Billionbrains Garage Ventures Limited (GROWW) Q1 2027 Earnings Call Transcript

Good afternoon, ladies and gentlemen. Welcome to Billionbrains Garage Ventures Ltd. or GROW Q1 FY27 Earnings Conference Call. As a reminder, all power spin lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the management's remarks. Please note that this call is being recorded. Additionally, please note that this earnings call is scheduled for a duration of 45 minutes. If you wish to ask a question, please use the raise hand feature available on your Zoom dashboard. We will announce your name on the call and unmute your line post, which you can proceed with your questions. For today's calls from the management, we have Mr. Lalit Keshare, co-founder and CEO, Mr. Ishaan Bansal, co-founder and CFO, Mr. Lalit Bhimani, group head finance, Mr. Shiv Talam, head of investor relations and corporate development. I now hand over the call to Shiv. Thank you, and over to you, sir.

Thank you, Michelle. Good afternoon, everyone, and welcome to the call. Our results and shareholder letters have been published on the exchanges as well as uploaded on the company's IR website. Before we begin the call, I would like to remind all the attendees that some statements or comments made on the call today by the management can be deemed as forward looking and hence may involve certain risks and are not subject to any review. Such statements The comments or comments are not guaranteed of future performance and the actual results may differ. With that, I would like to invite Lalit for the opening remarks.

Hello, thank you. Hello, everyone.

Good afternoon and welcome to our Q1 FY27 earnings call. This is our fourth call after we got listed. This past May, we reached an important milestone in our company. We completed 10 years of our journey. When we started Grow, we had a very simple and very, very big goal to democratize wealth in India. And as I mentioned in my last call, that every quarter, you will hear the same thing again and again, and we'll continue following the same purpose for many more years. Our strategy has also been consistent throughout the last 10 years, and that is to improve the user experience and keep launching more and more products that our customers want. And this customer-focused strategy has also led to the creation of a platform that is allowed by millions of customers. That strategy is also taken from starting from mutual funds to stocks, derivatives, MTA, and many more products, the most recent one being commodities, where we achieved like more than 28% retail market share in terms of notional ATTO. The first 10 years of our journey was more about giving access to wealth, to investing to millions of Indians, and managing their wealth. And the next one will move beyond just being an execution platform or a very, very good user experience platform to actually becoming like a true wealth management company. And as part of that, we, over the last few quarters, we have been kind of building multiple products, including MF Prime and W, where we help customers on multiple fronts in building rent. A lot of these products are basically very research-backed, where we help customers in figuring out the best investments, rebalancing, tax considerations, and many more things. So, that is the kind of big focus area for us. Secondly, we continue doing multi-products on the platform. We continue launching more products. The last one being Bonds, which is scaling really, really well. This quarter also, you will see another new product come in. On credit, as we have spoken, it's a good compounding business for us. The focus there over the last few months or last few quarters, like LAS is showing good growth. Now it consumes 34% in our disbursement and very relevant for our investors. On AMC, last time we had kind of announced about the SSG, State Street Global Partnership Investment. One development there is that now we have got SEBI and CCI as well. Lastly, on AI, we remain focused on it, on various fronts, in both serving customer experience And also on how we build products. We believe that it will fundamentally reshape the investing experience as well as how things are built, and we kind of continue kind of focusing on that. We are leveraging it across multiple places. Yeah, so 10 years in, we believe we are still early in the journey, and we are glad to have you with us in it. And with that, But let's open to the Q&A. Thank you.

Thank you very much, sir. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask questions may click on the raise hand option available on your screen. Once your name is announced, kindly introduce yourself, providing your name and your organization name, and proceed with your questions. We will wait for a moment while the question queue assembles. The first question is from Dipanjan Ghosh. Kindly introduce yourself and proceed, sir.

