Earnings call transcript: ASML posts Q3 2026 profit beat on record demand

Groww reported mixed second-quarter fiscal 2027 results, with lower growth spending and higher serving costs offset by steady broking revenue and expansion in lending and wealth products. The company's stock dropped 0.7% to $192.45 following the earnings call, leaving it above its 52-week low but below its 52-week high. Cost to grow decreased sharply to about INR 125 crores due to the absence of IPL branding expenses, while cost to serve increased sequentially due to AI infrastructure spending, higher compute usage, and a one-time operational charge.

Broking revenue remained flat despite lower trading volumes, indicating better order intensity and larger ticket sizes. The margin trade funding book expanded by INR 600-700 crores, and more than 50% of customers now use at least two products. Overall, Groww's quarter showed a business that is still expanding, but with uneven cost trends, and the company remains under-penetrated in customer acquisition and market share.

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