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GROWW - Billionbrains

📊 NSE: GROWW 🏢 Stockbroking & Allied 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

Groww Q4 FY26: Equity Derivatives Market Share Jumps to 10.6%; AUM Grows 2.5x YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 24 Apr 2026, 02:10 PM

Groww reported a robust Q4 FY26 performance, highlighted by a 150 bps increase in equity derivatives market share to 10.6%. The company's Assets Under Management (AUM) grew 2.5x year-on-year, driven by successful scaling of Margin Trading Facility (MTF) and new product launches like commodities and bonds. Quarterly transacting customers in the derivatives segment rose significantly from 14 lakh to 17 lakh. Management remains focused on scaling its wealth management vertical through the Fisdom acquisition, with a profitability target for that segment by FY28.

Equity derivatives market share expanded to 10.6% from 9.1% in the previous quarter.
Total Assets Under Management (AUM) witnessed a massive 2.5x growth over the last financial year.
Active quarterly transacting customers in the derivatives segment increased by 21% to 17 lakh.
Margin Trading Facility (MTF) scaled significantly while secondary bond trading was successfully launched.
Wealth management arm Fisdom is on track to achieve profitability by FY28.

💡 Investors should note Groww's strong execution in gaining market share and its successful transition into a multi-product financial platform. Monitor the scaling of the wealth management business and the impact of AI on operational productivity as key future growth drivers.

Groww Grants 3.71 Lakh Stock Options Under BGV ESOP Scheme 2024

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 21 Apr 2026, 04:41 PM

Billionbrains Garage Ventures Limited (Groww) has announced the grant of 371,220 stock options to eligible employees under its 2024 ESOP Scheme. Each option is convertible into one equity share of face value Rs. 2 at an exercise price of Rs. 2 per share. The exercise period for these options is set for 10 years from the date of vesting. This move is a standard corporate practice aimed at employee retention and aligning staff interests with long-term company performance.

Grant of 371,220 stock options to eligible employees under the BGV ESOP Scheme 2024
Each option is convertible into one equity share with a face value of Rs. 2
The exercise price is fixed at Rs. 2 per stock option, representing the face value
The exercise period is 10 years from the date of vesting subject to scheme terms

💡 No immediate action is required as this is a routine administrative matter for talent retention. Investors should monitor the cumulative dilution effect of the ESOP pool on the company's equity base over time.

Groww Grants 24.32 Lakh Stock Options Under 2024 ESOP Scheme

🟡 NEUTRAL ⭐ 6/10

ROUTINE 📅 20 Apr 2026, 06:49 PM

Billionbrains Garage Ventures Limited (Groww) has announced the grant of 2,432,697 stock options to eligible employees under its 2024 ESOP Scheme. The grant includes 2,268,569 options at a nominal exercise price of Rs. 2 and 164,128 options at Rs. 173.65. Each option is convertible into one equity share of face value Rs. 2. This move is a standard practice for high-growth fintech companies to retain talent and align employee interests with shareholder value.

Grant of 2,432,697 stock options under the Billionbrains Garage Ventures Limited Employee Stock Option Scheme 2024.
2,268,569 options have been granted at a deep-discount exercise price of Rs. 2 per option.
164,128 options have been granted at an exercise price of Rs. 173.65 per option.
The exercise period is set for 10 years from the date of vesting, providing a long-term incentive window.
Each option represents one equity share of face value Rs. 2 upon exercise.

💡 Investors should note the potential for future equity dilution as these options vest and are exercised. However, the grant is a positive sign of the company's commitment to talent retention in the competitive fintech sector.

Groww (Billionbrains Garage Ventures) Discloses Key Performance Indicators (KPIs)

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 20 Apr 2026, 01:45 PM

Billionbrains Garage Ventures Limited, the parent company of Groww, has officially notified the stock exchanges regarding the update of its Key Performance Indicators (KPIs). These metrics are defined in accordance with the company's Prospectus dated November 7, 2025, following its public listing. The detailed performance data has been made available on the company's investor relations website for public review. This filing is a regulatory requirement under SEBI ICDR and LODR regulations to maintain transparency with shareholders.

Notification sent to BSE and NSE on April 20, 2026, regarding KPI availability.
KPI definitions are consistent with the Prospectus dated November 7, 2025.
Performance data is hosted on the official portal at groww.in/investor-relations.
Compliance maintained under SEBI (ICDR) and SEBI (LODR) Regulations, 2015.

