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Online stockbroking platform Groww has witnessed a sharp decline in the share of customers trading in futures and options (F&O) following regulatory changes introduced by the Securities and Exchange Board of India (SEBI) in November 2024.
The penetration of F&O trading on the platform fell to 10% in the quarter ended March 2026 (Q4 FY26) from 18% in November 2024, said Ishan Bansal, co-founder and chief financial officer of Groww, during a post-earnings call.
Market volatility impacts how new customers join Groww: Prolonged market volatility, which intensified during the March quarter owing to the West Asia war, has changed the way new customers discover the Groww platform. According to the management, an increasing number of customers are joining the platform via mutual funds and exchange-traded funds (ETFs) rather than direct stocks.
“The acquisition funnel has shifted more towards mutual funds and ETFs as a product,” Bansal said, attributing the change to broader market corrections since September 2024.
“But their asset under management (AUM) gathering is probably still in line with the similar kind of way that was happening earlier. Because Systemic Investment Plan (SIP) SIP is one of the largest modes of AUM accumulation that is happening on MF as well as on an ETF also SIP is very big now,” Bansal added.
For mutual funds, new SIPs created on the Groww platform grew 61.5% year-on-year (YoY) to 56.21 million, while inflows grew 35% YoY to Rs 13,023 crore during the March quarter. For equity derivatives, active users grew 21.7% YoY and 14.7% QoQ to 1.7 million. Active users for stocks rose to 11.96 million in Q4, compared to 11.56 million in Q3 FY26 and 10.07 million in Q4 FY25.
Revenue from core offerings declines as new verticals gain ground: While Groww reported higher income for the March quarter, its revenue mix also shifted. Equity derivatives accounted for 55% of the company’s total revenue in Q4 FY26, declining from 57% in the year-ago quarter owing to tighter regulations and an increase in taxes on F&O trading. Sequentially, however, equity derivatives’ share in the total revenue pie increased from 53% due to volatility.
Similarly, the share of revenue generated by stocks declined to 16% in Q4 FY26 from 19% in Q4 FY25 and 18% in Q3 FY26.
Despite the company’s lower dependence on F&O (equity derivatives), which still accounts for more than half of its revenue, Groww reported an 88% increase in revenue on a yearly basis to Rs 1,505.4 crore in Q4 FY26. This was partly driven by the platform’s recent diversification into commodities, lending, and wealthtech.
Commodity derivatives raked in 4% of the company’s total operating revenue for the second consecutive quarter. Active users for the commodity derivatives segment surged more than 50% to 390,000 in Q4 FY26 from 260,000 in the preceding December quarter. Note that Groww entered the commodities trading segment in October 2025.
“The scale-up in commodities over the next few quarters will be a function of growth in user adoption and industry momentum. We are still early in this journey. For Q4, active users trading commodity derivatives on Groww are now 393k active users,” the company said.
With expanding user base, Groww’s Margin Trading Facility (MTF) also increased nearly 4.5 times to Rs 2,814.3 crore in Q4 FY26 from Rs 602 crore in the same quarter last year. MTF now accounts for 5% of Groww’s overall revenue, compared to 2% in Q4 FY25.
MTF allows investors to buy stocks by paying only a fraction of the total cost, with the broker funding the remaining amount.
“The MTF book on Groww grew 22.0% QoQ, coinciding with a period wherein the major indices in India have declined by 16-17% and the industry MTF book has also contracted by 7% QoQ. Hence, we increased our market share,” said Groww, adding that it has a “lot of scope” to further increase its market share in the segment.
Are wealthtech, AMC and lending businesses profitable? In a shareholders’ letter, Groww said that Fisdom reported a loss of Rs 10.2 crore, while Growwmf, its asset management business, posted a loss of Rs 21.4 crore.
“Fisdom is in early stages of integration and scale. We expect it to become profitable in FY28. The asset management business is still very nascent (in the ‘1 → 10” build-out phase’) and sub-scale. For it to be profitable we need to grow our AUM 5 – 6x and this is expected to be achieved over the next few years,” the company said.
Groww completed the acquisition of wealthtech platform Fisdom in late 2025 to build a launchpad for its high net worth individuals-focussed offering ‘W’. It is a wealthtech product offering services including portfolio management services and investments in alternative investment funds and unlisted securities.
Meanwhile, Growwmf was launched in 2023 following the acquisition of IndiaBulls AMC.
On the other hand, the company’s consumer credit business accounted for 4.1% of its consolidated net profit in the March quarter. Under this vertical, it provides consumer loans and loans against securities by distributing products from partner banks and NBFCs, as well as its own NBFC Groww CreditServ Technology.
The disbursement by its partners rose to Rs 389 crore in Q4 FY26 from Rs 222.5 crore in the year-ago quarter, while disbursements by its NBFC grew to Rs 387.6 Cr during the quarter under review from Rs 205.3 crore in Q4 FY25.
Over the next few quarters, Groww is expected to increase its investments to scale up new verticals and diversify its revenue mix. For example, the company pumped in Rs 506.9 crore to strengthen its MTF book in Q4 FY26, and an additional Rs 105.7 crore in its consumer-facing lending business.
Key platform metrics – Q4 FY26
Total Active Users: Stood at 16.71 million in Q4 FY26, compared to 15.96 million in Q3 FY26 and 13.94 million in Q4 FY25
NSE Active Clients: Stood at 12.94 million in Q4 FY26, compared to 12.03 million in Q3 FY26 and 12.92 million in Q4 FY25.
Consumer Credit:
Margin Trading Facility (MTF) Order Book: Rose to Rs 2,814.3 crore in Q4 FY26, up from Rs 2,307.4 crore in Q3 FY26 and Rs 601.9 crore in Q4 FY25.
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