Groww vs Angel One: Which broking firm's shares should you buy? Here's how they stack up

Groww and Angel One are among the country's largest stock brokers to be listed on stock markets. Analysts have compared the valuations, growth prospects and financials of the two major peers, and which suits the needs of different investors the most.

The shares of Billionbrains Garage Ventures, the parent company of leading stock broking platform Groww made a decent debut on stock markets on November 12. The stock then surged around 94 percent from its IPO price in just five sessions to hit a high of Rs 193.91 apiece.

The stock then saw profit-booking. It has extended significant losses for the second consecutive session on November 20, falling over 7 percent to trade at Rs 157.69 apiece on NSE, as seen at 10 am. The market capitalisation of the company currently stands at over Rs 97,000 crore, slipping below the coveted Rs 1 lakh crore market capitalisation.

The shares of Angel One, which is a much older listed peer, meanwhile were trading with marginal gains at Rs 2,826 apiece. The company has a market capitalisation of Rs 25,725 crore, nearly one-fourth of Groww.

Groww vs Angel One: Client base

Groww is the biggest stockbroker in India by active clients, followed by Zerodha and Angel One. Groww became India's largest stockbroking company in terms of active clients in 2025, with over 13 million clients, significantly ahead of long-established broking players like Angel One's 7.6 million.

'Groww is a growth story, Angel One is a profitability story'

When compared, Groww is a growth story while Angel One is a profitability story, said Siddharth Maurya, Founder & Managing Director at Vibhavangal Anukulakara. "Groww's scale and UI-driven adoption are unmatched, but its valuation is running far ahead of its financials. Angel One, on the other hand, has a proven broking plus distribution model, better margins, and healthier unit economics," he added.

Maurya noted that at current levels, Angel One offers a cleaner risk-reward equation, while Groww is best suited only for investors comfortable with premium valuations.

'Scalability premium vs established profitability'

While India’s brokerage space is expected to be a long-term structural winner of India’s retail participation boom, Groww and Angel One represent two very different investment profiles, said Yash Chauhan, Research Analyst at INVasset PMS.

“Groww now commands a market cap above Rs 1 lakh crore and leads the industry in client-acquisition momentum, with its demat-account share rising rapidly. Angel One, despite being a much older player with a Rs 25,000-plus crore market cap, operates a far more established and profitable franchise, with FY25 revenue and PAT growth reflecting strong operating leverage,” Chauhan said.

Groww offers the higher-beta opportunity for investors willing to back high growth and a platform-driven model, he said. Those who prefer earnings visibility, stable profitability, and more reasonable valuations may find Angel One better aligned with their risk profile, he added. “Ultimately, it’s a choice between scalability premium and established profitability,” Chauhan explained.

'Groww priced for excessive growth, Angel One offers steadier profit visibility'

Although the two platforms operate in the same broking space, they vary sharply in terms of scale, profitability and valuation, said Shivani Nyati, Head of Wealth at Swastika Investmart. “Groww enjoys a far more potent marketplace role, subsidised by the biggest active consumer base, advanced profitability metrics (Net Profit Margin of 47% vs Angel One’s 22%) and a better RoNW of 37% in comparison to Angel’s 21%. This explains why the market assigns Groww a premium valuation of 40–41x FY25 earnings, while Angel One trades around 20x,” she said.

However, Nyati explained that Groww is priced for excessive growth and offers long-term scalability given its digital-first model and person acquisition strength, whilst Angel One offers steadier profit visibility at a extra reasonable valuation. “Investors looking for excessive-growth ability might also choose Groww, while value-targeted investors may additionally find Angel One extra appealing,” she said.

Groww vs Angel One: Financials

Nitin Jain, Senior Research Analyst at Bonanza, compared the financials of the two stock brokers. "While Groww’s FY25 revenue jumped to Rs 3,901.7 crore, growing at a compounded annual rate of 85% over the last three years, Angel One’s FY25 revenue was higher at Rs 5,238.3 crore, albeit at a slower CAGR of 32%. Profitability metrics reveal a sharper tilt: Groww’s recent profit acceleration and superior operating margins reflect strong network effects and operating leverage, as its FY25 PAT (profit after tax) outperformed Angel One’s numbers and doubled Angel’s contribution margins (44.9% for Groww vs. 22.3% for Angel One). However, Angel One’s revenue profile is more diversified, with brokerage contributing just 63%, while Groww relies on brokerage for 84.5% of its topline—making Groww more sensitive to market cycles and regulatory shifts," he said.

"In the current climate, investors seeking high-growth momentum may gravitate toward Groww, while those preferring established value and consistent returns may opt for Angel One. The sharp valuation gap also calls for careful scrutiny of sustainability and regulatory factors in future quarters," he added.

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