Groww-ing India’s Wealth!
No. 1 player in brokerage; multiple optionalities at play
Billionbrains Garage Ventures (GROWW) has scaled rapidly to emerge as the largest retail broking platform (on the NSE Active clients basis) within almost four years of its launch. It held a market share of 26.8% in Nov’25, about 9% higher than the second-largest player. Originally a niche mutual fund platform, it now commands a meaningful market share in stocks (~25.8%) and derivatives (~17.3%).
From a zero-revenue MF distributor, GROWW has evolved into a full-stack investment platform spanning broking, commodities, MTF, credit, and wealth management, with 14.8m active users across products by the end of 1HFY26. The company’s strong product adoption over the years has led to a ~3x surge in its revenue from FY23 to FY25; we further expect its revenue to double over FY25-28.
GROWW is increasingly building optional growth levers to diversify revenues and improve earnings quality. The rapid expansion of MTF, a fast-growing commodities franchise, along with the growth of the credit portfolio through LAS and the entry into wealth management, collectively reduce dependence on the volatile broking segment. This aids a structurally more resilient earnings profile. We expect GROWW’s broking revenue contribution to dip to 67% in FY28 from 85% in FY25.
The company acquires more than 80% of its customers organically, keeping CAC low and payback periods short. The fully in-house tech stack lowers cost-to-serve while enabling rapid feature deployment and high platform uptime. As incremental revenue scales across new businesses and fixed costs remain largely stable, we expect its EBITDA margin to expand to 66% by FY28 from 59% in FY25.
We believe GROWW is well-positioned to compound earnings in a structurally underpenetrated Indian capital markets ecosystem. Rising cash yields—driven by MTF and higher minimum brokerage—along with product depth fueling growth in non-derivative revenue and monetization levers targeting the affluent base through the wealth management platform, should reduce earnings volatility. Meanwhile, robust cost efficiency enhances return metrics.
We expect GROWW’s FY25-28 revenue/EBITDA/PAT CAGR at 25%/30%/30%. We initiate coverage on the stock with a BUY rating and a one-year TP of INR185 (based on 28x FY28E P/E – ~30% discount to Robinhood).
