Groww's parent company, Billionbrains Garage Ventures Limited, reported a 47.4% year-on-year (YoY) increase in consolidated revenue from operations to Rs 1,501.53 crore in Q2 FY27, while profit attributable to shareholders rose 54% to Rs 725.65 crore. Total income reached Rs 1,540.54 crore, supported by growth across broking, margin trading facility (MTF), commodities and other financial services.
The Groww Q2 FY27 results also highlight a change in the company's revenue mix. Equity derivatives remained its largest income contributor, but their share declined to 44.8% from 56.9% a year earlier. Meanwhile, customer assets increased to approximately Rs 3.9 lakh crore, the MTF book expanded to Rs 4,351 crore, and Groww's asset and wealth management businesses continued to scale. However, operating revenue was almost flat sequentially, and rapid lending growth increased the importance of capital allocation and risk management.
Table of Contents
- Groww Q2 FY27 Results: Key Financial Highlights
- Groww Q2 Earnings FY27: Revenue and Profitability Analysis
- Why Groww's Sequential Growth Was Almost Flat
- Groww's Revenue Mix and Equity Derivatives Performance
- Customer Growth, Assets and Market Share
- MTF Growth and Expansion of the Loan Book
- Operating Cash Flow and H1 FY27 Financial Performance
- Groww AMC: AUM Growth and Profitability
- Wealth Business and Fisdom Integration
- State Street Partnership with Groww AMC
- Utilisation of Groww's IPO Proceeds
- Key Strengths of Groww Q2 Results
- Key Risks Investors Should Monitor
- What Investors Should Track Next
- Groww Q2 FY27 Results: Investor Takeaway
Billionbrains Garage Ventures Limited recorded strong YoY growth in revenue and profitability during the July to September 2026 quarter. Revenue from operations increased by 47.4%, while profit attributable to shareholders rose by 54%. However, the sequential comparison shows that the company maintained its operating revenue at almost the same level as Q1 FY27.
The following table summarises the key numbers from the Groww Q2 Results 2027.
| Particulars |
Q2 FY27 |
| Revenue from operations |
Rs 1,501.53 crore |
| Total income |
Rs 1,540.54 crore |
| EBITDA, approximately |
Rs 969 crore |
| Profit before tax (PBT) |
Rs 983.86 crore |
| Profit for the period |
Rs 724.70 crore |
| Profit attributable to shareholders |
Rs 725.65 crore |
| Total expenses |
Rs 555.93 crore |
| Diluted earnings per share (EPS) |
Rs 1.15 |
| Total assets as at 30 September 2026 |
Rs 19,792.01 crore |
Revenue from operations represents income generated through the company's operating activities. Total income also includes other income, which stood at Rs 39.01 crore in Q2 FY27, compared with Rs 52.06 crore in Q2 FY26.
Why does Groww report two profit figures?
Groww reported consolidated profit for the period of Rs 724.70 crore and profit attributable to owners of the company of Rs 725.65 crore. The difference reflects a loss of Rs 0.95 crore attributable to non-controlling interests.
For investors assessing earnings available to Groww's shareholders, the attributable profit figure of Rs 725.65 crore is the more relevant measure.
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To assess Groww's stock performance alongside its revenue growth, profitability and changing business mix, check the Groww share price with its charts and key valuation ratios.
Groww's profitability improved faster than its operating revenue because expenses grew at a considerably slower rate. This indicates positive operating leverage, meaning that a larger proportion of incremental income translated into profit during the quarter.
