Groww
Groww
Capital MarketsKey Fundamentals
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Key Insights
Strengths
4- Company has reduced debt.
- Company is almost debt free.
- Company is expected to give good quarter
- Company has a good return on equity (ROE) track record: 3 Years ROE 33.9%
Weaknesses
2- Stock is trading at 13.0 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoBillionbrains Garage Ventures (Groww) is India's largest retail stockbroker by active clients with ~1.33 crore users and a ~29% market share as of August 2026. The company trades at a market cap of ~₹1.21 lakh crore with a PE of ~50.4x, having grown consolidated revenue from ₹2,609 Cr in FY24 to ₹4,645 Cr in FY26 and net profit from a loss of ₹805 Cr in FY24 to ₹2,083 Cr in FY26, though it pays no dividend and trades at 12.7x book value.
- Dominant market position: Groww is India's #1 retail broker with ~1.33 crore active clients and ~29% market share as of August 2026, well ahead of Zerodha and Angel One.
- Explosive revenue growth: Compounded sales growth of 60% over 3 years, with TTM revenue growth of 38% and FY26 revenue reaching ₹4,645 Cr versus ₹3,902 Cr in FY25 (a 19% YoY jump).
- Profitable turnaround and margin expansion: Net profit swung from a loss of ₹805 Cr in FY24 to ₹1,824 Cr in FY25 and ₹2,083 Cr in FY26, with operating profit margin expanding to 57% in FY26 from 20% in FY24.
- Strong return on equity: 3-year average ROE of ~34% and last-year ROE of ~29%, indicating efficient capital deployment relative to equity base.
- Near debt-free balance sheet: The company has reduced debt and is almost debt-free, with minimal interest expense of ₹45.94 Cr in FY26 against ₹2,824 Cr in pre-tax profit.
- Continued client acquisition momentum: Added ~2.23 lakh new active clients in August 2026 alone, accounting for ~44% of the entire industry's new client additions that month.
- Large structural tailwind: India's total demat accounts reached ~237.7 million by August 2026 and continue to grow at ~1.4% month-on-month, suggesting a long runway for retail market participation.
- Expensive valuation: PE ratio of ~50.4x and price-to-book of ~12.7x leave limited margin of safety, pricing in significant future growth.
- High F&O revenue concentration: Approximately 62% of broking revenue in FY25 came from the F&O segment, making the business vulnerable to any further SEBI tightening of derivatives rules.
- Regulatory overhang from SEBI: True-to-label rules eliminated volume-based exchange fee rebates, and F&O trading volumes fell ~29% in notional terms in FY25 post-crackdown, directly impacting discount broker economics.
- Zero dividend payout: Despite cumulative net profits exceeding ₹3,900 Cr over FY25-FY26, the company has maintained a 0% dividend payout ratio across all reported years.
- Decelerating profit growth trajectory: TTM compounded profit growth of 31% is meaningfully lower than the 3-year CAGR of 66%, suggesting the high-growth phase may be normalising.
- Limited operating history as a listed entity: Groww listed via IPO in late 2025, providing a very short public track record for investors to assess management through market cycles.
- Competitive intensity: Zerodha, Angel One, and newer entrants like Dhan (crossing 1 million users in February 2026) continue to compete aggressively, which could pressure fees and market share over time.
- Revenue sequentially lumpy: Q2 FY26 revenue fell 9.5% QoQ even as YoY profit rose only 12% to ₹471 Cr, highlighting sensitivity to market activity levels and trading volumes.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Ribbit Cayman sells 0.80% stake Aug 28
Ribbit Cayman GW Holdings V disposed of 49.94M shares via block trade on Aug 27, reducing its stake to 3.66%. A related entity GW-E Ribbit Opportunity V fully exited its 0.16% stake the same day.
- $279M MSCI rebalancing inflow Aug 31
Groww is set to receive $279M (Rs 26.64B) in passive fund inflows during the MSCI August rebalancing, effective at 3pm on Aug 31.
- Promoter releases share pledge Aug 25
Promoter Vikas Singh released pledge on 1M shares on Aug 18, reducing encumbered holdings to 2.59M shares (0.04% of total capital). Pledge reduction signals improved promoter financial comfort.
- AGM resolutions passed unanimously Aug 24
Billionbrains held its 8th AGM on Aug 24 with all resolutions approved including financials, auditor appointments, and capital reclassification. Promoters voted 100% in favor.
