Financial PerformanceIndofil Industries delivered strong growth momentum. Consolidated Total Income rose 9.6% YoY to ₹3,419 Cr in FY25 from ₹3,119 Cr in FY24, supported by a healthy mix of domestic and international demand. Profitability improved sharply — Profit Before Tax (PBT) increased 42.6% YoY to ₹519 Cr versus ₹364 Cr last year. Net Profit (PAT) jumped 36.1% YoY to ₹382 Cr, compared to ₹281 Cr in FY24, reflecting robust operational execution and cost disciplineOperational MetricsIndofil sustained efficiency at scale. EBITDA grew to ₹636 Cr, implying an EBITDA margin of ~18.6%, compared with ~15.8% in FY24. Net Profit Margin improved to 11.2% from 9.0%, highlighting operating leverage benefits. Contribution from overseas subsidiaries and joint ventures (notably Indo Baijin Chemicals) added strength, with JVs contributing ₹70.5 Cr profit to the consolidated bottom line. Return on Capital Employed (ROCE) improved to 19.2%, up from 14.9%, underscoring better capital efficiencyStrategic DevelopmentsFY25 was marked by a balanced performance across geographies:<ul><li>Latin America remained the growth anchor (49% of business, +10.5% YoY).</li><li>Europe (19% of business) and North America (+61% YoY) supported strong export momentum.</li><li>APAC &amp; MEA contributed 26%, aided by partnerships and specialty product traction</li></ul>Product portfolio expansion continued with new launches in fungicides (e.g., Motive), insecticides (Alecto, Ceasmite), and herbicides, coupled with rising demand for non-Mancozeb molecules (Phenylamides, SDHIs, Cyanoacetamide-oxime). The company also enhanced Innovative Solutions capacity by 20,000 MT to support the specialty chemicals business

Indofil Industries Delivers Robust FY25 Results

Financial PerformanceTRL Krosaki Refractories delivered record results, with Total Income rising 4.3% YoY to ₹2,625 Cr in FY25 from ₹2,516 Cr in FY24, driven by higher domestic demand and efficiency gains despite softer exports. Profitability accelerated sharply — Profit Before Tax (PBT) grew 40% YoY to ₹433 Cr versus ₹309 Cr last year. Net Profit (PAT) jumped 42% YoY to ₹342 Cr from ₹241 Cr in FY24, marking the highest-ever profit in the company’s history.Operational MetricsOperational performance was resilient. EBITDA improved to ₹363 Cr, reflecting a margin of 13.8%, up from 13.1% in FY24, aided by cost control and product mix optimization. Net Profit Margin rose to 13.0% from 9.6%, underscoring efficiency gains. Contribution from value-added segments like Flow Control (+12% YoY) and Dolomite refractories remained strong. Export revenue softened (₹297 Cr vs ₹321 Cr in FY24), but domestic growth offset the declineStrategic DevelopmentsFY25 was transformational for TRL Krosaki:<ul><li>Completed Phase II expansion of the Taphole Clay Plant and capacity expansion of the RH Snorkel Plant, reducing import dependency</li><li>Modernised the Monolithics Plant at Belpahar, boosting automation and efficiency .</li><li>Strengthened international presence in Europe, North America, Africa, and Southeast Asia, with 30% YoY growth overseas</li><li>Retail MSME &amp; Channel Business touched ₹431 Cr sales (+18% YoY), emerging as a key growth driver</li><li>Maintained market dominance in Dolomite refractories (70% share) and expanded into cement rotary kilns from its Gujarat operations.</li></ul>

TRL Krosaki Delivers Robust FY25 with 40% YoY PAT Growth

TRL Krosaki Refractories Ltd Releases its FY25 Results

In a remarkable turn of events, OYO's unlisted shares have surged by 26% in the past and last month, which resulted in reigniting the conversation around its long-awaited IPO. This rally, which has outpaced several listed hospitality peers, has been fueled by a mix of market buzz, improved financial performance, and sort of strategic tricks &amp; strategic moves by the company. The question on everyone's mind is: will this momentum carry over to the public market, and can OYO's IPO truly match the high expectations or actually consolidate at a $7-8 billion valuation.

