Whalesbook
Profit toh full power mein, par valuation par suspense?
Groww ki parent company, Billionbrains Garage Ventures, ka Q4 FY26 ka result ekdum zabardast aaya hai. Inki total income 81% badh kar ₹1,536 crore ho gayi, lekin profit toh 122% ud gaya, ₹686 crore tak! Last year issi quarter mein toh sirf ₹309 crore ka profit tha. Iska matlab company ne bade acche se cost manage ki hai aur paisa kamaane ka tareeka (operational leverage) improve kiya hai.
Angel One se kaise compare kar rahe hain?
Competition mein Angel One bhi peeche nahi hai, unka profit bhi nearly double ho gaya, ₹351 crore tak pahuncha aur income 40% badhi. Par Groww ka profit growth rate toh usse bhi zyada hai.
Duniya ka sabse mehenga brokerage stock?
Lekin asli masala toh Groww ke valuation mein hai. Bhai, yeh toh duniya ka sabse expensive brokerage stock ban gaya hai! Abhi yeh 43x forward earnings par trade ho raha hai. Global players jaise Robinhood Markets aur Interactive Brokers se toh bahut zyada, aur India mein Angel One (jo 31-32x P/E par hai) se bhi upar hai. Groww ke paas 28.3% market share hai aur 13 million se zyada active clients hain, toh India ka sabse bada broker hai hi.
Industry mein challenges aur future outlook
Brokerage industry mein bhi challenges kam nahi hain. Regulations change ho rahe hain, derivatives trading par impact aa raha hai, STT bhi badha hai. Aur competition mein sab zero-brokerage offer kar rahe hain, toh companies ko income ke naye raaste dhoondhne pad rahe hain. Groww wealth management aur lending mein bhi utar rahi hai, jo achhi baat hai, lekin brokerage income par abhi bhi 84.5% depend karna ek risk hai. BofA Securities jaise analysts abhi bhi positive hain aur 30% annual revenue growth tak forecast kar rahe hain 2028 tak. Lekin 43x valuation par itni jaldi growth sustain karna aur koi mistake na karna, yeh sab dekhna padega.