Groww Q4 Results 2026: Profit up 122%, revenue 88%

What Groww reported for Q4 FY26

Billionbrains Garage Ventures Ltd, the parent of online investment platform Groww, posted a strong Q4 FY26 result, supported by higher income and improved operating efficiency. Consolidated net profit rose to ₹686.35 crore for the quarter ended March 2026. The profit figure was up 122.06% year-on-year from ₹309.09 crore in the March 2025 quarter. Revenue from operations increased to ₹1,505.37 crore, up 87.93% from ₹801.01 crore a year ago. The company also reported that, on a quarter-on-quarter basis, consolidated net profit and revenue from operations rose 25.49% and 23.79%, respectively, in Q4 FY26. Profit before tax (PBT) increased 126.18% year-on-year and 25.62% quarter-on-quarter to ₹935.70 crore. The headline numbers reflect both scale-up in activity and a margin-led lift in profitability.

Revenue growth and what it signals

The Q4 FY26 revenue print of ₹1,505.36 crore was nearly double the year-ago base, reflecting a sharp step-up in business volumes and monetisation. The year-on-year growth rate was reported at 87.93%. The company’s commentary linked performance to traction across key segments rather than a single revenue driver. The article also notes that Groww has been reducing dependence on Futures and Options (F&O) trading. F&O currently contributes about half of Groww’s revenue, implying a still-meaningful exposure even as diversification efforts continue. A shift in mix matters because non-derivative products typically bring a different risk and earnings profile than options-heavy flows. For investors tracking Indian capital markets platforms, mix changes are watched closely alongside headline growth.

EBITDA rises and margins expand

Operating performance remained healthy, with EBITDA rising 30.3% quarter-on-quarter to ₹938.6 crore. EBITDA margin expanded to 62.4% in Q4 FY26, up from 59.2% in the previous quarter. This is an expansion of 320 basis points. The margin improvement was attributed to operating leverage as the platform scaled while keeping costs under control. The data points to profitability improving not just because revenue increased, but because incremental revenue translated into a higher share of operating profit. In businesses with a technology-led operating model, fixed-cost absorption is a key driver of margin swings. The quarter’s margin movement fits that pattern as described in the article.

Segment traction: MTF and mutual funds

Groww reported notable traction across key segments, with the Margin Trading Facility (MTF) book expanding nearly 4.5 times to ₹2,800 crore. The scale-up in the MTF book suggests rising participation from traders and higher usage of leverage products. In the mutual funds segment, new Systematic Investment Plan (SIP) registrations recorded strong momentum. SIP registrations grew 61.5% year-on-year and 10% quarter-on-quarter during the March quarter. The company linked this trend to increasing retail investor interest in long-term investment products. These metrics also support the broader narrative that platform engagement is extending beyond derivatives-led activity. The article also referenced a user milestone, with the user base stated at 21 million.

The push to reduce reliance on derivatives

While diversification is a stated direction, the company’s current revenue mix still shows material reliance on derivatives. The article says F&O contributes about half of revenue. Separately, it notes a revenue split of approximately 70% from derivatives and 30% from cash, with derivatives’ share expected to decline as cash, MTF, and commodities grow. Taken together, the data highlights both the importance of derivatives to current earnings and the strategic intent to broaden revenue sources. Groww has also recently launched commodities as a product, which is expected to provide incremental broking revenue. The company is launching new trading tools aimed at “power traders” to deepen engagement. These efforts indicate product-led attempts to raise engagement and diversify activity across segments.

Full-year FY26 performance and quarterly trend

On a full-year basis, consolidated net profit rose 14.18% to ₹2,083.00 crore in FY26. Revenue from operations increased 19.04% to ₹4,644.58 crore in FY26 over FY25. The quarterly run-rate also shows growth through the year, from ₹904.40 crore revenue in Q1 FY26 to ₹1,018.74 crore in Q2 FY26, ₹1,216.07 crore in Q3 FY26, and ₹1,505.37 crore in Q4 FY26. Net profit similarly moved from ₹378.37 crore in Q1 FY26 to ₹471.34 crore in Q2 FY26, ₹546.93 crore in Q3 FY26, and ₹686.35 crore in Q4 FY26. The company also reported that Q3 FY26 net profit rose 16.04% on a quarter-on-quarter basis to ₹546.33 crore, alongside a 19.37% rise in revenue from operations to ₹1,216.07 crore over Q2 FY26. This quarter-to-quarter build-up provides context for the Q4 jump in absolute profit and revenue.

