Groww’s post-IPO report reveals profit growth despite revenue decline
Groww, one of India’s leading stock brokerages, has released its first quarterly report since going public. The Bengaluru-based firm, founded in 2016 by Lalit Keshre, Harsh Jain, Ishan Bansal and Neeraj Singh, listed its shares at a 14% premium in a Rs 6,632-crore IPO. The results highlight a mixed performance, with rising profits but a drop in revenue.
Groww’s shares debuted on the BSE at Rs 114, above the issue price of Rs 100. The company raised Rs 6,632 crore through its initial public offering, marking a major milestone in its competition with rivals like Zerodha.
In the second quarter of FY26, Groww’s revenue from operations fell 9.5% year-on-year to Rs 1,018.7 crore. However, sequentially, revenue climbed 12.7% from Rs 904.4 crore in the previous quarter. Total income for the period reached Rs 1,070.8 crore, including Rs 52.1 crore from other sources.
Despite the revenue dip, net profit grew 12.2% year-on-year to Rs 471.3 crore. Expenses also dropped sharply by 26.7% to Rs 432.6 crore, helping improve profitability. For the first half of FY26, revenue declined 9.6% to Rs 1,923.1 crore.
The brokerage expanded its user base, ending the quarter with 19 million transacting users—a 27% increase from last year. Customer assets under management rose 33% year-on-year to Rs 2.7 lakh crore. Groww’s share of active clients on the NSE also grew from 25.6% to 26.3% over the past 12 months.
The leadership team remains unchanged, with Lalit Keshre as CEO, Harsh Jain as COO, Ishan Bansal as CFO, and Neeraj Singh as CTO. Gaurang Shah serves as the company’s chairman.
Groww’s latest results show a company balancing growth with cost control. While revenue has softened, profit margins have improved, and user numbers continue to climb. The firm’s expanding market share and rising customer assets suggest a solid position in India’s competitive brokerage sector.
