Quarterly revenue has moved by less than ₹4 crore in three quarters, even as Groww’s parent announced a major restructuring and reported a ₹828 crore operating cash outflow for the first half.
Groww’s profit jumped 54%, but the number investors should watch is the one that did not move. Billionbrains Garage Ventures reported revenue from operations of ₹1,501.53 crore for Q2 FY27. That is almost identical to ₹1,501.42 crore in the June quarter and within ₹4 crore of ₹1,505.37 crore in Q4 FY26.
Profit attributable to shareholders was ₹725.65 crore, against ₹471.34 crore a year ago. It was 1.28% lower than the previous quarter. The results were approved by the board on October 14 and are unaudited, subject to a limited review by statutory auditors.
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Groww Q2 FY27 Results: Key Numbers
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Revenue from operations | ₹1,501.53 crore | ₹1,501.42 crore | ₹1,018.74 crore |
| Total income | ₹1,540.54 crore | ₹1,548.67 crore | ₹1,070.80 crore |
| Total expenses | ₹555.93 crore | ₹555.68 crore | ₹432.60 crore |
| Profit attributable to shareholders | ₹725.65 crore | ₹735.04 crore | ₹471.34 crore |
Total consolidated profit for Q2 FY27 was ₹724.70 crore. Source: company’s unaudited consolidated results, October 14, 2026.
Also Read: Groww Q1 Results: Profit Jumps 94% to ₹735 Crore
Revenue Has Barely Moved in Three Quarters
Year-on-year, revenue is up about 47%. But Q4 FY26 revenue of ₹1,505.37 crore was already about 48% above Q2 FY26’s ₹1,018.74 crore. In other words, the full annual gain was on the books by March, and the last two quarters have added almost nothing.
The year-ago base is also soft. Q2 FY26 revenue fell 9.5% year-on-year as a tighter derivatives framework reduced trading volumes.
Expenses were flat sequentially, at ₹555.93 crore against ₹555.68 crore in Q1. Total income, which includes other income, grew about 44% year-on-year, slower than operating revenue. It slipped from ₹1,548.67 crore in Q1. With revenue and expenses both unchanged, lower other income, about ₹39 crore against roughly ₹47 crore, explains nearly all of the dip in pre-tax profit.
Equity Derivatives Slip to About 45% of Income
The revenue mix is shifting quickly. Equity derivatives now account for about 45% of the total, down from 57% in the same period last year. In Q1 FY27 the share was 52%. That is a drop of roughly seven percentage points in a single quarter.
A lower equity-derivatives share reduces Groww’s dependence on derivatives trading, although lending and other businesses bring their own risks. With operating revenue almost unchanged sequentially, growth in other segments appears to be offsetting weaker derivatives income rather than driving overall revenue expansion. In Q1 FY27, margin trading contributed 8% of total income, up from 3% a year earlier
Restructuring and Promoter Reclassification
Alongside the numbers, the board approved a Composite Scheme of Arrangement. It involves demerging business units of Finwizard Technology into Groww Wealth Tech and Fisdom Broking and amalgamating several group entities, with an appointed date of April 1, 2027. The scheme is subject to approvals.
On October 12, 41 promoter-group members had requested reclassification as public shareholders. The board cleared the move, which still awaits final regulatory sign-off.
First-Half Operating Cash Outflow Reaches ₹828 Crore
Groww reported net cash used in operating activities of ₹827.73 crore in the first half of FY27, compared with ₹152.76 crore a year earlier. Cash generated before working-capital changes was ₹2,012.28 crore. A ₹1,915.32 crore increase in loans, along with other working-capital movements and taxes paid, pushed operating cash flow negative.
This should not be read in isolation as a sign of weaker business quality. Lending growth flows through operating cash flow and can diverge from accounting profit. The test is whether those loans convert into collections and earnings in coming quarters.
Groww AMC Scales, With State Street on Board
Groww AMC’s assets under management rose 145% year-on-year to ₹7,179 crore, up from ₹5,491 crore in the June quarter. State Street Global Advisors’ investment into Groww AMC is complete, giving it a 22.94% economic interest. AUM growth does not automatically translate into profit. Groww’s AMC and Fisdom businesses were still loss-making at the operating level in the March quarter.
Groww Share Price Going Into the Results
Groww shares closed at ₹193.81 on the NSE on October 13, the session before the results were announced. That is about 15% below the 52-week high of ₹227.20 and well above the 52-week low of ₹112.
What to Watch Next
- Revenue breakout: whether quarterly revenue finally moves above the ₹1,500 crore band.
- Mix shift: whether margin trading, commodities and lending grow fast enough to offset a shrinking derivatives share.
- Cash conversion: whether operating cash flow turns around as the loan book matures.
- Scheme approvals: the regulatory path to the April 1, 2027 appointed date.
Groww’s Q2 profit rose 54% year-on-year, but quarterly revenue has remained nearly flat for two consecutive quarters. The next test is whether the company can revive sequential revenue growth.
Read also: BHEL Q2 FY27 Results on October 14, 2026: Profit May Jump 78% to Rs.654 Crore as EBITDA Rises 52%
Disclaimer: This article is for informational purposes only and is not investment advice. Please consult a SEBI-registered advisor before investing.