💡 Investors should visit the company's investor relations website to analyze specific growth metrics such as active client base and transaction volumes to gauge post-IPO performance.

Groww Q4 FY26 PAT Jumps 122% YoY to ₹6,864 Mn; Total Income Up 81%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 20 Apr 2026, 01:21 PM

Groww (Billionbrains Garage Ventures) reported a robust Q4 FY26 with consolidated total income reaching ₹15,355 Mn, an 81% YoY increase. Profit After Tax (PAT) surged 122% YoY to ₹6,864 Mn, driven by significant operating leverage as EBITDA margins expanded to 61.1%. While total customer assets grew 36% YoY to ₹3.0 Tn, they saw a marginal 1.1% QoQ decline due to mark-to-market volatility. The company continues to gain market share in SIP inflows (15.7%) and retail cash turnover (10.6%), while its credit business now contributes 4.1% to the bottom line.

Total Income grew 81% YoY to ₹15,355 Mn, with EBITDA rising 142% YoY to ₹9,387 Mn.
PAT margin expanded by 8.3 percentage points YoY to reach 44.7% in Q4 FY26.
Mutual Fund SIP inflow market share increased to 15.7% from 12.1% in the previous year.
The Margin Trading Facility (MTF) book grew 22% QoQ to ₹5,069 Mn, outperforming a 7% industry contraction.
Active users reached 16.7 Mn, while the credit business (PL/LAS) contributed 4.1% to consolidated PAT.

💡 Investors should note the strong operating leverage and market share gains across all segments despite market volatility. Monitor the path to profitability for the newly acquired Fisdom and the nascent Groww Mutual Fund business.

Groww (Billionbrains) Approves FY26 Results and Appoints New Secretarial Auditors for 5 Years

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 20 Apr 2026, 01:13 PM

Billionbrains Garage Ventures (Groww) has approved its audited standalone and consolidated financial results for the fiscal year ended March 31, 2026, with an unmodified audit opinion from BSR & Co. LLP. The Board has recommended the appointment of M/s Nilesh Shah & Associates as Secretarial Auditors for a five-year term starting FY 2026-27. Additionally, the company noted the resignation of Nominee Director Ashish Agrawal, effective April 20, 2026. This marks a significant reporting period as the company recently listed in the quarter ended December 31, 2025.

Approved audited financial results for the quarter and year ended March 31, 2026, with an unmodified audit opinion.
Appointed M/s Nilesh Shah & Associates as Secretarial Auditors for a 5-year tenure from FY 2026-27 to FY 2030-31.
Resignation of Nominee Director Ashish Agrawal from the Board and its committees effective April 20, 2026.
Statutory auditor BSR & Co. LLP confirmed the results give a true and fair view of the Group's net profit and financial position.
The company transitioned to a listed entity during the quarter ended December 31, 2025.

💡 Investors should monitor the detailed FY26 financial statements to evaluate the company's growth trajectory post-listing. The unmodified audit opinion is a positive sign of financial transparency and governance.

Groww (Billionbrains) Nominee Director Resigns; New Secretarial Auditors Appointed for 5 Years

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 20 Apr 2026, 01:08 PM

Billionbrains Garage Ventures (Groww) has announced the resignation of Nominee Director Mr. Ashish Agrawal, effective April 20, 2026. This change occurred during a board meeting where the company also approved its audited financial results for the fiscal year ended March 31, 2026. Additionally, the board has proposed the appointment of M/s Nilesh Shah & Associates as Secretarial Auditors for a five-year term starting FY 2026-27. Mr. Agrawal will also step down from his roles in the CSR and Stakeholder Relationship Committees.

Nominee Director Ashish Agrawal resigned from the board effective April 20, 2026
Board approved audited standalone and consolidated financial results for FY ended March 31, 2026
M/s Nilesh Shah & Associates appointed as Secretarial Auditors for a 5-year tenure (FY 2026-27 to 2030-31)
The company successfully listed on BSE and NSE during the quarter ended December 31, 2025

💡 The resignation of a nominee director is a routine occurrence for venture-backed companies post-listing; investors should focus on the accompanying FY26 financial results to assess the company's growth trajectory.

Groww (Billionbrains) Approves FY26 Audited Results; Nominee Director Resigns

🟡 NEUTRAL ⭐ 7/10

BOARD_MEETING 📅 20 Apr 2026, 01:04 PM

Billionbrains Garage Ventures (Groww) has approved its audited standalone and consolidated financial results for the fiscal year ended March 31, 2026. The statutory auditor, BSR & Co. LLP, issued an unmodified opinion, confirming the reliability of the financial statements. The board also approved the appointment of M/s Nilesh Shah & Associates as Secretarial Auditors for a five-year term starting FY 2026-27. Additionally, the company noted the resignation of Nominee Director Mr. Ashish Agrawal, effective April 20, 2026.

