Synopsis: Angel One and Groww delivered contrasting performances in Q3 FY26. Angel One led in revenue scale with Rs 1,335 crore in income, while Groww outperformed on profitability and asset aggregation, reporting higher EBITDA margins and Rs 3 trillion in customer assets. The quarter highlighted the scale versus efficiency dynamics between the two brokers.
The competition between Angel One and Groww remained high in Q3 as these stockbrokers continued to exhibit their individual strengths. While one continued to enjoy the prevalent strength of the size and diversity of product offerings, the other showed its strength in superior operating efficiency. Q3 underlined the broader theme that the stocks industry lives by: scale vs. profitability. With retail participation in the stock markets continuing to grow, the ability to leverage user growth into profitability is one area that has set the stockbroking platforms apart.
Revenue Performance: Groww Operates at a Higher Scale
Groww earned a total income of Rs 1,216 crore in Q3 FY26. On the contrary, Angel One reported consolidated gross revenues of Rs 1,335 crore. Angel One in revenue is clearly in favour. The figures indicate that Angel One is in a better position than Groww in terms of revenue scale in Q3. Although Groww has consistently been growing revenue numbers from the past few quarters, Angel One is clearly in a better position in terms of income in Q3.
Profitability & Operating Leverage: Groww Reports Stronger Margins
Groww’s adjusted EBITDA stood at Rs 756 crore at 63.7%, showing strong operating leverage. There was also an uptick in efficiency. Angel One, however, ended the quarter with an EBITDA margin of 43%, or Rs 434 crore, in Q3 FY26. While the profitability levels of both are high, the margin profile of Groww seems better in the recent quarter, showing improved monetisation of every active user. From the operating efficiency standpoint, Groww had the edge over Angel One in the recent quarter of Q3.
Customer Assets: Groww Ahead on Asset Aggregation
In terms of asset aggregations, Groww registered a strong Rs 3.0 trillion in customer assets in Q3, almost double that of Angel One’s Rs 1.5 trillion in assets under custody. In terms of this parameter, Groww has managed to perform better than Angel One in Q3. By having a large amount of customer assets, Groww has more visibility in terms of revenues and better monetisation opportunities.
Groww reported 20.4 million total transacting users, with 16.0 million active users, reflecting strong growth of 7% QoQ and 25% YoY, highlighting its expanding retail investor base. On the other hand, Angel One has 45 million active NSE clients as of December 2025, accounting for 3.1% of India’s total population. In comparison, Angel One has a significant number of active customers compared to Groww, indicating a larger client base and stronger overall market penetration.
Product Ecosystem: Angel Broader, Groww Faster Monetising
Angel One has a diversified fintech stack of 21 products, while Groww has few offerings, focusing on high-margin verticals like MTF, commodities, and credit, growing them very rapidly. They have more offerings, but they are seeing higher revenue intensity out of their limited offerings in Q3; that can be a challenge for Angel One.
Final Verdict: Growth Efficiency vs Established Scale
In Q3 of FY26, both brokers showed strength in different areas. However, Groww seems to have gained an edge over Angel One in terms of overall operating efficiency. Angel One, on the other hand, gained an edge over Groww in terms of revenue scale. Angel One led in terms of overall top-line revenues, with Rs 1,335 crore as compared to Rs 1,216 crore by Groww. However, on the profitability front, Groww has gained an edge over Angel One with a higher EBITDA margin of 63.7% compared to 43% posted by Angel One.
Also, Groww has gained an edge over Angel One in terms of asset aggregation with higher customer assets of Rs 3.0 trillion as compared to Rs 1.5 trillion held by Angel One. If we compare both brokers in terms of size or scaling, Angel One has a clear edge over Groww. However, in terms of efficiency, Groww has been the clearer leader over Angel One.
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