Groww share price: Billionbrains Garage Ventures Ltd.’s (Groww) sares are likely to remain in focus after global brokerage Citi reiterated its ‘Buy’ rating on the stock and raised its target price to Rs 230 from Rs 225, citing a strong Q4 FY26 earnings performance and sustained momentum in core broking and new-age financial products. The brokerage highlighted robust profit growth, rising trading volumes amid equity market volatility, and improving cross-sell metrics as key drivers supporting long-term earnings compounding and market leadership.
Groww’s revenue and profitability saw strong sequential and annual growth. The broking platform’s revenue for Q4 FY26 rose to Rs 1,505.37 crore, marking a 23.8 per cent quarter-on-quarter (QoQ) increase and an 87.9 per cent year-on-year (YoY) jump compared with Rs 801 crore in the same quarter last year. Ebitda came in at Rs 968.15 crore, up 26.6 per cent QoQ and 121.9 per cent YoY, reflecting operating leverage and higher product engagement. Net profit after tax (PAT) rose to Rs 686.35 crore, registering a 25.5 per cent sequential increase and a 122.1 per cent YoY surge.
The company reported a notable expansion in margins during the quarter. Ebitda margin improved to 64.31 per cent, up 142 basis points sequentially and nearly 985 basis points from a year earlier. PAT margin rose to 45.59 per cent, compared with 44.98 per cent in Q3 FY26 and 38.59 per cent in Q4 FY25.
Derivatives drive more than half of revenue
Derivatives continued to be Groww’s largest revenue contributor during the quarter, accounting for over 54 per cent of total revenue. Equity derivatives activity remained strong, with orders per user increasing 43.1 per cent YoY, while active users grew 21.7 per cent YoY and 14.7 per cent QoQ, highlighting deeper engagement from retail traders.
Market share gains across key asset classes
For Q4 FY26, mutual funds market share increased to 14 per cent, up from 13.7 per cent in the previous quarter and 12.3 per cent a year ago. Its share in stocks rose to 15.7 per cent, compared with 14.4 per cent in Q3 and 12.1 per cent in Q4 FY25. Equity derivatives market share improved to 10.6 per cent, while the margin trading facility (MTF) segment saw market share rise to 2.7 per cent, up from 2 per cent in the previous quarter.
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