<h2>OYO Rallies Pre-IPO: Surge in Unlisted Value, But Can It Live Up to the Hype?</h2> The sudden uptick in&nbsp;<a href="https://www.planify.in/research-report/oyo-share-price/">OYO's unlisted share price</a>&nbsp;is no accident and rule-based. It's a direct result of several key developments that have collectively bolstered investor confidence, sentiment and trust.&nbsp; Firstly, there's the imminent IPO buzz. News reports suggest OYO is preparing to refile its Draft Red Herring Prospectus (DRHP) in November, an announcement that immediately generated a flurry of buying activity in the&nbsp;<a href="https://www.planify.in/markets/">unlisted market</a>. After two previously shelved attempts, this third push is being seen as a sign of OYO's newfound maturity and stability.&nbsp; Secondly, the company's financial results have been a major catalyst. OYO reported its first-ever annual profit in FY24 and followed that with a doubling of its profit after tax (PAT) in Q1 FY26was ~₹200 crore, more than double its profit in the same quarter a year earlier.This turnaround from a history of massive losses is a powerful signal to investors that the company's asset-light model is finally paying off. Thirdly, OYO's strategic shift towards premiumization is gaining a lot of seemingly traction. The company is aggressively expanding its premium hotel brand, "Sunday," and recently launched a new vertical called "CheckIn" to focus on upscale properties.The move is seen as a way to increase revenue and improve profit margins, which has been historically low in the budget segment. Lastly, the announcement of a 1:1 bonus share issue with a record date of September 30, 2025, also triggered a surge in demand as investors sought to acquire shares before the cutoff date.

<h2>OYO rebrands as PRISM, signalling clarity, Scale, and tech focus.</h2>Alongside financial discipline, OYO’s parent company, formerly Oravel Stays, now rebranded as PRISM, is sharpening its corporate identity to better reflect its global portfolio spanning hotel brands, vacation homes, branded residencies and tech-powered partner tools. This rebrand under Prism underscores a strategy of clarity, diversity and long-term positioning. It strengthens partner loyalty and revenue optimization. PRISM, which provides hotel owners with analytics on pricing, performance, and customer trends. This data-centric approach helps improve partner stickiness and revenue optimization, a crucial factor as OYO looks to strengthen or sustain margins and justify its IPO valuation ambitions.

​ <h2 style="line-height: 1.8;text-align: justify">OYO Valuation: Why does OYO’s unlisted valuation tower over its hospitality peers?&nbsp;</h2>At current unlisted prices, OYO trades at forward multiples far higher than traditional hotel chains. Investors are essentially paying for scale, tech-driven efficiency, and asset-light growth - qualities that traditional hospitality chains cannot match. According to&nbsp;<a href="https://www.planify.in/buy-pre-ipo/">unlisted market</a>&nbsp;estimates, OYO is trading at P/E multiples in the ~150-160× range, significantly higher than listed hotel chains such as the phenomenal name includes Lemon Tree Hotels, whose P/E is ~50×. Investors paying the premium are betting on OYO’s scale, asset-light model, and margin expansion, though much depends on&nbsp; a lot of continuous and sustained financial performance and clarity post-IPO. Risks and concerns:&nbsp;However, this premium comes with risk. OYO’s margins, at around 6–7%, are still thin compared to global benchmarks. The history of its debt status and disputes with the hotel partners also raises questions. To give long -term value to IPOs, OYO will need to display that the profitability is durable in cycles, not just during travel upswings. The strong recovery of the global tourism industry provides a strong tailwind for OYO's expansion plans, especially in terms of its international markets. However, skeptics indicate to remain cautious. The high valuation comes with significant risks. OYO's ability to maintain its profitability and sustain its growth in a highly competitive market will be under intense scrutiny and consistent rapid investigation. The company also faces ongoing legal and regulatory challenges, including a fine from the Competition Commission of India and various service tax disputes. These issues can eat in future profits, with a heavy debt burden and cause financial vulnerability. In addition, the previous performance of the recent Indian tech IPO has been mixed, with some, like Paytm and Zomato, seeing significant corrections after their listing.

<h2>Can the IPO Match Expectations? </h2> Given the data, it is possible though not guaranteed that OYO could deliver a strong IPO. The recent unlisted share bump, improving profit trends, bonus issue move and board-level IPO preparation suggest OYO is improving its financial and governance posture. If it files in November as many reports expect, there will likely be strong institutional demand. However, for OYO to truly justify a $6-8 billion valuation (or higher), it will require to do more than post rising topline. It must maintain/improve margins, reduce debt or manage financing costs well, alongside other tasks and navigate regulatory risk, and show growth in diversified markets. Any misstep weaker than expected revenue growth, overspending, legal surprises could lead to valuation compression once the IPO opens.

