Groww parent company Billionbrains Garage Ventures reported mixed Q3 FY26 results, with consolidated net profit declining 27.8% year-on-year to ₹546.93 crore from ₹757.11 crore in the corresponding quarter last year. The decline was primarily attributed to a one-time tax-adjusted gain of ₹315 crore recorded in Q3 FY25, making the current quarter's performance appear weaker on a comparative basis.

Financial Performance Overview

Despite the headline profit decline, the company's operational metrics showed robust growth. Revenue from operations increased 24.8% year-on-year to ₹1,216.07 crore, compared with ₹974.53 crore in the corresponding quarter of FY25. Operating PAT demonstrated strong momentum, rising 24% to ₹546.93 crore from ₹442 crore in the previous year.

Market Share Expansion

Groww significantly strengthened its market position across key business segments during the quarter. The company's share in the stock market rose to 28.8% from 21.6% a year ago, while its share in equity derivatives increased substantially to 18.1% from 12.2%. These gains reflect the platform's growing popularity among retail investors.

Average daily turnover metrics further highlighted the company's expanding business scale:

Mutual Fund Business Growth

The mutual fund segment delivered impressive performance with SIP inflows increasing 30% year-on-year to ₹12,328 crore in Q3 FY26 from ₹9,476 crore in Q3 FY25. Groww's market share in mutual funds improved to 13.7% from 12.3% during the same period, demonstrating the platform's success in capturing a larger portion of the growing SIP market.

The company also announced plans to acquire additional shares in Groww Asset Management Limited (Groww AMC), which remains its wholly owned and non-material subsidiary.

Analyst Recommendations

Following the Q3 results, leading brokerages maintained positive outlooks on Groww's prospects:

Motilal Oswal retained its 'Buy' rating and raised the target price to ₹190 from ₹185, citing robust revenue growth and margin expansion potential. The brokerage highlighted that Groww's improving EBITDA margins are driven by strong topline performance and operating leverage from largely fixed costs. Management guidance indicates employee and marketing expenses are expected to rise 10-20%, but continued revenue growth could result in further margin expansion.

Citi Research initiated coverage with a 'Buy' rating and ₹190 target price, emphasizing Groww's transition to a one-stop platform for financial products distribution. The brokerage noted the company's customer-centric approach, first-mover advantage in direct mutual funds, and lean operating structure. Citi forecasts EPS CAGR of 35% over FY2026-FY2029, with adjusted EBITDA margin estimated at 69.3% by FY2029E.

Both brokerages raised their EPS estimates for FY27 and FY28 by 2% each, taking into account strong expansion in Groww's margin trading facility book and better-than-anticipated commodities segment launch.

Groww has completed the mandatory newspaper publication of its unaudited financial results for the quarter and nine months ended December 31, 2025. The company, formally known as Billionbrains Garage Ventures Limited, published these results in compliance with SEBI listing regulations on January 15, 2026.

Regulatory Compliance and Publication Details

The financial results were published in two newspapers to meet regulatory requirements under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company selected Financial Express for English publication and Kannada Prabha for regional language coverage, ensuring comprehensive stakeholder communication.

Corporate Governance and Transparency

The newspaper publications fulfill the company's obligations under Regulation 30 and 47 of SEBI regulations. Company Secretary and Compliance Officer Roshan Dave signed the regulatory filing, confirming adherence to disclosure requirements. The results are simultaneously available on the company's website at www.groww.in , providing easy access for investors and stakeholders.

Digital Accessibility and Stakeholder Communication

Beyond newspaper publication, Groww has made the financial results accessible through multiple channels. The company provides a QR code linking directly to its investor relations section, demonstrating commitment to transparent communication. Stakeholders can access detailed financial information, including the limited review report, through the company's dedicated investor relations portal.

The publication represents standard corporate practice for listed companies, ensuring regulatory compliance while maintaining transparency with shareholders and the broader investment community. This quarterly disclosure forms part of Groww's ongoing commitment to corporate governance standards in the Indian financial services sector.