BENGALURU, Jan 14, 2026, 14:00 IST
- Groww’s Q3 net profit fell 28% year-on-year to 547 crore rupees; total income rose about 26% to 1,261 crore rupees
- Shares climbed nearly 4% after the results, reversing early losses
- State Street Global Advisors agreed to invest up to about 580 crore rupees in Groww AMC, subject to approvals
Shares of Billionbrains Garage Ventures, which runs the Groww investing and trading platform, rose nearly 4% on Wednesday after it reported a 28% fall in quarterly net profit, dragged down by a one-off gain booked a year earlier, while income jumped about 26%. 1
The company is only a couple of months into life as a listed firm, and the market is still trying to price what “Groww” looks like outside a hot trading tape. What investors seem to be watching now is whether newer lines like commodities and lending can soften the punch from market swings.
There was another fresh hook on Wednesday: Groww said its asset management unit will take in a strategic investor. In a stock exchange filing signed by company secretary Roshan Dave, it said the buyer “will not hold more than 4.99% of the aggregate voting power” of Groww AMC once the transaction is completed. 2
For the quarter ended Dec. 31, 2025, consolidated net profit, also called profit after tax (PAT), came in at 546.93 crore rupees, versus 757.11 crore rupees a year earlier. Revenue from operations rose to 1,216.07 crore rupees, while total income was 1,261.07 crore rupees, the filing showed.
The year-on-year profit comparison was skewed by the base quarter. Groww said the earlier period included a one-time post-tax gain of 315 crore rupees tied to a reversal of long-term leadership incentive costs after a redomiciling exercise. 3
Strip that out and the picture changes: the company said “operating” PAT rose 24% on year. It also pointed investors to adjusted EBITDA — earnings before interest, tax, depreciation and amortisation, tweaked for one-offs — as a cleaner read on operations.
Adjusted EBITDA rose to 742 crore rupees, up 24% from a year earlier, the company said. Groww’s transacting user base climbed 25% to more than 2 crore, while “active” users rose 7.5% from the previous quarter.
On the BSE, the stock was up 3.35% at 168.15 rupees after the results were out. 4
Market share gains stayed front and centre. Groww said its cash equity share rose to 28.8% in the quarter from 21.6% a year earlier, and its equity derivatives share climbed to 18.1% from 12.2%, with retail average daily turnover rising in both segments.
In mutual funds, Groww’s SIP inflows — systematic investment plan contributions that drip-feed money into funds monthly — rose 30% to 12,328 crore rupees, while market share edged up to 13.7%, Economic Times reported, citing the company’s disclosures. 5
Newer products are starting to show up in the mix. Groww said offerings such as commodity trading, loans against securities and the Fisdom business contributed 49% of total income growth in the quarter, with commodities alone around 4% of total income.
The stock had started the day on the back foot, down 0.44% at 161.97 rupees on the NSE, as investors waited for the print. In the same session, Citi flagged Groww’s “strong brand recall” and cross-sell potential, while also pointing to volatility and regulatory risks. 6
Motilal Oswal, which initiated coverage earlier this week with a “buy” rating and a target price of 185 rupees, argued the platform can keep compounding even in a tougher rulebook. “Groww has recently launched commodities as a product, which should provide incremental broking revenue,” the brokerage wrote. 7
But the path is not clean. Trading-driven income can fade fast when retail activity cools, and Groww itself has pointed to regulatory risk; it is also trying to build guardrails after outages, including an emergency “Groww Lite” portal to let users exit positions if the main app goes down.