Year-on-year financial comparison
| Particulars |
Q2 FY27 vs Q2 FY26 |
| Revenue from operations |
Rs 1,501.53 crore vs Rs 1,018.74 crore |
| Total income |
Rs 1,540.54 crore vs Rs 1,070.80 crore |
| EBITDA, approximately |
Rs 969 crore vs Rs 604 crore |
| Profit before tax |
Rs 983.86 crore vs Rs 637.68 crore |
| Profit for the period |
Rs 724.70 crore vs Rs 471.34 crore |
| Profit attributable to shareholders |
Rs 725.65 crore vs Rs 471.34 crore |
| Total expenses |
Rs 555.93 crore vs Rs 432.60 crore |
| Diluted EPS |
Rs 1.15 vs Rs 0.77 |
Revenue from operations increased by 47.4% YoY, while total expenses rose by 28.5%. EBITDA increased by approximately 60%, and profit attributable to shareholders grew by 54%.
The difference between income and expense growth was a key driver of the improvement in profitability.
What happened to Groww's operating costs?
Groww's major expense categories recorded the following changes in Q2 FY27:
-
Employee benefit expenses: Increased to Rs 168.89 crore from Rs 123.76 crore, a rise of approximately 36.5%.
-
Other expenses: Increased by 25.1% to Rs 364.13 crore.
-
Depreciation and amortisation: Rose to Rs 18.20 crore from Rs 6.80 crore.
-
Finance costs: Declined to Rs 4.71 crore from Rs 11.03 crore.
Employee costs increased as the business expanded, while higher depreciation and amortisation reflected a larger charge against assets. Finance costs moved in the opposite direction, declining significantly year on year.
Overall, Groww generated substantially higher operating revenue without a proportional increase in its expense base.
Groww's EBITDA and profit margins
Based on the supplied financial figures, Groww's implied EBITDA margin on revenue from operations improved to approximately 64.5% in Q2 FY27 from 59.3% in Q2 FY26.
Its PAT margin on total income increased to approximately 47.0% from 44.0%, an expansion of around three percentage points.
These margins demonstrate the profitability of Groww's current business model. However, maintaining them will depend on revenue growth, regulatory changes, the cost of expanding financial services and the capital required to support lending activities.
The strong year-on-year performance does not mean Groww accelerated its growth during Q2 FY27. Compared with Q1 FY27, operating revenue was virtually unchanged, while profit declined marginally.
| Particulars |
Q2 FY27 vs Q1 FY27 |
| Revenue from operations |
Rs 1,501.53 crore vs Rs 1,501.42 crore |
| Total income |
Rs 1,540.54 crore vs Rs 1,548.67 crore |
| Profit before tax |
Rs 983.86 crore vs Rs 992.27 crore |
| Profit attributable to shareholders |
Rs 725.65 crore vs Rs 735.04 crore |
| Total expenses |
Rs 555.93 crore vs Rs 555.68 crore |
| Diluted EPS |
Rs 1.15 vs Rs 1.17 |
Revenue from operations increased by only around 0.01% sequentially. Total income declined by approximately 0.5%, and profit attributable to shareholders fell by around 1.3%.
Total expenses remained almost unchanged, indicating that the quarter's marginal decline in profitability was not caused by a significant increase in the overall expense base.
The more important factor was the composition of income. Groww experienced a sequential decline in equity derivatives revenue even as other business lines gained importance. This highlights why investors should assess the company's revenue mix alongside headline profit growth.
Want to understand how Groww's financial performance changed between Q1 and Q2 FY27? Read the Groww Q1 FY27 Results Analysis to compare revenue growth, profitability, operating expenses and changes in the company's business mix.
Groww continues to generate a significant portion of its income from equity derivatives. However, its dependence on this segment has reduced as MTF, commodities and other operating activities have become more meaningful contributors.
According to Groww's Q2 FY27 shareholder communication, equity derivatives accounted for 44.8% of total income, compared with 56.9% in Q2 FY26.
Revenue contribution by business
| Revenue stream |
Q2 FY27 share of total income |
| Equity derivatives |
44.8% |
| Stocks |
17.4% |
| Margin trading facility (MTF) |
10.1% |
| Float income |
8.4% |
| Commodity derivatives |
6.2% |
| Other operating income |
4.8% |
For comparison, MTF contributed 7.4% of total income in Q2 FY26, commodity derivatives contributed 0.2%, and other operating income contributed 1.9%.
