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Motilal Oswal Report
Billionbrains Garage Ventures Ltd. (GROWW) continues to report strong revenue growth, backed by rising user adoption of products as well as robust user activation. Its brokerage business is gaining market share across segments, with recent product launches, such as MTF and commodities, fueling further growth.
The rising number of affluent customers unlocks wealth management opportunities for Groww, with the Fisdom acquisition giving a further boost.
Motilal Oswal expects the overall order run-rate in the broking segment for FY27 to largely maintain the Q4 FY26 order run-rate backed by market share expansion. MTF segment, LAS, and wealth management are expected to provide a further boost to the top-line.
However, this will be offset by a rise in costs, considering investments in AMC and wealth management business, as well as the enhancement of tech capabilities.
The brokerage have largely maintained its estimates for Groww considering revenue growth on the back of-
- continued growth in order run rate,
- MTF book expansion, and
- rising contribution of LAS to the credit segment, offset by rising operational costs.
Motilal Oswal reiterates its Buy rating on Groww with a revised target price of Rs 235 (premised on 35x FY28E earnings per share).
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