IPO-bound inventory brokerage large Groww has strengthened its place as India’s largest retail dealer. The corporate now holds 26.3% of the nation’s energetic shopper base as of September 2025, in accordance with knowledge from Nuvama Institutional Equities.

The corporate’s rise has been swift and regular. Its development has been pushed by scale, operational effectivity, and a gentle enlargement of merchandise.

Collectively, these elements have helped the Bengaluru-based agency cement its lead in India’s fast-growing on-line broking business:

Surging shopper base and buying and selling volumes

Between FY21 and FY25, Groww’s energetic shopper base expanded at a compound annual development price (CAGR) of 101.7%, far exceeding the business’s 27% and Angel One’s 48.3%. 

By September 2025, Groww had 11.9 million energetic shoppers, translating right into a 26.3% market share, a acquire of greater than 2,200 foundation factors since FY21. The brokerage added 51% of recent NSE energetic shoppers in FY24 and 40% in FY25, outpacing Angel One’s 22.6% and 17.4% shares. 

Within the money phase, energetic shoppers rose 47.7% between FY24 and Q1 FY26 to 10.3 million, lifting Groww’s retail common day by day buying and selling quantity (ADTV) share by 1,048 foundation factors to 23.1%.

Whilst its F&O energetic shoppers fell 25.9%, Groww’s spinoff ADTV share climbed 684 foundation factors to 14.4%, a sign of upper engagement amongst current customers. 

Core Broking Nonetheless the Progress Engine

Groww’s enterprise stays anchored in core broking, which contributed 84.6% of income in FY25 and 79.6% in Q1 FY26, in contrast with Angel One’s 63 per cent and 60.4%, respectively. 

The agency’s order depth, 0.6 orders per shopper per day in FY25 versus 0.9 for Angel One, displays a broader retail base with extra diversified buying and selling behaviour. Groww’s F&O income share fell from 90.2% in FY24 to 62% in Q1 FY26, which exhibits lowered dependence on high-risk derivatives.

Nuvama estimates {that a} 5% decline in F&O orders would scale back Groww’s income, Ebdat, and APAT by solely 2.5%, 4.8%, and 4.4%, respectively, which is much less extreme than Angel One’s 2.3%, 10%, and 5.2% impacts. 

Price Self-discipline Drives Profitability

Groww’s restrained advertising outlay and powerful natural attain underpin its profitability. Advertising prices accounted for 12-12.5% of income in FY25-Q1 FY26, far under Angel One’s 20-22.6%. 

Regardless of decrease spending, Groww achieved an activation price above 33 per cent, outpacing Angel One’s 22.5-27.5%. The client acquisition price (CAC) dropped to Rs 616 per shopper in FY25 (from Rs 807 in FY24), in contrast with Angel One’s Rs 1,014. 

On an activated-client foundation, Groww’s CAC was solely Rs 1,441 versus Angel One’s Rs 6,076. These efficiencies have lifted Ebdat margins to 59.7% and pushed a return on fairness (RoE) of 49.5% in FY25.

Whereas new segments resembling lending, asset administration, and insurance coverage stay nascent, they supply significant long-term optionality.

For now, Groww’s dominance rests on a basis of scale-driven shopper development, resilient income streams, and disciplined price management, solidifying its place on the centre of India’s retail investing increase.