Target: ₹250CMP: ₹205.65Billionbrains Garage Ventures (Groww) reported an operating revenue of ₹1,500 crore in Q1FY27, reflecting a growth of 66 per cent year-on-year (in line). Operating expenses rose 26 per cent to ₹530 crore in Q1FY27 (14 per cent below estimate), with employee expenses increasing 33 per cent (in line) and other expenses increasing 23 per cent (19 per cent below estimate). EBITDA doubled to ₹970 crore, reflecting an EBITDA margin of 64.6 per cent . PAT for the quarter came in at ₹740 crore, growing 94 per cent.As established businesses continue to gain operating leverage and new products are largely being built by existing teams, the management expects the overall cost structure to remain relatively stable.Groww continues to report strong revenue growth, backed by rising user adoption of products as well as robust user activation. Its brokerage business is gaining market share across segments, with recent product launches, fuelling further growth.We expect the overall orders in the broking segment to report over 20 per cent growth over FY27-28, backed by market share expansion and improving revenue per order.We have largely maintained our top-line estimates, with lower cash and derivatives revenue being offset by higher MTF revenue. We have increased our earnings estimates by 1 per cent/3 per cent for FY27/28, considering the improved operational efficiency. We reiterate our BUY rating with a revised TP of ₹250 (premised on 38x FY28E EPS).Published on July 16, 2026