India’s retail investing boom has reshaped the brokerage industry, creating distinct leaders with different strengths.
Groww, Angel One, and Motilal Oswal Financial Services have built businesses around different models. Groww has focused on attracting new investors, Angel One has emerged as a leader in trading activity, while Motilal Oswal has built a diversified financial services franchise spanning wealth management, asset management and investment banking.
Here is how the three companies compare.
Groww: The user acquisition leader
Groww (Billionbrains Garage Ventures Ltd) has emerged as India’s largest retail investment platform by customer base.
Scale and customer assets
The platform reported:
- 21.6 million transacting users.
- 16.7 million active users.
- Customer assets of around ₹3 trillion.
- Net inflows of ₹25,000 crore during Q4FY26.
The company has gained popularity among first-time and younger investors.
Groww holds:
- 15.7% share of the mutual fund SIP market.
- 14% share in the retail cash market.
- 10.6% share in retail derivatives premium turnover.
- 2.7% share in margin trading facilities.
Financial performance
During Q4FY26, the company reported:
- Total income of ₹1,536 crore.
- EBITDA of ₹939 crore.
- Profit after tax of ₹686 crore.
Compared with the previous year:
- Income increased 81%.
- EBITDA rose 142%.
- PAT grew 122%.
Key strength
Groww’s biggest advantage is its ability to convert rapid customer growth into profitability.
Angel One: The trading activity leader
While Groww leads in user acquisition, Angel One stands out for customer engagement and trading volumes.
Trading activity
The company reported:
- Average daily orders of 7.4 million during FY26.
- 431 million orders executed during the quarter.
- Retail equity turnover market share of 20.4%.
- Demat market share of 16.7%.
These figures indicate high trading intensity among its users.
Expansion beyond broking
Angel One has been building new businesses.
Its wealth platform, Ionic Wealth, has:
- Assets under management exceeding ₹10,000 crore.
Other businesses include:
- Credit products with cumulative disbursements of ₹2,710 crore.
- Asset management business with AUM of around ₹360 crore.
Financial performance
In Q4FY26, the company reported:
- Gross income of ₹1,470 crore.
- Net income of ₹1,153 crore.
- Profit after tax of ₹320 crore.
- Normalised EBDAT margin of 44.4%.
Key strength
Angel One’s competitive edge lies in strong customer engagement and leadership in retail trading volumes.
Motilal Oswal: The diversified financial services franchise
Motilal Oswal Financial Services Ltd (MOFSL) has built a broader business model than the other two players.
Its operations span:
- Broking.
- Wealth management.
- Asset management.
- Alternative investments.
- Investment banking.
- Housing finance.
- Treasury investments.
Assets under advice
The company manages:
- More than ₹6.6 lakh crore in assets under advice.
- Wealth management assets of ₹1.97 lakh crore.
- Asset management AUM of ₹1.76 lakh crore.
Its client base exceeds 12 million customers.
Institutional and investment banking presence
Motilal Oswal:
- Commands 9.2% share of average daily turnover.
- Covers 366 listed companies through research.
- Serves more than 900 institutional clients.
During FY26, it ranked:
- First in QIP league tables.
- Second in IPO league tables.
Financial performance
The company reported:
- FY26 operating PAT of ₹2,360 crore.
- Q4 operating PAT of ₹661 crore.
- Net worth of ₹12,888 crore.
Over the last decade, MOFSL delivered:
- Revenue CAGR of 24%.
- Operating PAT CAGR of 33%.
- Assets under advice CAGR of 30%.
Management said this growth was achieved without equity dilution.
Key strength
Motilal Oswal’s biggest advantage is the diversification of its earnings across multiple businesses.
Quick comparison
| Metric | Groww | Angel One | Motilal Oswal |
|---|---|---|---|
| Users/Clients | 21.6 million transacting users | High trading engagement | Over 12 million clients |
| Q4 PAT | ₹686 crore | ₹320 crore | ₹661 crore |
| Key Strength | Customer acquisition | Trading activity | Diversified financial services |
| Assets | ₹3 trillion customer assets | Ionic Wealth AUM above ₹10,000 crore | ₹6.6 lakh crore AUA |
| Market Position | Retail investing platform | Retail trading leader | Wealth and institutional franchise |
Investment takeaway
Each company represents a different part of India’s financialisation story.
Groww
Strengths include:
- User acquisition.
- Customer asset growth.
- Strong profitability.
Angel One
The company stands out for:
- Trading volumes.
- Retail market share.
- Customer engagement.
Motilal Oswal
Its strengths lie in:
- Wealth management.
- Asset management.
- Investment banking.
- Diversified earnings streams.
For investors, the choice depends on the type of exposure they seek within India’s growing financial services sector.
TL;DR
Groww leads in customer acquisition, Angel One dominates trading activity and Motilal Oswal offers the broadest financial services platform. Each company has built a distinct business model to benefit from India’s rising retail participation.
AI Summary
- Groww has 21.6 million transacting users and ₹3 trillion in customer assets.
- Angel One processes 7.4 million orders daily and holds 20.4% retail equity turnover share.
- Motilal Oswal manages more than ₹6.6 lakh crore in assets under advice.
- Groww reported Q4 PAT of ₹686 crore, while Angel One posted ₹320 crore.
- Motilal Oswal’s Q4 operating PAT stood at ₹661 crore.