Inside Groww’s Dominance: The 3 Factors Powering India’s Top Retail Broker

IPO-bound stock brokerage giant Groww has strengthened its position as India’s largest retail broker. The company now holds 26.3% of the country’s active client base as of September 2025, according to data from Nuvama Institutional Equities.

The company's rise has been swift and steady. Its growth has been driven by scale, operational efficiency, and a steady expansion of products.

Together, these factors have helped the Bengaluru-based firm cement its lead in India’s fast-growing online broking industry:

Surging client base and trading volumes

Between FY21 and FY25, Groww’s active client base expanded at a compound annual growth rate (CAGR) of 101.7%, far exceeding the industry’s 27% and Angel One’s 48.3%. 

By September 2025, Groww had 11.9 million active clients, translating into a 26.3% market share, a gain of more than 2,200 basis points since FY21. The brokerage added 51% of new NSE active clients in FY24 and 40% in FY25, outpacing Angel One’s 22.6% and 17.4% shares. 

In the cash segment, active clients rose 47.7% between FY24 and Q1 FY26 to 10.3 million, lifting Groww’s retail average daily trading volume (ADTV) share by 1,048 basis points to 23.1%.

Even as its F&O active clients fell 25.9%, Groww’s derivative ADTV share climbed 684 basis points to 14.4%, an indication of higher engagement among existing users. 

Core Broking Still the Growth Engine

Groww’s business remains anchored in core broking, which contributed 84.6% of revenue in FY25 and 79.6% in Q1 FY26, compared with Angel One’s 63 per cent and 60.4%, respectively. 

The firm’s order intensity, 0.6 orders per client per day in FY25 versus 0.9 for Angel One, reflects a broader retail base with more diversified trading behaviour. Groww’s F&O revenue share fell from 90.2% in FY24 to 62% in Q1 FY26, which shows reduced dependence on high-risk derivatives.

Nuvama estimates that a 5% decline in F&O orders would reduce Groww’s revenue, Ebdat, and APAT by only 2.5%, 4.8%, and 4.4%, respectively, which is less severe than Angel One’s 2.3%, 10%, and 5.2% impacts. 

Cost Discipline Drives Profitability

Groww’s restrained marketing outlay and strong organic reach underpin its profitability. Marketing costs accounted for 12-12.5% of revenue in FY25-Q1 FY26, far below Angel One’s 20-22.6%. 

Despite lower spending, Groww achieved an activation rate above 33 per cent, outpacing Angel One’s 22.5-27.5%. The customer acquisition cost (CAC) dropped to Rs 616 per client in FY25 (from Rs 807 in FY24), compared with Angel One’s Rs 1,014. 

On an activated-client basis, Groww’s CAC was only Rs 1,441 versus Angel One’s Rs 6,076. These efficiencies have lifted Ebdat margins to 59.7% and driven a return on equity (RoE) of 49.5% in FY25.

While new segments such as lending, asset management, and insurance remain nascent, they provide meaningful long-term optionality.

For now, Groww’s dominance rests on a foundation of scale-driven client growth, resilient revenue streams, and disciplined cost control, solidifying its place at the centre of India’s retail investing boom.