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GROWW · price
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Groww held its Q4 FY26 earnings call discussing strong market share gains in derivatives (9.1% to 10.6%), successful scaling of MTF and new products like commodities and bonds. The company became public and grew AUM 2.5x in one year. On wealth management, Fisdom acquisition was completed and three products launched (Fisdom, W, Prime) but management called it "very early" to comment on scaling. AI integration is being pursued for both customer experience and internal productivity. Cost to grow remains around INR 450-500 crores annually, while cost to operate will increase in Q1 due to appraisals then stabilize. Management declined to give specific margin targets, saying expansion depends on revenue growth rate. F&O penetration has stabilized at around 10% after November regulations.
Shareholders should note Groww continues gaining market share in core broking but wealth management is in early investment phase with Fisdom expected profitable by FY28. No specific multi-year targets were provided, and margin outlook remains tied to revenue growth rate.