India’s high inventory dealer Groww, which competes with Kamath brothers-led Zerodha, launched its first quarterly outcomes since its inventory market debut, reporting stronger profitability regardless of a decline in income amid a broadly subdued retail buying and selling surroundings.

The corporate’s income from operations fell 9.5% year-on-year to Rs 1,018.7 crore in Q2 FY26, in contrast with Rs 1,125.4 crore a yr earlier. Together with different earnings of Rs 52.1 crore, complete earnings for the quarter stood at Rs 1,070.8 crore.

Sequentially, income rose 12.7% from Rs 904.4 crore in Q1 FY26, whereas complete earnings elevated round 13% from about Rs 948 crore within the earlier quarter. For the half yr ended September 2025, income declined 9.6% to Rs 1,923.1 crore from Rs 2,126.2 crore in H1 FY25.

The drop in income got here throughout a interval when NSE energetic customers contracted from 50.2 million in January 2025 to 45.3 million by the tip of Q2 FY26.

Value controls performed a major function in supporting profitability. Whole bills fell sharply by roughly 26.7% year-on-year to Rs 432.6 crore in Q2 FY26 from Rs 589.8 crore in the identical quarter final yr. Worker profit bills, the corporate’s largest value part, dropped greater than 53% to Rs 123.8 crore from Rs 264.2 crore. Finance prices elevated modestly year-on-year, whereas depreciation and amortisation remained broadly steady.

With bills falling a lot quicker than income, Groww reported an enchancment in earnings, with web revenue rising 12.2% year-on-year to Rs 471.3 crore from Rs 420.2 crore.

For the half yr, revenue elevated 12.1% to Rs 849.7 crore in contrast with Rs 758.2 crore in H1 FY25. The corporate reported adjusted EBITDA of Rs 624 crore for Q2 FY26, reflecting a wholesome enlargement over final yr’s stage. Regardless of market-wide softness, person engagement and asset metrics remained sturdy.

Groww ended the quarter with 19 million transacting customers, a 27% improve from the earlier yr. Buyer belongings grew to Rs 2.7 lakh crore, up 33% year-on-year, pushed by continued inflows into mutual funds and powerful development in fairness holdings. Mutual fund belongings exceeded Rs 1.4 lakh crore, whereas fairness belongings stood round Rs 1.18 lakh crore.

Groww additionally strengthened its place throughout the business, with its share of NSE energetic shoppers rising from 25.6% to 26.3% over the previous yr. The platform’s market share within the retail money phase elevated from 17.7% to 25.8%, and its share in retail derivatives premium turnover expanded from 10.7% to 17.3%.

The quarterly outcomes adopted Groww’s current itemizing on the inventory exchanges. The company raised Rs 6,632 crore through its IPO, which comprised a Rs 1,060 crore recent situation and a Rs 5,572 crore supply on the market. The inventory listed at Rs 114 on the BSE, a 14% premium to its issue price of Rs 100.

“We take into consideration the platform from the client’s perspective. Pondering this fashion generates buyer love. Monetisation follows. We’re dedicated to creating long-term worth for all our shareholders,” mentioned Lalit Keshre, co-founder and CEO of Groww.