The declining share of equity derivatives is strategically important because it reduces relative dependence on one transaction-heavy business line. However, derivatives still account for nearly 45% of total income, so the diversification process remains incomplete.
Changes in revenue classification
Groww has regrouped certain revenue items, which affects comparisons between individual revenue categories across periods.
The company made the following classification changes:
-
Treasury income was moved to other income.
-
IPO and BSDA-related revenue was moved from stocks to other operating income.
-
Delayed-payment charges were moved from other operating income to float income.
These changes do not necessarily indicate a corresponding change in the underlying business activity. Investors should therefore consider the revised classifications before drawing conclusions about the growth or decline of individual revenue streams.
Why did equity derivatives revenue decline?
Groww reported a 14.3% sequential decline in equity derivatives revenue during Q2 FY27. The company attributed the pressure to market adjustments following the introduction of the Closing Auction Session (CAS).
CAS was introduced in the cash market for applicable securities from August 2026. Changes in the mechanism for determining closing prices can affect how derivative contracts settle, particularly around expiry sessions.
On 12 September 2026, the Securities and Exchange Board of India (SEBI) issued a consultation paper reviewing aspects of CAS, market timings and derivative-contract settlement methodologies.
Groww indicated that changes arising from the regulatory review could support normalisation in derivatives activity. However, this remains a possibility rather than a confirmed outcome. The final regulatory framework and subsequent trading behaviour will determine the actual impact.
The quarter illustrates an important distinction for investors: a broker can increase market share without achieving equivalent revenue growth if trading behaviour, settlement mechanisms or revenue per transaction changes.
Groww continued to expand its customer base and assets during Q2 FY27. The company reported approximately 2.4 crore transacting users and customer assets of around Rs 3.9 lakh crore.
Customer assets grew faster than the transacting-user base, suggesting that the platform is handling a larger pool of customer assets. However, market movements can also influence customer-asset values, so the increase should not be treated entirely as net inflows.
Customer activity and operating metrics
| Operating metric |
Q2 FY27 |
| Transacting users |
Approximately 2.4 crore |
| YoY growth in transacting users |
27% |
| Customer assets |
Approximately Rs 3.9 lakh crore |
| YoY growth in customer assets |
46% |
| New transacting users added |
Approximately 11 lakh |
| Mutual fund SIP inflows |
Rs 14,347 crore |
| Stocks average daily turnover (ADTO) |
Rs 14,430 crore |
| Equity derivatives premium ADTO |
Rs 12,322 crore |
| MTF book |
Rs 4,351 crore |
Mutual fund SIP inflows increased from Rs 11,254 crore in Q2 FY26 to Rs 14,347 crore in Q2 FY27, a rise of approximately 27.5%.
Stocks ADTO increased from Rs 10,129 crore to Rs 14,430 crore, while equity derivatives premium ADTO rose from Rs 9,574 crore to Rs 12,322 crore.
The MTF book expanded from Rs 1,668 crore to Rs 4,351 crore, reflecting the rapid growth of this business line.
IPO participation supported user additions
Groww reported that approximately 42 lakh users applied for equity IPOs through its platform during the quarter. The company accounted for around 22% of total allotments.
Primary-market activity contributed to the addition of approximately 11 lakh new transacting users in Q2 FY27. This demonstrates the importance of IPO participation as a customer-acquisition channel, although the long-term value of these additions will depend on whether new users remain active and adopt other financial products.
Groww's market share increased across products
Groww reported gains in market share across mutual funds, stocks, equity derivatives and MTF.
| Product |
Q2 FY27 vs Q2 FY26 |
| Mutual funds |
14.8% vs 13.1% |
| Stocks |
15.4% vs 12.9% |
| Equity derivatives |
11.0% vs 8.6% |
| MTF |
2.7% vs 1.6% |
These are company-reported product-level market-share figures and should not be interpreted as one consolidated market-share measure.
