Groww Q4 FY26 results on April 20, 2026: key cues

Results date, board meeting, and earnings call

Billionbrains Garage Ventures Ltd, the parent of stock broking platform Groww, is set to announce its earnings for the fourth quarter ended March 31, 2026. The company told stock exchanges that a Board of Directors meeting is scheduled for Monday, April 20, 2026. The agenda includes consideration and approval of the audited standalone and consolidated financial results for the quarter and the full year ended March 31, 2026. In its exchange filing, Groww cited Regulation 29 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

After the results announcement, the company is scheduled to host an earnings call at 4:00 PM IST. The call is expected to discuss performance, outlook, and strategies, based on the information shared in the article. While the company has not officially disclosed the exact timing of the results release, the article said it is likely to be during market hours.

Trading window closure and SEBI compliance

The article noted that Groww’s trading window has been closed since April 1, 2026. It is expected to reopen 48 hours after the results, in line with SEBI’s insider trading rules. For market participants, this is a standard governance marker around earnings, especially for actively traded newly listed stocks.

What investors will track this quarter

The upcoming results are expected to provide insights into Groww’s performance during the January to March 2026 quarter. A central focus is whether strong revenue growth is translating into sustained profitability and stable margins. This attention comes after the previous quarter showed a decline in reported profit after tax despite higher revenue and EBITDA.

Investors are also likely to look for updates on newer product lines and whether their contribution is widening. The article referenced recent product launches such as margin trading facility and commodities, and the ongoing integration of Fisdom as factors supporting incremental growth.

Stock action ahead of the Q4 announcement

Groww’s stock has seen a sharp move in April ahead of the results. The article said the stock touched a 52-week high of ₹214.36 on April 16, 2026. It then closed 1.79% lower at ₹199.35 on the following Friday, even as the Nifty 50 rose 0.65%. This decline came after a more than 26% surge over the preceding five sessions, highlighting heightened volatility into earnings.

The article also cited Groww’s market capitalisation at about ₹1.27 trillion, which is approximately ₹127,000 crore, as of April 17, 2026. In another data point, it stated that as of March 2026, market capitalisation stood at ₹124,430.52 crore.

Q3 FY26: revenue up, reported PAT down

In Q3 FY26, Groww reported a 27.8% year-on-year decline in consolidated net profit to ₹546.93 crore from ₹757.11 crore in Q3 FY25. The article attributed the drop primarily to a one-time gain of ₹315 crore (net of tax) recorded in the year-ago quarter. Excluding the one-off item, operating profit after tax (PAT) rose 24% year-on-year from ₹442 crore, as per the article.

On the topline, revenue from operations grew 24.8% year-on-year to ₹1,216.07 crore from ₹974.53 crore. Separately, the article also reported consolidated income of ₹1,261 crore in Q3 FY26 versus ₹1,004 crore year-on-year, and adjusted EBITDA of ₹741 crore versus ₹598 crore.

Segment and operating metrics highlighted by MOFSL

Motilal Oswal Financial Services (MOFSL) said Groww continued to report strong revenue growth supported by user adoption and activation. It highlighted market-share gains across segments and said recent product launches such as margin trading facility and commodities were driving incremental growth.

MOFSL reported operating revenue of ₹1,220 crore in the December quarter of FY26, up 25% year-on-year and 19% quarter-on-quarter. It added that operating expenses rose about 20% sequentially to around ₹500 crore in the quarter, driven by the launch of the commodities segment and incremental costs related to user acquisition and transaction activity. Adjusted EBITDA margin was stated to be stable at 61%, and excluding Fisdom, adjusted EBITDA margin was 63.7%.

MOFSL also provided segment details: broking revenue rose 15% year-on-year to ₹940 crore, with orders at 47.42 crore and revenue per order at ₹19.80 versus ₹17.90. Derivatives revenue increased to around ₹670 crore, while the retail option premium average daily traded options market share rose to 18.1% from 12.2%. Stock segment revenue grew to around ₹230 crore, and average daily traded orders market share rose to 28.8% from 21.6%. Commodity derivatives contributed 3.5% to total operating revenue and 4.6% of broking orders. Margin trading facility revenue increased 41% sequentially to ₹75.7 crore, with the MTF book at ₹2,310 crore versus ₹1,670 crore in the previous quarter. The credit segment revenue was ₹75.7 crore, and the personal loan book was ₹1,390 crore.

Full-year numbers cited in the article

For FY2025 to FY2026, the article stated revenue reached ₹4,061.64 crore and profit touched ₹1,825.75 crore. It also noted that for the first nine months of FY26, operating revenue stood at ₹3,140 crore, flat year-on-year, while PAT was around ₹1,400 crore, down 8% year-on-year.

Broker views: BofA, JPMorgan, and MOFSL targets

BofA Securities initiated coverage with a ‘Buy’ rating and a price target of ₹235, citing strong profitability and operating leverage. The article said Groww had an EBITDA and PAT margin of 61% and 47% in FY25, among the highest among peers. It also said BofA expects revenue to grow at a 30% CAGR from FY26 to FY28 and forecast EBITDA and PAT margins of 67% and 52% by FY28.

JPMorgan initiated coverage with an ‘Overweight’ rating and a target price of ₹210, describing Groww as an attractive consumer internet platform, as cited in the article. MOFSL maintained a ‘Buy’ rating with a revised target price of ₹190, premised on 28x FY28E EPS, and said it raised FY27 and FY28 EPS estimates by 2% each.

Key risks flagged around valuation and competition

The article flagged premium valuation as a key risk, noting it depends on sustained high growth. It also pointed to near-term risks such as lower capital market activity potentially affecting transaction volumes and revenue. Another risk mentioned was potential selling by large investors after the expiry of the six-month post-IPO lock-in period.

Competition was also highlighted as intense, with over 120 players and a risk of price wars. The article mentioned peers such as Zerodha and Angel One and said regulatory scrutiny in the fintech sector is rising. It added that an early-2026 correction in Indian equities shifted attention from growth narratives to earnings-backed companies, which can raise the bar for high-valuation stocks.

Quick facts table

Conclusion

Groww’s April 20 earnings and the 4:00 PM IST call come at a time when the stock has seen a sharp run-up and heightened volatility. With Q3 showing strong revenue and EBITDA growth but a lower reported PAT due to a high base, investors are likely to focus on the quality of profits, margins, and traction across newer segments. Analyst coverage remains constructive, with targets ranging from ₹190 to ₹235 in the article. The next confirmed milestone is the Board meeting outcome and subsequent management commentary on April 20, 2026.