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Last month, a foreign brokerage initiated coverage on the stock with an ‘overweight’ rating and a target price of Rs 210. The brokerage highlighted Groww’s strong market share gains and its appeal among aspirational investors. It also pointed to the company’s cross-selling capabilities and operating leverage, which could help it outperform broader market growth. It added that while the stock may appear expensive as a discount broker, it looks attractive when evaluated as a broader consumer internet platform.
Founded in 2018, Billionbrains Garage Ventures operates Groww, a full-stack digital investment platform offering services across stocks, mutual funds, derivatives and loans. The platform serves users across 98% of Indian pin codes, has 37 million demat accounts and manages Rs 2.6 lakh crore in assets under management through its broking, lending and asset management businesses.
On the financial front, the company reported a 16.04% rise in consolidated net profit to Rs 546.33 crore on a 19.37% increase in revenue from operations to Rs 1,216.07 crore in Q3 FY26 over Q2 FY26.
On a year-on-year basis, net profit declined 27.76% while revenue rose 24.79% in Q3 FY26. The decline in profit was due to a one-time gain of Rs 314.8 crore in the previous year related to long-term incentives paid to management. Excluding this impact, profit after tax grew 24% YoY to Rs 442.3 crore, indicating strong underlying performance.
The stock made a strong market debut on 12 November 2025, listing at Rs 114 on the BSE, a 14% premium to its issue price of Rs 100. It closed its first day at Rs 130.94, up 30.93%. The IPO was subscribed 17.60 times and comprised a fresh issue of Rs 1,060 crore and an offer for sale of Rs 5,572.30 crore. The stock is currently up 97.30% from its issue price and 73.07% above its listing price.
The board of Billionbrains Garage Ventures at its meeting held on 14 January 2026 has approved the acquisition of further shares in Groww Asset Management, a wholly owned non-material subsidiary.
The board also approved the execution of the Share Subscription and Share Purchase Agreement (SSPA), Shareholders' Agreement (SHA) between the Company, Groww Asset Management (Groww AMC) and State Street Global Advisors, Inc. (Buyer) for an investment into Groww AMC and noted the execution of Strategic Relationship Agreement between Groww AMC and the Buyer.
The Company, along with Groww AMC, its wholly owned non-material subsidiary, has executed the SSPA and SHA with the Buyer. Pursuant to the SSPA, the Buyer has agreed to invest upto Rs 580.02 crore for a secondary purchase and primary subscription of shares resulting in dilution of up to 23% of the fully diluted share capital of Groww AMC (Proposed Transaction).
Upon completion of the Proposed Transaction, the Buyer will not hold more than 4.99% of the aggregate voting power of the Groww AMC. Groww AMC is also entering into a strategic relationship agreement with the Buyer which shall be effective on a date agreed in writing between the Buyer and Groww AMC.
Groww AMC, a wholly owned subsidiary of the Company, acts as the Investment Manager to Groww Mutual Fund. Upon consummation of the Proposed Transaction, Groww AMC will cease to be a wholly owned subsidiary and continue to be a subsidiary of the Company.
Meanwhile, a foreign broker has initiated coverage on Groww with a Buy rating and a target price of Rs 180. The brokerage said Groww is following a Robinhood like strategy that could drive around 35% CAGR in earnings over the next three years.
The broker highlighted that Groww has become India’s largest retail broker by active clients despite entering broking only in FY21. It attributed this to a mutual fund led acquisition funnel, a simple platform and strong word of mouth.
The brokerage expects revenue to grow at a 29% CAGR over FY26-28, driven by new products such as margin trading, wealth management, commodities and bonds. It said newer businesses could contribute about 20% of total revenues by FY28. It, however, flagged regulatory changes, competition and execution risks as key monitorables.
Billionbrains Garage Ventures made a strong debut on 12 November 2025, listing at Rs 114 on the BSE, a 14% premium to the issue price of Rs 100. It closed Day 1 at Rs 130.94, reflecting a 30.93% gain. The IPO, priced between Rs 95 and 100, was subscribed 17.60 times and included a fresh issue of Rs 1,060 crore and an offer for sale of Rs 5,572.30 crore.
