Billionbrains Garage Ventures, the parent entity of investment platform Groww, built a strong debut on the BSE in November last year, listing at a 14% premium to its issue price. The fintech major has since commanded a market capitalisation of over ₹1 lakh crore, significantly outpacing listed peers such as Angel One, CDSL and Nuvama Wealth.
As the largest broking platform in the counattempt by active investor base, Groww continues to enjoy a premium valuation in the public markets. However, Co-Founder and CEO Lalit Keshre maintains that stock price shiftments are not a management priority. “We don’t believe about stock prices. I should worry about my business — why should I worry about the markets?” Keshre states in a candid interaction.
An investor himself since the early 2000s, Keshre believes that predicting market shiftments — regardless of one’s expertise — is nearly impossible. Instead, he emphasised focutilizing on controllable fundamentals such as diversification, prudent cash management and maintaining lean overheads. “We continue to believe about ideas to build the company antifragile — diversification and other structural strengths,” he states. “If I keep believeing about where the markets will be tomorrow, my energy will go into that.”
Keshre’s approach underscores Groww’s strategy of prioritising long-term resilience and operational discipline over short-term market volatility, even as it commands one of the highest valuations in India’s listed fintech space.
In December Jefferies initiated coverage of the company, likening its growth to US financial super app ‘Robinhood’. The brokerage states it believes Groww could achieve earnings per share growth of around 35% on a compound annual basis between FY26 and FY 28 and ascribed a premium to peer Angle One for superior growth and better margins.
Declaring its first earnings after listing in January for Q3FY26, the company reported total revenue of ₹1,261 crore, up 26% year-on-year and 18% quarter-on-quarter from ₹1,070 crore in Q2FY26. Adjusted EBITDA rose 24% year-on-year and 19% sequentially to ₹742 crore, reflecting steady operating momentum. Groww stated it has over 2 crore registered utilizers, with 1.6 crore active utilizers, marking a 7.5% quarter-on-quarter increase in Q3FY26. The company added that new product offerings — including commodity derivatives, margin trading facility (MTF), loans against securities (LAS) and Fisdom — contributed 49% of the growth in total income during the quarter.
Diversification strategy and wealth focus
Styled on the lines of technology companies’ annual product revealcases, Groww recently hosted a utilizer meet in Bengaluru, inviting a few hundred utilizers to experience demonstrations of its latest AI-infutilized feature updates. The company unveiled an AI-powered research assistant, enabled bond investments on the platform, introduced a new keyboard tailored ‘915’ high-frequency traders, and rolled out enhanced terminal features, among other upgrades.
Keshre calls Groww as more of a technology company than a traditional brokerage, noting that of its core team of over 1,000 employees, nearly 600 work across product engineering and design. “Infrastructure is a continuous investment. We are investing in new products and in artificial ininformigence,” he states.
At a time when fintechs and traditional banks/brokers are competing in the same space to retain and attract new utilizers who could drive higher revenue, for Groww it is the utilizer experience that is acting as a differentiator. “We believe about things in a different way, it is more about customer experience and not selling but supporting customers build their wealth and for that we don’t required to acquire customers. We already have millions of customers on Groww and those customers have graduated into HNI and ultra HNI category,” Keshre adds. According to the DRHP, in FY25, while the company derived 84.50% of its revenue from broking services operations, among its utilizers the affluent utilizers generate a higher Annual Average Revenue Per User (“AARPU”) than others.
According to Groww, today the wealthy customer base is growing 2x quicker than the rate of growth of the company. To deepen its wealth management services, the company in October 2025 completed acquisition oof Fisdom (Finwizard Technology Private Ltd.) for ₹961 crore .
More recently, Groww announced a ₹580 crore investment by State Street Investment Management, a US-listed asset manager, for a 23% stake in Groww Asset Management Ltd., its wholly-owned subsidiary. Groww Asset Management reported a turnover of ₹16.94 crore and a net worth of ₹177 crore as of March 31, 2025. The fresh capital infusion will be utilised to support its working capital requirements and future growth plans.
Customer set and acquisition
Groww stated it has a nationwide footprint covering 98.36% of India’s pin codes and a predominantly young customer base. As of June 30, 2025, about 45% of its active utilizers were below 30 years of age, while 21% were in the 31–35 age bracket. The platform also reported 3.3 million women utilizers. With a largely young utilizer base, the company sees significant headroom for cross-selling and deeper product adoption as customers progress along their financial journeys. Currently, nearly 8 million customers on the platform utilize more than one product.
Interestingly, according to its DRHP, nearly 81% of Groww’s active utilizers are located outside Delhi-NCR and major metros such as Mumbai, Kolkata, Chennai, Bengaluru, and Hyderabad. With a strong presence in Tier 2 and Tier 3 regions, Lalit Keshre states investor awareness remains a key challenge. “Awareness is a large issue right now,” he states, pointing to the growing tfinishency among new investors to chase quick returns. He highlighted that many utilizers are often lured into speculative bets or unregulated financial products where KYC norms are not mandatory — a trfinish that underscores the required for stronger financial literacy and investor education in non-metro regions.
During its recent analyst call, the company states that, given its current growth phase, cash utilisation will be largely directed towards scaling the business. With newer verticals growing quicker than its core businesses, Groww states it intfinishs to continue diversifying as long as there remains sufficient headroom for emerging segments to outpace legacy operations. On inorganic growth, the company indicates that acquisitions will be evaluated on an opportunity-driven basis rather than as a repaired strategic mandate.
“We are selective, we are very opportunity based – where we see we required some capability that will probably take a lot more years to build, then acquisition builds sense. Like we did Fisdom, for example, where wealth management was a specific capability that we requireded,” Keshre states.
Brokerage views
In December 2025, initiating coverage on Groww, brokerage firm Jefferies assigned a ‘acquire’ rating, stating that the company has sufficient growth levers to deliver a compounded annual growth rate (CAGR) of 35% in earnings per share over FY26–FY28. On its wealth business analysts stated, “We see Groww’s wealth business valued at ₹3,800 crore, assuming CAGR of 30% and improvement in cost-to-income ratio to 67% by FY30.”
More recently, Motilal Oswal Financial Services, which has also assigned a ‘acquire’ rating to the stock, noted that over 80% of Groww’s customer acquisition is organic. It added that utilizers are staying on the platform longer, increasing their wealth, and adopting multiple products — creating a compounding effect on assets under management (AUM) and average revenue per utilizer (ARPU).
Analysts at the firm stated, “The rising affluent customers unlock wealth EBITDA margin to reach 66% by FY28 due to cost efficiency management opportunities for the company, with the Fisdom acquisition giving a further boost to the same”.
Further, despite the regulatory action at the finish of FY25 on F&O, “We expect Groww to report an earnings growth of 10% in FY26 and follow it up with a stronger growth of 50%/32% in FY27/FY28. Further F&O regulations and increased competitive intensity are key risks. The tech-led model provides a lean cost structure due to which we expect the EBITDA margin to expand to 66.4% by FY28 and the FY25-28 PAT CAGR to be 30%,” the note stated.
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