Groww shares surge 100% over IPO price post Q4 results; more upside left?

Groww Q4FY26 profit jumps 122% YoY. Analysts remain bullish on growth but flag rich valuations. Check target prices, ratings, and outlook

Groww share price: Check target prices by Citi, UBS, MOFSL, JM Financial

Nikita Vashisht New Delhi

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Groww share price today

Analysts remain constructive on the long-term growth outlook of Billionbrains Garage Ventures-backed Groww after a strong March quarter performance. However, elevated valuations have led to mixed brokerage views on whether investors should buy, sell, or hold the stock at current levels.

"We remain positive on Groww’s growth outlook and estimate earnings per share (EPS) growth of 54 per cent for FY27 and 30 per cent for FY28. However, we believe valuations (of 38/29x FY27/FY28E EPS) remain ahead of meaningful traction in recurring revenue. Thus, we maintain our ‘Sell’ rating," JM Financial Institutional Securities said.

Since its debut on the stock exchanges on November 12, 2025, Groww stock has surged 59 per cent on the BSE. Including today’s intraday gain of nearly 5 per cent, it has zoomed 108.75 per cent over its IPO issue price of ₹100 per share, and commands a market capitalisation of ₹1.28 trillion.

At present, Groww shares trade at an approximate price-to-earnings (P/E) multiple of 58.5x. By comparison, peer firms like Angel One have a P/E of 32x, 360One WAM 38.3x, Motilal Oswal Financial Services 24.24x, and Nuvama Wealth Management 24.44x.

Groww Q4 results: Profit, revenue, Ebitd growth explained

Groww’s net profit for the March 2026 quarter more-than-doubled to ₹690 crore, rising 122 per cent year-on-year (Y-o-Y) and up 26 per cent quarter-on-quarter (Q-o-Q).

For the entire financial year of 2025-26 (FY26), the company’s PAT stood at ₹2,080 crore, higher by 14 per cent Y-o-Y.

Opertionally, Billionbrains Garage Ventures reported a revenue of ₹1,510 crore in Q4FY26, up 88 per cent Y-o-Y.

This included Broking revenue of ₹1,150 crore (up 78 per cent Y-o-Y), Derivatives revenue of ₹850 crore (up 74 per cent Y-o-Y), and Cash revenue of ₹250 crore (up 52 per cent Y-o-Y).

Groww reported a 142 per cent Y-o-Y jump in Ebitda to ₹940 crore, resulting in an Ebitda margin expansion to 62.3 per cent from 48.4 per cent in Q4FY25.

Groww’s MTF revenue rose 42 per cent Q-o-Q to ₹110 crore (₹17 crore in Q4FY25), with MTF book scaling to ₹2,810 crore at the end of Q4FY26 (₹2,310 crore in Q3FY26).

Notably, the industry MTF book contracted sequentially, but Groww’s MTF book increased, resulting in a market share rise to 2.7 per cent.

Within segments, Groww said the AMC business’ AUM reached ₹4,000 crore, and is expected to be profitable with the AUM likely scaling 5-6x over the next few years.

The AMC business reported an operating loss of ₹21.4 crore.

The wealth management business (Fisdom) also reported an operating loss of ₹10.2 crore in Q4FY26 and is expected to be profitable in FY28.

Groww shares: Buy, Sell or Hold? Brokerage calls:

Citi | Maintain Buy | Target price: ₹230

Citi said Groww reported a strong March quarter with pre-tax profit beating estimates, led by higher trading volumes and activity amid higher market volatility. Scale up of MTF book, new product launches, and product-led growth remain key catalysts, it said.

UBS | Maintain Neutral | Target: ₹210

Groww’s Q4 results were aided by operating leverage and market share gains. Margins were stable as cost controls offset expansion spends.

Going ahead, strong engagement metrics and wealth management business may add upside.

Motilal Oswal Financial Services | Maintain Buy | Target raised to ₹235

MOFSL said Groww’ strong revenue growth was backed by rising user adoption of products as well as robust user activation. Its brokerage business is gaining market share across segments, with recent product launches, such as MTF and commodities, fueling further growth.

The rising number of affluent customers, MOFSL added, unlocks wealth management opportunities for the company, with the Fisdom acquisition giving a further boost.

“We expect the overall order run-rate in the broking segment for FY27 to largely maintain the Q4FY26 order run-rate backed by market share expansion. MTF segment, LAS, and wealth management are expected to provide a further boost to the top-line. However, this will be offset by a rise in costs, considering investments in AMC and wealth management business, as well as the

enhancement of tech capabilities,” MOFSL said, holding earnings estimates.

JM Financial | Maintain Sell | Target raised to ₹150

JM Financial expects the AMC and Fisdom segments to invest in hiring, resulting in higher costs for these businesses. The company, it highlighted, reiterated that marketing costs will remain largely

stable, but non-linear with revenue growth, from IPL-related spends to raise costs in Q1FY27.

“Though the management mentioned that margin will expand if income grows above 15 per cent, we estimate expenses growth of 19 per cent/17 per cent over FY27/FY28E to support a revenue CAGR of 41 per cent,” it said.

JM Financial has raised FY27 EPS estimate by 3 per cent, while maintaining FY28E EPS.

“Given the superior earnings growth (41 per cent CAGR over FY26–FY28E, compared to 32 per cent CAGR for Angel One, we value Groww at a 10 per cent premium to the latter. We expect 87 per cent/86 per cent of income to come from broking (and allied streams of MTF and float) in FY27/FY28E, against 88 per cent in FY26,” it said.

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First Published: Apr 21 2026 | 10:28 AM IST