Groww adds more demat accounts than industry additions in January

India’s active demat account base saw only modest growth in January 2026, pointing to cautious retail participation amid volatile markets. NSE data shows total active accounts rose to 45.11 million from 44.81 million in December — a net addition of about 3.02 lakh accounts month-on-month. Despite the muted industry growth, Groww accounted for a bulk of the incremental additions, sources close to the brokerage claimed.

Groww's active client base increased to 12.48 million in January from 12.12 million in December, implying additions of around 3.53 lakh accounts — higher than the industry’s overall net increase for the month. As a result, Groww’s market share expanded to 27.66% from 27.06% in December, and has risen from 26.27% since April 2025, the sources said.

Other large brokerages reported largely flat trends. Zerodha’s active clients stood at 6.86 million compared with 6.85 million in December, with market share edging down to 15.20%. Angel One reported 6.74 million active clients versus 6.75 million a month earlier, while its market share slipped slightly to 14.95%.

Groww Q3 snapshot

Billionbrains Garage Ventures, which operates stockbroking platform Groww, reported a 27.8% year-on-year decline in consolidated net profit at Rs 546.93 crore for Q3FY26, compared with Rs 757.11 crore a year earlier. The drop was largely due to a one-time gain of Rs 315 crore (net of tax) recorded in the base quarter. Excluding this impact, the company said operating profit after tax rose 24% year-on-year from Rs 442 crore. The reported net profit is attributable to shareholders.

Revenue from operations grew 24.8% year-on-year to Rs 1,216.07 crore, up from Rs 974.53 crore in Q3FY25. On a standalone basis, profit after tax fell 36.7% to Rs 428.45 crore from Rs 677.46 crore a year ago.

Adjusted EBITDA stood at Rs 741.8 crore for the quarter, compared with Rs 598.1 crore in the same period last year. The company said its total transacting user base rose 25% year-on-year, crossing 2 crore customers in Q3FY26, while active users grew 7.5% sequentially. During the quarter, Groww added 2.17 lakh NSE active clients and reported growth in each of the three months, according to its investor presentation.

Customer assets increased 39% year-on-year. Retail cash average daily turnover rose 21% to Rs 11,331 crore from Rs 9,394 crore, while retail derivatives average daily turnover increased 45% to Rs 11,483 crore from Rs 7,918 crore. In mutual funds, market share edged up to 13.7% from 12.3%, while SIP inflows grew 30% year-on-year to Rs 12,328 crore from Rs 9,476 crore.

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