Online brokerage platform Groww has strengthened its position in India's financial services industry by overtaking Angel One in the commodity derivatives segment during the April–June quarter. The company has now become the country's largest commodity derivatives broker by Notional Average Daily Turnover (ADTO), while leading global and domestic brokerage firms have reiterated 'Buy' ratings with a ₹250 target price.
Groww Becomes India's Largest Commodity Derivatives Broker
According to the company's quarterly data, Groww recorded a Notional ADTO of ₹2.43 lakh crore in the first quarter, surpassing Angel One's ₹2.37 lakh crore.
Key highlights include:
Groww Market Share: 28.6%
Angel One Market Share: Approximately 26.5%
Zerodha Market Share: Around 12%
The achievement marks another milestone for Groww as it continues expanding beyond equity investing into multiple financial products.
Commodity Business Adds New Growth Engine
Groww launched its commodity trading platform for select users before expanding it to all customers. During the latest quarter, the commodity business contributed 4.9% of the company's overall revenue, highlighting its growing importance in the firm's diversified business model.
The company is also expanding across:
Commodity Derivatives
Margin Trading Facility (MTF)
Wealth Management
Investment Products
This diversification is gradually reducing Groww's dependence on options trading revenue.
Top Brokerages Recommend 'Buy'
Several leading brokerage firms remain optimistic about Groww's future growth.
JPMorgan
Rating: Overweight
Target Price: ₹250
Revenue grew 66% YoY
EBITDA and EPS exceeded expectations
Jefferies
Rating: Buy
Target Price: ₹250
Strong EBITDA driven by lower operating costs
Diversified revenue mix improving business stability
Motilal Oswal
Rating: Buy
Target Price: ₹250
Raised FY27 and FY28 earnings estimates
Positive outlook based on improving operational efficiency
Why Analysts Remain Bullish
Analysts believe Groww is benefiting from:
Rapid growth in commodity trading
Expanding customer base
Diversified revenue streams
Strong profitability
Better operating leverage
Continued market share gains
The declining dependence on options trading and increasing contribution from newer businesses are viewed as positive long-term developments.
Should Investors Watch Groww Stock?
With Groww emerging as the largest commodity derivatives broker in India, market experts believe the company is entering a stronger growth phase. The unanimous ₹250 target price from multiple brokerages reflects confidence in its expanding business model and improving financial performance.
However, investors should remember that brokerage targets are estimates rather than guarantees. Investment decisions should be based on individual financial goals, risk tolerance, and thorough research before buying any stock.
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