GROWW

JM financials on Groww

Initiate Coverage with a SELL rating and TP of Rs.144 Too expensive for a broking business Believe MTF is a low-hanging fruit Wealth and consumer credit will need focused execution Expect 80%+ of Groww’s FY28e revenue to come from broking Ancillary products will remain unable to offset any sharp downturn in core broking revenue Broking orders fell 29% over 2 quarter following regulatory action from Oct’24 Fall in broking order is seen as huge tail risk for its business model Expect revenue/PAT to grow at 34%/45% CAGR over FY26-FY28e