Groww Surges Over 9% As Brokerages Bullish After Q3 Results

Online brokerage platform Groww’s shares rallied as much as 9.4% during the intraday trading today as brokerages remained bullish on the stock after it released its Q3 numbers on Wednesday (January 14).

The stock was trading 7.58% higher at INR 176.70 on the BSE at 13:50 IST. The company’s market capitalisation stood at INR 1.09 Lakh Cr (about $1.2 Bn) at the time.

Groww’s consolidated profit after tax (PAT) fell 28% YoY to INR 546.9 Cr in Q3 FY26, largely due to a one-time boost in the year-ago period. The company said that at an operational level, its PAT grew 24% YoY in the December quarter of 2025. 

Meanwhile, operating revenue climbed 25% YoY and 18% QoQ to INR 1,216.1 Cr in Q3 FY26. 

Groww also announced that leading global asset manager State Street Management will pick up a 23% share in its asset management arm, Groww AMC, for INR 580 Cr. 

Following the results, Citi initiated coverage on Groww with a target price of INR 195. Jefferies reiterated its buy rating and revised upwards the target price to INR 195. This is an upside of over 8% from today’s intraday high.

Citi said that the momentum in margin trading facility (MTF), gradual realisation of revenues from new segments like commodity trading, and pickup in client activity level in broking are the key drivers for Groww’s growth.

The brokerage pointed out that Groww managed to sustain market share gains across categories like the number of active clients on NSE, SIP flow, retail cash/F&O and MTF.

Like Citi, Jeffries highlighted that new ventures like MTF, commodities trading, and wealth management accounted for 12% of revenue in Q3 as against 1% the year-ago quarter. 

It is pertinent to note that Groww entered the commodities trading segment last year, while it acquired Fisdom to scale its wealth management offerings.

Jefferies said it expects Groww’s earnings per share to be 1-4% higher during FY26-FY28 than its earlier estimates due to higher share in the commodities trading market.

Source: Inc42 Datalabs

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Meanwhile, shares of Groww’s rival Angel One also jumped over 9% to INR 2,754 during the intraday trading today after it reported its Q3 numbers yesterday.

Citi also initiated coverage on Angel One with a target price of INR 3,215, which is an upside of over 27% from yesterday’s close of INR 2,525 on the BSE.

Citi said the broker’s aggressive customer acquisition strategy, diversification capabilities and high-growth potential owing to sustained interest in the public markets from retail investors could act as key upsides for its future performance.