Groww (Billionbrains Garage Ventures): 1Q27 Preview: Healthy market activity to support another strong quarter

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Groww (Billionbrains Garage Ventures): 1Q27 Preview: Healthy market activity to support another strong quarter

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Groww (Billionbrains Garage Ventures)

1Q27 Preview: Healthy market activity to

support another strong quarter

Maintain Rating: BUY | PO: 235.00 INR | Price: 206.08 INR

1Q27: Capital market activity remains healthy 02 July 2026

We expect Groww to report a healthy 1Q27 driven by continued growth in active Equity

investors (0.34 mn added in Apr-May’26) and resilient capital market activity. While

equity derivatives activity moderated in Apr–May following a strong 4Q26, NSE F&O MadhurResearchSharmaAnalyst >>

volumes recovered meaningfully in June, with number of contracts up 20% YoY. BofAS India

Commodity trading activity remained strong, supported by higher volatility in precious +91madhur.sharma2@bofa.com22 6632 8945

metals and crude oil. SIP inflow remained resilient and MTF book continued to grow. We

remain constructive on Groww and expect its valuation premium over peers to widen

supported by (1) continued market share gain, (2) improving operating leverage and (3)

Stock Datascaling of newer products.

Price 206.08 INR

Expect robust revenue growth but elevated opex in 1Q Price Objective 235.00 INR

We expect Groww’s revenue from operations to grow 58% YoY (-5%QoQ) to Rs14.3bn, Date Established 15-Apr-2026

on a low base of last year, driven by robust broking revenue and pick up in MTF and Investment Opinion C-1-7

commodity trading. We expect technology cost to remain broadly flat sequentially (up 52-Week Range 112.00 INR-227.20 INR

16% YoY), while marketing cost is likely to increase 28%QoQ, led by ad campaigns Mrkt Val / Shares Out (mn) 13,576 USD / 6,273.6

during IPL and multiple new product launches.