Groww Q2 FY26: Strong User Growth Despite Industry Slowdown

Groww has reported a steady and resilient performance in Q2 FY26, even as the broader broking industry saw a decline in active users. The platform continues to strengthen its position through higher user engagement, improving monetisation, and strong SIP-led onboarding. Key Highlights • Total Transacting Users: Up 5% QoQ and 27% YoY, reaching 1.9 crore. • Active Users: Grew 3.2% QoQ, driven by strong new customer acquisition. • SIP-Led Growth: 36% of new users in Q2 were SIP-first, showing rising preference for long-term investing. • Improved Monetisation: Revenue per broking order increased to ₹19.8, compared to ₹18.0 YoY. • Industry Context: NSE active users declined from 50.2 million (Jan 2025) to 45.3 million by the end of Q2 FY26. Despite this, Groww’s active user base expanded — a sign of market share gain. What This Means Groww is clearly growing faster than the industry. The rise in SIP-first users indicates a maturing investor base moving towards disciplined investing. Higher revenue per order shows improved monetisation without disrupting user experience. While the broking industry is seeing a consolidation phase, Groww continues to expand both depth and breadth of engagement. If you found this post helpful, do follow me for more such insights!