Hi, this is Dipanjan here from Citigroup Global Markets. So a few questions from my side. First, if I look at your employee expense number, it seems that you have been onboarding some employees to the overall organization, maybe because of the new product segments or post-integration with system. So just wanted to get some color, if I were to take a two or three year view, how should one think of the employee additions, given your aspiration to transition into more of a digital savvy wealth sort of a company out there? So that's the first question. The second question, if I look at your MTF growth, obviously the momentum has been sustained. Having said that, I think a large part of the growth has been driven by increasing ticket size. Okay. So, to surpass this question, one is in terms of customer acceptance of the product. I mean, how much more acceptance rate do you expect? And secondly, I mean, is the increase in MPF actually yield accreted for the cash business, given the ceiling in terms of brokerage can be relatively higher? Okay. And third question is on the active derivative customer. If I look at sequentially and look at active derivative customer data, there seems to have been a little bit of softness in that number. So just wanted to get your sense of the underlying customer behavior in that segment. So those were the three questions. One data keeping question. Was there any ease of expense during the quarter?

So let me take, I think, one at a time.

I can note down this time. The first question on the employee side, I think we are onboarding employees, but at the same time, if you look at the expense increase in employees, it's largely pertaining to the appraisal cycle that happens during April. The increase is actually primarily coming from that. It is not because there is a significant increase in headcount. And in longer run also, we don't expect there will be like a crazy increase in headcount. We want to build wealth also in a slightly different way where it is more tech-driven, more AI-driven compared to a traditional wealth that is done with more RM focus. We will definitely have RMs also along with the AI and the technology. But in longer run also, we don't expect the org count to significantly increase in wealth as well as in growth. On the second part of your question on MTF, I think there is still a lot of adoption pending. There are a lot of, like, nuanced kind of problems that we are solving, which mostly I think on the infra side internally, I think as we kind of do better on some of those things, we expect that the penetration can increase as well as the ticket size can also expand further. So, MTF, I think, is growing slightly better than what we were expecting, partially due to the markets, and we think we can keep on continuing the growth on MTF the way it has been happening from last, like, year or two. On the third part of your question was on derivatives. I think last quarter was relatively an exception, so we should not read too much into the last Last quarter, actually. But as a trend, what we are seeing is it is relatively stabilizing. Even last quarter, when I say last quarter, I'm talking about Q4 of FY26. And Q1 of FY27 also has some bit of kind of uniqueness because of war. But large part of that war also started in Q4, FY26. So, there is some, you can say, exception that is built into Q4, FY26. But if you compare it with Q3, you will see that there is an improvement there, but obviously, over time, it will stabilize. On the last question, I think on the ESOP side, definitely, I think roughly 10% of our employee cost is actually coming from ESOPs.

Sorry, just one small clarification. This 10% number is true for this 1Q quarter? I mean, just to be clear? Okay, and sorry, one part of the question that maybe got missed was on the cash yields due to the ticket size. Cash yields are improving.

So we've been seeing that on a year-on-year basis, I think cash yields has improved by roughly 5%. And we expect that to kind of increase in every quarter a percentage or two as the penetration of MTF keep on increasing.

Got it. Thank you, Ishan, and the team, and all of us.

Thank you. The next question is from Supratim Datta. Please introduce yourself and proceed, sir.

I'm Supratim from Jeffrey's. So I had, you know, three questions, starting with the first one. You know, you have secured the license to provide U.S. Just wanted to understand that, you know, when are you planning to launch that service? And would it be limited to only U.S. stocks? Or, you know, you are looking at expanding it to other markets as well. And if you could give us some color on how would the pricing of this service be compared to, you know, domestic markets. That's the first bit. Secondly, you know, there has been an article today indicating that margin requirements on expiry day could go up. Now, in November 24, margin requirements, additional margin requirement was introduced on the stock. Wanted to understand what impact did you see from that implementation, if any. And lastly, you know, you have launched Grow Prime. You have launched, you know, W for Bi-Grow has been there for some time now. If you could give us some color with respect to, you know, client addition, you know, traction that you are seeing of these two services, that would be very helpful.