Approved audited standalone and consolidated financial results for the quarter and year ended March 31, 2026.
Statutory auditors BSR & Co. LLP provided an unmodified opinion on the FY26 financial results.
Nominee Director Mr. Ashish Agrawal resigned from the Board and its committees effective April 20, 2026.
M/s Nilesh Shah & Associates appointed as Secretarial Auditors for a five-year block (FY 2026-27 to FY 2030-31).
The company successfully listed its equity shares during the quarter ended December 31, 2025.

💡 Investors should examine the detailed financial statements to evaluate the company's post-listing performance and growth metrics. Monitor the transition in board composition for any shifts in strategic direction.

Groww (Billionbrains) Approves FY26 Audited Results; Nominee Director Resigns

🟡 NEUTRAL ⭐ 7/10

BOARD_MEETING 📅 20 Apr 2026, 01:02 PM

Billionbrains Garage Ventures (Groww) has approved its audited standalone and consolidated financial results for the fiscal year ended March 31, 2026. The statutory auditors, BSR & Co. LLP, have issued an unmodified opinion on these results, ensuring financial transparency. The board also appointed M/s Nilesh Shah & Associates as Secretarial Auditors for a five-year term starting FY27. Additionally, Nominee Director Ashish Agrawal has resigned from the board and its committees effective April 20, 2026.

Approved audited consolidated financial results for the full year ended March 31, 2026.
Statutory auditors BSR & Co. LLP provided an unmodified audit opinion for the fiscal year.
Appointed M/s Nilesh Shah & Associates as Secretarial Auditors for a 5-year tenure (FY27-FY31).
Resignation of Nominee Director Ashish Agrawal from the Board and CSR/Stakeholder committees.
The company noted it was listed during the quarter ended December 31, 2025.

💡 Investors should review the detailed financial statements to assess the company's growth and profitability trends following its recent listing. The unmodified audit opinion provides confidence in the reported financial health.

Groww to Host FY26 Earnings Call on April 20, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 14 Apr 2026, 07:31 PM

Billionbrains Garage Ventures (Groww) has scheduled its earnings conference call for April 20, 2026, at 4:00 PM IST. This call follows the board meeting on the same day where audited financial results for the quarter and full year ending March 31, 2026, will be approved. The session provides a platform for management to discuss annual performance and future outlook with analysts. Investors can access the transcript and audio recording on the company's website after the event.

Board meeting set for April 20, 2026, to approve audited FY26 results.
Earnings call to commence at 04:00 p.m. IST on the same day.
Pre-registration is required for all participants via the company's provided link.
Results will encompass the performance for the quarter and year ending March 31, 2026.

💡 Monitor the financial results on April 20 to gauge the company's performance in the competitive fintech space. Review the management commentary for insights into future growth and expansion plans.

Groww Submits SEBI Compliance Certificate for Quarter Ended March 31, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Apr 2026, 04:28 PM

Billionbrains Garage Ventures Limited (Groww) has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that all dematerialization requests for the quarter ended March 31, 2026, were processed within prescribed timelines. It verifies that physical security certificates were mutilated, cancelled, and replaced by the name of the depositories in the register of members. This is a standard procedural filing required for all listed entities in India.

Compliance certificate submitted for the quarter ending March 31, 2026
Confirmation provided by Registrar and Share Transfer Agent (RTA) MUFG Intime India Private Limited
Verification that dematerialization requests were processed within SEBI-mandated timelines
Physical certificates were mutilated and cancelled after due verification by the depository participant

💡 No action is required as this is a routine regulatory disclosure confirming standard administrative compliance. Investors should focus on upcoming quarterly financial results for more material information.

Groww (Billionbrains Garage Ventures) Assigned 'CARE AA; Stable' Issuer Rating

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 01 Apr 2026, 09:21 PM

Billionbrains Garage Ventures Limited, the parent entity of the Groww investment platform, has been assigned a high-grade 'CARE AA; Stable' issuer rating by CARE Ratings Limited. This rating indicates a very low risk of default and reflects the company's strong financial position and creditworthiness. The 'Stable' outlook suggests that the rating agency expects the company to maintain its financial profile in the near term. This assignment is a significant milestone for the fintech firm, potentially facilitating easier access to capital markets in the future.

