Multiple companies delivered robust Q2 FY27 results on October 14, 2026, showcasing strong operational performance across diverse sectors. Groww reported a consolidated net profit of ₹725.65 crore for Q2 FY27, marking a 54% increase from ₹471.34 crore in the same period last year. The investment platform's revenue from operations climbed 47% year-on-year to ₹1,501.53 crore compared with ₹1,018.74 crore a year earlier. Canara Bank posted a net profit of ₹5,175 crore for Q2 FY27, up 8.4% from the previous year, driven by robust loan growth and improved asset quality. The bank's global business expanded 15.88% year-on-year to ₹30,72,365 crore, with global advances growing 19.46% to ₹13,75,060 crore.
Groww's equity derivatives income fell due to SEBI's Closing Auction Session (CAS) implementation, with net profit declining 1.2% sequentially to ₹725.65 crore from ₹735.04 crore in the previous quarter. The online trading platform's revenue declined marginally by 0.5% sequentially to ₹1,541 crore from ₹1,549 crore in Q1 FY27. However, on a year-on-year basis, Groww's revenue from operations increased 47%, while EBITDA rose 61% and EBITDA margin stood at 64.5%, compared with 59.3% in the year-ago quarter. Total expenses surged 28% YoY to ₹556 crore, up from ₹432 crore in the year-ago period. The company noted that while equity derivatives' share in total income declined 12% year-on-year due to market adjustments to CAS, it expects recovery once SEBI's consultation paper recommendations are implemented.
Groww has been working to reduce its dependence on equity derivatives by expanding its presence across other business segments, including commodities trading and its margin trading facility (MTF). The contribution of equity derivatives to overall revenue declined to 44.8% in Q2 FY27 from 56.9% in the year-ago quarter, while commodities trading accounted for 6.2% of revenue, up from 0.2% a year earlier. MTF's contribution increased to 10.1% from 7.4%, demonstrating successful diversification efforts. The company stated in its shareholder letter that while equity derivatives' share declined due to market adjustments to CAS, it believes this will recover once SEBI's consultation paper recommendations go into effect. Jefferies noted that options revenue accounted for less than half of Groww's total revenue, indicating continued diversification, with potential contribution from US stock investing currently being tested.
Groww's total transacting users reached 2.4 crore as of September 30, 2026, rising 27% year-on-year. The company added 11 lakh new-to-users during the quarter, propelled by primary market activity. 42 lakh users applied for equity IPOs via Groww, resulting in a 22% market share in total allotments. Total customer assets stood at ₹3.9 lakh crore, jumping 46% YoY, reflecting strong user engagement and market participation. Equity derivatives continue to comprise the majority of Groww's total income at 44.8% share, followed by stocks at 17.4% and MTF at 10.1%.
Analysts remained bullish on Groww shares, citing revenue diversification, margin trading facility (MTF) growth and cost efficiencies as key drivers of its performance. Jefferies maintained its 'Buy' call with a price target of ₹240, implying an upside potential of more than 24% from Wednesday's closing price, citing higher cash equity revenues and lower operating expenses. Macquarie retained its 'Outperform' rating with a price target of ₹260, implying an upside potential of 35%, attributing the quarterly performance to growth in MTF and consumer credit. Kotak Institutional Equities retained its 'Buy' rating with an unchanged fair value of ₹245, highlighting the company's diversified revenue drivers and lower operating costs. Jefferies noted that the resolution of CAS-related issues by SEBI could accelerate earnings growth in the December quarter, while Macquarie expects Groww to benefit from market share gains, new product launches and expanding opportunities in wealth management and asset management.