Equity derivatives provide an important example of the difference between market share and monetisation. Groww's reported market share increased from 8.6% to 11.0% year on year, even though derivatives revenue declined sequentially. Market position alone does not determine how much income a company earns from each transaction.
Margin Trading Facility was one of Groww's fastest-growing businesses in Q2 FY27. The MTF book reached Rs 4,351 crore, compared with Rs 1,668 crore a year earlier, representing growth of approximately 160.9%.
MTF contributed 10.1% of total income, while its company-reported market share increased to 2.7% from 1.6%.
MTF allows eligible customers to purchase securities using a combination of their own funds and financing. For Groww, this creates an additional source of interest-linked income alongside conventional broking revenue.
However, MTF growth also changes the company's financial profile. A conventional broking platform is relatively asset-light, whereas a larger financing business requires more capital deployment and closer management of funding, collateral, liquidity and credit risks.
Groww's consolidated loan book
Groww's current and non-current loans totalled approximately Rs 6,134.29 crore as at 30 September 2026, compared with Rs 4,247.16 crore on 31 March 2026.
This represents an increase of approximately Rs 1,887.13 crore, or 44.4%, in six months.
| Balance-sheet item |
30 Sep 2026 vs 31 Mar 2026 |
| Total assets |
Rs 19,792.01 crore vs Rs 18,540.93 crore |
| Total equity |
Rs 11,655.80 crore vs Rs 9,651.36 crore |
| Current loans |
Rs 5,293.65 crore vs Rs 3,510.05 crore |
| Non-current loans |
Rs 840.64 crore vs Rs 737.11 crore |
| Total loans |
Rs 6,134.29 crore vs Rs 4,247.16 crore |
| Cash and cash equivalents |
Rs 265.35 crore vs Rs 1,165.47 crore |
| Other bank balances |
Rs 6,683.10 crore vs Rs 7,173.38 crore |
The balance sheet shows that loans have grown while cash and cash equivalents have declined. Other bank balances also decreased over the same period.
This is consistent with greater capital deployment into lending and other financial assets. However, the loan-book expansion should be evaluated alongside asset quality, collateral coverage, funding requirements and liquidity, rather than viewed as an unqualified positive.
Groww reported net cash used in operating activities of Rs 827.73 crore during H1 FY27, compared with Rs 152.76 crore used in H1 FY26. This occurred despite consolidated profit of Rs 1,459.74 crore for the first half.
The principal explanation lies in the cash required to support the expansion of the lending business. Cash flow from operations included an approximately Rs 1,915.32 crore increase in loans, while cash taxes paid amounted to Rs 468.05 crore.
Negative operating cash flow therefore needs to be interpreted differently from negative cash conversion at a conventional non-financial company. For a financial-services business expanding its loan book, lending can absorb substantial cash even when reported profits remain strong.
Nevertheless, capital deployment remains important. Investors should monitor whether lending growth is supported by sufficient funding, whether the business maintains appropriate collateral and credit controls, and whether its cash requirements remain manageable as MTF expands.
Groww H1 FY27 financial performance
The first-half results show that the company's YoY growth extended beyond the second quarter.
The following table compares Groww’s H1 FY27 financial performance with H1 FY26.
H1 FY27 Financial Performance
|
Particulars
|
H1 FY27
|
|
Revenue from operations
|
₹3,002.95 crore
|
|
Total income
|
₹3,089.21 crore
|
|
Total expenses
|
₹1,111.61 crore
|
|
Profit before tax
|
₹1,976.13 crore
|
|
Profit for the period
|
₹1,459.74 crore
|
H1 FY26 Financial Performance
|
Particulars
|
H1 FY26
|
|
Revenue from operations
|
₹1,923.14 crore
|
|
Total income
|
₹2,019.27 crore
|
|
Total expenses
|
₹877.27 crore
|
|
Profit before tax
|
₹1,140.85 crore
|
|
Profit for the period
|
₹849.69 crore
|
Revenue from operations increased by 56.2%, while total income grew by 53.0%. Expenses increased by 26.7%, and profit before tax rose by 73.2%. Profit for the period increased by 71.8%.
