Inside Groww’s Revenue Mix: What Comes After Broking

Groww is gradually reducing its dependence on stockbroking and equity derivatives by adding new sources of income, even as the two core businesses continue to grow in absolute terms

Compared to Groww, Zerodha's revenue is about 1.9 times higher and its profit about 2.1 times larger. Bridging this gap further is now central to Groww's next phase

The question, now, is which of these businesses can generate meaningful revenue in the near term and meet the growth expectations of the market

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In less than a decade since its launch in 2017, Groww has gone from just a mutual funds app to a super app of sorts when it comes to investment and wealth management.

With 1.31 Cr active broking clients and consistently staying profitable, it has built one of India’s largest retail investment ecosystems.

Now a listed company with one of the largest consumer bases and a market capitalisation of about ₹1.24 Lakh Cr, or roughly $14 Bn, Groww is no longer the small platform that was taking on the discount broking giants of the world. It is now one of the targets and a benchmark for smaller startups in this space.

In FY26, its operating revenue rose 19% to ₹4,644.6 Cr, while net profit increased 14% to ₹2,083 Cr, despite tighter regulations and higher taxes on futures and options.

However, Groww’s growth has not yet translated into a financial lead over Zerodha, its closest competitor. While Groww’s active broking clients are nearly twice Zerodha’s 68.47 Lakh, the order was reversed in the latest comparable full-year financials.

However, Groww’s growth has not yet translated into a financial lead over Zerodha, its closest competitor. While Groww’s active broking clients are nearly twice Zerodha’s 68.47 Lakh, the order was reversed in the latest comparable full-year financials.

An FY26 comparison shows the gap is closer but Zerodha is still ahead. Zerodha’s net profit grew 1.2% to ₹4,283 Cr in FY26, while revenue stayed at roughly the FY25 level of ₹8,847 Cr, as per what founder and CEO Nithin Kamath said.

Compared to Groww, Zerodha’s revenue is about 1.9 times higher and its profit about 2.1 times larger, against roughly 2.3 times on both measures a year earlier. So the gap has narrowed between these two giants because Zerodha’s growth rate has slowed down.

Bridging this gap further is now central to Groww’s next phase. However, as it expands across several verticals simultaneously, its growth will depend not merely on launching new products but on turning them into meaningful and scalable revenue streams.

In fact, Zerodha is attempting a similar diversification shift, building secured lending, asset management and has filed an application for a merchant banking licence.

So Groww’s diversification is a natural consequence of the market, but whether the company does so faster than competitors is the real question.

So Groww’s diversification is a natural consequence of the market, but whether the company does so faster than competitors is the real question.

The reported financials from Q1 FY27 provide a clearer picture of where that money is coming from. Consider this: stocks and equity derivatives together accounted for 75.7% of Groww’s total income in Q1 FY26. By Q1 FY27, their combined contribution had fallen to 68.4%.

This decline did not reflect a contraction in these businesses, but the faster growth of newer revenue streams. In other words, Groww is gradually reducing its dependence on stockbroking and equity derivatives by adding new sources of income, even as the two core businesses continue to grow in absolute terms.

Diversification On The Anvil

Brokerage Motilal Oswal expects Groww’s newer businesses to grow faster than broking. A report from January 2026 when the brokerage initiated coverage projected revenue of approximately ₹7,980 Cr by FY28, with broking expected to contribute 67% by then.

“We further expect its revenue to double over........

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