So on U.S. Talks, I think we got the licenses. We, I think, are in kind of mode of testing the product. So I think we will launch it soon, but generally it's very difficult to put an exact time when it will come for the customers. We'll start with U.S. stocks, and obviously, if it works, we'll figure out if there is a demand for other geographies. Accordingly, we'll kind of take it forward from there. It's kind of a learning curve with the new product, and we'll kind of figure it out once we have more data. Once we launch it, we'll have more data, and we'll accordingly kind of proceed further. On FNO piece, I think, honestly, this is news for us also, because we are not hearing anything from SEBI perspective that they are thinking something like that, but news is news, so we can't comment on news, actually. And the third thing you talked about, sorry, I forgot the third part.

Prime and wealth customers.

Do you want to take it?

No, so I think it's a piece. Yeah, so it's a bit early. So I think if you look at our history, our processes like build product 10x, and same thing applies for US stocks also, right? Build customer experience that is like 10x better than whatever exists and go slow initially. And once you find the right direction, then run very fast. So I think on both all these three products, D2S stocks, Prime, and W, I think this quarter is a bit too early to kind of comment about them. But maybe in coming quarters, we'll talk more about them.

Yeah, absolutely. And just one last follow-up. On the S&O bit, I do understand it's too early to comment on news. But given there was a similar kind of increase in November 24, So, did you see any change in behavior because of that additional 2% ELM margin requirement?

Not exactly. I think because it came with like a lot of other changes as well. So, it's very difficult to pinpoint why attribute basically the change to a particular regulation because there were like five things that happened parallelly.

Yeah. Excellent.

Thank you. The next question is from Praesh Jain. Please introduce yourself and proceed.

Yeah. Hi. Good evening. Good afternoon, everyone. This is Praesh Jain from Motila, Oswal. Just extending the previous question on F&O, we've seen some slowdown in terms of your premium turnover on a daily basis if we look at the first few days of July data. I would presume that is to a certain extent impact of the BG regulations. How are you seeing this kind of trend impacting your Q2 performance? And there is an extension to that. Even if we back calculate the cash segment orders, assuming that the 20 rupees per order on derivatives and commodities, then we are seeing a 9% decline in number of orders for the cash segment. Is that roughly right?

So, I think coming to the first one, there is, I think, dip in FNO in the early July, like you said. I think it was there in the end part of the June as well. I think it was more correlated with, again, war than anything else is what our estimation is, because we saw the change. Once again, there was a news on Iran war, and the volatility again came back, and then suddenly volume also went up. So we are seeing the higher correlation with volatility than actually any regulations as of now. Again, I think our understanding is this regulation doesn't impact retail business anyways. And overall also, from a market perspective, the impact looks relatively small. You are muted. You can mute or unmute yourself by pressing star 6. But definitely there is some impact for industry, but not for us. Sorry, the second part on the orders on cash side, I think you are right. I think this is primarily you can think of gold and silver as a significant delta in this, If you look at stock orders, it includes ETFs as well, and ETF was a significant volume in both Q3 and Q4, and we are seeing that that trend has kind of now slowing down relatively because both these silver and gold are not performing, and hence there is a drop in number of orders.

Okay. Another question was on your, you know, broader strategy, right? Lalit and probably can pitch in on here. You know, earlier when we started, we started with one product, which was mutual funds, then we added cash delivery, cash intraday derivatives. It was one product that we were adding at a time, right? Now, today, as we, as we are working, we're building We are building commodities, we are building wealth, we are building the AMC, we are building the new product that you mentioned, we are looking into getting into US stuff. How are you kind of, you know, ensuring that the cost and the team tech bandwidth is kind of well controlled and how confident you are with respect to execution of each of these things, And particularly, wealth management is something that, you know, we've spoken a lot about. What are your aspirations there in terms of anything that you can mention with respect to AUM or size that can be seen in the next two or three years?