Hospitality Giant OYO Rises 26% in Unlisted Market — Will the IPO Match Expectations?

India’s fintech story has produced some of the most remarkable growth narratives in recent years, and Groww is fast becoming the face of that transformation. The Bengaluru-based wealth-tech platform has filed papers for a ₹7,000 crore IPO, demanding a valuation of about&nbsp; $9 billion.&nbsp; <a target="_blank" href="https://www.planify.in/research-report/groww-nextbillion-technology/">Groww</a> has filed updated DRHP papers with SEBI for a ₹7,000 crore IPO, targeting a valuation near $8-9 billion (~₹72,000-₹80,000 crore). In the IPO structure, a slight portion of fresh issue of 1,060 crore is proposed, while the majority (~ 6,000–7,000 crore) will be offered by initial and existing investors&nbsp; in terms of offer for sale. This mix points to Groww’s focus on providing exit liquidity while scaling up its balance sheet selectively. Groww IPO Details Groww is reportedly gearing up to launch a ₹7,000 crore IPO in the first week of November, according to banking sources. The Bengaluru-based fintech company has also been backed by prominent names like Microsoft CEO Satya Nadella. The company is expected to announce the price band by the end of October, setting the stage for one of the most watched public offerings in India this year. The upcoming listing has appointed various lead managers for Groww IPO – Kotak Mahindra Capital, JP Morgan India, Citigroup Global Markets India, Axis Capital and Motilal Oswal Investment Advisors are the book-running lead managers of the IPO. Financial Turnaround &amp; Strong Profitability The timing could not be more significant. FY25 was a breakthrough year for Groww. The company has reported extraordinary results at this phase marking ₹4,062 crore in terms of revenue, up 45% from FY24, and the other component that is net profit saw a significant reversal from a loss of ₹806 crore in FY24 to a healthy ₹1,824 crore in FY25.&nbsp; Profitability: Posted astonishing remark of net profit (PAT) of ~₹1,824 crore, compared to a loss of ~₹806 crore in FY24.&nbsp; Contribution &amp; Net Margins: Contribution margin is around 85%, while net profit margin stood at ~44% in FY25. Such high margins are rare for fintechs in India, suggesting strong operating leverage and efficient cost structure even as the user base grows.&nbsp; Customer scale &amp; market share: Active users rose to ~12.6 million, with Groww holding ~26.3% market share among NSE active clients as of mid-2025. That gives it credible clout in broking and trading.&nbsp; All this suggests the company has achieved scale without losing cost discipline, a key factor in justifying its $9 billion ambition. What Makes the $9B Valuation Plausible? FY25 was a landmark for Groww. Revenue rose ~31–49% YoY from FY24, and the company swung&nbsp; like it had not consistent profit saw a break due to some domicile shift and posted from a net loss of ~₹805 crore in FY24 to a net profit of ~₹1,824 crore in FY25. Such a swing reflects more than just growth; it signals operating leverage kicking in, better unit economics, and cost discipline. Key margins are strong. FY25 net profit margin is reported at ~44-45%, a dramatic shift from negative margins the previous year.&nbsp;​Groww has built scale quickly. Its active client count has crossed 12-13 million on NSE, with market share among active clients possibly touching ~25-26%. Its total customer assets, breadth of product offerings (broking, mutual funds, margin trading, etc.), and strong brand recall give it a network effect. Earlier, many users were acquired organically, helping it keep CAC (customer acquisition cost) lower. The strong FY25 performance is attracting investor confidence. Groww raised $200 million ahead of IPO, valuing it at ~$7 billion.&nbsp; Groww isn’t just broking platform. It’s increasingly pushing into margin finance, lending, mutual funds, and wealth-tech services. This diversification helps hedge regulatory risks specific to trading or any one segment. Also, its cost structure is showing signs of efficiency: Revenue per user is rising, costs of acquisition falling, and non-core expenses more manageable.&nbsp; Groww IPO: Risks and Concerns Yet, the IPO is not without risks. The bulk of the issue, nearly ₹6,000 crore will be an offer for sale (OFS), giving early investors a chance to cash out. Only ₹1,050 crore will be fresh issuance, which limits the immediate capital infusion for business expansion. At the same time, competition is intensifying, with Zerodha, Angel One, and new challengers are way forward and constantly innovating. New fintech challengers are aggressive on UX, pricing, and features. Groww must maintain engagement, deepen monetization (ARPU), and avoid churn. Regulatory oversight on derivatives trading, margin funding, and fees also remains a potential headwind. A premium valuation leaves little room for error if growth were to slow. So, Can Groww Become India’s Next $9 Billion Unicorn? Yes, the probability is fairly high, at least contingent on some favorable conditions. Groww has checked many boxes: profitability, revenue scale, strong market position, product diversification and investor confidence. If it delivers consistent growth post-IPO and weather regulatory headwinds without margin dilution, the $9B target seems in reach. Its current performance gives a visible runway. But it won’t be automatic. Any stumble in growth, sudden regulatory clampdowns, or loss of market share in the face of competition can jeopardize the valuation. IPO pricing will also play a big part&nbsp; if investors perceive the valuation as fair relative to peers and forward growth, it could get good listing gains; if it seems overstretched, it risks tepid reception. &nbsp;In summary, <a target="_blank" href="https://www.planify.in/research-report/groww-nextbillion-technology/">Groww’s IPO</a> appears positioned to make it one of India’s most valuable fintech public companies. With strong financials, scale, and favorable trends in wealth-tech, it has real potential. Whether it crosses the $8 billion unicorn mark depends on execution, competitive resilience, and regulatory stability but the chance is far from speculative; it looks structurally plausible.

