Groww Q2 Results: Profit Up 54% to ₹725 Crore, Revenue Rises 47% to ₹1,502 Crore

The Groww Q2 results are out, and the headline growth is strong. Billionbrains Garage Ventures, the listed parent of the Groww investing app, grew consolidated net profit 54% year-on-year to about ₹725 crore in the September quarter of FY27, on revenue from operations of ₹1,501.53 crore, up 47%. Those figures are from the board meeting outcome filed with NSE on October 14, 2026. Quarter-on-quarter, though, things barely moved, because a sharp fall in equity derivatives activity cancelled out growth in other businesses. We had marked the date in our Groww parent Q2 results preview.

Groww Q2 results: the main numbers

Everything below is consolidated, for the quarter ended September 30, 2026, as stated in the filing:

• Net profit: ₹724.70 crore overall, with ₹725.65 crore attributable to shareholders (minority interests booked a small loss). The comparable figures are ₹471.34 crore in Q2 FY26 and ₹735.04 crore in Q1 FY27. So shareholders’ profit is up 54% on the year but about 1.3% lower than the June quarter.
• Revenue from operations: ₹1,501.53 crore, a 47.4% rise from ₹1,018.74 crore a year earlier and practically level with Q1’s ₹1,501.42 crore.
• Total income: ₹1,540.54 crore with other income, up 43.9% year-on-year but below the June quarter’s ₹1,548.67 crore.
• Total expenses: ₹555.93 crore, up 28.5% year-on-year, slower than revenue.
• Profit before tax: ₹983.86 crore, compared with ₹637.68 crore a year ago and ₹992.27 crore in Q1.

Over the first half of FY27, the same filing shows consolidated profit of ₹1,459.74 crore, up 71.8% from ₹849.69 crore, and revenue from operations of ₹3,002.95 crore, up 56.2%. The company’s shareholder letter adds that quarterly EBITDA was ₹969 crore, up 60% year-on-year, and the profit margin on total income was 47%.

The closing auction is why the quarter stalled

According to the letter, equity derivatives revenue dropped 14.3% quarter-on-quarter, and management blames most of that on the Closing Auction System (CAS). SEBI brought in CAS for F&O-eligible stocks from August 3, 2026. It replaced the old VWAP-based closing price with a 20-minute auction running from 3:15 PM to 3:35 PM. The company said that in the first few weeks, the gap between the 3:15 PM reference price and the auction’s equilibrium price dented volumes across the industry. Still, equity derivatives premium average daily turnover on Groww was ₹12,322 crore, higher than ₹9,574 crore a year earlier. CNBC-TV18 noted the decline matched the wider industry, as the letter says.

Groww thinks SEBI’s consultation paper, which proposes delinking derivatives settlement from CAS closing prices, would help trading get back to normal if it goes through. Equity derivatives’ share of total income was down 12.2 percentage points from a year earlier.

The parts of the business still growing

Outside derivatives, the numbers kept climbing. From the shareholder letter:

• Total transacting users hit 2.4 crore, up 27% year-on-year, with 11 lakh new transacting users added in the quarter.
• Total customer assets grew 46% to ₹3.9 lakh crore.
• Mutual fund SIP inflows came in at ₹14,347 crore, against ₹11,254 crore a year ago, and market share rose to 14.8% from 13.1%.
• The margin trading facility (MTF) book was ₹4,351 crore, compared with ₹1,668 crore a year earlier.
• Groww AMC’s assets under management jumped 145% to ₹7,179 crore, and wealth assets went past ₹10,000 crore.
• 42 lakh users applied for equity IPOs through Groww, which works out to a 22% share of total allotments.

Zee Business pointed out that commodity derivatives’ share of revenue climbed to 6.2% from 0.2% a year earlier.

Less reliance on F&O, and a regulatory swing factor

What we see here is a broker working to lean less on F&O trading, the segment most exposed to SEBI rule changes. Lending-type products such as MTF earn interest, but they carry credit risk if markets fall hard, so the quality of that book matters more as it grows. In the near term, regulation is the big variable. Whether SEBI acts on the CAS settlement proposal will decide a lot about derivatives volumes next quarter. CNBC-TV18 reported the stock was 0.7% lower at ₹192.54 on Wednesday afternoon after the results.

If you want to work through numbers like these on your own, our guide on how to analyse quarterly results of a company walks through it, and the day’s market moves are on the stock market today India hub.