Shares of Billionbrains Garage Ventures, the parent of online brokerage Groww, jumped 10% to a record high of ₹216 on BSE on Tuesday after reporting a strong performance in the March 2026 quarter (Q4FY26).
The posted a 122% YoY rise in consolidated net profit at ₹686 crore, while revenue from operations increased 87% YoY to ₹1,505 crore.
EBITDA surged 142% YoY to ₹939 crore, reflecting strong margin expansion. The improvement in profitability was driven by faster revenue growth compared to largely fixed costs, highlighting operating leverage across segments.
The has surged 98% from its 52-week low of ₹112.02, hit in November 2025 on its listing day. It has gained 33% in the last three months as well as in the past one month.
Groww Q4 Highlights
Growth remained supported by continued traction in users and platform activity. Meanwhile, customer assets on the platform increased 36% YoY to ₹3 lakh crore, although they saw a slight sequential dip due to mark-to-market losses during the quarter. Net inflows remained strong at ₹25,000 crore.
In its letter to the shareholders, the company informed that its total number of transacting users rose 25% YoY to 21.6 million, marking an active user base of 16.7 million, according to the exchange filing.
“In Q4, we observed a marginal increase in the contribution of equity derivatives to overall revenue, rising from 53.5% to 54.6%. Concurrently, newly launched product segments, namely Margin Trading Facility (MTF) and commodities, witnessed strong traction, with their share increasing meaningfully, driven by higher penetration and user adoption,” said the company.
Newer segments such as margin trading facility and commodities also increased their share in overall revenues, it added.
The company also stated that while short-term volatility could continue to support trading activity, prolonged market weakness may impact investor sentiment, which could affect new user additions and inflows over time.
Should you buy, sell or hold?
Motilal Oswal reiterated its ‘Buy’ rating and raised the target price to ₹235, indicating an upside of around 20%. The brokerage said continues to deliver strong revenue growth driven by increasing user adoption and solid activation levels. It added that the core broking business is gaining market share across segments, supported by new offerings such as margin trading facility and commodities.
Taking a contrasting view, JM Financial maintained a ‘Sell’ rating with a target price of ₹150, implying a downside of 23.5%. The brokerage remains positive on the company’s growth outlook, estimating EPS growth of 54% and 30% for FY27 and FY28, respectively. It has raised its FY27E EPS estimate by 3% while keeping FY28E estimates unchanged.
However, JM Financial said that despite strong earnings expectations, Groww’s projected earnings CAGR of 41% over FY26–FY28E, compared with 32% for Angel One, supports only a 10% premium in valuation. It noted that current valuations at 38x and 29x FY27E and FY28E EPS, respectively, are ahead of any meaningful shift toward more stable, recurring revenue streams.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.