The brokerage said Groww is well positioned to capitalise on India’s strong retail investing tailwinds. It expects the company to deliver a revenue compound annual growth rate of 30% between financial year 2026 and financial year 2028.ALSO READ | MTR-parent Orkla India shares can jump another 28% from current levels
BoFA also said that Groww has the best in class profitability, with further upside from operating leverage.It expects earnings before interest, tax, depreciation and amortisation (EBITDA) margins and profit after tax (PAT) margins to expand to 67% and 52%, respectively, by FY28.
The brokerage has valued the company at 39 times its estimated price to earnings multiple for FY28. However, it cited near term risks including weak capital market performance and the expiry of the six month lock-in period.
The initiation adds to a series of positive calls on the stock. Last month, JPMorgan initiated coverage with an ‘Overweight’ rating and a price target of ₹210, calling Groww the most lucrative India listed consumer internet platform.
Earlier, UBS had initiated coverage with a ‘Neutral’ rating and a price target of ₹185.
Of the nine analysts tracking the stock, seven have a ‘Buy’ rating, while one each have ‘Hold’ and ‘Sell’ recommendations.
Shares of Groww ended Monday’s session 0.59% higher at ₹194.85, taking their gains over the past one month to more than 23%. The stock is up about 95% from its issue price of ₹100.
First Published: Apr 15, 2026 8:32 AM IS
