Groww vs Angel One: Groww and Angel One are two big listed names in the world of stock broking. On one side is Groww, which surprised the market by becoming the country’s largest broker at record speed. On the other hand, there is Angel One, which has been a strong contender for years based on a profitable model.
Now that both the companies are listed in the stock market, the question is whose valuation is right, whose growth is strong and which stock has more opportunities for which type of investors? Let us know the answers to these questions from experts.
Groww’s strong debut, then decline
Shares of Groww’s parent company Billionbrains Garage Ventures had a good listing on November 12. Following the listing, the stock surged nearly 94% from its IPO price to ₹193.91 in just five trading sessions. But after this, rapid profit-booking started. Even on November 20, the stock was trading at ₹157.69 on the NSE, down more than 7%.
With the decline, the company’s market cap now stands at around ₹97,000 crore, which has fallen below the ₹1 lakh crore mark touched a few days ago. On the other hand, Angel One shares were trading marginally higher at ₹2,826 and its market cap is around ₹25,725 crore. About one-fourth of Groww.
Groww vs Angel One: Who is ahead in client base?
Groww is India’s largest stockbroker in terms of active clients. Zerodha comes second and Angel One comes third. Groww gained more than 13 million active clients in 2025, while Angel One has 76 lakh active clients.
Groww vs Angel One: Growth Story and Profitability
According to Siddharth Maurya, Founder and MD of Vibhavangal Anukulakara, Groww is a growth story while Angel One is a profitability story. He said Groww’s scale and the rapid adoption of its app’s UI was not achieved by any other brokerage.
But he says Groww’s valuation is way ahead of its earnings. In comparison, Angel One’s broking + distribution model is more stable, margins are better and unit economics are stronger. So the risk-reward of Angel One looks more balanced at current levels, while Groww is right for investors who are willing to invest even at expensive valuations.
Groww vs Angel One: Two different paths for investors
Yash Chauhan, Research Analyst, INVasset PMS, says India’s brokerage sector stands to gain big from increased retail participation in the coming years. But Groww and Angel One offer two completely different profiles for investors. Groww is number-1 in rapidly gaining clients and its market cap has also increased to above ₹ 1 lakh crore.
Angel One, on the other hand, is running a more profitable model with its older and established franchises and the FY25 revenue and PAT growth reflects its operating leverage. According to Chauhan, Groww is better for those seeking high growth and high beta. At the same time, Angel One is a good option for those looking for stable earnings and reasonable valuation.
Groww vs Angel One: Big difference in valuation
According to Shivani Nyati of Swastika Investmart, Groww and Angel One, despite operating in the same sector, are quite different in scale, profitability and valuation. Groww’s net profit margin is 47%, while Angel One’s is 22%. Groww’s RoNW is 37%, Angel One’s is 21%.
Due to this difference, Groww trades at 40-41x valuation relative to FY25 earnings, while Angel One trades at 20x. Nyati says rapid growth is already priced-in at Groww and its digital-first model makes it more scalable in the long term. Whereas, Angel One is suitable for more stable and value-focused investors.
Groww vs Angel One: Whose earnings are stronger?
According to Nitin Jain of Bonanza, Groww’s FY25 revenue stood at ₹3,901.7 crore, which has grown at a CAGR of 85% over the last three years. Angel One’s FY25 revenue stood at ₹5,238.3 crore, although its growth pace is 32% CAGR. Groww looks ahead to profits. Its PAT and operating margins were better than Angel One and Groww’s contribution margin was 44.9%. Whereas Angel One has 22.3%.
However, Angel One’s revenue model is more diversified. 63% of its income comes from brokerage. At the same time, Groww depends on 84.5% of its topline brokerage. This means that Groww is more sensitive to market fluctuations and changes in regulations.
Groww vs Angel One: Which stock for whom?
According to Jain, Groww is better for investors who want to bet on future scaling despite fast growth and high valuations. Its business is growing rapidly, so it suits those who like high-growth themes.
Whereas Angel One is suitable for those investors who want stable profits, strong margins and reasonable valuation. Its business model is more diversified and the risk is also less. There is a big difference in the valuations of both the companies, so it is important to keep in mind their stability and the possible impact of regulatory changes before investing.
Groww vs Angel One: Share status
Shares of Groww’s parent company Billionbrains Garage Ventures Ltd closed at Rs 156.41, down 7.93% on Thursday. A day before this, the stock had hit a lower circuit of 10%. Now the gain after listing is only 19.10%. However, IPO investors are still in 56% profit. His returns at one time reached 94%. Its market cap is Rs 96.67 thousand crore.
At the same time, shares of Angel One closed at Rs 2,816.00 with a slight gain of 0.07%. The stock has given a return of 12.66% in the last 1 month. However, the stock has gained marginally by 1.40% in the last 6 months and 3.56% in 1 year. It has given a return of 130.88% in 5 years. The market cap of Angel One is Rs 25.57 thousand crore.
Groww share price: Lower circuit after 94% rise, understand what valuation-free float figures are saying
Disclaimer: The advice or views expressed on Moneycontrol.com are the personal views of the expert/brokerage firm. The website or management is not responsible for this. Moneycontrol advises users to always seek the advice of a certified expert before taking any investment decision.