| Groww IPO: Key Facts to Know Before Hitting ‘Subscribe’ | Groww IPO SWOT Analysis |
| Groww IPO Review | Groww IPO GMP |
India’s digital investment landscape is at an inflection point, and Groww IPO is set to become one of the most closely watched listings of 2025. Founded in 2016, Groww has transformed from a simple mutual-fund platform into India’s largest direct-to-customer digital investment ecosystem — now spanning equities, mutual funds, derivatives, bonds, loans, and margin trading facilities.
The company’s strength lies in its deep reach across 98% of India’s pincodes, with nearly 81% of users based outside the top-six cities. This stronghold in Tier-2 and Tier-3 India has made Groww a true retail investing phenomenon.
Groww’s founders — Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh — have built a business driven by technology, transparency, and trust. Importantly, over 83% of new users in FY25 joined organically, without paid marketing — a rare feat in India’s hyper-competitive fintech sector.
Table of Contents
Groww IPO Framework
| Parameter | Details |
|---|---|
| Groww IPO Dates | 4 – 7 November 2025 |
| Issue Size | INR 6,353 – 6,632 crore |
| Fresh Issue | INR 1,060 crore |
| Offer for Sale | 55.7 crore shares (INR 5,293 – 5,572 crore) |
| Price Band | INR 95 – 100 per share |
Groww vs Angel One vs Motilal Oswal vs Nuvama
Groww IPO peer comparison analysis contrasts the company’s FY 25 valuation and operating metrics with its three domestic peers — Angel One, Motilal Oswal Financial Services, and Nuvama Wealth Management.
| Metric | Groww | Angel One | Motilal Oswal | Nuvama |
|---|---|---|---|---|
| P/E Ratio (x) | 33.78 | 29.1 | 22.1 | 25.3 |
| P/B Ratio (x) | 11.25 | 3.95 | 5.51 | 7.47 |
| P/S Ratio (x) | 15.82 | 4.89 | 7.03 | 6.02 |
| Debt-to-Equity | 0.00 | 0.77 | 1.33 | 2.25 |
| Current Ratio | 1.73 | 1.47 | 1.82 | 1.36 |
| ROE (%) | 37.6 | 27.1 | 25.2 | 30.9 |
| Revenue | 3,901.7 | 5,238.4 | 8,339.1 | 4,158.3 |
| EPS (INR) | 2.96* | 86.5 | 46.4 | 287 |
| Profit Margin (%) | 46.8 | 22.4 | 30.1 | 23.6 |
*post issue EPS
Groww IPO Peer Comparison Analysis — Valuation & Profitability
Valuation Premium with Rationale: At first glance, Groww’s P/E of 33.8× appears steep relative to the traditional brokers trading in the 20–29× range. Yet, this premium is supported by stronger returns on equity (37.6%) and superior profit margins (46.8%), metrics that few asset-heavy incumbents can match. Investors are effectively paying a growth premium for a company with zero leverage, a purely digital model, and consistent customer-led scaling.
Profitability and Margins: Groww’s FY25 net margin of nearly 47% stands out against Angel One’s 22% and Motilal Oswal’s 30%. Its EBITDA margin of ~61% demonstrates the power of the platform model — fixed costs scale efficiently as user volumes rise. In contrast, peers bear heavier branch networks, dealer costs, and multi-segment overheads.
Balance Sheet Strength and Liquidity: A debt-free structure (D/E 0.00) and comfortable liquidity (Current Ratio 1.73) highlight Groww’s conservative financial stance. Traditional peers maintain moderate leverage (Angel One 0.77; Motilal Oswal 1.33; Nuvama 2.25), partly due to lending and NBFC activities. Groww’s model avoids such capital intensity, translating to high cash efficiency and the flexibility to reinvest profits into technology, marketing, and product innovation.
Return Metrics: The Return on Equity of 37.6% underscores exceptional capital productivity — significantly above the 25–31% range of peers. Even if the company’s absolute EPS (INR 2.96) trails larger incumbents, its growth trajectory and asset-light nature allow every rupee of equity to generate a higher incremental return.