Profitability therefore grew considerably faster than income during H1 FY27, reinforcing the operating leverage visible in the quarterly results.
Groww is expanding its asset-management business to diversify beyond transaction-led broking. Its mutual fund business offers the potential to generate more recurring, asset-linked revenue as customer investments and assets under management (AUM) increase.
According to Groww Mutual Fund's official September 2026 disclosure, quarter-end AUM stood at approximately Rs 7,179 crore, while average AUM during the quarter was around Rs 6,571 crore.
Groww Mutual Fund's AUM composition
| Mutual fund category |
AUM at 30 Sep 2026 |
| Equity schemes, excluding ELSS |
Rs 2,991.52 crore |
| Other ETFs |
Rs 1,969.26 crore |
| Index funds |
Rs 664.16 crore |
| Gold ETFs |
Rs 457.28 crore |
| Hybrid schemes |
Rs 494.69 crore |
Groww reported that AMC AUM increased by approximately 145% year on year from Rs 2,928 crore, while AMC revenue increased by 131%.
Despite this expansion, the AMC recorded a net loss of around Rs 8.3 crore during Q2 FY27. The business is therefore growing rapidly but has not yet become a meaningful contributor to the group's bottom line.
The key measure to track is whether continued AUM growth translates into sustainable profitability. Higher assets can expand the revenue base, but the eventual financial contribution will also depend on revenue yields, operating costs and distribution expenses.
Groww's wealth-management business reported assets exceeding approximately Rs 10,000 crore during Q2 FY27. The company also completed the integration of Fisdom during the quarter, extending its presence in wealth and investment services.
Groww completed its acquisition of Finwizard Technology, the business associated with Fisdom, for a total consideration of Rs 961.05 crore.
Why the Fisdom acquisition goodwill matters
Groww recognised approximately Rs 920.05 crore of goodwill in the acquisition, equivalent to around 96% of the purchase consideration.
Goodwill can arise when an acquisition price reflects expected benefits beyond the separately recognised assets and liabilities, including customer relationships, distribution capabilities and anticipated business synergies. Its presence does not automatically indicate a poor acquisition.
However, the amount makes successful integration and execution particularly important. Investors should monitor whether Fisdom contributes to:
-
Growth in wealth assets and customer engagement.
-
Cross-selling of investment and financial products.
-
Higher revenue and improved operating efficiency.
-
Sustainable profitability that supports the acquisition economics.
If expected benefits do not materialise, the acquisition could face future goodwill impairment risk.
Groww has also proposed an internal restructuring of Fisdom entities, with an appointed date of 1 April 2027, subject to the necessary approvals. The company stated that the restructuring will not alter the parent's economic interest or control because the entities involved are wholly owned or step-down subsidiaries.
Groww's asset-management business received another strategic development during Q2 FY27 through the completion of an investment by State Street Global Advisors on 4 August 2026.
Following the transaction, State Street Global Advisors holds approximately 22.94% economic interest and 4.85% voting rights in Groww AMC.
When the transaction was originally announced, Groww stated that State Street would invest up to Rs 580 crore for approximately a 23% stake in the asset-management business.
The strategic relevance of the partnership will depend on its contribution to business performance. Investors should track whether it helps Groww expand AUM, broaden its mutual fund offering, improve distribution and move the AMC towards profitability.
The investment is an important development for Groww's diversification strategy, but its long-term value will depend on measurable operating outcomes rather than the transaction alone.
Groww raised net fresh-issue proceeds of Rs 1,015.98 crore through its IPO after issue expenses. By 30 September 2026, the company had utilised Rs 1,014.99 crore, leaving Rs 0.99 crore unutilised.
