Groww Q2 FY26 Results User Growth Revenue Trends and Profitability Explained

Groww has continued its steady rise in India’s investment ecosystem. The latest Q2 FY26 numbers show how the platform is expanding its user base, strengthening its revenue mix, and improving profitability even in a tougher market environment. Here is a simple breakdown of the key highlights.

Financial Performance Steady Margins Despite Lower Income

Groww’s total income for Q2 FY26 stood at 1070.8 crore rupees which is down 7.7 percent year on year. Even with a dip in income the company reported a profit after tax of 4,71.3 crore. This is a 12.2 percent increase from last year. The company’s profit margin improved sharply from 36 percent to 44 percent on a yearly basis.

This shows that the business is scaling well. Even with higher costs and lower income the platform has been able to expand margins through operating leverage and better revenue efficiency.

Strong Growth in Users and Activity

Groww now has 19 million total transacting users. This is a 5 percent increase from last quarter and a strong 27 percent jump from last year. The number of active users has reached 14.84 million which reflects healthy user engagement. On a yearly basis this is a 19.7 percent increase and on a quarterly basis it is a 3.2 percent rise.

Daily active users stand at 7.14 million which is 4 percent lower than the same quarter last year. One area that did not perform well is derivatives. The company’s derivative active users fell to 1.41 million which is a 27 percent decline year on year. This dip aligns with the overall slowdown in the derivatives business across the industry.

A positive trend is the improvement in revenue per broking order. It increased from ₹18.0 in Q2 FY25 to ₹19.8 in Q2 FY26 showing better monetisation per trade.

Customer Assets and MTF Growth

Total customer assets on Groww have reached 2.7 trillion rupees. This is up 2 percent from last quarter and up 33 percent from last year. Mutual funds continue to lead the asset mix and now make up 53 percent of total assets.

One standout area is the Margin Trading Facility. The MTF book has grown from 389 crore to 1668.3 crore. This is a massive 329 percent year on year growth and shows rising interest from active traders.

Key areas of concern

The revenue contribution is becoming more balanced. Income from stocks, MTF, and interest is growing. Derivatives on the other hand are contributing less. The equity derivatives segment has seen a steady fall over the last year. Quarterly income has dropped from 788.8 crore rupees in Q2 FY25 to 610.35 crore rupees in Q2 FY26 and its share of total income has slipped from 68 percent to 57 percent. This works out to around 23 percent year on year degrowth. The decline reflects regulatory changes and softer trading volumes in the market.

Fisdom Acquisition and Wealth Expansion

Groww completed its full acquisition of Fisdom in October 2025. This move strengthens Groww’s presence in the wealth management space. The platform is now seeing strong traction from affluent users who account for 34 percent of total assets. This segment is becoming more important as Groww expands beyond entry-level investors.

Cost Structure and Profit Margins

Costs increased in Q2 mainly because of higher performance marketing spends. Even with this rise the company managed to expand its PAT margin to 44 percent in Q2 FY26. This shows that the platform is able to convert scale into profitability. As revenue streams diversify further this margin strength may continue.

Final Thoughts

Groww’s Q2 FY26 numbers highlight a business that is scaling responsibly while deepening engagement with investors across categories. User growth remains strong, customer assets are rising and revenue quality is improving. Even with pressure in the derivatives segment the broader picture shows a platform building long-term strength.

Disclaimer

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