Billionbrains Garage Ventures, the parent of stock broking platform Groww, reported a sharp surge in profitability for the March quarter, with consolidated net profit rising 122 per cent year-on-year to ₹686 crore, up from ₹309 crore in the corresponding period last year.

Total income for the quarter grew 81 per cent to ₹1,536 crore, compared with ₹850 crore a year ago, even as the broader market environment remained subdued.

The company attributed the strong earnings performance to operating leverage and cost efficiencies. “Operating leverage played out across all the cost buckets, leading to the profit margin expanding by 8.3 per cent year-on-year (YoY) and an absolute profit margin of 44.7 per cent in Q4. As the revenue increases faster than the costs, which are largely fixed in nature, the margins will keep expanding,” Groww said in its shareholder letter.

Earnings before interest, depreciation and tax (EBITDA) rose 142 per cent year-on-year to ₹939 crore, with platform-level EBITDA margins at 66.93 per cent.

Despite a slowdown in trading activity across the industry, Groww continued to add users and expand its asset base. Its user base grew nearly 20 per cent year-on-year to over 2.1 crore, while total customer assets climbed 35 per cent to ₹3 lakh crore, although they saw a marginal sequential dip.

“In the last quarter, despite broader market underperformance, we continued to add new users to the platform. Our continued focus on technology and user experience remains central to driving strong retention, leading to low churn,” the company said.

The company has also been actively diversifying its revenue streams beyond its traditional reliance on futures and options (F&O) trading, which still accounts for around half of its income. The share of equity derivatives in total income declined slightly from 57 per cent in Q4FY25 to 55 per cent in Q4FY26.

Newer verticals are beginning to contribute meaningfully. Groww’s margin trading facility (MTF) book expanded nearly 4.5 times to ₹2,800 crore, while its recently launched commodity trading segment crossed 2.5 lakh active traders within three months of launch, contributing about 4 per cent to income.

The company’s push into adjacent offerings — including loans against securities and wealth management through its acquisition of Fisdom — has further supported growth.

In mutual funds, new systematic investment plans (SIPs) created on the platform rose 61.5 per cent year-on-year and 10 per cent sequentially, while SIP inflows grew 34.85 per cent. Assets under management in mutual funds increased nearly 39 per cent, even amid market volatility.

The performance underscores Groww’s strategy of balancing user growth with product diversification, as it navigates a softer trading environment while building more stable, long-term revenue streams.

The shares of the company closed at ₹196.45, down by 0.93 per cent at BSE.

Published on April 20, 2026