The proceeds were allocated towards technology infrastructure, marketing, capital for lending and MTF activities, and inorganic growth or general corporate purposes.
| Use of IPO proceeds |
Allocated vs utilised |
| Cloud infrastructure |
Rs 152.50 crore vs Rs 152.50 crore |
| Brand and performance marketing |
Rs 225.00 crore vs Rs 225.00 crore |
| Capital for Groww Creditserv |
Rs 205.00 crore vs Rs 205.00 crore |
| MTF funding through Groww Invest Tech |
Rs 167.50 crore vs Rs 167.50 crore |
| Inorganic growth/general corporate purposes |
Rs 265.98 crore vs Rs 264.99 crore |
| Total |
Rs 1,015.98 crore vs Rs 1,014.99 crore |
Almost the entire net fresh-issue amount had been utilised by the end of September 2026. A substantial portion was directed towards activities central to Groww's diversification strategy, particularly credit, MTF, technology and inorganic expansion.
The important question for investors is whether this capital deployment generates sufficient long-term revenue and profit to justify the resources committed.
The Groww Q2 FY27 results demonstrate several areas of operating strength.
-
Strong revenue growth: Revenue from operations increased by 47.4% year on year to Rs 1,501.53 crore.
-
Faster profit growth: Profit attributable to shareholders rose by 54% to Rs 725.65 crore.
-
Operating leverage: Expenses grew by 28.5%, slower than operating revenue, supporting margin expansion.
-
Customer and asset growth: Transacting users increased by 27%, while customer assets rose by 46%.
-
Gains in market share: Groww reported higher market share across mutual funds, stocks, equity derivatives and MTF.
-
Diversification beyond broking: MTF, commodities, wealth and asset management are becoming more significant parts of the business.
-
Expansion of the asset-management business: Groww AMC's AUM increased by approximately 145% year on year.
-
Capital deployment: IPO proceeds were almost fully utilised towards the company's stated business objectives.
Together, these developments show that Groww is expanding beyond its original transaction-led broking model while retaining strong profitability.
Despite the strong year-on-year numbers, Groww's Q2 FY27 performance presents several risks that investors should assess alongside its growth.
1. Regulatory changes in derivatives
Equity derivatives remain Groww's largest individual income contributor, accounting for 44.8% of total income. Changes to CAS, settlement methodologies, market timings or other trading regulations could affect customer activity and monetisation.
2. Dependence on capital-market activity
Trading volumes, IPO participation and customer engagement are influenced partly by broader market conditions. The contribution of IPO applications to new-user additions also makes it important to assess whether customers remain active after the initial transaction.
3. MTF and credit risk
The rapid expansion of MTF and the overall loan book increases the importance of funding, liquidity, collateral management and credit controls. Lending growth must be assessed alongside the risks and capital required to support it.
4. Limited sequential revenue growth
Operating revenue was virtually unchanged from Q1 FY27, despite strong YoY growth. Subsequent quarters will indicate whether Groww can resume sequential growth as its revenue mix evolves.
5. Fisdom integration and goodwill
Goodwill of approximately Rs 920.05 crore represents around 96% of the acquisition consideration. The wealth business must deliver sufficient long-term benefits to support the purchase economics and limit future impairment risk.
6. AMC profitability
Groww AMC recorded a net loss of around Rs 8.3 crore despite rapid AUM growth. Investors should monitor whether increasing assets translate into sustainable earnings.
7. Revenue concentration
Although equity derivatives' contribution has declined from 56.9% to 44.8% of total income, the segment remains the largest source of revenue. Groww's transition towards a more diversified financial-services business is still in progress.
