Billionbrains Garage Ventures Ltd(GROWW)

NSE: GROWWBSE: 544603

₹ 184.95+1.93%refreshed 26 Oct, 02:00 pm ISTMarket cap: ₹ 1.16 L crWebsite: www.groww.inUpdated: 24 Oct 2026

About

Billionbrains Garage Ventures Ltd (Groww) runs a technology-led investing platform in India offering stocks, equity and commodity derivatives, mutual funds, MTF, bonds, ETFs, personal loans, loans against securities and wealth management. It describes itself as India's largest retail broking platform by active clients, with over 16.7 million active users as of March 31, 2026, and holds a 28% NSE active client market share per its FY26 annual report. In FY26 it reported revenue of Rs 4,644.58 Cr. Total transacting users reached 2.4 Cr in Q2 FY27.^[1][2][3]

Business mix

Equity Derivatives' share of income fell 12.2pp YoY to 44.8% in Q2 FY27. Over the same period MTF's contribution rose 5.5pp YoY and Commodity Derivatives' rose 6.0pp YoY.^[3]
Fisdom and the AMC together made up less than 2% of total revenue in Q1 FY27.^[4]
New products including MTF, Commodities, LAS and Fisdom contributed 49% of sequential revenue growth in Q3 FY26.^[5]
Affluent users grew 52% YoY as of Q2 FY26 and accounted for 34% of total customer assets.^[6]

Products and brands

As of FY26 the platform offered mutual funds, stocks (cash, intraday, IPO), MTF, equity and commodity derivatives, bonds, ETFs, personal loans and loans against securities.^[1]
As of FY26, Groww Mutual Fund (formerly Indiabulls AMC, acquired May 2023) managed 30 products: 11 active and 19 passive funds.^[1]
W by Groww is the wealth app for HNI customers and is supported by more than 160 relationship managers, as of FY26.^[1]
Fisdom (Finwizard Technology) was acquired in FY26 and serves affluent customers through a hybrid advisory and distribution model. Its integration was completed by Q2 FY27.^[1][3]
Groww Creditserv Technology originates personal loans on its own balance sheet (FY26).^[1]
Commodity Derivatives launched in phases from Q2 FY26. By Q3 FY26 it made up 3.5% of total income and had 255k active users.^[5]
The bonds product launched in Q4 FY26 and was scaling well as of Q1 FY27.^[4]

Key operating numbers

Total Transacting Users were 2.4 Cr in Q2 FY27, up 27% YoY. The figure was 21.6 million in FY26.^[3][1]
Total Customer Assets were ₹3.9 L Cr in Q2 FY27, up 46% YoY, compared with ₹2,958 billion in FY26.^[3][1]
Groww added 11 lakh new transacting users in Q2 FY27.^[3]
Groww held a 28% NSE active client market share in FY26, while NSE active clients industry-wide fell from 49.2 million in Mar'25 to 45.7 million in Mar'26.^[1]
In FY26 Groww had a 43% share of new SIPs created and a 3.4% share of retail mutual fund assets.^[1]
Mutual fund active users grew 19.8% to 10.03 million in FY26, and platform MF assets grew 38.9% to ₹1,569,925 million.^[1]
In FY26, equity derivatives had 1.7 million active users and average daily premium turnover of 117 billion. Commodity derivatives had 0.4 million active users.^[1]
Equity derivatives market share was 10.6% in Q4 FY26, up from 9.1% previously. Retail commodities market share by notional ADTO was more than 28% in Q1 FY27.^[7][4]

Lending and MTF

The MTF book was ₹12,322 Cr in Q2 FY27. The loan book was ₹28,143 million in FY26, up 4.7X.^[3][1]
MTF active users grew 3.25X YoY to 0.13 million in FY26.^[1]
The MTF yield was 14.95% in Q1 FY27.^[4]
In Q2 FY27, Groww deployed ₹1,915 crores into its MTF, personal loan and LAS books and repaid ₹203 crores of debt.^[3]
Groww disbursed ₹13,891 million of LAS through its own book in FY26. LAS made up 34% of disbursements in Q1 FY27.^[1][4]

Wealth and asset management

Wealth assets crossed ₹10,000 cr in Q2 FY27.^[3]
Groww AMC AUM grew 145% YoY from ₹2,928 crores to ₹7,179 crores in Q2 FY27. Actively managed AUM rose from 47% to 57% of the total.^[3]
AMC revenue rose 131% YoY in Q2 FY27, while the AMC's bottom line was -₹8.3 crores.^[3]

Customers and distribution

In FY26, transacting users spanned 97% of India's PIN codes, with 84% from outside the top six cities. The platform reaches first-time investors in 900+ cities.^[1]
Over 80% of new customers acquired over the last five years came organically, and 70% of FY26 new transacting users were younger than 35.^[1]
42 lakh users applied for equity IPOs via Groww in Q2 FY27, giving Groww a 22% share of total allotments.^[3]
Customer acquisition cost was about INR 900 in Q3 FY26, an improvement of 33% QoQ.^[5]

Plans

Management expects MTF and Commodity Derivatives to grow faster and contribute more to income in coming quarters (as of Q2 FY27).^[3]
Management expects Equity Derivatives activity to recover once SEBI's proposed changes delinking settlement from CAS take effect (as of Q2 FY27).^[3]
Groww plans to keep expanding its wealth product suite across the Groww, W and Fisdom platforms (as of Q2 FY27).^[3]
A US stocks product via GIFT City was in testing as of Q1 FY27.^[4]
As of Q4 FY26, the AMC needed a 5-6x scale-up in AUM to break even, and Fisdom was targeted to turn profitable by FY28.^[7]

Recent developments

Groww received ₹580 crores from State Street Global Advisors in Q2 FY27, under its agreement to divest 23% of its AMC for ₹5,800 million.^[3][1]
SEBI and CCI approvals for State Street's AMC investment were received as of Q1 FY27.^[4]
Groww listed through an IPO on Nov 12, 2025.^[1]
Further CSR expense of about ₹28 cr is expected in H2 FY27.^[3]

Market Cap

₹1,16,030 Cr

High / Low

₹227 / 112

Stock P/E

42.1

Price / Book

9.8

Book Value

₹15

EPS

₹3.3

No. of Shares

627.36 Cr

ROE

21.6%

Sales

₹4,645 Cr

Net Profit

₹2,083 Cr

Promoter holding

27.1%

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