Shares of Billionbrains Garage Ventures, the parent of investment platform Groww, closed 9 per cent higher on Tuesday after the company reported a sharp jump in quarterly earnings.
The stock closed at ₹214.01, after rising to an intraday high of ₹216.75 from the previous close of ₹196.11, as investors reacted positively to the earnings momentum and growth outlook.
The rally was driven by robust financial performance for the March quarter. The company posted a 122 per cent year-on-year surge in consolidated net profit to ₹686 crore, compared with ₹309 crore in the same period last year. The strong profitability was supported by operating leverage, higher trading activity and continued market share gains in the broking segment.
Global brokerages remained largely constructive on the stock following the results, highlighting both earnings strength and growth optionality. UBS maintained a neutral rating but raised its target price to ₹210 from ₹185, citing a beat on key metrics and strong operating leverage. The brokerage noted that product metrics remain healthy and the company’s wealth platform provides additional growth avenues, while margin outlook stays balanced with cost discipline offsetting investments.
Jefferies reiterated a buy call and increased its target price to ₹225 from ₹210, stating that the quarter’s outperformance was driven by new initiatives. It highlighted that profit after tax beat estimates by 6 per cent, aided by higher commodity and margin trading facility revenues, and pointed to Groww’s resilience, cross-selling capabilities and improving profitability relative to peers.S
Citi also maintained a buy rating with a higher target of ₹230, up from ₹225. The brokerage said the company stands to benefit from ongoing equity market volatility, which is supporting elevated trading volumes. It added that management’s product-centric strategy could drive long-term leadership, particularly in expanding customer journeys beyond core broking services.
On the domestic front, JM Financial struck a more cautious note, maintaining a sell rating despite raising earnings estimates. The brokerage said valuations remain ahead of meaningful traction in recurring revenue streams. While it expects strong earnings growth, with projected EPS expansion of 54 per cent and 30 per cent for FY27 and FY28 respectively, it flagged that a large share of income—around 87 per cent to 86 per cent—will continue to come from broking and allied activities. JM Financial has set a revised target price of ₹150, valuing the stock at 22 times FY28 estimated earnings.
The divergence in views reflects a broader debate on whether the company’s current valuations fully capture its growth potential, even as strong earnings momentum and expanding product offerings continue to support investor interest.
Published on April 21, 2026