Groww, India’s leading digital wealth platform, has reported its first quarterly results post its blockbuster November 2025 IPO, showing a 25% YoY revenue jump to INR 1,216 crore in Q3 FY26 (Oct-Dec 2025), though net profit fell 28% YoY to INR 547 crore due to a one-time prior-year gain. Sequential growth remained robust, with revenue up 19% QoQ and PAT up 16%, underscoring operational scale amid a maturing broking market.
Revenue and Profit Trends: Quarterly Breakdown
Groww’s numbers reflect a shift from hyper-growth to profitability focus, with H1 FY26 revenue flat YoY but margins expanding:
Expenses: Employee benefits led at INR 157 Cr (Q3); finance INR 10 Cr, depreciation INR 9 Cr. H1 EBITDA margins improved via cost discipline.
Post-IPO Growth Trajectory
Groww debuted November 12, 2025, listing at INR 114 (+14% BSE, +12% NSE over INR 100 issue price), raising INR 2,985 Cr from anchors. Valuation hit ~INR 62,000 Cr (P/E 34x FY25), premium to peers like Angel One (20x). Stock up 40% since, reflecting 26% retail broking share, 12.6M active clients (June 2025).
Growth levers:
- User Base: 83% organic acquisition; Gen Z/millennial focus via mobile‑first UI.
- AUM Surge: Customer assets doubled YoY; mutual funds/mutual fund SIPs core (CAGR 128% FY22–25).
- Diversification: Stock broking, gold, F&O, US stocks; revenue mix: broking fees 60%+, interest/trading 40%.
Challenges: Regulatory scrutiny on F&O volumes, competition from Zerodha (revenue leader but private). FY26E revenue guidance ~INR 5,000 Cr.
IPO Highlights: Blockbuster Debut
Groww’s listing capped FY25 turnaround: revenue +49% to INR 3,902 Cr, PAT +327% to INR 1,824 Cr from FY24 loss. Future bets: wealth management, international expansion.
Q3 validates post‑IPO momentum: revenue acceleration signals broking revival, though profit normalisation strips one‑offs. With Zerodha private and Upstox lagging, Groww cements public market leadership in India’s USD 10T demat boom
Read this: Groww Shares Soar 70% in Just 4 Sessions, Founder Lalit Keshre Becomes India’s Newest Billionaire
