Angel One and Groww shares in focus after Q1 results

Shares of brokerage firms Angel One and Groww parent Billionbrains Garage Ventures were in focus on Thursday following their June quarter earnings. Angel One shares rose 1.7 per cent in early trade to ₹349.40 on the NSE from the previous close of ₹343.40.

Shares of Billionbrains Garage Ventures rose 2 per cent to ₹220.98 before declining.

Angel One posted over two-fold increase in consolidated profit after tax to ₹231.4 crore for the quarter ended June 30, 2026, driven by strong retail client participation and robust trading volumes.

Groww’s profit after tax jumped 94.4 per cent y-o-y to ₹735 crore from ₹378 crore in Q1FY26, driven by revenue growth, operating leverage across all cost buckets and increasing contribution from newer products such as margin trading facility (MTF) and commodities.

Citi maintained its buy rating on Groww and raised its target price to ₹255 from ₹230.

The brokerage said business momentum had softened, with active user accretion moderating in broking and the pace of market share accretion easing. However, it said new products could provide upside, while ticket size was driving MTF growth and cash yields.

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Motilal Oswal reiterated its buy rating on Groww with a revised target price of ₹250.

Motilal Oswal said it expected overall orders in the broking segment to grow more than 20 per cent over FY27 and FY28, supported by market share expansion and improving revenue per order. It added that the MTF segment, LAS and wealth management business were expected to provide an additional boost to top-line growth.

The brokerage said it had largely maintained its top-line estimates, with lower cash and derivatives revenue offset by higher MTF revenue, and raised earnings estimates by 1 per cent and 3 per cent for FY27 and FY28, respectively, reflecting improved operational efficiency.

JM Financial upgraded Groww to buy from sell, citing strong growth and robust platform economics despite what it described as an expensive valuation.

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It raised FY27E, FY28E and FY29E earnings per share estimates by 4 per cent, 6 per cent and 11 per cent, respectively. The brokerage also said it valued Groww at a 50 per cent premium to Angel One, compared with 20 per cent earlier, citing superior earnings growth, higher margins and substantially higher client assets on the platform. It raised its target price to ₹250 from ₹170.

Citi maintained its buy rating on Angel One with a target price of ₹380, highlighting strong improvement in the company’s margin profile and said the focus on containing overheads provided further headroom for margin expansion.

Motilal Oswal said a sequential decline in revenue during Q1FY27 was due to a drop in futures and options activity, even as cash activity continued to surge and the commodity segment remained flat.

The brokerage added that the loan distribution business witnessed some slowdown during the quarter, while newer businesses such as fixed deposit distribution, wealth management and asset management were likely to gain traction over the medium term.