Groww, the Bengaluru-based fintech platform, crossed Rs 3 trillion in customer assets in the March quarter and posted a profit after tax of Rs 686 crore, as the company shifts focus toward building out its lending business.

Revenue for Q4 FY26 came in at Rs 1,535.5 crore, nearly doubling from Rs 849.5 crore in the same quarter last year. Customer assets grew 36% year-on-year, driven by a steady rise in active users. The platform reported 21.6 million transacting users and 16.7 million active users, with the active base up 6% quarter-on-quarter and 25% year-on-year.

Market Share Gains Across Segments

Groww continued to take share from rivals despite intensifying competition. Its mutual fund market share rose to 14%, while stock broking and equity derivatives stood at 15.7% and 10.6% respectively. Pricing and distribution remain the main battleground in broking, yet Groww's numbers moved in the right direction across all three segments.

The lending vertical is now the clearest signal of where the company is headed. Groww says the unit economics in credit have improved and the segment is contributing meaningfully to overall profits. The company plans to deploy both its accumulated earnings and proceeds from a recent fundraise into scaling this business, covering both broking-linked credit and consumer lending.

Newer Bets Still Burning Cash

Not every part of the business is profitable yet. Fisdom, the wealthtech platform Groww acquired, posted a loss of Rs 10.2 crore in Q4 FY26. Management expects it to turn profitable by FY28 as integration progresses. Groww Mutual Fund, the company's own AMC, lost Rs 21.4 crore in the same quarter and is described as still in a build-out phase. The AMC would need a 5–6x increase in assets under management to reach profitability, which management projects will take several more years.

The overall picture is of a profitable core business funding expansion into higher-margin or higher-growth areas. Lending, if scaled successfully, could meaningfully improve revenue quality since it typically generates better margins than broking commissions or distribution fees. The key question is credit risk management as Groww grows its balance sheet in both consumer and broking-linked segments.

Watch for how fast the lending book grows in FY27 and whether Groww MF's AUM trajectory accelerates enough to narrow losses on a reasonable timeline.