Groww IPO Peer Comparison Analysis: Global Context
| Company | P/E (x) | P/B (x) | Revenue (INR Cr) | ROE (%) | Profit Margin (%) |
|---|---|---|---|---|---|
| Groww (India) | 33.8 | 11.3 | 3,901.7 | 37.6 | 46.8 |
| Robinhood Markets (US) | 86.1 | 7.5 | 24,493 | 17.7 | 47.8 |
| Interactive Brokers (US) | 38.8 | 32.6 | 43,036 | 17.6 | 65.7 |
| Nordnet AB (Sweden)** | 25.6 | 2.7 | 4,379 | 35.5 | 56.7 |
While global players operate at a far larger scale, Groww’s profit margins rival or exceed many international peers. Its valuation multiple (P/E ~34×) situates it mid-range — well below Robinhood’s 86×, yet ahead of traditional Indian brokerages. This balance indicates room for rerating if growth sustains and product monetisation deepens.
In essence, Groww is priced as a high-growth, capital-efficient fintech, not as a legacy broker. Its combination of strong RoE, zero debt, and digital penetration justifies the modest premium investors are willing to pay.
Groww’s Financial Turnaround
Groww’s journey over the last three years is a textbook example of scaling profitably in fintech.
| Fiscal Year | Revenue | Expenses | Net Income | Margin (%) |
|---|---|---|---|---|
| FY 2023 | 1,141.53 | 757.12 | 457.72 | 40.10 |
| FY 2024 | 2,609.28 | 2,068.11 | (805.45) | (30.87) |
| FY 2025 | 3,901.72 | 1,596.49 | 1,824.37 | 46.76 |
| Q1 FY 2026 | 904.40 | 444.67 | 378.37 | 41.84 |
From a loss of INR 805 crore in FY24 to a profit of INR 1,824 crore in FY25, Groww’s turnaround is remarkable. Its EBITDA margin surged to 60.8%, underscoring operating efficiency even as user acquisition scaled rapidly.
This turnaround was achieved without increasing leverage — Groww remains a zero-debt company — and through disciplined cost control and monetisation of existing customers. With a Return on Net Worth (RoNW) of 37.6%, Groww now sits among the most profitable fintechs in India.
Groww IPO Peer Comparison Analysis: Key Strengths and Risks
Strengths
- Digital Penetration & Brand Equity: Presence across 98% of Indian pincodes and leadership among millennial investors reinforce its status as the go-to investing app.
- Financial Discipline: Zero leverage, high margins, and a strong current ratio reflect a robust balance sheet.
- Scalability: Platform model ensures operational leverage — incremental customers add minimal cost.
- Product Diversification: Expansion into margin trading, personal loans, and mutual fund management offers additional revenue channels.
- Investor Confidence: Early GMP trends and strong institutional participation indicate healthy market appetite.
Risks
- Competition: Entrants like Zerodha, Angel One, and Dhan are active, yet Groww’s brand-led user loyalty and product simplicity act as strong moats.
- Regulatory Sensitivity: As a fintech, compliance costs may rise, but its transparent structure and SEBI-aligned operations reduce long-term exposure.
Overall, risks appear manageable relative to the company’s innovation capability and operating resilience.
Outlook
Groww’s IPO arrives at a time when India’s retail investing ecosystem is maturing rapidly. The pandemic-era surge in demat accounts has transitioned into a structural behavioural shift — millions of first-time investors now prefer self-directed investing, and Groww sits squarely at the centre of this movement.
The company’s fundamentals — robust growth, industry-leading margins, and expanding user base — align with investor appetite for scalable fintech stories. Its digital operating model ensures high operating leverage, while strong brand recognition supports long-term retention.
In comparison with legacy brokers like Angel One, Motilal Oswal, and Nuvama, Groww’s growth trajectory is steeper, profitability is higher, and its balance sheet is leaner. Even when benchmarked globally, it holds its own against established fintech brokers such as Robinhood and Nordnet in efficiency metrics.
For investors, this IPO offers exposure to India’s digital finance story — a bet not just on a company, but on the evolution of how India invests.
Final Word
Groww IPO peer comparison analysis has successfully demonstrated that profitability and purpose can coexist in fintech. Its disciplined financials, customer-centric innovation, and organic scaling model make it a standout in the new generation of listed brokerages.
“In an era where user trust defines valuation, Groww has built a model rooted in transparency, accessibility, and performance. Its IPO is not merely a listing event — it’s a validation of how digital-first, low-cost investing has transformed India’s capital markets.”
With strong metrics, a supportive market environment, and a clear path to scalable growth, Groww IPO stands as one of the most significant and credible fintech offerings on Dalal Street.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.