GROWW, the brand behind Billionbrains Garage Ventures, has become the biggest retail broker on the NSE in just four years.
Fast‑track market share
By November 2025 the platform held about 26.8% of active NSE clients, roughly 9 points ahead of the runner‑up. It moved from a niche mutual‑fund distributor to a full‑stack platform covering stocks, derivatives, commodities, credit and wealth management.
Broad product suite
Today about 25.8% of stock traders and 17.3% of derivatives traders use GROWW. The company also runs a growing commodities franchise (MTF), a loan‑assisted‑selling (LAS) credit line, and a new wealth‑management arm. Across all products it serves 14.8 million active users as of the first half of FY 2026.
Revenue surge and earnings outlook
Revenue has roughly tripled from FY 2023 to FY 2025, and analysts expect it to double again by FY 2028. As non‑broking services expand, the share of broking income is projected to fall from 85% now to about 67% in FY 2028, giving the earnings a more stable base.
- Expected CAGR FY 2025‑28: Revenue 25%, EBITDA 30%, PAT 30%.
- Analyst rating: BUY with a 12‑month target price of ₹185.
- Valuation uses a 28× FY 2028 earnings multiple, about 30% lower than a key competitor.
What this means for you
If you’re a retail investor looking for a broker with a large client base and a growing range of services, GROWW’s rapid expansion could offer more product choices and potentially better support. However, always compare fees, platform features, and your own investment goals before switching.
Remember, this is perspective, not a prediction. Do your own research or talk to a certified advisor before making any investment decisions.