Groww Q2 FY27 net profit dips 1.4% to ₹724.7 crore sequentially; shares slip
Synopsis
Groww posted a slim sequential dip in Q2 FY27 profit — but the bigger story is a dramatic revenue remix: equity derivatives fell from 57% to 45% of revenue, while its AMC arm posted 145% AUM growth. The platform now manages ₹3.9 lakh crore in customer assets, signalling that India's retail investing boom is far from over even as F&O headwinds bite.
Key Takeaways
Billionbrains Garage Ventures (Groww) reported Q2 FY27 net profit of ₹724.7 crore , down 1.4 per cent sequentially from ₹735 crore .
Year-on-year net profit surged 53.93 per cent ; revenue grew 43.88 per cent to ₹1,541 crore .
Total customer assets rose 46 per cent year-on-year to ₹3.9 lakh crore ; transacting users hit 2.4 crore .
Equity derivatives' revenue share fell to 44.8 per cent from 56.9 per cent year-on-year; commodity derivatives rose to 6.2 per cent .
Groww AMC AUM grew 145 per cent year-on-year to ₹7,179 crore ; AMC revenue jumped 131 per cent .
Groww shares fell 1.54 per cent to ₹190.80 on the BSE , against a 52-week high of ₹227 .
Billionbrains Garage Ventures, the parent company of stock broking platform Groww, reported a sequential decline of 1.4 per cent in consolidated net profit to ₹724.7 crore in the second quarter of FY27 (Q2 FY27), down from ₹735 crore in the preceding June quarter. Revenue also edged lower by 0.5 per cent quarter-on-quarter to ₹1,540.54 crore, compared to ₹1,548.67 crore in Q1 FY27. Shares of Groww on the BSE fell 1.54 per cent to ₹190.80 following the results.
Strong Year-on-Year Growth Despite Sequential Dip
Despite the modest sequential softness, Groww's year-on-year performance painted a sharply different picture. Net profit surged 53.93 per cent to ₹725 crore in Q2 FY27 from ₹471 crore in Q2 FY26, even as the company absorbed the impact of the Client Authorisation System (CAS). Revenue similarly climbed 43.88 per cent year-on-year to ₹1,541 crore, up from ₹1,071 crore a year earlier.
The company reported that its total transacting users reached 2.4 crore, while total customer assets grew 46 per cent year-on-year to ₹3.9 lakh crore — a signal of deepening retail participation on the platform.
Revenue Mix Shifts Away from Equity Derivatives
A notable structural shift in Groww's revenue composition emerged in Q2 FY27. The contribution of equity derivatives to overall revenue declined to 44.8 per cent from 56.9 per cent in Q2 FY26, reflecting broader regulatory and market changes that have tempered F&O volumes across Indian brokers.
In contrast, commodity derivatives grew its revenue share sharply — from 0.2 per cent to 6.2 per cent year-on-year. The Margin Trading Facility (MTF) also gained ground, with its revenue contribution rising from 7.4 per cent to 10.1 per cent over the same period. These shifts indicate Groww's revenue base is diversifying beyond its F&O-heavy origins.
Groww AMC Records 145% AUM Growth
Groww AMC, the company's asset management arm, emerged as a standout performer. Its Assets Under Management (AUM) grew 145 per cent year-on-year, rising from ₹2,928 crore to ₹7,179 crore. The share of actively managed AUM within the total climbed from 47 per cent to 57 per cent, suggesting growing investor appetite for Groww's non-passive funds. AMC revenue jumped 131 per cent year-on-year, though the segment reported a net loss of ₹8.3 crore, reflecting ongoing investment in scale.
Stock Performance and Market Context
Following the earnings release, Groww shares hit an intraday low on the BSE, trading at ₹190.80, down 1.54 per cent. The stock has declined more than 1 per cent over the last six months and 5.64 per cent in the past three months. Over one month, the capital market stock witnessed a drop of nearly 4 per cent. The scrip's 52-week high stands at ₹227 and its 52-week low at ₹112.02, according to BSE data.
This comes amid a broader recalibration in the discount broking and fintech space following regulatory changes around F&O participation. With Groww AMC scaling rapidly and MTF gaining share, the company's next few quarters will test whether revenue diversification can offset continued pressure on derivatives income.
Point of View
Down from 57% a year ago. That contraction is a direct consequence of SEBI's tightening of F&O participation norms. Groww's response — scaling the AMC, pushing MTF, and diversifying into commodities — is the right playbook, but AMC profitability remains elusive with an ₹8.3 crore net loss this quarter. The 145% AUM growth is impressive, but growth funded by losses is a bet on future market share, not a current earnings driver. The real question for investors is whether Groww can convert its 2.4 crore transacting users into a durable multi-product revenue base before F&O headwinds deepen further.
NationPress
14 Oct 2026
Frequently Asked Questions
What were Groww's Q2 FY27 earnings results?
Groww's parent company Billionbrains Garage Ventures reported a net profit of ₹724.7 crore in Q2 FY27, a sequential decline of 1.4 per cent from ₹735 crore in Q1 FY27. Year-on-year, however, net profit surged 53.93 per cent from ₹471 crore.
Why did Groww's profit fall sequentially in Q2 FY27?
The sequential dip was driven by a 0.5 per cent decline in revenue to ₹1,540.54 crore and a shift in revenue mix, with equity derivatives contributing a lower share of income. Broader regulatory changes affecting F&O participation also weighed on the period.
How is Groww AMC performing?
Groww AMC posted 145 per cent year-on-year AUM growth, reaching ₹7,179 crore, with its actively managed share rising to 57 per cent of total AUM. AMC revenue grew 131 per cent year-on-year, though the segment reported a net loss of ₹8.3 crore.
Why did Groww shares fall after the results?
Groww shares fell 1.54 per cent to ₹190.80 on the BSE following the Q2 FY27 results, hitting an intraday low. The stock has also declined approximately 4 per cent over the past month and 5.64 per cent over three months.
What is Groww's total customer asset base?
Groww's total customer assets grew 46 per cent year-on-year to ₹3.9 lakh crore as of Q2 FY27. The platform reported 2.4 crore total transacting users during the quarter.