Groww has filed updated DRHP papers with SEBI for a ₹7,000 crore IPO, targeting a valuation near $9 billion (~₹72,000-₹80,000 crore). I

Is Groww’s ₹7,000 Cr IPO About to Create India’s Next $8 Billion Unicorn?

<ul><li>Financial Performance (FY25 vs FY24): FY25 turned out to be a challenging year for <a target="_blank" href="https://www.planify.in/research-report/utkarsh-coreinvest/">Utkarsh CoreInvest</a>. On a consolidated basis, total income rose by 22.8% YoY to ₹4,156 Cr (vs ₹3,384 Cr in FY24). However, due to significantly higher impairments and operating costs, the company posted a loss before tax (LBT) of ₹556 Cr in FY25 compared to a profit of ₹439 Cr in FY24. Consequently, the company slipped into a net loss of ₹422 Cr in FY25, versus a profit of ₹330 Cr last year. EPS also turned negative at ₹ (42.7) compared to ₹33.6 in FY24. This reversal highlights the severe stress on earnings, largely driven by asset quality issues in its banking subsidiary. On a standalone basis, the holding company remained profitable, posting a PAT of ₹30.3 Cr in FY25, up sharply from ₹1.4 Cr in FY24.</li><li>Operational Metrics (FY25 vs FY24): Despite income growth, profitability metrics worsened. The net profit margin dropped to (10.2%) in FY25 from a healthy 9.8% in FY24, reflecting a combination of higher credit costs and weaker operating leverage. Operating margins also contracted as provisions for impairment surged to ₹1,370 Cr in FY25 (vs ₹378 Cr in FY24), a nearly 3.6x increase. On the balance sheet side, consolidated net worth stood at ₹2,508 Cr as of March 31, 2025, compared to ₹2,911 Cr in FY24. Asset quality sharply deteriorated. The Gross NPA ratio spiked to 9.4% in FY25, up from 2.5% in FY24, while the Net NPA ratio rose to 4.8%, versus just 0.03% last year. This erosion in asset quality was the key driver behind the losses and remains the most pressing risk.</li><li>Strategic Developments:&nbsp;FY24, Utkarsh Small Finance Bank (the main subsidiary) got listed, expanding its visibility and capital market access. The bank grew its deposit base by 23.5% to ₹22,235 Cr in FY25 as compared to ₹17,998 Cr last year. Despite weak profitability, the company maintained a comfortable CRAR of 20.9%, though lower than 22.6% in FY24. During FY25, Utkarsh CoreInvest advanced the merger process with Utkarsh Small Finance Bank, which received final board approvals in September 2024 and RBI’s NOC in January 2025. This reverse merger is expected to streamline operations, strengthen capital, and reduce structural overlaps. Going forward, management has indicated sharper focus on improving asset quality, rebalancing towards secured lending, and leveraging technology to drive efficiency and customer acquisition.</li></ul>