Yeah, so I'll take this. So, overall strategy-wise, the first thing I want to clarify that while we talk about so many products, all products are at a different life stage. So, commodities, for example, is now almost like adoption is more or less spares adoption, if I can say that, and so on. It started like not now, but maybe two years back. And so, when we were private, then we are not talking about products every quarter, right? So, we are always building multiple products, but every product, it is a different kind of life stage, right? So number two is that on the people and cost side and everything, what we have realized is when like our core business, our like established businesses, they get more and more efficient in terms of building. So, the team sizes and everything, like, you know, they get more efficient, and then all the new products that you see, like, so many new products that we have launched, effectively, it's all coming from the existing team, like, we create new pod structure and so on. So it works more like a multi-threaded kind of org. If you have read about our board structure philosophy, there are multiple parallel engines that keep running with very common single top level strategy. So that is on second. And then, as I said, all products are at different kind of point. Commodities is very advanced. U.S. Talk is just starting, like, you know, hopefully We'll be launching in a few months. I mean, we can't promise right now, but depending on the experience, how experience kind of comes. W is, again, we are kind of refining the experience, although there is some traction there and so on. And on your last question on the projections and stuff, I think, again, as I said, like, in my previous answer, it's kind of a bit early to kind of give those. But we are very confident, like, we are very happy with whatever we are seeing right now on the progress.

That's the last question from my side. You know, when we think about, say, over the next couple of years, what could be possibly the important point in terms of cost, if you want to highlight, or in terms of revenue line items, that you see as the risk to your earnings profile in the next couple of years?

Mishal?

I don't think so. As of now, we can't. So, if there is anything, we will let you know. I think as of now, that's looking top of the mind.

Sure. Thank you.

I wish you all the best.

Thank you. We'll take the next question from Swarnab Mukherjee. Please introduce yourself and proceed.

Hi. Thank you for the opportunity.

Good afternoon, everyone. This is Swarnab from 361 Capital. Two-three questions from my side. First of all, on the NTF side, I wanted to understand, you know, we had a very strong run in 1Q, But as we move into Tokyo, the first 15 days or the trend looks fairly flattish and possibly you are not very divergent from what it was in the industry. So I just wanted to understand what has changed or what difference you were seeing from, say, the end of the quarter to now, till now. And also for the particular quarter, I wanted to understand that in terms of the active users for NTF also, there has not been much change. Also, the assets have gone up quite considerably. So, how to lead into this? And that's the first one. The second is, again, in the shareholders' letter, you have mentioned about the NFC actives and the focus in terms of building that. So, but when I look at, for example, in terms of the NAUs and DAUs, those numbers look fairly stagnant. In fact, DAUs have come off slightly from what it was important. So, how should we read into this? So, these are the two questions on operating trends, and then I have a couple of smaller questions.

Got it. I think first one, I was not sure that I understood the question that end of quarter to today, you are looking at trends from F&O perspective or you are looking at trends from cash equities perspective?

No, from the MTF book.

MTF? Okay. So the challenge, I think, from end of the quarter and any time when we are looking at in between is MTF specifically the end of period number compared to if you look at even in last quarter because markets were down literally on the last day and there is an effect on MTF indirectly that comes. Similar is in this kind of last two weeks as well. The market when they closed in 30th June versus what it is today is very different. So hence that shows up in the MTF book as well. It was a bullish trend to kind of now like more volatile trend and which has a negative impact on the MTF book. And the second part of the question was on the

MPS active users. So what I see is it remains at around 0.13 million.

Overall DAO as well, right? So I think the DAO also, I think, again, if you compare it with Q4, Q4 had a lot more volatility compared to Q1. Uh, and if you compare it with Q3, you will still see a better trend. Uh, I think that is probably an anomaly in Q4.

Okay. Understood. And, uh, because MTS is very, uh, I mean, MTS is cash delivery oriented. Uh, so even, uh, still you would think that Q4 would have been an anomaly from that.