TL;DR: Groww benefits from significant passive fund interest with a $279M MSCI rebalancing inflow, underscoring its growing index relevance. Early investor Ribbit Capital is winding down its position through block trades, which creates near-term supply pressure but is typical post-IPO behavior. Promoter pledge reduction is a modest positive signal on governance. Overall trend is constructive as institutional ownership broadens, though large block sales may weigh on price in the short term.
Quarterly Results
| Particulars | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,125 | 975 | 801 | 904 | 1,019 | 1,216 | 1,505 | 1,501 |
| Expenses | 575 | -40 | 413 | 422 | 415 | 496 | 567 | 531 |
| Operating Profit | 550 | 1,014 | 388 | 483 | 603 | 720 | 938 | 970 |
| OPM % | 49% | 104% | 48% | 53% | 59% | 59% | 62% | 65% |
| Other Income | 35 | 30 | 49 | 44 | 52 | 45 | 30 | 47 |
| Interest | 9 | 16 | 16 | 16 | 11 | 10 | 8 | 7 |
| Depreciation | 6 | 7 | 7 | 7 | 7 | 9 | 24 | 18 |
| PBT | 570 | 1,022 | 414 | 503 | 638 | 745 | 936 | 992 |
| Tax % | 26% | 26% | 25% | 25% | 26% | 27% | 27% | 26% |
| Net Profit | 420 | 757 | 309 | 378 | 471 | 547 | 686 | 735 |
| EPS in Rs | 13.51 | 20.71 | 1.69 | 1.81 | 0.79 | 0.89 | 1.09 | 1.17 |
Profit & Loss
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|
| Sales | 427 | 1,142 | 2,794 | 4,061 | 4,645 | 5,242 |
| Expenses | 661 | 743 | 2,050 | 1,531 | 1,901 | 2,010 |
| Operating Profit | -233 | 399 | 743 | 2,530 | 2,744 | 3,231 |
| OPM % | -55% | 35% | 27% | 62% | 59% | 62% |
| Other Income | 0 | 119 | -1,337 | 0 | 171 | 174 |
| Interest | 0 | 2 | 4 | 43 | 46 | 37 |
| Depreciation | 3 | 12 | 20 | 25 | 48 | 58 |
| PBT | -236 | 504 | -618 | 2,464 | 2,821 | 3,310 |
| Tax % | 1% | 9% | 30% | 26% | 26% | — |
| Net Profit | -239 | 458 | -805 | 1,824 | 2,083 | 2,440 |
| EPS in Rs | -2,145 | 67.2 | -118 | 9.98 | 3.32 | 3.94 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Equity Capital | 0.11 | 21 | 21 | 366 | 1,248 |
| Reserves | 2,706 | 3,252 | 2,478 | 4,446 | 8,404 |
| Borrowings | 0 | 75 | 91 | 610 | 292 |
| Other Liabilities | 1,291 | 1,460 | 5,428 | 4,654 | 8,567 |
| Total Liabilities | 3,997 | 4,808 | 8,018 | 10,076 | 18,511 |
| Fixed Assets | 286 | 321 | 396 | 402 | 1,492 |
| CWIP | 0 | 0 | 0 | 0 | 0 |
| Investments | 280 | 1,252 | 1,448 | 1,907 | 2,638 |
| Other Assets | 3,431 | 3,235 | 6,174 | 7,768 | 14,381 |
| Total Assets | 3,997 | 4,808 | 8,018 | 10,076 | 18,511 |
Cash Flow
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating | -349 | 548 | 885 | -962 | -21 |
| Investing | -1,512 | -363 | -910 | 140 | -1,351 |
| Financing | 1,874 | -5 | 4 | 876 | 2,175 |
| Net Cash Flow | 14 | 179 | -21 | 53 | 804 |
| Free Cash Flow | -357 | 537 | 878 | -979 | -33 |
| CFO/OP | 144 | 150 | 157 | 37 | 26 |
Ratios
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Debtor Days | 12 | 12 | 9 | 9 | 22 |
| Cash Conversion Cycle | 12 | 12 | 9 | 9 | 22 |
| Working Capital Days | -961 | -2 | -434 | -162 | -257 |
| ROCE % | — | 16% | 24% | 63% | 37% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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29 extracted metrics + investor summaries across FY22–FY27.
Documents
Frequently Asked Questions about Groww
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Company Information
Incorporated in 2017, Groww is a Bengaluru-based fintech company that provides retail investors direct-to-customer digital investment platform, providing multiple financial products and services.[1]
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