Groww, Angel One, and Motilal Oswal are transforming India’s financial landscape in different ways, with each company leading in user growth, trading activity, and differentiated financial services, respectively.
India’s financial services sector is growing rapidly, driven by increasing retail participation and digital adoption. Three major players—Groww, Angel One, and Motilal Oswal—illustrate how different business strategies can succeed in this evolving market. While all three operate in the broking and investment ecosystem, their focus areas, customer bases, and revenue models are quite different, offering investors a variety of ways to participate in the country’s financial growth story.
Groww
Groww has established itself as the largest platform for retail investors, with 21.6 million transacting users and 16.7 million active users. The platform currently manages customer assets worth approximately ₹3 trillion, with net inflows reaching ₹25,000 crore during Q4 FY26 alone. This strong scale has helped Groww attract first-time investors, especially from younger demographics, who are increasingly entering the equity market and pursuing long-term growth.
The company’s financial performance reflects its rapid expansion and efficient execution. During Q4 FY26, Groww reported total income of ₹1,536 crore, with EBITDA of ₹939 crore and profit after tax (PAT) of ₹686 crore. On a year-over-year basis, income grew 81%, EBITDA grew 142%, and PAT grew 122%. These figures indicate that Groww is not only growing its user base but also successfully converting that growth into strong profitability.
Angel One
In contrast to Groww’s focus on user acquisition, Angel One stands out for its high trading engagement on its platform. The company processed an average of 7.4 million orders daily during FY26 and completed 431 million orders in a single quarter. It also has a 20.4% share in retail equity turnover and a 16.7% share in the demat segment, indicating that its users are among the most active traders in the market.
Angel One is continuously diversifying its offerings beyond trading. Its wealth management platform has surpassed ₹10,000 crore in assets under management, while total credit disbursements have reached ₹2,710 crore. Additionally, its asset management business, while still small, has grown to approximately ₹360 crore in AUM. Financially, the company reported Q4 FY26 gross income of ₹1,470 crore and PAT of ₹320 crore, with a healthy margin of 44.4%, reflecting strong operational efficiency.
Motilal Oswal
Motilal Oswal takes a differentiated approach, operating a large financial services platform that includes wealth management, asset management, investment banking, and housing finance. The company manages over ₹6.6 lakh crore in advised assets, of which ₹1.97 lakh crore is in wealth management and ₹1.76 lakh crore is in asset management alone. Its diversified model reduces dependence on any single revenue stream and provides stability during market cycles.
The company has built a strong institutional presence, covering 366 listed companies and serving over 900 institutional clients. In FY26, it ranked first in the QIP league table and second in the IPO rankings, reflecting its strong investment banking franchise. Financially, Motilal Oswal reported an operating PAT of ₹2,360 crore for FY26 and ₹661 crore in Q4 alone, while maintaining a net worth of ₹12,888 crore. Over the past decade, it has delivered consistent growth with a revenue CAGR of 24% and a PAT CAGR of 33%, all without equity dilution.
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