Groww vs Angel One: Valuations, Client Base, and Financial Metrics Compared

The listing of Billionbrains Garage Ventures, the parent company of stockbroking platform Groww, has intensified comparisons between Groww and its established peer Angel One. With analysts evaluating growth prospects, financial metrics and valuation gaps, investors are trying to understand which platform better suits their risk appetite.

Strong Market Debut for Groww, Followed by Volatility

Groww made a decent debut on the stock markets on November 12. The stock surged nearly 94% from its IPO price within just five sessions, touching a high of Rs 193.91 per share.

However, the rally soon reversed. On November 20, the stock extended losses for the second straight session, falling over 7% to Rs 157.69 at 10 am on NSE. With this decline, its market capitalisation dropped below the Rs 1 lakh crore mark and now stands above Rs 97,000 crore.

In contrast, shares of Angel One traded with marginal gains at Rs 2,826 per share, giving it a market capitalisation of Rs 25,725 crore, roughly one-fourth of Groww.

Also Read: Wedding Matchmaker Shaadi.com Said to Consider IPO

Client Base: Groww Leads the Industry

Groww is currently the largest stockbroker in India by active clients, surpassing long-established players.

• Groww active clients: Over 13 million

• Angel One active clients: 7.6 million

Groww overtook competitors in 2025, supported by strong digital adoption and user-friendly onboarding.

Analysts: ‘Groww is a growth story; Angel One is a profitability story’

According to Siddharth Maurya, Founder & Managing Director at Vibhavangal Anukulakara, the two platforms represent fundamentally different investment narratives.

• Groww’s scale and UI-led adoption fuel rapid growth, but its valuation exceeds its financials.

• Angel One has a proven brokerage plus distribution model, higher margins, and healthier unit economics.

Maurya believes that Angel One offers a cleaner risk-reward equation, while Groww is more suitable for investors comfortable with premium valuations.

‘Scalability Premium vs Established Profitability’

Yash Chauhan, Research Analyst at INVasset PMS, highlighted that India’s brokerage industry is benefiting from rising retail participation, but the two companies cater to different investor preferences.

• Groww commands a market cap above Rs 1 lakh crore and leads the industry in client acquisition.

• Angel One, a much older player with an Rs 25,000+ crore m-cap, maintains strong operating leverage supported by FY25 revenue and PAT growth.

Chauhan noted that Groww offers a high-beta, platform-driven growth opportunity, while Angel One appeals to investors seeking stable profitability and reasonable valuations.

Valuations: ‘Groww priced for excessive growth’

Shivani Nyati, Head of Wealth at Swastika Investmart, emphasised the sharp valuation contrast:

• Groww enjoys a stronger marketplace role supported by:

  • Net profit margin: 47%

  • Return on Net Worth (RoNW): 37%

• Angel One reports:

  • Net profit margin: 22%

  • RoNW: 21%

This valuation gap is reflected in market multiples:

• Groww trades at 40–41x FY25 earnings

• Angel One trades near 20x FY25 earnings

Nyati stated that Groww is valued for aggressive future growth, aided by its digital-first model, while Angel One offers steady profit visibility at a more reasonable valuation.

Financials: Revenue, Profitability and Business Mix

Nitin Jain, Senior Research Analyst at Bonanza, compared the two players based on their FY25 performance:

Revenue Growth

• Groww: Rs 3,901.7 crore, growing at a CAGR of 85%

• Angel One: Rs 5,238.3 crore, growing at a CAGR of 32%

Profitability

• Groww’s FY25 PAT outperformed Angel One and delivered double the contribution margins:

  • Groww: 44.9%

  • Angel One: 22.3%

Jain noted that Groww benefits from strong network effects and operating leverage.

Revenue Diversification

• Angel One: Brokerage contributes 63%

• Groww: Brokerage contributes 84.5%

This makes Groww more sensitive to market cycles and regulatory changes.

Investor Outlook

Analysts conclude that:

• Investors seeking high-growth momentum may prefer Groww.

• Those prioritising value, stability, and diversification may find Angel One a better fit.

Given the wide valuation gap, experts advise monitoring sustainability, profitability, and regulatory developments closely in the upcoming quarters.

Click here to explore
Gift Nifty
FII DII Data
IPO