Market leader Groww continued its strong performance in August, adding 2.23 lakh active clients and maintaining its position as the largest digital brokerage platform. According to NSE data reported by CNBC TV18 and The Hindu BusinessLine, this growth brought Groww's active client base from 1.31 crore in July to 1.33 crore in August. The platform's market share increased from 28.88 per cent to 29.04 per cent, representing nearly 44 per cent of the industry's net additions during the month. Groww led the industry with the highest client additions among major brokers, demonstrating its continued dominance in India's digital brokerage sector.
In a recent analysis, Jefferies highlighted significant growth opportunities for Groww's margin trading facility (MTF) business. The brokerage noted that India's MTF book has grown nearly 2x in the last two years to ₹1.5 trillion as of August, with the industry MTF book projected to reach ₹2.5 trillion by FY30E. Jefferies estimates that Groww's MTF book has potential to nearly triple to ₹100 billion in the next few years, up from its current ₹38 billion that has grown 6x since FY25. The analysis suggests Groww's MTF share in revenue could rise to 14 per cent by FY29E from 5 per cent in FY26, with the company currently providing MTF in around 1,600 stocks.
The broader broking industry demonstrated robust growth with 5.12 lakh net active clients added in August, as reported by CNBC TV18 and The Hindu BusinessLine. Among the larger established brokers, SBI Securities was the only major player to report a decline, losing around 26,200 active clients and bringing its base to 10.4 lakh. Angel One added 85,000 active clients to reach 67.2 lakh, maintaining a 14.62 per cent market share. Zerodha contributed 35,000 clients to reach 68 lakh, holding a 14.79 per cent market share. The growth in active clients also comes as retail participation in India's equity markets remains broad-based, with digital platforms continuing to compete for a larger share of individual investors.
The August data reveals continued concentration of active clients among leading digital brokers, with Groww maintaining its position as the largest platform. As reported by CNBC TV18 and The Hindu BusinessLine, the industry added more than 5 lakh active clients during August, with Groww alone contributing nearly half of the net additions and taking its market share above 29 per cent. Jefferies notes that while Groww, Zerodha and Angel One together hold 15 per cent market share in MTF, they are up from 10 per cent in June 2025 despite bank-led brokers offering plans with lower rates. ICICI Securities, Kotak Securities and HDFC Securities together have around 40 per cent market share in MTF, highlighting the competitive landscape in the margin trading segment.
Looking ahead, Jefferies projects significant revenue contribution from Groww's MTF business, with the segment's share in revenue expected to rise to 14 per cent by FY29E from 5 per cent in FY26. The brokerage has marginally lowered Groww's target price to ₹240 from ₹250, though this still implies an upside of 25 per cent from the current market price of ₹194.45. Jefferies has cut FY27-29E EPS for Groww by 2-3 per cent accounting for the adverse impact of CAS on options order growth and retail option traders, partially offset by higher commodity orders. Despite these adjustments, the analysis maintains a positive outlook on Groww's growth prospects in India's expanding digital brokerage market.
