India’s newly listed financial majors—Groww, Anand Rathi Shares & Stock Brokers, ICICI Prudential Asset Management Company, and HDB Financial Services—have announced their Q3 FY26 results, revealing a fascinating cross-section of the country’s financial evolution. While some are thriving on expanding client bases and diversified income streams, others are wrestling with profitability challenges amid aggressive growth.
As India’s capital markets deepen and retail participation broadens, these young but heavyweight players—each having completed their IPOs in recent months—offer a window into the momentum and maturity of the country’s financial sector.
Groww Q3 FY26 Results: Robust Revenue, Pressured Profit
Online brokerage Groww, operated by Billionbrains Garage Ventures, reported a 28% year-on-year drop in net profit to INR 547 crore, even as its revenue jumped 25% to INR 1,216 crore. EBITDA grew 19% to INR 720 crore with a healthy 59% margin, suggesting operational stability despite rising costs and competitive intensity.
The company attributed growth to expanding product verticals—margin trading, commodities, and derivatives—and revealed plans to strengthen its asset management arm. State Street Global Advisors’ planned INR 580-crore investment in Groww AMC, giving it a 23% stake, underscores institutional confidence in the platform’s long-term trajectory.
Anand Rathi Share Q3 FY26: Profits Surge, Client Base Expands
In sharp contrast, Anand Rathi Shares and Stock Brokers delivered a 33% sequential jump in net profit to INR 370 crore and a 9% increase in revenue to INR 248 crore. The company’s active client base rose 6% to 1.58 lakh, and Assets Under Custody (AUC) expanded to INR 1.05 lakh crore.
The broking firm’s Margin Trading Facility (MTF) book advanced to INR 1,231 crore, now contributing 18% to topline revenue, while brokerage income climbed to INR 97.2 crore. Despite a minor 40-basis-point decline in margins, management reaffirmed its focus on diversifying beyond broking to stabilize earnings. Chairman Pradeep Gupta emphasized “de-risking and stabilizing earnings through increased exposure to non-broking segments,” signaling a strategic evolution of the franchise.
Listed in late 2025 at a strong premium over its INR 414 IPO price, Anand Rathi’s stock continues to trade at nearly 1.5× its issue price, reflecting sustained investor confidence.
ICICI AMC Q3 FY26 Results: Mutual Fund Giant Hits a Record Quarter
Among the four, ICICI Prudential Asset Management Company stood out with blockbuster results. The newly listed AMC posted a 45% YoY surge in profit to INR 917 crore, while revenue rose 23.5% to INR 1,514.7 crore. Operating expenses grew a modest 8.5%, boosting margins.
The firm declared an interim dividend of INR 14.85 per share, reflecting solid cash generation.
Its mutual fund QAAUM (Quarterly Average Assets Under Management) reached INR 10.76 lakh crore, with a market share of 13.3%, supported by 16.17 million unique customers—a 13% YoY jump.
The AMC’s December 2025 IPO, one of the year’s largest at around INR 10,600 crore, was oversubscribed nearly 30×, a testament to investor trust in India’s growing wealth management ecosystem.
HDB Financial Q3 FY26 Results: Lending Resilience on Display
HDB Financial Services, the non-banking arm of HDFC Bank, recorded a 36% YoY rise in profit to INR 644 crore and 13% revenue growth to INR 4,673 crore. Net interest income surged 22% to INR 2,285 crore as gross loans crossed INR 1.14 lakh crore. Return on Assets improved to 2.35%, and RoE held steady at 14%, aided by disciplined cost control and moderating credit costs.
Having listed in mid-2025 after years of anticipation, HDB’s IPO—priced between INR 700–740—was a marquee event that cemented its status as one of India’s most valuable NBFCs. HDB Financial Q3 FY26 results confirm that the company is sustaining post-listing momentum with robust loan growth and profitability.
Sectoral Picture: Financialization at Full Throttle
The Q3 FY26 scorecard reflects divergent but complementary trends across India’s financial services landscape:
- Brokerages like Groww and Anand Rathi are racing to capture India’s retail investing boom, though margins remain tight.
- Asset managers such as ICICI AMC are reaping the benefits of rising SIP flows and formalized savings.
- Lenders like HDB are riding a credit upcycle, powered by consumer and MSME loan demand.
Collectively, these results affirm that India’s financialization story—spurred by digital inclusion, wealth creation, and rising middle-class participation—is far from over. Investors, meanwhile, have a clear takeaway: fundamentals, diversification, and scale are fast becoming the differentiators between fleeting growth and durable profitability.
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