GROWW Q2 FY27: EQUITY DERIVATIVES REVENUE DECLINES 14.3% QOQ DUE TO CAS IMPACT 🔴

• Equity Derivatives revenue declined 14.3% QoQ, largely attributed to the implementation of the Closing Auction System (CAS). • SEBI introduced CAS on August 3, 2026, replacing the earlier VWAP-based closing price mechanism for F&O-eligible stocks. • Initial price differences between the reference price and auction equilibrium price led to lower trading volumes across the industry. • Management stated that Groww's revenue decline was broadly in line with the industry. • SEBI has proposed delinking derivatives settlement prices from CAS closing prices. • Management expects trading activity to normalise if the proposed changes are implemented.

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