It was an anomaly because I think when quarter ended, actually, it ended at a negative note. Hence, the number was actually slightly lower. And Q1 ended at a positive note, and hence the number was slightly better. So we are seeing that roughly like 600 crore to 700 crores getting added on a quarterly basis on the book side, and which is continuing. If you average it out, I think it will come to the similar number. Okay, absolutely.

The other queries that I had was, one was that, you know, cash is improving. Where do you think it is likely to stabilize when you evaluate from your side? And second is that given that this quarter we have like 1Q versus 4Q, we have seen some softening in volumes. I mean, because 4Q was more volatile, etc. On both on the stock side as well as on the derivative side. But still, our float income has gone up quite substantially this quarter. So, just wanted to understand that, you know, what is playing out there? Is there more margin despite that? So, people willing to maybe, you know, keep it in their full accounts, etc. So, if you could give some color on that.

So actually, float income has another variable, which is like interest income as well. So interest rates have also changed between last quarter and this quarter. So we saw the yields going up, which has benefited on the revenue side. And average balance also, I think, was probably not significantly higher than last quarter. Hence, the yield are up just because of the interest part of it. Understood.

And if you could take the question on the cash shield.

Cash shield, I think it's, again, very difficult to estimate where it will end because there is one variable because of MTF, it is doing well. But there are multiple other variables like the average ticket size has also gone up over a bit of time, which is also boosting the cash shield. So our expectation is that in the near term, it will definitely go up, but difficult to kind of estimate where will it stop.

Understood. Very helpful. Thank you so much. Thank you.

A request to all the participants to kindly limit their questions to one or two participants, per participant, as we have a long queue. Thank you. We'll take the next question from Sanket Ghoda. Please introduce yourself and proceed, sir.

Yeah, thank you for the opportunity. This is Sanket from Avengers Park. So my first question is on CAC. If I look at the CAC number per new NTU added, it seems to be around 1,900 rupees, and that number was around 1,400 rupees in 1Q and around 1,000 rupees in 4Q. So it seems to be a sharp jump in acquiring new customers. Just want to understand this could be the new normal or is it you spent a little more on advertisement for any event and that's the reason it went up? That's my first question.

Yeah, I think you probably already know that we do IPL in this quarter, and there's a significant amount of our marketing spend which goes into IPL, especially in Q1. And if you look at it, it's not really directly correlated with how much acquisition that will happen. There is a branding benefit out of it, and there are like, you can say if markets are doing well, probably we would have acquired significantly more. And hence, without the IPL spend, this number would have been significantly lower or more closer to what you were saying earlier. Okay.

The reason I asked Ishani's question was that even in 1Q, you had IPL, right? So, 1,400 going to 1,900 is still a big jump per customer required.

Only one week of IPL was there in Q4. This had like almost two months of IPL. So, that is the delta.

Okay. Understood. Perfect. Perfect. And second, just two data-keeping questions. In cash, 254 crores of revenue, what you made in the current quarter, can you break it down as a percentage how much came from 20 rupees per order and how much came at goal arm, which is linked to MTF book? So that's one question. And second, if you can view a data-keeping, the revenue from FISDEM and ANC will be useful.

So, we actually, on the first one, we don't kind of disclose those kind of numbers. That's, like, too much detail. It's not relevant. So, we have, like, there is a five rupees minimum. There is MIS, which has a slightly different kind of ticket size. There's, like, a lot of complications there. So, hence, I think average is probably what you have to work with. And on the income or revenue from FISDM plus AMC, I think it is part of the other income. So, roughly, I think between both of them, we are lesser than 2% or closer to that number.

The reason I'm asking is that FISDM, have you seen after you acquired a momentum improvement? That's the reason I was asking.

No, we haven't yet seen the significant improvement in revenue on FISDM side. I think it is still in the kind of more of a gestation stage, and we will kind of talk about it once it kind of becomes more relevant.

Perfect. That's it from my side. Thank you.

Thank you. The next question is from Abhijit Sakhari. Please introduce yourself and proceed.

