Groww Q3: Profit Falls 28% YoY To INR 547 Cr

Groww’s Q3 profit grew 16% sequentially from INR 471.3 Cr

Operating revenue jumped 25% YoY to INR 1,216.1 Cr in Q3 FY26 from INR 974.5 Cr in the year-ago period

Brokerage platform Groww’s consolidated profit after tax (PAT) fell 28% to INR 546.9 Cr in the quarter ended December 31, 2025 (Q3 FY26) from INR 757.1 Cr in the year-ago period. However, PAT grew 16% sequentially from INR 471.3 Cr in the previous quarter.

In its shareholders’ letter, Groww said the year-on-year decline in profit was because of the impact of a one-time long-term incentive (LTI) provision created in February 2024 following its reverse flip to India. The company had provisioned INR 53.1 Cr per month for eight months, aggregating to INR 424.7 Cr. This provision was reversed during the quarter, resulting in decline in total expense in the year-ago period and impacting reported profitability.

“At an operational level, our PAT grew 24% YoY in Q3, higher than growth in operating revenue,” Groww said. Further, its adjusted EBITDA for the quarter under review stood at INR 741.8 Cr, up 24% YoY and 19% QoQ.

Meanwhile, Groww’s operating revenue jumped 25% YoY and 18% QoQ to INR 1,216.1 Cr in Q3 FY26. Including other income of INR 45 Cr, the company’s total income for the quarter stood at INR 1,261.1 Cr.

In its shareholders’ letter, the discount broking platform attributed the top line growth to 7.5% QoQ growth in its active user base while retaining existing customers and increased adoption of its product portfolio – commodity derivatives, margin trading facility (MTF), loan against securities (LAS) and Fisdom – which accounted for 49% of the growth in total income in Q3.

In terms of diversification of its total income mix, the dependency of its business on its bread-and-butter equity derivatives business reduced, with it accounting for 53% of the total income as against 63% in the year-ago quarter.

While revenue contribution from its stock vertical remained largely flat at 18%, contribution from its other revenue verticals improved by 10% in the quarter.

On the expenses front, total expenditure stood at INR 515.6 Cr during the quarter under review as against a credit of INR 17.7 Cr in the year-ago period.

Shares of Groww were trading 1.11% higher at INR 164.50 on the BSE at 13:50 IST.

(The story will be updated shortly.)