In a resilient performance that underscores its position as India’s leading online brokerage platform, Groww (officially Billionbrains Garage Ventures Ltd.) announced its Q2 FY26 results on November 21, 2025. The company delivered a solid 12% year-on-year (YoY) increase in net profit, reaching ₹471 crore, even as revenue dipped slightly due to broader industry headwinds. This marks Groww’s first quarterly earnings report since its blockbuster IPO earlier in November 2025, and the numbers highlight effective cost management and operational efficiency in a tough market environment.
Investors reacted positively, with Groww shares jumping over 7% intraday following the announcement, recovering from recent corrections. As the largest stockbroker by active NSE clients, Groww continues to dominate the fintech space, making these results a key indicator for anyone tracking Groww stock price trends or searching for the latest Groww share news today.
Groww Q2 FY26 Key Financial Highlights: Profit Growth Outshines Revenue Dip
Groww’s Q2 FY26 financials paint a picture of disciplined growth. Here’s a breakdown of the core metrics:
- Revenue from Operations: ₹1,019 crore (approximately), reflecting a modest 9.5% YoY decline from ₹1,125 crore in Q2 FY25. This drop aligns with industry-wide slowdowns in trading volumes, driven by regulatory changes and muted market activity.
- Net Profit: ₹471 crore, up 12% YoY from ₹420 crore. On a quarter-on-quarter (QoQ) basis, profit rose an impressive 25% from ₹378 crore in Q1 FY26.
- Expenses: Total expenses dropped significantly to ₹433 crore, down from ₹590 crore YoY – a clear sign of strong cost controls, including a sharp reduction in employee benefits as the company optimizes its workforce.
- EBITDA and Margins: EBITDA climbed to over ₹600 crore with margins expanding to 59%, showcasing improved profitability despite top-line pressure.
- Earnings Per Share (EPS): Around ₹0.79, marking steady improvement and reinforcing investor confidence in Groww’s earnings quality.
These figures position Groww as a standout performer in the brokerage sector for Q2 FY26.
Why Groww Outperformed Rivals Like Angel One in Q2 FY26
The Indian brokerage industry faced significant challenges in the July-September 2025 quarter. Reduced derivatives trading, higher regulatory scrutiny, and lower overall market volumes hit many players hard. For context:
- Closest rival Angel One reported a ~20% YoY revenue decline and a staggering 50% drop in profits.
- In contrast, Groww’s revenue fell only ~10%, while profits grew 12-13% YoY.
What sets Groww apart? The platform’s diversified revenue streams play a crucial role. While pure brokerage income felt the pinch, contributions from mutual funds, SIPs, ETFs, and margin trading facilities (MTF) provided a buffer. Groww’s massive user base – over 12 million active NSE clients commanding 26% market share – enables superior cross-selling. New users increasingly start with SIPs (36% in Q2, up 7 percentage points YoY), reducing reliance on volatile equity trading.
Additionally, Groww slashed employee benefit expenses by nearly 50% YoY through smarter scaling and automation. This operational leverage turned a potential weak quarter into a profitable one, proving why Groww remains India’s No.1 broking app.
Groww vs Angel One Q2 FY26: A Side-by-Side Comparison
| Metric | Groww (Q2 FY26) | Angel One (Q2 FY26) | Key Insight |
|---|---|---|---|
| Revenue YoY Change | -9.5% | -20% | Groww far more resilient |
| Net Profit YoY Change | +12% | -50% | Groww delivers growth, rival plunges |
| Expense Control | Strong (down YoY) | Struggled | Cost efficiency boosts margins |
| Client Base Growth | Stable ~12M active | Declining momentum | Groww leads in user retention |
This comparison explains why analysts view Groww as the clear leader in the discount brokerage space.
Groww’s Journey: From Startup to India’s Largest Stockbroker
Founded in 2016 as a simple mutual fund investment platform, Groww has evolved into a full-fledged wealth management powerhouse. Key milestones:
- Surpassed Zerodha to become India’s top broker by active clients in 2023.
- Crossed 10 crore+ registered users by 2025.
- Successful IPO in November 2025, raising ₹6,632 crore amid massive hype.
- Diversified into stocks, mutual funds, IPOs, ETFs, gold, and fixed deposits.
