**Groww Powers Through Q4FY26 with 81% Revenue Surge and Margin Expansion** **Key highlights** • Total income jumped 81% year-on-year to ₹15,355 crores, driven by heightened market volatility and product diversification. • Transacting users grew 25% annually to 21.6 million while customer assets swelled 36% to ₹3.0 lakh crores. • New product segments like commodity derivatives and margin trading facility gained meaningful traction, contributing 4% and 5% of revenue respectively. Groww delivered a standout quarter that underscored the fintech platform's ability to capitalize on market opportunities while demonstrating robust operational efficiency. The company's diversification strategy bore fruit as newer product segments gained momentum, while the core derivatives business benefited from elevated market volatility throughout the quarter. **Derivatives Dominance Drives Performance** Equity derivatives remained the revenue workhorse, contributing 55% of total income despite a slight moderation from previous quarters. The segment thrived on heightened market volatility that characterized Q4FY26, with traders flocking to the platform for derivatives exposure. Stock trading, while still significant at 16% of revenue, saw its contribution ease as users gravitated toward more sophisticated trading products. This shift reflects Groww's evolution from a simple equity platform to a comprehensive trading ecosystem that caters to diverse investor preferences and risk appetites. **Product Innovation Creates New Revenue Streams** The company's strategic push into commodity derivatives and margin trading facility demonstrated impressive early traction. Commodity derivatives, launched during the year, scaled rapidly to capture 4% of total revenue by quarter-end, while margin trading facility expanded its footprint to 5% of revenue from just 2% in Q4FY25. These newer segments represent Groww's successful diversification beyond traditional equity products, creating multiple revenue engines that reduce dependence on any single product category. The platform's ability to cross-sell these products to its existing user base highlights strong customer engagement and trust. **User Ecosystem Expands with Quality Growth** The platform's user metrics painted a picture of healthy, sustainable growth with transacting users reaching 21.6 million, marking 25% year-on-year expansion. More importantly, customer assets under management surged 36% annually to ₹3.0 trillion, indicating that users are not just joining but actively deploying capital through the platform. Net inflows of ₹0.25 trillion during the quarter demonstrated strong customer confidence and platform stickiness. This combination of user growth and asset accumulation suggests Groww is successfully building long-term customer relationships rather than merely chasing transaction volumes. **Operating Leverage Reaches New Heights** Every cost category improved as a percentage of revenue, with cost to serve dropping from 18.5% to 10.7%, cost to grow declining from 12.1% to 8.5%, and cost to operate falling from 18.8% to 14.7%. This dramatic margin expansion reflects the platform's ability to serve more customers and process higher volumes without proportional increases in operational expenses, validating the digital-first business model's inherent advantages. **Transparency in Evolving Metrics** Management demonstrated commitment to transparency by announcing two important reporting changes. The company will now report standard EBITDA instead of adjusted EBITDA, as merger-related one-offs have aged beyond the one-year mark. Additionally, market share calculations for retail cash and premium turnover have been refined to better reflect actual market dynamics by accounting for both parties in each trade. These changes signal management's confidence in the underlying business performance and commitment to clearer financial communication. **The Bigger Picture** Groww appears to have successfully navigated the transition from a growth-focused startup to a profitable, diversified financial services platform. The combination of strong user growth, expanding product portfolio, and dramatic margin improvement positions the company well for sustained performance across market cycles. With multiple revenue engines now contributing meaningfully and operational leverage clearly demonstrated, Groww seems poised to capitalize on India's evolving investment landscape while maintaining its efficiency-focused approach.