Groww share price today: Discount broker Groww’s listed parent, Billionbrains Garage Ventures, share price extended gains to a second straight session on Tuesday as Kotak Securities initiated coverage with a ‘Buy’ rating, noting its steady market share gain, improving unit economics, and pricing power.
Groww share price rose as much as 1.90 per cent to ₹165.90 on the National Stock Exchange (NSE) today, taking the two-day gain to 3.7 per cent. It was trading 1.29 per cent higher at ₹164.90 as of 11:44 AM, as compared to 0.03 per cent advance in the Nifty 50 index.
Why did Groww share price rise today?
Kotak Securities started coverage on Billionbrains Garage Ventures on Monday with a ‘Buy’ rating and a target price of ₹190, which implies an upside potential of 16.71 per cent from Monday’s close price. The brokerage sounded optimistic about Groww’s growth potential, which resulted in the positive sentiment for the stock.
Kotak Securities is the third brokerage to start coverage on Billionbrains Garage Ventures, after Motilal Oswal Financial Services and Jefferies, since its listing on November 12, 2025.
Kotak Securities expects Groww’s revenue to grow at a 20 per cent compound annual growth rate (CAGR) over the financial years 2026 and 2028. The earnings before interest, taxes, depreciation, and amortisation (Eitda) margins may expand to 65 per cent by the financial year 2028, driven by wealth management growth and higher-margin products such as margin-trading facility (MTF)and commodities.
“Billionbrain Garage Ventures has seen strong growth in underrepresented products like margin-trading facilities (MTF), commodities. The broker has also added wealth revenues and operating leverage benefits to drive improvement in margins,” Kotak Securities said.
Groww’s strong internal accruals may comfortably fund growth in margin-trading facilities (MTF) and on-balance sheet lending, ensuring capital efficiency. The balance sheet is underleveraged with a strong Return on Equity (RoE) of 25 per cent, according to the brokerage.
Groww has been among the few large brokers to consistently expand its share of active demat accounts in a contracting market, Kotak Securities said. The broker increased its market share from around 26 per cent at the beginning of the calendar year 2025 to more than 27 per cent by the end of the year.
In absolute terms, Groww ended up with 12.1 million active clients, while some of its peers saw a sharp decline in active users, according to Kotak Securities.
Billionbrains Garage Venture’s large active user base provides room for monetisation without materially impacting retention. “A diversified revenue mix and disciplined cost structure are expected to further support margins over the medium term,” the brokerage said.
That said, market cycles, regulatory overhang, execution in wealth and competitive intensity are key risks for Groww’s growth, according to Kotak Securities. Moreover, mature users shifting to advanced tools, and competitive intensity in the broking space may also pose risks.
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