Synopsis: With a 19.9% user surge, company aims to lead India’s under-penetrated market. Management eyes 4x growth over the next decade, betting on their acquisition engine to capture this massive incremental opportunity.
The fintech platform continued to scale its user base and deepen product engagement, even as broader markets remained volatile during the quarter. Strong SIP inflows, rising derivatives activity, and growing traction in newer segments like MTF and commodity derivatives underpinned the results.
With a market cap of Rs. 1,23,245 Crore, the shares of Billionbrains Garage Ventures Limited, operating as Groww closed at price of Rs. 194 per share i.e. 1.05 percent down from its previous closing price of Rs 199.5. It is currently trading at a P/E ratio of 59.
Groww’s User Engine Powers Ahead
Groww added nearly 800,000 active users in a single quarter, taking its active user base to 16.7 million in Q4 FY26 – a 19.9% jump year-on-year and 4.7% quarter-on-quarter. Total transacting users on the platform climbed to 21.6 million, up 25% year-on-year and 6% quarter-on-quarter, reflecting consistent momentum in new user acquisition and engagement across its product suite.
The growth comes against a broader backdrop that the company believes is still in its early stages. Management has pointed out that capital market penetration in India remains in single digits, and sees the potential for a 3-4x expansion over the next decade. With a platform built around simplicity and accessibility, Groww has positioned itself to capture a disproportionate share of that incremental opportunity as millions of first-time investors enter the market.
What makes the user growth story more compelling is how it stacks up against the competition. Angel One, one of the largest listed brokers in India, reported a total client base of 37.4 million as of Q4 FY26 – nearly 73% larger than Groww’s 21.6 million transacting users. However, Angel One’s quarterly addition of new clients came alongside a 4.7% QoQ growth rate, broadly in line with Groww’s pace.
The gap in absolute numbers is wide, but Groww’s year-on-year growth rate of 25% on its transacting user base signals that the distance is narrowing. Customer assets on the platform grew 36% year-on-year to Rs. 3.0 lakh crore, suggesting that the users Groww is acquiring are also deploying meaningful capital – not just signing up and going dormant.
Financials Reflect the Scale of the Opportunity
The user momentum fed directly into the financial performance. Revenue from operations surged 87.9% year-on-year and 23.8% quarter-on-quarter to Rs. 1,535.5 crore in Q4 FY26, driven by higher user activity across products and elevated trading volumes amid market volatility. EBITDA jumped 141.8% year-on-year to Rs. 938.7 crore, with the cost-to-serve ratio compressing sharply to 10.7% from 18.5% a year ago – a sign that the platform is scaling efficiently. Net profit came in at Rs. 686.4 crore, up 122% year-on-year, with PAT margins expanding to 44.7%. Management noted that as revenues continue to grow faster than the largely fixed cost base, margin expansion is expected to continue.
About the Company
Billionbrains Garage Ventures Limited, operating as Groww, is a leading Indian financial services platform offering stocks, mutual funds, and credit products. As of Q4 FY26, the company reported 21.6 million total transacting users and 16.7 million active users, representing 19.9% year-on-year growth. With a consolidated quarterly revenue of ₹15,355 million, Groww continues to expand its market share across equity derivatives and margin trading while maintaining a strong focus on technology-driven user experience.
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