Higher Provisions Push Utkarsh CoreInvest into Losses in FY25

Utkarsh CoreInvest Reports Weak Earnings in FY25

Ever wondered what goes into building the new highways, swanky residential buildings, or even the sprawling renewable energy farms popping up across India? A lot of it starts with something as fundamental as a wire. And quietly, behind the scenes, a company named JD Cables has been laying the groundwork for this transformation. Now, the West Bengal-based manufacturer is stepping into the spotlight with its public listing, aiming to accelerate its growth story in a market that is on the rise. JD Cables Ltd, a key player in India’s wire and cable industry, is raising ₹95.99 crore through its <a target="_blank" href="https://www.planify.in/sme-ipo/">SME IPO</a>. The company manufactures a wide range of aluminium and copper cables used across power distribution, EPC projects, and industrial infrastructure, and has steadily scaled operations to tap into India’s growing energy and transmission needs.<ul><li>The IPO opens on September 18 and closes on September 22.&nbsp; The IPO consists of a fresh issue of ₹84.41 crore and an Offer-for-Sale (OFS) of ₹11.58 crore. Promoter Piyush Garodia will sell 7.6 lakh shares via OFS, while the fresh issue includes ~55.53 lakh new shares. The IPO offered a lot size of 800 shares, requiring a minimum investment of ~₹1,21,600. The company intends to use proceeds largely for working capital, debt repayment, and general corporate purposes.&nbsp;</li><li>What makes this IPO stand out is the strong anchor book backing: a total of 20 anchor investors have committed ~₹27.05 crore, including Alpha AIF VentureX Fund I, HDFC Bank&nbsp;among them, which signals institutional confidence. The listing has also seen a grey market premium (GMP) jump ~20%, reflecting positive market sentiment.&nbsp; </li></ul>Financially, JD Cables has shown strong growth in recent years. In FY25, revenue stood at ₹250.70 crore (up from ~₹100.85 crore in FY24). Net profit after tax jumped to ₹22.15 crore in FY25 compared to ₹4.58 crore in FY24, indicating strong margin improvement.In the price band of ₹144 to ₹152 per share, JD Cables is inviting the public to join its journey, hoping to connect the dots between its wires and investor returns.The wires and cables sector in India is red-hot, driven by a trifecta of infrastructure, real estate, and industrial growth. We've seen other major players in this space, like Polycab and RR Kabel, become market darlings, and JD Cables hopes to follow a similar trajectory.

JD Cables Ltd, a key player in India’s wire and cable industry, is raising ₹95.99 crore through its SME IPO.

JD Cables: Powering India’s Next Big Infrastructure Bet

<ul><li>Financial Performance (Q1FY26 vs Q1FY25): In Q1FY26, <a target="_blank" href="https://www.planify.in/research-report/groww-nextbillion-technology/">Groww</a> reported a dip in revenue, with total income declining 9.5% YoY to ₹948 Cr from ₹1,048 Cr in Q1FY25, primarily due to lower broking commissions. Despite this, operating leverage supported profitability, as Profit Before Tax (PBT) rose 9.7% YoY to ₹503 Cr versus ₹458 Cr last year. Net Profit (PAT) grew 4.8% YoY to ₹378 Cr from ₹338 Cr in Q1FY25, making it Groww’s most profitable first quarter so far.</li><li>Operational Metrics (Q1FY26 vs Q1FY25): Operational performance remained robust, with EBITDA rising to ₹483 Cr, translating into a margin of 50.9%, compared with 40.0% in the same period last year. Net profit margin improved to 39.9% in Q1FY26 from 32.3% in Q1FY25, highlighting efficiency gains at scale. Contribution margin stood healthy at 85.2%, broadly stable YoY, indicating strong cost discipline despite higher transaction volumes. Customer traction also strengthened, as the active customer base grew to 14.38 Mn, a 33.4% YoY increase, while customer assets reached ₹2.61 Lakh Cr, up 59.1% YoY.</li><li>Strategic Developments: Q1FY26 was a mixed quarter for <a target="_blank" href="https://www.planify.in/research-report/groww-nextbillion-technology/">Groww</a>, with softer revenue but record profitability at the bottom line. The company continued to expand its user base and customer assets at a healthy pace, reflecting strong trust in the platform. Efficiency gains supported margins even as trading activity moderated, showing that the business is able to scale sustainably. Groww remains focused on broadening its product suite, deepening engagement with retail investors, and investing in technology to enhance customer experience. With its IPO plans already in motion, the company is positioning itself for the next phase of growth while balancing profitability with long-term expansion.</li></ul>