Hi, this is Abhijit from Kotak. A couple of number questions. One is if you could comment on the cost to operate line which declined this quarter and how should we think about the run rate going forward. And the second number question is, you know, we had disclosed this data last quarter on new customer assets on the platform close to about 25,000 odd crores. So, if you could disclose that number for this quarter if possible. And then a qualitative question. So at the time of the IPO, we had disclosed a number on the affluent customer base and the overall contribution to the assets. We're just wanting to understand the behavior of this customer profile, because as a platform, there is still a bit of a limitation in terms of offering assisted services or the wealth platform itself is sort of just starting to build up. So just in terms of retention of these type of customers, if you could comment on that, that would be helpful as well. Thank you.

On cost to operate versus last quarter, you can see a slight improvement because last quarter had some one-time risk cost which we had taken. We expect this cost to continue as is with slight inflationary increase

over coming quarters. Sorry, there was one more question.

I think on the effluent retention, I think effluent is actually significantly better compared to the other guys because I think once you have AUM sitting with the platform, typically customer tends to kind of stick with it, and these are the customers who have been probably there with us also for a longer bit of time. There is a habit also that they have formed and they probably really like it. That's why they would have stick. So it's a relatively a quality base and that's why their retention is like very, very high. When I say very, very high, it's like almost 100%.

Got it. And sorry, one number on the customer assets.

Sorry, I didn't, which you were talking about? No, sorry.

No. So last quarter, we had the change in customer assets broken down into net inflows and market movement.

This time, actually, the, what is it, shareholders letter, when you see the EUM, we talk about the inflow. So, if you subtract it, then you will find the delta.

So, 2017 or something was the inflow, I think. Okay. Sorry, I missed that. Thank you.

Thank you. The next question is from Nidhesh Chan. Finally, introduce yourself and proceed.

Thanks for the opportunity. I am Nidhesh from Investec. So my question is on certain data point questions. So firstly, in RHP, I've disclosed year-wise customer revenue contribution on a yearly basis. If you can share the data for FI26, that would be very useful. How FI26 revenue contribution is coming from the year of origination of the customer, and that would be very, very useful. And secondly, can you comment on how the ARPU trends are there for the customers that you acquired in FY26 and the customers that got acquired in Q1, FY27?

Q1, FY27 is actually too nascent to kind of comment on the ARPU side. But overall, if you look at in FY26, the customer acquisition quality was better and which we have seen across every year that as the platform has become richer and bigger, the quality of the customer has been improving. We, as of now, haven't kind of built that data yet, but we will let you know once we have the data, we will share it with you.

So, FI26 R2, customer acquired in FI26, R2 is better than previous year, first year R2. Great. Thank you. That's it from my side. Thank you.

Thank you. We'll take the next question from Manish Oswal. Please introduce yourself and proceed.

Thank you. My name is Manish Oswal from Nirvabang Securities. My question on the first data-keeping question, what is the average yield on an MTF book? And the second question is on AI front, so use of AI, where do you see the impact materially, I mean, running the business, operating costs will go down, or better cross-selling of, you know, opportunities, or maybe much more role in the best management business. Where do you see the AI is impacting your business in a much bigger way? Thank you.

So, I'll quickly take the first question, and then I'll push it to Lalit. On the yield side, so our pricing is fixed. Actually, it is 14.95%, and which is charged on this. There's a small, like, delta between closing balances and average and stuff. So, hence, the yield slightly varies between that, but roughly the number is around 14.95%.

