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Groww (Billionbrains Garage Ventures)
Is This Just the Beginning of a Bigger Rally ?
Groww shares jumped over 6% after Bank of America initiated coverage with a “Buy” rating and a target price of ₹235. Backed by strong user growth, rising financialisation, and improving profitability, the stock has already surged nearly 95% from its issue price signaling strong momentum in India’s retail investing space.
Groww witnessed a sharp intraday rally of over 6%, touching around ₹207, after Bank of America (BofA) initiated coverage with a bullish outlook. The brokerage assigned a “Buy” rating with a target price of ₹235, indicating a potential upside of about 21%. This positive trigger has reinforced investor confidence, especially as the stock is already trading near its recent highs.
The rally is not a one-off move Groww has surged nearly 25% in the past month and is up around 95% from its issue price of ₹100. This strong performance reflects growing investor appetite for digital-first investment platforms. Groww’s positioning as a simple, accessible platform for retail investors has helped it capture a significant share of India’s rapidly expanding investing base.
BofA highlights Groww as a direct beneficiary of India’s financial deepening. Rising incomes, increasing financial awareness, and a shift toward market-linked instruments are driving retail participation. The brokerage expects Groww to deliver around 30% revenue CAGR between FY26–28, supported by 15% growth in active users and 12% growth in ARPU. This indicates both user expansion and improved monetisation.
One of Groww’s key strengths lies in its scalable, fixed-cost-heavy business model. As the platform grows, operating leverage is expected to significantly improve margins. BofA estimates EPS growth of nearly 35% CAGR over the next two years, driven by strong revenue growth and cost efficiencies. This combination of scale and profitability makes Groww stand out among India’s internet platforms.
Adding to the bullish sentiment, JPMorgan recently initiated coverage with an “Overweight” rating and a target price of ₹210. The brokerage described Groww as one of the most lucrative listed consumer internet platforms in India, highlighting its strong market share gains, pricing power, and cross-selling capabilities.
Groww’s sharp rally is being fueled by a combination of strong brokerage endorsements, structural growth in retail investing, and a scalable, profitable business model. With multiple tailwinds in play, the stock is increasingly being seen as a long-term proxy for India’s financialisation trend.
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