Stock broking platform Groww’s consolidated profit after tax zoomed 122% to ₹686.4 Cr in Q4 FY26 from ₹309.1 Cr in the year-ago quarter, as margins expanded. Sequentially, net profit increased 25% from ₹546.9 Cr. 

Operating revenue surged 88% YoY and 24% QoQ to ₹1,505.4 Cr. Including other income of ₹30.2 Cr, total income for the quarter stood at ₹1,535.5 Cr. Total expenses for the quarter grew 38% YoY to ₹599.2 Cr.

The company’s EBITDA jumped 142% YoY and 30% QoQ to ₹938.7 Cr. Groww said its operating leverage played out “across all the cost buckets”, leading to PAT margin expanding by 8.3 percentage points YoY. 

The company’s absolute PAT margin for the quarter stood at 45%. “As the revenue increases faster than the costs, which are largely fixed in nature, the margins will keep expanding,” the company’s management said.

Groww’s bottom line was impacted due to the loss in its nascent businesses. Recently acquired wealthtech platform Fisdom, which is powering Groww’s wealth management business W, incurred a loss of ₹10.2 Cr during the quarter. Groww expects W to become profitable in FY28. 

For context, Groww acquired Fisdom in October 2025 in an all-cash deal, valuing the latter at $150 Mn. It is still in early stages of integration. 

Besides, Groww’s mutual fund business, Growwmf, also incurred a loss of ₹20.2 Cr in Q4. The company said that this business is also at a nascent stage. “For it to be profitable, we need to grow our AUM 5-6X and this is expected to be achieved in the next few years,” it noted. 

For the full fiscal year FY26, Groww’s PAT surged 14% YoY to ₹2,083 Cr. Operating revenue for the fiscal year grew 19% YoY to ₹4,644.6 Cr.

Groww also said that former Peak XV Partners MD Ashish Agrawal tendered his resignation from its board, effective April 20. Agrawal, who led Peak XV’s investment in the stock broking company, is departing to pursue a career as an entrepreneur. He plans to start a new venture capital firm. 

With that, let’s take a deeper look at Groww’s Q4 business performance.

Diversified Business Helps Overcome Broader Market Turmoil

The Groww platform served 2.2 Cr (up 25% YoY) transacting users in the March quarter, processing customer assets worth ₹3 Lakh Cr (up 36% YoY). 

A large chunk of the company’s total income for the quarter came from equity derivatives (55%), while stocks brought in 16% of the total income. Income from commodity derivatives remained stable, bringing in 4% of the company’s total income.

 

 

Groww’s retail derivatives premium ADTO (average daily turnover) for the quarter zoomed 3X YoY to ₹16.5K Cr, taking its market share in the category to close to 11%. Besides, margin trading facility also picked up steam in the quarter, zooming over 4X to ₹2,814.3 Cr. 

The company said that it observed a marginal increase in the contribution of equity derivatives to overall revenue in the quarter driven by “higher penetration and user adoption”. 

“During the quarter, markets experienced high volatility driven by ongoing geopolitical tensions. In the short term, such conditions tend to increase user activity on the platform, particularly across products like derivatives and commodities. However, this elevated activity is accompanied by higher associated costs, primarily due to increased risk and volatility,” it said.

 

While Groww’s mutual fund SIP inflows grew 35% YoY to ₹13,023 Cr and market share grew to 14% from 12.3% in the year-ago quarter. Stocks offerings’ retail cash ADTO zoomed 54% YoY to ₹13.8K Cr and market share grew to 15.7% from 12.1% last year-quarter. 

“In the last quarter, despite broader market underperformance, we continued to add new users to the platform. Our continued focus on technology and user experience remain central to driving strong retention leading to low churn. The combined effect resulted in the higher net new additions in NSE active clients,” the company’s management noted. 

Besides, Groww’s margin trade facility (MTF) book grew 22% on a sequential basis to ₹2,814.3 Cr despite a 7% correction in the broader MTF market due to major indices slipping about 17% during the quarter. As a result, Groww’s market share in MTF increased close to 3%.

Moving forward, the company intends to utilise the PAT generated to expand its lending business in and consumer credit segments. 

The company currently offers credit products from partner banks and NBFCs as well as select offerings on its own balance sheet. During the quarter under review, Groww’s credit business accounted for 4.1% of its consolidated PAT. 

“As credit penetration on the platform continues to scale steadily and our risk management becomes stronger, we expect this contribution to grow over time,” it said.

Shares of Groww ended today’s trading session 0.93% lower at ₹196.45 on the BSE.

Edited by Vinaykumar Rai

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