Angel One Tops Groww as India Brokerage Buy: Analyst
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Billionbrains Garage Ventures (Groww) has seen its stock rise over 31% in 2026 YTD to a market cap of Rs 1.28 lakh crore, with shares gaining ~9% in one week and ~29% in one month.
- Angel One shares are up ~24% in 2026 YTD, with a market cap of Rs 26,681 crore; the stock has gained ~4% in one week, ~35% in one month, and ~807% over five years.
- Groww holds 28% market share in active clients, making it India's biggest stockbroker ahead of Zerodha and Angel One, and added 2.66 lakh active clients in February 2026.
- Angel One added nearly 10,000 active clients in February 2026 and reported Q3 FY26 gross revenue of Rs 1,338 crore, PAT of Rs 270 crore, 35.7 million clients, Rs 1.5 trillion in assets under custody, and a 20.4% retail equity turnover share.
- Harshal Dasani, Business Head at INVasset PMS, picked Angel One as the better buy, saying its combination of scale, earnings visibility, and operating depth offers a more favorable risk-reward for investors entering after a sharp run-up, while Groww suits aggressive growth chasers.
- Groww's Q3 FY26 revenue from operations stood at Rs 1,216 crore with profit of Rs 547 crore, 20.4 million transacting users, and Rs 3 trillion in customer assets, per Dasani.
- BofA Securities initiated coverage on Groww with a 'Buy' rating and Rs 235 target price, expecting 30% revenue CAGR over FY26–FY28 and citing India's growing retail investor base.
Why it matters: Two of India's largest listed stockbrokers are at very different stages of their bull runs: Angel One at Rs 26,681 crore market cap and 20.4% retail turnover share versus Groww at Rs 1.28 lakh crore cap. The analyst's call suggests investors entering after a sharp rally get better risk-reward in Angel One's proven scale, while BofA's Rs 235 target on Groww still implies 30% revenue CAGR through FY28 — making the choice one between a premium-priced growth story and a steadier franchise.
Ask SkimNews