Groww Delivers Margin Expansion in Q1FY26

Groww Posts Record Bottom-Line Performance in Q1FY26

<ul><li>Financial Performance (Q1FY26 vs Q1FY25): In Q1FY26, <a target="_blank" href="https://www.planify.in/research-report/metropolitan-stock-exchange-india-limited/">MSEI</a> reported a 68.8% YoY increase in total income to ₹6.5 Cr, compared with ₹3.8 Cr in Q1FY25, primarily driven by higher other income (₹5.5 Cr vs ₹2.7 Cr last year). Revenue from operations, however, fell 11.2% YoY to ₹0.95 Cr against ₹1.1 Cr in Q1FY25, highlighting continued pressure in core trading volumes. Operating expenses remained elevated, resulting in a loss before tax (LBT) of ₹7.4 Cr, which narrowed by 21.5% YoY from a loss of ₹9.5 Cr in the prior year. At the net level, the company posted a loss of ₹7.4 Cr, compared with a loss of ₹9.5 Cr in Q1FY25. Earnings Per Share (EPS) improved marginally to ₹ (0.01) from ₹ (0.02) last year.</li><li>Operational Metrics (Q1FY26 vs Q1FY25): Net loss margin improved to (115.2%) in Q1FY26 from (247.6%) in Q1FY25, aided by higher other income cushioning the bottom line. Cost pressures persisted, with employee expenses up 25.7% YoY at ₹4.7 Cr and finance costs rising sharply to ₹0.18 Cr (vs ₹0.06 Cr).</li><li>Strategic Developments:Q1FY26 was marked by significant equity issuance and capital structure changes. The company completed a large private placement of equity shares in January 2025 and further approved an issue of up to 500 Cr shares in August 2025 to reputed investors, strengthening its capital base. Additionally, the reappointment of Ms. Latika S. Kundu as MD &amp; CEO for a three-year term underscores continuity in leadership. While the exchange continues to post operating losses, the improvement in income mix (boost from other income), narrowing of losses, and strengthened equity position provide some stability. However, subdued operational revenue highlights the challenge of reviving core trading activity, which remains crucial for long-term sustainability.</li></ul>

MSEI Reduces Losses in Q1FY26 Compared to Last Year

MSEI Reports Lower Operating Revenue in Q1FY26

<ul><li>Financial Performance (FY25 vs FY24):&nbsp;<a target="_blank" href="https://www.planify.in/research-report/groww-nextbillion-technology/">Groww</a>&nbsp;delivered a very strong FY25 with a sharp turnaround from losses in the previous year. Total income for the year rose by 45.3%, reaching ₹4,062 Cr compared to ₹2,796 Cr in FY24, driven mainly by higher broking commissions and a sharp jump in interest income from margin funding. Profit Before Tax (PBT) stood at ₹2,464 Cr in FY25, against a loss in FY24, reflecting strong operating leverage and absence of one-off expenses. Net profit (PAT) came in at ₹1,824 Cr, reversing the ₹806 Cr loss last year.&nbsp;</li><li>Operational Metrics (FY25 vs FY24):&nbsp;Groww’s profitability and customer metrics improved meaningfully during the year. EBITDA expanded to ₹2,306 Cr with margin improving to 59.1% from 56.4%, showing better efficiency as revenues scaled up. Net profit margin recovered to 44.9% in FY25 from a negative 28.8% in FY24. Contribution margin remained stable at 85.4%, reflecting effective cost control despite higher scale. The active customer base increased by 47.8% to 13.9 Mn, while total customer assets surged by 78.6% to ₹2.17 Lakh Cr from ₹1.21 Lakh Cr in FY24. Strong growth in revenues per employee and consistent operating leverage supported higher earnings, even as technology and transaction costs rose with higher trading volumes.</li><li>Strategic Developments:&nbsp;FY25 proved to be a landmark year for Groww, with record profitability, strong user growth, and rising customer assets reflecting the company’s ability to scale efficiently. Operating leverage supported stable margins, even as investments in technology and infrastructure continued. To build on this momentum, Groww has filed for an IPO in 2025. The proposed listing aims to strengthen its capital base, widen product offerings, and accelerate investments in digital platforms. It will also provide an exit route for existing investors and enhance visibility in India’s growing wealth-tech space. Looking ahead, the company plans to deepen customer engagement, expand in underserved markets, and drive adoption of newer products such as margin financing and lending. While Groww has emerged as a profitable fintech leader with growing market share, maintaining margin discipline in an increasingly competitive broking industry will remain a key focus area.</li></ul>

Groww planning IPO on the back of strong FY25 results

Groww posted strong FY25 results with profitability turnaround

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