INVESTEC ON GROWW ; BUY | TP ₹225

• Strong scale achieved; wealth management emerges as the next growth opportunity. • Focused content, marketing and simple user interface drive 80% organic customer acquisition. • Low customer acquisition costs (CAC) and strong retention support profitability. • Efficient customer acquisition and retention helped deliver 60% EBITDA margins in FY26. • High market share in cash equities, F&O and commodities limits further market-share gains. • Future growth opportunities shifting toward wealth management, credit distribution and Margin Trading Facility (MTF). • Investec remains positive on Groww's scalable, high-margin business model.

BILLIONBRAINS GARAGE VN L

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