Shares of Billionbrains Garage Ventures, the parent company of the investment platform Groww, increased by 9 percent on Tuesday, closing at ₹214.01. This rise follows the company’s announcement of a significant jump in quarterly earnings, with the stock hitting an intraday high of ₹216.75, up from a previous close of ₹196.11. Investors responded positively to the strong earnings momentum and optimistic growth outlook.
The surge in stock price is attributed to impressive financial results for the March quarter, where the company reported a 122 percent year-on-year increase in consolidated net profit, amounting to ₹686 crore, compared to ₹309 crore in the same quarter the previous year. This strong performance was bolstered by operating leverage, heightened trading activity, and continued gains in market share within the broking segment.
Following the earnings report, global brokerages remained generally optimistic about the stock’s prospects. UBS maintained a neutral rating but raised its target price to ₹210 from ₹185, citing an outperformance on key metrics and solid operating leverage. The brokerage observed that product metrics remain robust and highlighted the potential for growth through the company’s wealth platform, noting that the margin outlook remains stable, with cost discipline balancing investments.
Jefferies reiterated a buy recommendation and increased its target price to ₹225 from ₹210, emphasizing that the quarter’s outperformance was driven by new strategic initiatives. It noted that profit after tax surpassed estimates by 6 percent, supported by increased revenues from commodity and margin trading activities. Additionally, Jefferies pointed to Groww’s resilience, cross-selling capabilities, and improving profitability compared to its peers.
Citi also maintained a buy rating with a revised target price of ₹230, up from ₹225. The brokerage stated that the company is well-positioned to benefit from ongoing volatility in the equity markets, which is contributing to elevated trading volumes. It emphasized that the management’s product-centric approach could foster long-term leadership, especially in enhancing customer experiences beyond core broking services.
Conversely, JM Financial adopted a more cautious stance, maintaining a sell rating while also raising its earnings estimates. The brokerage noted that valuations appear high relative to substantive progress in recurring revenue streams. Although it anticipates strong earnings growth, projecting earnings per share (EPS) expansion of 54 percent and 30 percent for FY27 and FY28, respectively, JM Financial cautioned that a significant portion of income—approximately 86 to 87 percent—will continue to derive from broking and related activities. The firm has set a revised target price of ₹150, valuing the stock at 22 times its FY28 estimated earnings.
The varying perspectives among analysts reflect an ongoing debate regarding whether the company’s current valuations accurately reflect its growth potential, even as strong earnings momentum and an expanding suite of products maintain investor interest.
Published on April 21, 2026.
