Key Decisions and Financial Results

The Board of Directors meeting commenced at 10:45 a.m. (IST) and concluded at 12:35 p.m. (IST) on October 14, 2026. The Board took the following key actions:

  • Approved the unaudited standalone and consolidated financial results of the Company for the quarter and half year ended September 30, 2026. The results were reviewed by the statutory auditors, M/s. BSR & Co. LLP, who issued an unqualified limited review report.
  • Approved requests for reclassification of certain promoter group members from the "Promoter Group" category to the "Public" category, subject to receipt of necessary approvals as prescribed under Regulation 31A of the SEBI Listing Regulations. The Company is in the process of making necessary applications and submissions with the Stock Exchanges.
  • Noted the approval of a Composite Scheme of Arrangement under Sections 230 to 232 of the Companies Act, 2013 for demerger and amalgamation of certain wholly-owned/step-down subsidiaries, with appointed date of April 1, 2027.

Consolidated Financial Performance (INR Crores)

Quarterly Performance (Q2 FY27 vs Q2 FY26):

  • Revenue from operations: ₹1,501.53 (vs ₹1,018.74 in Q2 FY26) - 47.4% increase
  • Total income: ₹1,540.54 (vs ₹1,070.80 in Q2 FY26)
  • Profit before tax: ₹983.86 (vs ₹637.68 in Q2 FY26) - 54.3% increase
  • Profit for the period: ₹724.70 (vs ₹471.34 in Q2 FY26) - 53.8% increase
  • Basic EPS: ₹1.17 (vs ₹0.79 in Q2 FY26)
  • Diluted EPS: ₹1.15 (vs ₹0.77 in Q2 FY26)

Half-Yearly Performance (H1 FY27 vs H1 FY26):

  • Revenue from operations: ₹3,002.95 (vs ₹1,923.14 in H1 FY26) - 56.1% increase
  • Total income: ₹3,089.21 (vs ₹2,019.27 in H1 FY26)
  • Profit before tax: ₹1,976.13 (vs ₹1,140.85 in H1 FY26) - 73.2% increase
  • Profit for the period: ₹1,459.74 (vs ₹849.69 in H1 FY26) - 71.8% increase
  • Basic EPS: ₹2.36 (vs ₹1.46 in H1 FY26)
  • Diluted EPS: ₹2.32 (vs ₹1.40 in H1 FY26)

Standalone Financial Performance (INR Crores)

Quarterly Performance (Q2 FY27):

  • Total income: ₹1,111.80
  • Profit before tax: ₹781.23
  • Profit for the period: ₹591.76
  • Basic EPS: ₹0.95

Half-Yearly Performance (H1 FY27):

  • Total income: ₹2,165.49
  • Profit before tax: ₹1,524.90
  • Profit for the period: ₹1,146.90
  • Basic EPS: ₹1.84

Capital Structure and Balance Sheet

Consolidated (as of September 30, 2026):

  • Paid up equity share capital: ₹1,248.42 crores (Face Value: ₹2 per share)
  • Other equity: ₹10,319.59 crores
  • Total equity: ₹11,655.80 crores
  • Total assets: ₹19,792.01 crores

Standalone (as of September 30, 2026):

  • Paid up equity share capital: ₹1,248.42 crores
  • Other equity: ₹8,296.37 crores
  • Total equity: ₹9,544.79 crores
  • Total assets: ₹10,056.62 crores

Subsidiaries and Associates

The consolidated financial results include financial results of the Holding Company and 18 entities:

  • 16 subsidiaries (including step-down subsidiaries)
  • 1 associate: Saafe Fintech Solutions Private Limited
  • 1 trust: Groww Employee Welfare Trust

The statutory auditors noted that they did not review the interim financial results of one subsidiary and fourteen subsidiaries whose results were not material to the Group.

IPO Proceeds Utilization

The Company completed an initial public offering (IPO) on November 12, 2025, issuing 66,32,30,051 equity shares at ₹100 per share (face value ₹2), comprising:

  • Fresh issue: 10,60,00,000 shares
  • Offer for sale: 55,72,30,051 shares

Net IPO proceeds utilization as of September 30, 2026:

  • Expenditure towards cloud infrastructure: ₹152.50 crores (100% utilized)
  • Brand building and performance marketing: ₹225.00 crores (100% utilized)
  • Investment in Groww Creditserv Technology Private Limited (NBFC): ₹205.00 crores (100% utilized)
  • Investment in Groww Invest Tech Private Limited (MTF business): ₹167.50 crores (100% utilized)
  • Funding inorganic growth and general corporate purposes: ₹264.99 crores (99.6% utilized)
  • Total utilized: ₹1,014.99 crores out of ₹1,015.98 crores net proceeds
  • Unutilized amount: ₹0.99 crores

Significant Corporate Developments

1. Employee Stock Options: During Q2 FY27, the Groww Employee Welfare Trust transferred 69,42,862 equity shares pursuant to exercise of stock options under the Employee Stock Option Scheme 2024.

2. Acquisition of Finwizard Technology Private Limited: Completed on October 3, 2025, with total consideration of ₹961.05 crores. Purchase price allocation included goodwill of ₹920.05 crores and various intangible assets.

3. Investment in Groww Asset Management Limited: Transaction with State Street Global Advisors completed on August 4, 2026. SSGA now holds 4.85% voting rights and 22.94% economic interest in Groww AMC. This resulted in a gain on sale of investment in subsidiary of ₹81.10 crores recognized in Q2 FY27.

4. Composite Scheme of Arrangement: Approved by Boards of wholly-owned/step-down subsidiaries for:

  • Demerger of identified business undertakings of Finwizard Technology Private Limited into Groww Wealth Tech Private Limited and Fisdom Broking Private Limited
  • Amalgamation of Finwizard Technology Services Private Limited and Finwizard Securities Private Limited into Finwizard Technology Private Limited
  • Appointed date: April 1, 2027
  • Subject to shareholder, creditor, NCLT, and regulatory approvals

Auditor Review

The statutory auditors, M/s. BSR & Co. LLP, conducted a limited review of both standalone and consolidated financial results and issued unqualified opinions. Their conclusion was not modified despite not reviewing some subsidiary financial results that were not material to the Group.