Groww shares zoom over 13%; Here’s what is driving the rally

The recently listed stock skyrocketed as much as 13.11% to an intra-day high of ₹163 per equity share on the National Stock Exchange (NSE). It was trading 11.65% higher at ₹160.90 per equity share at around 1:33 pm, as Jefferies initiated coverage on Groww.

The scrip has gained nearly 10% in the past week but lost more than 6% over the month.

While the share reached a 52-week high of ₹193.80 on November 18, 2025, it was at its year’s low of ₹112 apiece on the day of its listing, November 12, 2025.

In a note on Friday, analysts from Jefferies stated that Groww has emerged as the largest broker in India in terms of active clients, despite having started its broking business only in FY21.

According to Jefferies' note, Groww has multiple growth levers that could drive a 35% EPS CAGR (Earnings Per Share Compound Annual Growth Rate) over FY26–28. These include 19% growth in the core broking business led by client maturation and market share gains, a five-fold expansion in new initiatives such as margin trading facilities and wealth management, and a 700 basis point improvement in margins.

Groww IPO details

Shares of Billionbrains Garage Ventures made a strong market debut on November 12, 2025, listing with a premium of 14% against the issue price of ₹100.

The stock began trading at ₹114, up by 14% from the issue price on the BSE. On the NSE, the shares listed at ₹112 apiece, a premium of 12%.

Later, the stock climbed 19.52% each to ₹119.52 and ₹118.92 apiece on the BSE and NSE, respectively.

Q2 Results

Groww posted a 12% annual increase in its consolidated net profit to ₹471.33 crore in the September quarter of FY26, compared to ₹420.16 crore it logged in the year-ago period.

The broking firm's revenue from operations declined to ₹1,018.74 crore in the quarter under review, from ₹1,125.4 crore in the three months ended September 30, 2024.

Its total transacting users rose to 19 million, marking a 27% year-on-year (YoY) increase. Further, customer assets surged 33% YoY to ₹2.7 lakh crore, driven by resilient flows in both mutual funds and equities.

Billionbrains Garage Ventures has a total market capitalisation of ₹98,975.10 crore, as of December 19, 2025, according to data on the NSE.