Shares of Billionbrains Garage Ventures — the parent company of discount brokerage platform Groww — surged 8.03% to ₹211.85 on Tuesday morning, touching an intraday high of ₹213.20, just shy of the stock’s 52-week high of ₹214.36. The stock opened at ₹201 against a previous close of ₹196.11 and saw extraordinary volumes of over 11.74 crore shares on the NSE — a clear sign of institutional and retail participation following a strong set of Q4 FY26 numbers declared on Monday. The buy-sell ratio was nearly balanced at 49:51, suggesting active two-way participation at these levels.
The trigger is a wave of positive brokerage commentary following what analysts have described as a broad-based beat across revenues, EBITDA and earnings per share.
JPMorgan maintained an Overweight rating with a target price of ₹220, calling the Q4 print a multi-metric beat. The brokerage noted revenues grew 88% year-on-year, coming in 8% ahead of consensus and 16% ahead of JPMorgan’s own estimate. EBITDA was 8% ahead of consensus and 13% ahead of its estimate. Revenue growth was broad-based — Equity Derivatives grew 81% YoY and Stocks grew 58% YoY — while Commodity Derivatives and Margin Trading Funding (MTF) segments continued to scale up. User metrics showed stellar growth of over 20% YoY across all segments. The standout number was EBITDA margin expansion of 310 basis points quarter-on-quarter to 62.3%, driven by operating leverage on cost-to-serve and cost-to-grow lines. JPMorgan expects margins to expand further from here as indirect costs including marketing and technology spend benefit from increasing scale.
Citi maintained a Buy rating with a target price of ₹230 — the most bullish on the street — noting that core PBT grew 27% QoQ and came in 4% ahead of its estimate. The brokerage highlighted that Groww has been a key beneficiary of elevated equity market volatility, which has driven volumes in the broking space, while simultaneously scaling up new product propositions — particularly MTF.
Citi acknowledged that initial off-take on newer products has been modest versus expectations, but noted that Groww’s management typically takes a product-centric approach focused on long-term business leadership rather than short-term volume maximisation.
UBS was more measured, maintaining a Neutral rating with a target price of ₹210, but acknowledged strong growth driven by operating leverage and market share gains. The brokerage flagged that product metrics remain strong and that the Wealth platform adds meaningful optionality to the longer-term growth story. On margins, UBS sees a balanced outlook where cost discipline offsets ongoing growth investments.
At current levels of ₹211.85, Groww trades just below Citi’s ₹230 target and slightly above UBS’s ₹210 target, with JPMorgan’s ₹220 implying modest further upside from here. The stock has more than doubled from its 52-week low of ₹112, underscoring the sharp re-rating the market has applied to India’s leading fintech brokerage platform as profitability has scaled alongside user growth.