It went on to rally nearly 94% in its first five sessions, touching an all-time high of Rs 193.91 on 18 November 2025. Since hitting that peak, the stock has corrected 13.52%. Even so, it remains 67.70% above its issue price and 47.11% higher than its listing price.
Groww has built a sizeable footprint since its launch in 2018, emerging as a full-stack digital investment platform with offerings across stocks, mutual funds, derivatives and loans. It serves customers across 98% of Indian pin codes, operates 37 million demat accounts and oversees Rs 2.6 lakh crore in AUM through subsidiaries spanning broking, lending and asset management.
The company’s consolidated net profit jumped 12.18% to Rs 471.33 crore despite a 9.48% decline in revenue from operations to Rs 1,018.74 crore in Q2 FY26 over Q2 FY25. On quarter on quarter (QoQ) basis, the company’s consolidated net profit and revenue from operations climbed 24.57% and 12.64% in Q2 FY26.
Billionbrains Garage Ventures, the parent company of stockbroking platform Groww, made a strong debut on 12 November 2025, listing at Rs 114 on the BSE, a 14% premium to the issue price. It closed Day 1 at Rs 130.94, reflecting a 30.93% gain. The IPO, priced between Rs 95 and 100, was subscribed 17.60 times and included a fresh issue of Rs 1,060 crore and an offer for sale of Rs 5,572.30 crore.
It went on to rally nearly 94% in its first five sessions, touching an all-time high of Rs 193.91 on 18 November 2025. Since hitting that peak, the stock has corrected 26.36%. Even so, it remains 42.80% above its issue price and 26.26% higher than its listing price. The company’s market capitalisation currently stands above Rs 88,158.96 crore on the BSE.
Profit before tax (PBT) climbed 26.73% QoQ to Rs 637.67 crore in Q2 FY26. Adjusted EBITDA stood at Rs 624.1 crore in Q2 FY26, down 13.04% QoQ and 23.05% YoY.
Total transacting users reached 19 million, marking a growth of 5% QoQ and 27% YoY.
Active Users grew 3.2% QoQ led by growth in new user acquisition supported by higher new users additions and broader engagement across multiple products. Of the 13% sequential rise in revenue, 4.5% was driven by newly acquired users, with the balance contributed by existing users.
Providing an update on the acquisition of Fisdom (Finwizard Technology), the company said it completed the transaction in October 2025. While the Q2 FY26 balance sheet reflects the consolidation, the impact on the consolidated profit and loss statement will be visible from Q3 FY26. Fisdom reported revenue of Rs 166.3 crore in the previous year.
Shares of Billionbrains Garage Ventures (Groww) debuted on stock exchanges on 12 November 2025. The counter listed at Rs 114, representing a premium of 14% over the issue price of Rs 100. Strong investor interest had already been evident during the IPO, which was subscribed 17.60 times.
The stock’s recent surge was driven by a classic short squeeze. Many traders had short sold the shares expecting a pullback, but the price kept rising instead. With only about 7% of shares available for trading and the rest locked in from IPO investors, demand outstripped supply and forced short sellers to buy back shares at higher prices. As some were unable to deliver shares at settlement, more than 30 lakh shares reportedly moved into the auction window, adding to the squeeze.
Groww made a strong debut on 12 November 2025, listing at Rs 114, a 14% premium to the issue price. It closed Day 1 at Rs 130.94, reflecting a 30.93% gain. The IPO, priced between Rs 95 and 100, was subscribed 17.60 times and included a fresh issue of Rs 1,060 crore and an offer for sale of Rs 5,572.30 crore.
From the fresh capital, Groww plans to invest in cloud infrastructure, marketing, its NBFC arm Groww Creditserv Technology, and the margin trading facility of Groww Invest Tech, with the remainder earmarked for corporate purposes and acquisitions.
Founded in 2018, Groww has grown into a full scale digital investment platform offering stocks, mutual funds, derivatives and loans. It serves customers across 98% of Indian pin codes, manages 37 million demat accounts and oversees Rs 2.6 lakh crore in assets. For the six months ended 31 March 2025, the company reported a consolidated net profit of Rs 378.99 crore on operating income of Rs 904.40 crore.