1Q27 – Strong earnings delivery, MTF & commodities scaling up well

Research evidence excerpt

1Q27 – Strong earnings delivery, MTF & commodities scaling up well

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Groww (Billionbrains Garage Ventures)

1Q27 – Strong earnings delivery, MTF &

commodities scaling up well

Reiterate Rating: BUY | PO: 235.00 INR | Price: 216.33 INR

PAT beat led by robust revenue growth and moderate opex 16 July 2026

Groww reported 1Q27 PAT of Rs 7.35bn (7%QoQ/93%YoY), driven by healthy broking Equity

revenue (-3% QoQ/47% YoY) and scale up in MTF and commodities (contributed 13% of

revenue). Steady revenue and controlled opex growth (-3%QoQ/26% YoY) resulted in

Key ChangesEBITDA of Rs 9.7 bn and EBITDA margin of 65% (vs 62% in 4Q26). Broking revenue was

steady, led by better cash yield, despite 5% decline in number of orders. Groww (Rs) Previous Current

continued to see helathy growth in active users, up 18% YoY to 16.9 mn. Management Inv. Opinion C-1-7 C-1-9

reiterated its ambition to evolve into a wealth management platform, expanding beyond 2027E EPS 4.73 4.81

broking through offerings across investing. We tweak our FY27/28 EPS by 1-2% and 2028E EPS 6.03 6.08

reiterate our Buy rating. We remain constructive on the company and expect valuation 2029E EPS NA 7.38

premium over brokerage peers to widen supported by (1) continued market share gain,

(2) improving margins, and (3) scaling of new products. Madhur Sharma >>

Research Analyst

BofAS India

+91 22 6632 8945Product diversification continues to gather pace madhur.sharma2@bofa.com

(1) Derivatives – Number of derivative customers declined 6% sequentially to 1.6 mn

but was up 14% YoY. The mgmt believes that 4Q was unusually higher because of

elevated volatility and current user base will continue to grow. (2) MTF – MTF growth is