Published: 8 October 2026
StartupFeed Quick Take
- Income from stocks and equity derivatives fell to 68.4% of Groww’s total income in Q1 FY27, from 75.7% a year earlier.
- Net profit rose 94% to Rs 735 crore and revenue 66% to Rs 1,501 crore, though revenue was flat on the previous quarter.
- Margin trading climbed to 8% of income from 3%, and commodities reached 4.9%, while wealth management stays a small, long-term bet.
Bengaluru-based Groww earned 68.4% of its income from stocks and equity derivatives in the June quarter, down from 75.7% a year earlier.
The shift shows up across the Groww revenue mix. Its Q1 FY27 shareholder letter puts stocks and equity derivatives at 68.4% of total income, against 75.7% a year earlier. The drop reflects faster growth elsewhere, not a fall in trading.
Groww stayed highly profitable while it diversified. Net profit rose 94% to Rs 735 crore in Q1 FY27, from Rs 378 crore a year earlier.
Revenue climbed 66% to Rs 1,501 crore. But it was flat on the previous quarter, slipping 0.3% from Rs 1,505 crore in Q4 FY26.
The Groww Revenue Mix, Product by Product
The Groww revenue mix is easiest to read as a table. Four product lines tell the story of the past year. Trading still dominates, but three newer lines are closing the gap.
| Income source | Q1 FY26 | Q1 FY27 |
|---|---|---|
| Stocks and equity derivatives | 75.7% | 68.4% |
| Margin trading facility | 3% | 8% |
| Commodity derivatives | Not launched | 4.9% |
| Personal loans and LAS | 6.7% | 5.5% |
Margin trading and commodities made the clearest gains. Credit moved the other way. Income from personal loans and loans against securities fell to 5.5% of the total, from 6.7% a year earlier, though its rupee value rose about 36%.
Margin Trading and Commodities Do the Heavy Lifting
Margin trading is the strongest new engine. Its share of income rose to 8% in Q1 FY27, from 3% a year earlier.
The funded book jumped 264% to Rs 3,775 crore, from Rs 1,036 crore. Groww’s industry share in margin trading rose to 2.7%, from 1.2%.
The product charges about 14.95% annual interest. It earns money for as long as a position stays funded.
Commodities are scaling fast too. Groww entered the segment only in late 2025.
By Q1 FY27 it held 28.6% of retail commodity derivatives turnover across the MCX and NSE. Active commodity users reached 4.35 lakh, and commodities made up 4.9% of income.
The margin book keeps growing as existing stock customers borrow more. The finance chief put a number on the pace.
“We are seeing roughly Rs 600 crore to Rs 700 crore getting added on a quarterly basis on the book side.”
Ishan Bansal, co-founder and chief financial officer, Groww. From the Q1 FY27 earnings call, July 2026.
Wealth Is the Long Bet, Not the Current Driver
Wealth management is where Groww wants to go, not where it is yet. It launched W, a service for affluent and high-net-worth investors, in June 2025.
It bought the wealthtech firm Fisdom for about Rs 961 crore the same year. Groww also runs an asset management business. Neither is a large earner yet.
Fisdom is still finding its feet. Groww has said the business is in a gestation phase, with little revenue gain since the deal.
In Q4 FY26, Fisdom and the asset management arm posted operating losses of Rs 10.2 crore and Rs 21.4 crore. The asset management unit did grow, with assets up about 140% from a year earlier.
For now, wealth is a bet on the next few years, not this one.
How Groww Compares With Zerodha
Groww is still smaller than Zerodha, its closest rival. In FY26, Groww’s revenue reached Rs 4,644.6 crore and net profit Rs 2,083 crore. Zerodha’s revenue stayed near Rs 8,847 crore, with profit near Rs 4,283 crore.
That makes Zerodha about 1.9 times larger on revenue and 2.1 times on profit. The gap has narrowed, because Zerodha’s growth has slowed.
One brokerage sees the mix shifting only slowly. In a January 2026 note, Motilal Oswal projected that broking would still make up about 67% of its revenue in FY28.
That is barely below the 68.4% of Q1 FY27. The number is an analyst estimate, not company guidance. It assumes margin trading, commodities, credit and wealth all become bigger earners.
What this means for you: If you own Groww (GROWW) shares or are weighing them, the June quarter shows profit that leans on lending and trading, not yet on wealth fees. Track the Q2 FY27 results, likely in late October 2026, to see whether margin trading keeps its 8% share of revenue.
StartupFeed Insight
The headline says wealth, but the Q1 FY27 numbers say margin trading. Groww is diversifying, yet the shift is narrow and driven by lending and commodities, not fee-based advice. That matters because lending income depends on market mood and on rules the RBI may still tighten. Wealth, the business it talks about most, is the slowest to pay off. Watch the Q2 FY27 results in late October 2026. If trading income slides below 65% of the total, the diversification is real. If it holds near 68%, this quarter’s shift was mostly cyclical.
By Avinash Mishra, Business Correspondent
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Disclaimer: This article is for information only and is not investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. Please speak to a SEBI-registered advisor before investing.
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