Today, Groww boasts over 12.6 million active NSE clients (as of mid-2025), translating to a dominant ~26% market share. The app’s user-friendly interface, zero-commission mutual funds, and educational resources have democratized investing for millions of young Indians.
Understanding Groww’s Business Model and Revenue Streams
Groww operates on a freemium model that attracts users with low barriers and monetizes through scale:
- Brokerage Fees: From equity delivery (free), intraday, F&O, and currency trades.
- Mutual Funds & SIPs: Distribution fees and asset management partnerships.
- Margin Funding (MTF/LAS): Interest on borrowed funds, with MTF book scaling to 78,000 active users.
- Other Income: IPO applications, ETFs, gold investments, and premium services.
In Q2 FY26, non-broking segments shone brightly. Mutual fund SIP-first users rose sharply, and ETF/IPO penetration doubled YoY. This diversification shielded Groww from the derivatives slowdown that hammered competitors.
Impact of Market Conditions on Groww Q2 FY26 Performance
The September 2025 quarter was tough for Indian brokerages:
- NSE active clients industry-wide dipped from peaks earlier in the year.
- SEBI’s regulatory tweaks curbed high-risk derivatives trading.
- Subdued volatility led to lower Average Daily Turnover (ADTO).
Groww’s retail cash ADTO held steady at ~₹10,129 crore. While active clients saw a minor sequential dip, new acquisitions and multi-product engagement drove 13% QoQ revenue growth in key areas. Management highlighted that 4.5% of incremental revenue came from fresh users, with the rest from existing ones upsold on mutual funds and lending products.
Groww Share Price Reaction and Technical Outlook Post Q2 Results
Pre-results, Groww stock experienced volatility – soaring 94% from IPO levels before correcting 18% over two sessions. The Q2 numbers triggered a sharp rebound:
- Shares surged 7-8% to highs around ₹168-₹170.
- Trading volumes spiked, signaling renewed buying interest.
Technically:
- The stock consistently forms higher highs, similar to peers like CDSL and BSE.
- Short-term consolidation likely after the post-IPO rally, but long-term uptrend intact.
- Support at ₹150-₹155; resistance near all-time highs.
Analysts recommend viewing dips as buying opportunities for this monopoly-like fintech giant.
Why Groww Stock Creates New All-Time Highs Repeatedly
Infrastructure-like stocks in finance (CDSL, BSE, CAMS, and now Groww) share a common trait: network effects and regulatory moats lead to perpetual growth. Groww benefits from:
- Sticky user base: Once onboarded, clients rarely switch.
- Scale advantages: Lower costs per user as volumes grow.
- Regulatory tailwinds: Pushing more retail participation.
History shows these stocks correct temporarily but always breach previous peaks. If you bought Groww at highs and feel stuck – relax. More highs are coming.
Groww Future Growth Drivers: What Lies Ahead in FY26 and Beyond
Despite Q2 challenges, Groww’s outlook remains bullish:
- Client Addition Momentum: Targeting 15M+ active clients by FY26 end.
- Product Diversification: Deeper penetration in lending (MTF book exploding), insurance, and international stocks.
- Monetization Uplift: Higher ARPU through premium features and cross-sell.
- Market Recovery: Any pickup in volatility will supercharge broking income.
- Wealth Management Push: Growing AUM in mutual funds and PMS.
Management commentary emphasized sustainable profitability over aggressive expansion – a mature shift that reassures long-term investors.
Is Groww Stock a Buy After Q2 FY26 Results? Analyst Views
Most brokerages maintain positive ratings:
- Buy/Hold with Caution Short-Term: Valuations appear stretched post-IPO rally, but fundamentals justify premiums.
- Long-Term Conviction: Dominant market share and execution track record make it a core portfolio holding.
- Target Prices: Range ₹200-₹250 in 12-18 months, implying 20-50% upside.
For retail investors, Groww represents the best way to play India’s rising financialization theme.
Groww Q2 FY26 Results: Key Takeaways for Investors
- Profit growth amid industry pain = Operational excellence.
- Cost controls and diversification = Defensive moat.
- Market leadership intact = Structural winner.
In summary, Groww’s Q2 FY26 results reinforce its status as India’s premier investment platform. While near-term market choppiness may cause volatility, the company’s fundamentals scream long-term outperformance.
If you’re searching for Groww latest news, Groww Q2 results analysis, or wondering about Groww share price target – the message is clear: This is a quality compounder worth holding through cycles.