Meanwhile, a foreign broker has initiated coverage on Groww with a Buy rating and a target price of Rs 180. The brokerage said Groww is following a Robinhood like strategy that could drive around 35% CAGR in earnings over the next three years.

The broker highlighted that Groww has become India’s largest retail broker by active clients despite entering broking only in FY21. It attributed this to a mutual fund led acquisition funnel, a simple platform and strong word of mouth.

The brokerage expects revenue to grow at a 29% CAGR over FY26-28, driven by new products such as margin trading, wealth management, commodities and bonds. It said newer businesses could contribute about 20% of total revenues by FY28. It, however, flagged regulatory changes, competition and execution risks as key monitorables.

Billionbrains Garage Ventures made a strong debut on 12 November 2025, listing at Rs 114 on the BSE, a 14% premium to the issue price of Rs 100. It closed Day 1 at Rs 130.94, reflecting a 30.93% gain. The IPO, priced between Rs 95 and 100, was subscribed 17.60 times and included a fresh issue of Rs 1,060 crore and an offer for sale of Rs 5,572.30 crore.

It went on to rally nearly 94% in its first five sessions, touching an all-time high of Rs 193.91 on 18 November 2025. Since hitting that peak, the stock has corrected 13.52%. Even so, it remains 67.70% above its issue price and 47.11% higher than its listing price.

Groww has built a sizeable footprint since its launch in 2018, emerging as a full-stack digital investment platform with offerings across stocks, mutual funds, derivatives and loans. It serves customers across 98% of Indian pin codes, operates 37 million demat accounts and oversees Rs 2.6 lakh crore in AUM through subsidiaries spanning broking, lending and asset management.

The company’s consolidated net profit jumped 12.18% to Rs 471.33 crore despite a 9.48% decline in revenue from operations to Rs 1,018.74 crore in Q2 FY26 over Q2 FY25. On quarter on quarter (QoQ) basis, the company’s consolidated net profit and revenue from operations climbed 24.57% and 12.64% in Q2 FY26.