First Groww CEO letter to shareholders: Journey just starting, will keep repeating compounding theme

Fintech platform and broking firm Groww has just started its journey and has “not even covered 1% of our journey" even though it has completed nine years of existence, cofounder and CEO Lalit Keshre in his first-ever letter to shareholders.

With this milestone note, Keshre lays out the roadmap for the years ahead: “As we publish our quarterly reports, you will see us repeat the same themes. We believe in compounding — product compounds, wealth compounds, trust compounds.”

At a time when more players are entering the asset management space, Groww’s leadership believes there is still massive headroom for growth, noting that “the percentage of people building wealth through financial markets is still very small”.

To buttress the potential in the fintech business, Keshre highlighted how customers rarely stop at just one product; once they begin, they inevitably seek more options to manage and grow their wealth.

He noted that Groww has already introduced over 10 new products, each shaped directly by customer demand and giving potential users yet another reason to come onboard. But “tens more” of products are still needed to serve the full spectrum of investor requirements, he said.

Customer first

Keshre emphasized that the company’s guiding principle is to always view the platform through the customer’s lens.

“Thinking this way generates customer love. Monetization follows,” he said, reaffirming that the focus remains on building trust and utility first. He added that Groww is firmly “committed to creating long-term value for all our shareholders,” making customer-centricity the foundation for sustainable growth.

All said, Keshre also had a reminder: steady progress does not always mean the returns will be smooth.

Groww’s total customer assets stood at about Rs2.7 trillion, marking a 33% year-on-year increase, while its total transacting user base grew 27% YoY to 1.9 crore in Q2 FY26.

During the quarter, the Bengaluru-based platform reported a total income of Rs1,070.8 crore, compared with Rs1,160 crore in the same period last year. Meanwhile, profit after tax rose to Rs471.3 crore, up from Rs420.1 crore a year ago.

Buyout leg-up

The company said that the recent Fisdom acquisition could add another 3-4% to operating revenue at its current pace.

The company attributed the rise in revenue per broking order from ₹18.0 in Q2 FY25 to ₹19.8 in Q2 FY26 to a mixed performance across segments.

While revenue per order in derivatives declined due to the true-to-label circular, this was more than offset by stronger gains in equity trades. The improvement in stocks was driven by a sharp 66% YoY rise in average order value to ₹59,079 and pricing changes made over the past year, both of which contributed to the higher overall revenue per order.

Shares of Billionbrains Garage Venture Ltd, the listed parent of Groww, were trading at around ₹160 each in afternoon trades on Friday valuing the company at some ₹98,800 crore.