Groww shares soar over 9% post Q3 FY26 earnings; here is what analysts said

This comes on the back of positive notes from analysts after the company reported its earnings for the third quarter of the 2025-26 financial year (Q3FY26).

At around 2:58 pm, the stock was trading 5.74% higher at ₹173.77 per equity share. The scrip has gained 11% in the past week and more than 22% over the month.

The stock hit its 52-week high of ₹193.80 on November 18, 2025. Shares were listed on the stock exchanges NSE and BSE on November 12, 2025.

Q3 results

The Mumbai-based company reported a 28% year-on-year (YoY) drop in its net profit to ₹547 crore during the quarter under review, compared to ₹757 crore in the December quarter of the 2024-25 fiscal year (Q3FY25).

Its revenue from operations, however, advanced 25% annually to ₹1,216 crore in Q3FY26, as against ₹975 crore in the year-ago period.

Here’s what analysts said

In a note, analysts at CITI noted that the company reported a 16% quarter-on-quarter (QoQ) growth in profit after tax (PAT) and a 24% YoY and 19% QoQ increase in adjusted EBITDA, driven by momentum in Margin Trading Facility (MTF), gradual realisation of revenue from new segments, including commodity trading, and a pickup in client activity level.

CITI analysts further added that broking transaction users largely recouped to Q3FY25 levels and grew by 16% QoQ. Groww witnessed a 5% annual and a 1% sequential increase in daily average broking orders per transacting user.

It added that the firm’s market share gains were sustained across categories, such as NSE active clientele, SIP flow, retail cash or futures & options (F&O) average daily turnover (ADTO), and MTF.

Analysts at Jefferies note that Groww’s quarterly revenue and adjusted PAT beat Jefferies’ estimates of 12% and 14% growth, respectively, driven by higher-than-expected commodity and MTF revenues.

Furthermore, the company’s new ventures, including MTF, commodities and wealth, accounted for 12% of its December FY26 quarter revenue, as compared to 1% in FY25.

Its adjusted EBITDA margin stood at 63%, in comparison to 61% last year, bolstered by operational leverage. Additionally, its earnings per share (EPS) increased by 1-4%, factoring in higher commodity market share.

US-based State Street Investment to pick 23% stake in Groww AMC

In a separate regulatory filing on January 14, Groww said that the US-based asset manager State Street Investment Management will acquire a 23% stake in its wholly owned subsidiary, Groww Asset Management (Groww AMC), for $65 million (₹580 crore).

The investment will be made in one or more tranches, with the total investment comprising ₹381 crore through secondary share purchases and about ₹199 crore in fresh capital, which could dilute Groww AMC's stake up to 23%, it said.

After the completion of the transaction, the buyer will not hold more than 4.99% of the aggregate voting power of Groww AMC.

Groww said that it will also acquire additional shares in Groww AMC worth ₹282 crore in one or more tranches. However, it added that the transaction will not result in any change in the percentage of its shareholding in Groww AMC.