Q3 FY26: the one-time item and adjusted PAT

The article flagged that, on a year-on-year basis, Q3 FY26 net profit declined 27.76% even as revenue rose 24.79%. The decline in reported profit was attributed to a one-time gain of ₹314.8 crore related to a long-term incentive paid to management. Excluding this impact, profit after tax (PAT) was reported to have grown 24% year-on-year to ₹442.3 crore in Q3 FY26. Profit before tax (PBT) fell 27.09% year-on-year to ₹744.85 crore in Q3 FY26. Adjusted EBITDA stood at ₹741.8 crore, up 24.03% year-on-year and 18.86% quarter-on-quarter. This adjustment context helps explain why year-on-year comparisons can look weaker in a quarter even when core operating indicators remain firm.

MOFSL initiates coverage with Buy and ₹185 target

Motilal Oswal Financial Services (MOFSL) initiated coverage on Billionbrains Garage Ventures with a ‘Buy’ rating, citing operating leverage and a structurally efficient cost model. MOFSL set a one-year target price of ₹185 per share, valuing the company at 28 times FY28E earnings. The target price implies 19% potential upside, as stated in the article. MOFSL noted that a large part of Groww’s cost base is fixed, with only 9%-10% of costs variable, supporting an operating margin of 59% in FY25. It also said cost to serve (technology and transaction-related expenses) stayed in the 12%-14% range of operating revenue. With major investments largely in place, MOFSL expects these costs to grow at a 13% CAGR over FY25-28 and contribution margins to inch closer to 90% over time. The brokerage expects EBITDA margins to expand to 66.4% by FY28.

Scale indicators: market share, active users, and IPO listing

MOFSL noted that Groww scaled to become India’s largest retail broking platform on the NSE active clients metric within four years of launch. Market share on the NSE active clients metric was stated at 26.8% as of November 2025, around 9 percentage points higher than the second-largest player. The brokerage also said Groww ended the first half of FY26 with 1.48 crore active users across products. Separately, the article referenced a user base milestone of 21 million users. The company completed its IPO post-quarter and listed on NSE and BSE on 12 November 2025. The company also stated it has over 10 products on the platform, with wealth management and product diversification as priorities over the next 2-3 years. These details frame Q4 FY26 performance within a period of rapid scaling and a recent listing.

Key numbers at a glance

Why the Q4 print matters for investors

The Q4 FY26 result combines sharp year-on-year growth with expanding operating margins, which typically signals improving operating leverage. The 62.4% EBITDA margin and the quarter-on-quarter increase in EBITDA to ₹938.6 crore stand out as profitability indicators. Segment metrics such as the MTF book scaling to ₹2,800 crore and SIP registration growth of 61.5% year-on-year add evidence of broader product engagement. At the same time, derivatives remain a meaningful contributor, with F&O still around half of revenue and the broader derivatives share cited at roughly 70% in another section. That mix makes regulatory and competitive dynamics in derivatives relevant to near-term earnings quality, as highlighted in the article’s risk references. MOFSL’s coverage note adds an external view focused on cost structure, organic acquisition, and expected margin expansion. The combination of results and brokerage commentary positions Groww as a platform moving toward a more diversified model, while still anchored by broking-led revenue today.

Conclusion

Groww’s Q4 FY26 performance showed net profit of ₹686.35 crore on revenue of ₹1,505.37 crore, alongside EBITDA margin expansion to 62.4%. The quarter also featured strong segment indicators, including a ₹2,800 crore MTF book and faster SIP registrations. For FY26, the company reported net profit of ₹2,083.00 crore on revenue from operations of ₹4,644.58 crore. With the company listed since 12 November 2025 and brokerages like MOFSL initiating coverage with a ₹185 target, the next few quarters will be watched for continued mix shift away from derivatives and consistency in margin delivery.