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Groww Overtakes Angel One in Commodity Derivatives; Analysts See Stock Rally Towards ₹250

Posted on 16th Jul 2026 05:31 pm by rohit kumar

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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