Zerodha rival Groww’s net profit falls to Rs 547 crore in Q3 FY26; revenue jumps to Rs 1,216 crore

Digital investment platform Groww has reported a sharp rise in revenue but a year-on-year decline in profit for the third quarter of FY26, marking its second set of quarterly results since listing on Indian stock exchanges in November last year.

The Bengaluru-based company, operated by parent Billionbrains Garage Ventures, said its revenue from operations rose 24.8% year-on-year to Rs 1,216.07 crore in Q3 FY26, compared with Rs 974.53 crore in the same quarter last year, according to filings with the NSE.

Total income for the quarter stood at Rs 1,261 crore, including Rs 45 crore in other income. On a sequential basis, income increased 19% from Rs 1,019 crore reported in Q2 FY26.

Despite the revenue growth, consolidated net profit attributable to shareholders declined 27.8% year-on-year to Rs 546.93 crore in Q3 FY26, down from Rs 757.11 crore in the year-ago quarter. The company said the year-on-year decline was largely due to a one-time gain, net of taxes, of Rs 315 crore that had been booked in Q3 FY25.

On a quarter-on-quarter basis, profit after tax rose 16% from Rs 471 crore in Q2 FY26 to Rs 547 crore in Q3 FY26.

For the nine-month period ended December 2025, Groww reported revenue of Rs 3,139 crore, largely flat compared to the same period last year, while cumulative profit stood at Rs 1,397 crore.

On a standalone basis, Billionbrains Garage Ventures reported a sharper fall in profitability. Standalone PAT declined 36.7% year-on-year to Rs 428.45 crore in Q3 FY26, compared with Rs 677.46 crore in Q3 FY25.

Adjusted EBITDA for the quarter improved to Rs 741.8 crore, up from Rs 598.1 crore in the corresponding quarter last year, according to the company’s investor presentation.

Employee benefit expenses remained the largest cost head, accounting for about 30% of total expenses at Rs 157 crore during the quarter. Total expenses stood at Rs 515.5 crore, including finance costs of Rs 10 crore and depreciation of Rs 9 crore.

Operationally, Groww continued to gain market share amid broader industry-wide degrowth. The company said its total transacting user base increased 25% year-on-year to over 2 crore customers. Active users grew 7.5% sequentially during the quarter.

Groww added 2.17 lakh NSE active clients in Q3 FY26 and was the only major broker to register net additions across all three months—October, November and December. Total customer assets grew 39% year-on-year.

Market share in cash equities expanded to 28.8 percent in Q3 FY26 from 21.6% a year earlier, while its equity derivatives market share rose to 18.1% from 12.2%. Retail cash average daily turnover increased 21% to Rs 11,331 crore, while retail derivatives average daily turnover surged 45% to Rs 11,483 crore.

In mutual funds, Groww’s market share rose modestly from 12.3% to 13.7%. However, SIP inflows increased 30% year-on-year to Rs 12,328 crore during the quarter.

In a separate exchange filing, the company said it will acquire additional shares in Groww Asset Management Limited, which is already a wholly owned and non-material subsidiary.