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Groww shares are 'most lucrative' Indian consumer internet platform; JPMorgan sees 30% upsideJPMorgan called Groww the most lucrative India-listed consumer internet platform. It is a consistent market share gainer, while dominating aspirational investors.By Shloka Badkar  March 4, 2026, 11:36:51 AM IST (Published)2 Min ReadShares of Billionbrains Garage Ventures Ltd., the parent company of Groww, declined nearly 2% on Wednesday, March 4, even as brokerage firm JPMorgan was positive on the stock.

JPMorgan has an 'overweight' rating on Groww with a price target of ₹210 per share, indicating an upside potential of 30.4% from Monday's closing levels.

It said Groww is the most lucrative India-listed consumer internet platform. It is a consistent market share gainer, while dominating aspirational investors.

The company also has strong cross-selling credentials and operating leverage, which could help it outgrow the market, the JPMorgan note said.

JPMorgan said Groww is expensive as a discount broker but cheap as an internet platform.

The brokerage expects Groww's revenue to grow at a Compounded Annual Growth Rate (CAGR) of 33%, and its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) to see a 36% CAGR over financial year 2026-2028.

Earlier this week, brokerage UBS initiated coverage on Groww, with a 'neutral' rating and a target price of 185 per share.

UBS said it believes the high growth phase of Groww's broking business is over, with a 79% CAGR witnessed between FY23-25. The same is now likely to slow down to 17% between FY26-28, UBS said.

The "neutral" rating for UBS also stemmed from the fact that the current market price factors in all the positives for the company.

Shares of Groww are trading 2.3% lower at ₹157.33. The stock still remains above its IPO price of ₹100, but is down from its post-listing high of ₹193.8.

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