And on AI, you answered the question partly yourself. First, let's talk about building the business. All the product development and everything, all engineers use AI a lot. It helps in building things faster, higher quality, and so on, and a lot more things in panel and so on. So that is like one big, big leverage. And then on customer experience side, customer experience side, you can think of like, you know, like support services. Now, earlier, if customer would call you, if everybody's busy, then you'll have to wait. But now with AI, that kind of helps customers reach out to you faster, help their queries faster, the context that is available to our support team. Executive is much, much higher. So customer delight is much higher. Then we have, like, today, Grow's UX is like, it serves like 80% of the use cases. So for example, if you want to check your portfolio, you can open Grow and see. But let's say if you want to know, okay, I want to, I want to see, I want to list all my stocks in the format, in the ranking of magic formula, which is like a high ROC. Or low P and so on. Or you want to see, okay, I want to check the latest quarterly, some updates from the management and so on. So they are like few use cases, which are like very, very edge cases, which you can't kind of accommodate in UX. So there AI can quickly kind of, you know, go through all the data and then kind of help you faster. So that is, that is GR1 and so on. So, likewise, across the product, we see that, and over time, like, we'll continue figuring out a lot more use cases that helps customers to kind of make better investing decisions as well.

Thank you. We'll take the next question from Dheeraj Kumar Reddy. Please introduce yourself and proceed.

Yeah, hi. Thanks a lot for the opportunity. I represent TVF Capital. My two questions are, I just wanted to understand what is the lack of product velocity beyond like the products which you have spoken about. I mean, we see FDs, bonds, etc., which are like where other players are probably doing better in the market. So I just wanted to understand what are those two or three new products which the company is thinking from a three to four year standpoint beyond what you have spoken about. And secondly, how is company currently using existing customer data? Is there some sort of personalization in the way the engagement is happening? Because today the newsletter or even the app interface is probably more standardized. Is company trying to build something more personalized with the kind of data which Grow has today? Just wanted to understand what is the thought process there, and maybe if you can elaborate more use cases on the AI, that would be helpful as well.

Yeah, so I think AI, we already spoke, and as more use cases come, we will kind of keep talking about them. On the new product, I think we are very thoughtful about launching products. If you look at our sequencing also, we could have launched a lot of products three years back, but we assess the demand, then we assess our experience, and then we kind of do internal launches and then go and so on. But it's very hard for us to talk about next three to four years, because a lot of products that we are launching, they will have their own new versions, next versions, and so on. For next two years, for example, like the current pipeline looks very strong, next one to two years, right? So W is going to be a very large product. It's not actually a product. It's a mixture of multiple products within W, right? So it's like the full kind of set of products for affluent customers and HNI customers and so on. Then Bonds, we already launched last quarter, and we are seeing a very, very strong uptick there. And we are very kind of confident and happy about how it is progressing. U.S. stocks, we are going to launch now that its diversity thing has kind of come around and so on. And, yeah, I mean, from product perspective, there is a very strong pipeline for us over next year and two. And, like, when we say products, as I said, like, you know, best products are never kind of done, done. You continue building them, kind of keep improving

the customer experience further.

Any numbers here, Lalit, as in, like, from example, bonds, how many customers have shown some positive response Or even W for that matter. Any indications on how the market is reacting to it?

So we see good kind of, as I said, like very good indication. Numbers, it's a bit kind of, it will not make sense. Like basically numbers will not give you the right data. So we will kind of talk about numbers in a couple of, basically in incoming calls.

Got it. And what about the user data, which the second question which I asked?

So that's quite a bit tricky also. See, basically, you know, so user data, user privacy is very important for us. But we do things which help customers in multiple ways and so on, right? So, we have to take care of a lot of things there while doing anything. But we use some bit of kind of data to improve the customer experience. We might do it more, but we have to be very careful about how customer thinks about this, which is very important for us.

Understood. Got it. Okay.

Ladies and gentlemen, we will take that as a last question for today. I would now hand over the conference to Mr. Shiv Talam for closing comments. Thank you and over to you, sir.

Thank you, Vishal. Thank you, everyone, for attending the call. We appreciate all the questions, and please do feel free to reach out to our email on the shareholder's website for any further questions or clarifications. Thank you so much, and have a good week.

Thank you, members of the management. Thank you, sir. On behalf of Billion Brains Garage Mentors Limited or CRO, we thank you for joining us and you may exit the meeting now. Thank you.