for the third quarter of FY26, dated January 14, 2026. The company reported a consolidated Total Income growth of 18% quarter-on-quarter, reaching ₹5,981 Crore. This growth was driven by an increase in Active Users by 7.5% QoQ and higher customer activity on the platform, including adoption of new products like Commodity Derivatives, MTF, LAS, and Fisdom. The company also saw increased user maturity, with average order value in stocks growing by 3% QoQ and daily orders per user in Equity Derivatives growing by 9% QoQ.

Despite a 26% year-on-year increase in Total Income for Q3 FY26, Profit After Tax (PAT) declined by 28% compared to the same period last year. This decrease is primarily attributed to a one-time reversal of a provision for management incentives amounting to ₹4,247 Crore in the same quarter. Excluding this one-time adjustment, Adjusted PAT grew by 24% year-on-year. Management suggests focusing on Adjusted EBITDA to assess operational health, as it normalizes from Q4 FY26 onwards.

Total Customer Assets grew by 12% QoQ to ₹3.0 Trillion in Q3 FY26, with 80% of this growth attributed to net inflows and the remainder to market gains. Approximately 8 million customers are currently using multiple products on the GROWW platform. The Commodity Derivatives segment, launched in Q2 FY26, saw significant adoption, contributing 3.5% to Total Income in Q3 FY26.

A key strategic development is the announcement of a ₹5,800 Crore investment by State Street Investment Management for a ~23% stake in GROWW Asset Management Limited, a wholly-owned subsidiary. This investment is subject to regulatory approvals and aims to leverage State Street's global expertise in quantitative and passive investment strategies, while strengthening GROWW's balance sheet for future expansion.

The company's in-house NBFC, GROWW Credit Serv (GCS), saw its book grow by 7% QoQ to approximately ₹13,900 Crore, with Loans Against Securities doubling QoQ to account for 9.7% of the loan book.