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Groww has successfully begun to diversify its revenue streams, with newer verticals showing increased traction and impacting its overall revenue mix. The company reported a 122% year-over-year increase in consolidated net profit to ₹686.4 Cr for Q4 FY26, with operating revenue surging 88% YoY to ₹1,505.4 Cr. This growth was driven by margin expansion, market share gains, and the growing adoption of its newer products.
While core offerings such as equity derivatives and stocks continue to be significant revenue contributors, their share in the total revenue has seen a slight decrease. The share of revenue from equity derivatives declined to 55% in Q4 FY26 from 57% in the year-ago quarter, attributed partly to tighter regulations and tax hikes on F&O. Similarly, the share of revenue from stocks dipped to 16% from 19% year-over-year. This shift is partly due to market volatility influencing how new customers discover the platform, with many joining via mutual funds and ETFs rather than direct stocks since September 2024.
Despite the reduced share, Groww’s mutual funds segment saw a 61.5% YoY increase in new SIPs, with total inflows exceeding ₹13,000 Cr. Active users in equity derivatives grew to 1.70 million, and stock users expanded to 11.96 million.
Emerging segments are carving out a more significant portion of Groww’s revenue. Revenue from commodity derivatives accounted for 4% of total operating revenue for the second consecutive quarter, with active users in this segment growing over 50% QoQ to 3.9 Lakh. The company entered the commodities trading segment in October 2025.
The margin trading facility (MTF) segment also showed strong growth, accounting for 5% of Groww’s revenue, up from 2% in the previous year. Groww’s MTF book more than doubled YoY to ₹2,814.3 Cr. The company highlighted an increase in market share within the MTF segment, despite a contraction in the overall industry MTF book.
Groww’s strategic investments in wealthtech, asset management, and consumer credit businesses are ongoing. The acquisition of wealthtech platform Fisdom aims to bolster its HNI-focused offering, ‘W’. However, Fisdom reported an operational loss of ₹10.2 Cr in Q4, with profitability expected by FY28. Groww’s AMC business, launched after acquiring IndiaBulls AMC, reported a loss of ₹21.4 Cr in Q4 FY26, with profitability anticipated as Assets Under Management (AUM) grow significantly.
The consumer credit business, which includes loans and loans against securities distributed through partner banks and NBFCs, as well as its own NBFC Groww CreditServ Technology, contributed 4.1% to the consolidated net profit. Disbursements by partners and its NBFC saw increases year-over-year.
The company continues to invest in scaling these new verticals, deploying significant capital into its MTF book and consumer credit business in Q4 FY26. While these investments may impact near-term profitability, Groww aims to achieve operating leverage to expand margins as it transitions into a full-stack wealthtech platform.
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