CARE Ratings Limited assigned a new 'CARE AA; Stable' issuer rating to the company.
The rating signifies a high degree of safety regarding the timely servicing of financial obligations.
The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The 'Stable' outlook indicates expectations of consistent financial performance and risk management.

💡 Investors should view this high credit rating as a positive indicator of the company's balance sheet strength and operational stability. No immediate action is required, but it enhances the long-term investment profile of the company.

Groww Receives CCI Approval for State Street Investment in Groww AMC

🟢 POSITIVE ⭐ 8/10

M&A 📅 26 Mar 2026, 10:45 AM

Billionbrains Garage Ventures (Groww) has received formal approval from the Competition Commission of India (CCI) for a strategic investment in its subsidiary, Groww Asset Management Limited. The transaction involves State Street Global Advisors, Inc. acquiring a stake through a Share Subscription and Share Purchase Agreement (SSPA). This approval follows the initial board notification dated January 14, 2026, marking a significant regulatory milestone for the partnership. The entry of a global giant like State Street is expected to significantly bolster Groww's asset management capabilities and market positioning.

CCI approved the proposed investment by State Street Global Advisors in Groww Asset Management Limited.
The transaction is based on the Share Subscription and Share Purchase Agreement (SSPA) signed in January 2026.
The deal is registered under CCI Registration No. C-2026/02/1385, with the detailed order currently awaited.
State Street Global Advisors is one of the world's largest asset managers, providing a massive credibility boost to Groww's AMC business.
The approval clears a major regulatory hurdle for the completion of the strategic stake sale.

💡 Investors should view this as a strong positive for Groww's long-term growth in the AMC space. Monitor for the final CCI order and specific financial details regarding the valuation of the stake sale.

GROWW Announces Trading Window Closure from April 1, 2026, Ahead of FY26 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Mar 2026, 05:04 PM

Billionbrains Garage Ventures Limited (GROWW) has announced the closure of its trading window for designated persons starting April 1, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's upcoming financial disclosures. The window will remain closed until 48 hours after the declaration of the audited financial results for the quarter and year ending March 31, 2026. The specific date for the board meeting to approve these results will be notified to the exchanges in due course.

Trading window for designated persons to close effective April 1, 2026.
Closure pertains to the audited financial results for the quarter and year ending March 31, 2026.
Trading restriction will be lifted 48 hours after the financial results are made public.
The board meeting date for result approval is yet to be announced by the company.

💡 This is a routine regulatory filing and requires no immediate action from retail investors. Monitor future announcements for the specific date of the board meeting to review the company's FY26 performance.

Groww Grants 6.04 Lakh Stock Options Under ESOP Scheme 2024

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 14 Mar 2026, 03:16 PM

Billionbrains Garage Ventures Limited (Groww) has announced the grant of 6,04,009 stock options to eligible employees under its 2024 Employee Stock Option Scheme. Each option is convertible into one equity share of face value Rs. 2 at a nominal exercise price of Rs. 2 per share. The grant is part of the company's strategy to retain talent and align employee interests with long-term growth, following SEBI's regulatory framework for share-based benefits. This routine disclosure indicates the company's ongoing commitment to its human capital as it scales its fintech operations.

Grant of 6,04,009 stock options to eligible employees under the ESOP Scheme 2024
Exercise price is set at a nominal rate of Rs. 2 per stock option
Each option entitles the holder to one fully paid-up equity share of face value Rs. 2
Exercise period extends up to 10 years from the date of vesting
The scheme complies with SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021

💡 Investors should note this as a routine talent retention measure; while it leads to minor future equity dilution, it is standard for high-growth fintech companies. No immediate portfolio action is required based on this announcement.

View All GROWW Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Revenue from operations declined 9% YoY in Q2 FY26. Product revenue mix shifted with Stocks increasing by 4pp, Margin Trading Facility (MTF) increasing by 4pp, and Interest-based income (led by LAS) increasing by 2pp, while Derivatives share decreased by 10pp. Revenue per broking order grew 10% YoY from INR 18.0 to INR 19.8.

Geographic Revenue Split

Not disclosed in available documents; however, the company operates as a pan-India digital platform with 11.9 million NSE active clients.

Profitability Margins

Profit After Tax (PAT) margin was 44% in Q2 FY26, showing a 4.1pp expansion QoQ. PAT grew 12% YoY, primarily aided by the reversal of a one-time long-term incentive provision of INR 159.3 Cr from previous quarters.

