Peer Comparison of Groww IPO With Top Stockbrokers in India
Groww, which began its broking operations only in 2020, has quickly emerged as India’s largest stockbroker. Ahead of its much-anticipated IPO, it’s worth comparing Groww’s performance metrics with peers such as Zerodha, Angel One, Motilal Oswal, and 5Paisa to understand its valuation and business strength.
About Groww
Peer Comparison Table
| Company | P/E Ratio (FY25) | Broking Started | Market Share (Sept’25) | Active NSE Clients (mn) | 3-Year Revenue CAGR | Net Profit Margin (FY25) |
|---|---|---|---|---|---|---|
| Groww | 33.86x | 2020 | 26.26% | 11.9 | 125% | 44.9% |
| Zerodha | 20.89x | 2010 | 15.64% | 7.08 | 32% | 49.4% |
| Angel One | 28.9x | 1996 | 15.18% | 6.98 | 32% | 22.4% |
| Motilal Oswal | 29x | 1987 | 1.94% | 0.88 | 25% | 30.1% |
| 5Paisa | 20.7x | 2016 | 0.83% | 0.38 | 7% | 18.9% |
Key Observations
💡 Groww commands over a quarter of India’s market share in retail broking within just five years of starting operations, an extraordinary feat in the sector.
📈 Its revenue growth of 125% CAGR over three years outpaces all peers, showcasing the power of digital adoption and younger investor participation.
💰 Zerodha continues to lead in profitability with a 49.4% margin, while Groww closely follows at 44.9%, reflecting strong cost efficiency despite higher marketing spends.
⚙️ Legacy brokers like Motilal Oswal and Angel One, though profitable, have slower client acquisition compared to new-age platforms.
For investors tracking the upcoming IPO, Groww’s valuation premium over older peers seems justified by its scale, speed of execution, and sustained growth in client addition.
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Investor Takeaway
SEBI Disclaimer: The information provided in this post is for informational purposes only and should not be construed as investment advice. Readers must perform their own due diligence and consult a registered investment advisor before making any investment decisions. The views expressed are general in nature and may not suit individual investment objectives or financial situations.
