Groww Shares In Focus As Motilal Oswal Initiates Coverage With 'Buy' — Do You Own?

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. 

Motilal Oswal Report

Motilal Oswal has initiated coverage on Billionbrains Garage Ventures Ltd.(Groww) with a Buy rating and a target price of Rs 185, implying a 19% upside from the current market price of Rs 156.

The brokerage highlights Groww’s meteoric rise as India’s largest retail broking platform, commanding a 26.8% market share in NSE active clients as of November 2025, nearly 9% ahead of its closest competitor.

Valuation and Outlook

Groww’s lean cost structure—80% organic customer acquisition and in-house tech stack—supports superior margins. Ebitda margin is expected to expand from 59% in FY25 to 66% by FY28, reinforcing profitability. At 24 times FY28E P/E, Groww trades at a discount to global peers like Robinhood (~40x), offering scope for re-rating as revenue mix diversifies.

Risks: Regulatory changes in F&O, competitive intensity, and market volatility remain key monitorables.

DISCLAIMER

This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.