The next few quarters will help determine whether Q2 FY27 marks a durable improvement in Groww's revenue mix or mainly reflects strong year-on-year comparisons.
| Indicator |
Q2 FY27 position and next focus |
| Revenue from operations |
Rs 1,501.53 crore; monitor sequential growth |
| Profit attributable to shareholders |
Rs 725.65 crore; assess margin sustainability |
| Equity derivatives contribution |
44.8%; track diversification and CAS impact |
| MTF book |
Rs 4,351 crore; monitor funding and risk controls |
| Customer assets |
Approximately Rs 3.9 lakh crore; track growth and monetisation |
| Transacting users |
Approximately 2.4 crore; assess engagement and new-user additions |
| Mutual fund SIP inflows |
Rs 14,347 crore; monitor recurring investment activity |
| Groww AMC AUM |
Rs 7,179 crore; assess scale and path to profitability |
| Wealth assets |
Above Rs 10,000 crore; monitor Fisdom integration and cross-selling |
| Consolidated loans |
Approximately Rs 6,134 crore; track capital deployment and credit risk |
| H1 operating cash flow |
Negative Rs 827.73 crore; monitor lending-related cash requirements |
The regulatory outcome surrounding CAS is another important variable. SEBI's review of the closing-auction and derivative-settlement framework could affect trading behaviour and, consequently, Groww's largest income stream.
Investors should also assess whether MTF and lending growth remains supported by adequate capital, whether AMC losses narrow as AUM expands, and whether the wealth business delivers measurable benefits following the Fisdom integration.
Groww's Q2 FY27 results were strong on a year-on-year basis. Revenue from operations increased by 47.4%, profit attributable to shareholders rose by 54%, and operating margins improved. The company also expanded its customer assets, increased product-level market share and grew its MTF, wealth and asset-management businesses.
However, sequential operating revenue remained almost flat, and equity derivatives continued to contribute nearly 45% of total income. The business therefore remains exposed to regulatory developments and changes in trading behaviour.
At the same time, Groww's expanding MTF book and loan portfolio are making capital allocation, liquidity and credit management increasingly important. Groww AMC remains loss-making, while Fisdom's sizeable goodwill balance places greater emphasis on successful integration and future returns.
The central issue emerging from the Groww Q2 FY27 Results Analysis is whether the company can convert its large customer base into a more diversified and recurring revenue pool while maintaining profitability and financial discipline. Future performance will depend not only on customer additions and market share, but also on the quality of revenue growth, lending risks, and the profitability of newer businesses.
Frequently Asked Questions
1. What were Groww's Q2 FY27 results?
Groww's parent, Billionbrains Garage Ventures Limited, reported revenue from operations of Rs 1,501.53 crore in Q2 FY27, up 47.4% year on year. Profit attributable to shareholders increased by approximately 54% to Rs 725.65 crore, while total income reached Rs 1,540.54 crore.
2. What was Groww's net profit in Q2 FY27?
Groww reported consolidated profit for the period of Rs 724.70 crore and profit attributable to shareholders of Rs 725.65 crore. The difference arose from a loss of Rs 0.95 crore attributable to non-controlling interests. For shareholder-focused analysis, the attributable profit figure is the more relevant measure.
3. Why did Groww's equity derivatives revenue decline in Q2 FY27?
Groww reported a 14.3% sequential decline in equity derivatives revenue, attributing the pressure to market adjustments following the introduction of the Closing Auction Session. SEBI issued a consultation paper on 12 September 2026 reviewing aspects of CAS, market timings and derivative settlement methodologies. The ultimate impact will depend on the final regulatory framework and subsequent trading activity.
4. How much did Groww's MTF book grow in Q2 FY27?
Groww's margin trading facility book increased to Rs 4,351 crore in Q2 FY27 from Rs 1,668 crore a year earlier, representing growth of approximately 160.9%. MTF contributed 10.1% of total income, making it an increasingly important part of Groww's revenue mix. Its expansion also increases the importance of funding, liquidity, collateral and credit-risk management.
5. What are the main risks in Groww's Q2 FY27 results?
The main risks include regulatory changes affecting equity derivatives, limited sequential revenue growth, dependence on capital-market activity, rapid MTF and loan-book expansion, continuing AMC losses and the need to generate value from the Fisdom acquisition. Investors should monitor revenue diversification, cash requirements, asset quality and profitability across newer businesses in subsequent quarters.