01 — At a Glance
₹94,000 Crore App That Just Posted a PAT Drop
- 52-Week High / Low₹194 / ₹112
- Q3 FY26 Revenue₹1,216 Cr
- Q3 FY26 PAT₹547 Cr
- Q3 FY26 EPS₹0.89
- Annualised EPS (Avg Q1–Q3×4)₹14.52
- Book Value₹11.9
- Price to Book12.8x
- Dividend Yield0.00%
- Debt / Equity0.05x
- NSE Active Client Share~27%
First Glance Note: Groww listed in November 2025 at a ₹94,000+ crore market cap — which for a company that was literally losing money in FY24 (PAT -₹805 crore) is either a triumph of narrative or proof that Indian retail investors will buy anything with a good UI and a referral bonus. Q3 FY26 revenue grew 24.8% YoY. PAT dropped 27.8% YoY. Before you panic — Q3 FY25 had an unusual ₹757 crore quarter inflated by what appear to be one-time items (OPM hit 104% in that quarter alone). Markets, as usual, have opinions that change faster than Groww’s UI redesigns.
02 — Introduction
The Fintech That Turned Chai-Time Stock Gossip Into a Business
Let’s talk about Groww — or as BSE insists on calling it, “Billionbrains Garage Ventures Limited,” a name that sounds like a Silicon Valley fever dream crossed with a South Delhi startup co-working space. The company was founded in 2017, spent a few years quietly convincing millennials that buying mutual funds shouldn’t require visiting a PSU bank branch and surrendering a blood sample, and has since grown into India’s largest digital investment platform by active NSE users as of June 2025.
26.27% market share on NSE active clients. 13.94 million active users as of March 2025, now reportedly heading higher. A platform that covers 98.36% of India’s pin codes, with 81% of its users outside the top six cities. Median user age: 31. In a country where the average financial advisor is 52 years old and still insists on physical application forms, Groww is playing a completely different game.
The company pulled off a ₹6,632 crore IPO in November 2025 and listed to much fanfare. Then Q3 FY26 arrived — PAT down 27.8% year-over-year — and suddenly everyone remembered that a high base effect from an unusual Q3 FY25 (where expenses were negative, implying a reversal/writeback situation creating a 104% OPM) makes comparisons look ugly. Meanwhile, State Street agreed to invest ₹580 crore in Groww AMC, giving the asset management arm its first institutional credibility seal. And the concall promised growth in commodities, MTF, wealth management, and the ever-popular “next few decades” of Indian capital market expansion.
There is a lot going on. Let’s sort through it with data, humour, and zero interest in repeating the brokerage research you already get for ₹0 on every Telegram channel.
Concall Note (Jan 2026): “Very, very high growth left in the next few decades.” — Groww Management on Indian asset management. Specific. Measurable. Actionable. Absolutely the kind of guidance that makes analysts write three-page models with 10-year DCFs.
03 — Business Model: WTF Do They Even Do?
They Built a Prettier Version of Your Old Broker. And Charged You Less. Then More.
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