Groww Revenue Surge Hits 88% as India’s Largest Broker Posts Record Quarter
Quick Reads
- Groww’s Q4 FY26 net profit more than doubled to ₹686 crore year-on-year.
- Revenue from operations surged nearly 88% YoY to ₹1,505 crore in the quarter.
- Full-year FY26 PAT reached ₹2,083 crore, up 14% from ₹1,824 crore in FY25.
- Active users hit 16.7 million, with total transacting users at 21.6 million.
- Jefferies and BofA both hold Buy ratings, with targets up to ₹235 per share.
India’s leading investment platform Groww has delivered a landmark financial quarter. Billionbrains Garage Ventures, its parent company, reported over two-fold growth in profit after tax to ₹686 crore for Q4 FY26. That compares with just ₹309 crore in the same period last year.
The Groww revenue surge is equally striking. Revenue from operations reached ₹1,505.4 crore in Q4 FY26, growing 87.9% year-on-year from ₹801 crore in Q4 FY25. Furthermore, revenue climbed 23.8% from the previous quarter alone.
Meanwhile, profitability metrics also strengthened considerably. EBITDA stood at ₹938 crore in Q4 FY26, reflecting 141.9% year-on-year growth and an EBITDA margin of 62.3%. That is a significant jump from 48.4% in the same quarter last year.
The full-year picture is equally compelling. For FY26, Groww’s PAT grew 14% year-on-year to ₹2,083 crore, while total income rose 19% to ₹4,816 crore. Consequently, the company has now firmly established itself as a profitable public company.
The user base also continued its strong expansion. Active users grew 19.9% year-on-year to 16.7 million in Q4 FY26, while total transacting users reached 21.6 million, up 25% year-on-year. Net inflows for the quarter remained robust at ₹25,000 crore.
The Groww revenue surge has not gone unnoticed on Wall Street either. Following the strong results, Jefferies upgraded its target price for Billionbrains Garage Ventures to ₹225 from ₹210, maintaining a Buy rating. Analysts cited strong Q4 performance and superior profitability versus peers.
BofA Securities is also bullish on the company’s outlook. The global brokerage initiated coverage with a Buy rating and a ₹235 target price, citing strong operating leverage and one of the highest profit margins in the industry. BofA expects EBITDA and PAT margins to expand further to 67% and 52% respectively by FY28.
Founded in 2016, Groww has emerged as India’s largest stockbroker with over 28% market share. The company made its stock market debut in November last year, listing at a near 31% premium to its issue price of ₹100. Its shares were trading around ₹198 on the BSE following the earnings release.
Going forward, management has set ambitious targets. The company is targeting revenue growth of 15% or higher, while its AMC business is expected to grow five to six times over the next few years. That trajectory could make the mutual fund segment profitable in the medium term.