EBITDA Margin

The company utilizes Adjusted EBITDA Margin as a key metric, though the specific percentage for Q2 FY26 is not explicitly stated. Management notes that 90% of costs are indirect, allowing incremental revenue to flow directly to the bottom line, improving leverage as revenue outpaces costs.

Capital Expenditure

The group has deployed equity investments of over INR 1,700 Cr in subsidiaries as of March 2025, including INR 568.9 Cr in Groww Invest Tech (GIT), INR 678.2 Cr in Groww CreditServ (GCS), and INR 349.5 Cr in Groww Asset Management.

Credit Rating & Borrowing

ICRA maintains a positive outlook based on a healthy cash buffer of INR 3,016 Cr in unencumbered liquid funds and INR 1,016 Cr net proceeds from the IPO. Borrowing costs for MTF are managed against a lending yield of 14.95%.

⚙️ Operational Drivers

Raw Materials

As a digital platform, 'raw materials' consist of 'Cost to Serve' components: (a) Software, server, and technology costs and (b) Transaction and other related charges.

Key Suppliers

Not applicable; the company relies on technology infrastructure and exchange connectivity (NSE/BSE).

Capacity Expansion

Current capacity is defined by 11.9 million NSE active clients (down from 13.2 million peak). The MTF book capacity grew 61% QoQ to INR 1,668.3 Cr in Q2 FY26 from INR 1,035.8 Cr in Q1 FY26.

Raw Material Costs

Cost to Serve (technology and transaction charges) and Cost to Grow (marketing) are the primary drivers. Cost to Grow increased 23% YoY to INR 125.3 Cr in Q2 FY26 due to branding activities like KBC and Asia Cup.

Manufacturing Efficiency

Operational efficiency is driven by a software-platform model where 90% of costs are fixed/indirect, leading to high profitability as the user base scales.

Logistics & Distribution

Customer Acquisition Cost (CAC) for H1 FY26 was INR 1,374, a 72.6% increase from INR 796 in H1 FY25, reflecting higher discretionary branding spends.

📈 Strategic Growth

Growth Strategy

Growth will be achieved through product diversification beyond broking: scaling the MTF book (currently 0.7% penetration), expanding the NBFC arm (Groww CreditServ) which saw 58% QoQ disbursement growth, and integrating Fisdom to add 3-4% to revenue through AIF, PMS, and insurance distribution.

Products & Services

Stock broking, Mutual Fund distribution, Futures & Options (F&O), Margin Trading Facility (MTF), Personal Loans, Loan Against Shares (LAS), Loan Against Mutual Funds (LAMF), Commodities, and Bonds.

Brand Portfolio

Groww, Groww Credit, Fisdom (Finwizard Technology).

New Products/Services

Launched Commodities, Bonds, and '915' product; Fisdom acquisition expected to contribute 3-4% to total revenue operations.

Market Expansion

Focusing on deepening penetration within the existing 11.9 million active client base for credit and wealth products.

Market Share & Ranking

Groww is India's largest investing platform by active NSE clients (11.9 million), despite a recent 9.8% decline in active users in line with industry trends.

Strategic Alliances

Acquisition of Finwizard Technology (Fisdom) completed in October 2025 to bolster wealth management and advisory services.

🌍 External Factors

Industry Trends

The industry is seeing a shift from F&O to cash/MTF due to regulatory tightening. Total NSE active users fell from 50.2 Mn to 45.3 Mn (9.7% decline) in 2025, reflecting a cooling period in retail participation.

Competitive Landscape

Intense competition from traditional brokers and other fintechs, particularly in MTF pricing where competitors offer rates as low as 7.99% compared to Groww's 14.95%.

Competitive Moat

Moat is built on a massive user base (11.9 Mn active) and a low-cost digital-first delivery model. Sustainability depends on successfully cross-selling credit and wealth products to reduce dependence on volatile F&O brokerage.

Macro Economic Sensitivity

Highly sensitive to capital market cycles; 90% of Net Operating Income is derived from retail broking, making revenue vulnerable to market volatility.

Consumer Behavior

Shift toward 'high-quality' users who place more orders; average order per user grew 10-20% despite a decline in total active user count.

Geopolitical Risks

Indirect impact through global market volatility affecting Indian capital market volumes and investor sentiment.

⚖️ Regulatory & Governance

Industry Regulations

Impacted by SEBI's 'true-to-label' circular which reduced F&O revenue per order, uniform exchange charges, and increased STT (Securities Transaction Tax) which impacts trading volumes.