Groww Q4FY26 Results:

20 Apr 2026 , 02:27 PM

Billionbrains Garage Ventures Ltd (Groww) delivered a year marked by strong profitability expansion, solid revenue growth, improving operating margins, and steady user acquisition, even as customer assets remained under pressure due to broader market conditions

Strong Revenue Growth on Both Standalone and Consolidated Basis

For FY2025 (as the reported base period underpinning Q4 FY2026 trends), Groww posted healthy top-line expansion:

• Standalone revenue: ₹29,101.86 million
  • Increase of ₹7,946.00 million YoY
• Consolidated revenue: ₹40,609.46 million
  • Increase of ₹12,649.56 million YoY

The gap between standalone and consolidated revenue highlights increasing contribution from subsidiaries and diversified platform offerings beyond the core broking business.

Sharp Profit Expansion Reflects Turnaround Momentum

Profitability showed one of the strongest improvements in the company’s financial profile.

Standalone PAT

• FY2025 PAT: ₹14,915.61 million
• YoY increase: ₹25,335.71 million
• Previous year implied PAT: loss of ~₹10,420 million

Consolidated PAT

• FY2025 PAT: ₹18,241.61 million
• YoY increase: ₹26,296.11 million
• Previous year implied PAT: loss of ~₹8,055 million

Key takeaway

Instead of a simple percentage increase, the business has undergone a full profitability reversal, shifting from losses to strong positive earnings at both standalone and consolidated levels.

Quarterly Operating Performance: Strong Margin Expansion

The quarterly EBITDA performance reflects improving operational efficiency:

• EBITDA: ₹938.6 crore
• Sequential growth: 30.3%
• EBITDA margin: 62.4%
  • Up from 59.2% in the previous quarter
  • Expansion of 320 basis points

This margin expansion indicates strong operating leverage and improved cost discipline as scale increases.

User Growth Remains Healthy and Broad-Based

User acquisition continued to show steady momentum:

• Total transacting users: 21.6 million
  • QoQ growth: 6%
  • YoY growth: 25%
• Active users: 16.7 million

The growth reflects sustained retail participation across investing, trading, and mutual fund products, reinforcing the platform’s strong engagement levels.

Customer Assets Decline Despite Market Share Gains

A key area of concern was the contraction in assets under management:

• Total customer assets: ₹3 lakh crore
  • QoQ decline: 1%
  • YoY decline: 36%

Despite this, Groww continued to strengthen its position in mutual funds:

• Mutual fund market share: 14%
  • Up from 12.3% last year

This indicates that while asset values were impacted by market conditions, platform penetration and distribution strength improved.

Summary

Q4 FY2026 performance of Billionbrains Garage Ventures Ltd (Groww) highlights a business transitioning into a more mature phase:

• Strong revenue expansion across segments
• Significant profitability turnaround from losses to robust profits
• Strong EBITDA margin expansion
• Continued user base growth and engagement
• Rising mutual fund market share

However, the sharp decline in customer assets remains a key headwind, reflecting broader market cycles rather than platform weakness.

Overall, Groww’s performance suggests a scalable fintech platform with improving profitability and market penetration, even as asset-linked volatility continues to influence headline balance sheet metrics.