1. IPO proceeds - no deviation from stated objects Delivered - The IPO prospectus allocated ₹1,015.98 cr of net proceeds across five objects, including ₹152.50 cr cloud infrastructure and ₹225.00 cr brand building. Funds raised were ₹1,060.00 cr; ₹862.29 cr utilised and ₹153.69 cr unutilised as of June 30, 2026, with monitoring agency Crisil confirming no deviation.
2. Cash yields - keep increasing every quarter a percentage or two On track - At the Q1 FY27 call, management expected cash yields to keep increasing every quarter a percentage or two as MTF penetration rises, after noting \~5% YoY improvement. Cash yields improved roughly 5% YoY in Q1 FY27; MTF contribution to total income rose to 8.0% from 3.0%.
3. Headcount - no crazy increase in longer run On track - At the Q1 FY27 call, management did not expect "a crazy increase" in org count in the longer run, with wealth built tech/AI-driven alongside RMs. Headcount was 1,802 full-time professionals as of March 31, 2026, stable around 1,800 through FY26.
4. New product launch - this quarter (Q1 FY27) Delivered - At the Q1 FY27 call, management said "This quarter also you will see another new product coming". MF Prime, an AI-powered mutual fund advisory product, was launched during Q1 FY27, alongside continued scaling of the wealth advisory offering.
5. Margins - formula-based expansion if revenue grows beyond \~15% Delivered - At the Q4 FY26 call, management stated a formula: if revenue grows beyond \~15% margins will keep expanding, and more if growth is \~30%. Q1 FY27 revenue grew 66.01% YoY with OPM at 64.65% vs 53.44%, and EBITDA margin of 67.8% vs 55.2%.
6. Q1 marketing spend - slightly more than last year Delivered - At the Q4 FY26 call, management said Q1 marketing spend will "probably do slightly more than the last year" after being conservative around IPL. Q1 FY27 Cost to Grow was ₹146 cr vs ₹108 cr in Q1 FY26, a 35% YoY increase, with CAC at \~₹1,900 vs \~₹1,400.
7. Cost to operate - one-time Q1 increase, then more or less stable Delivered - At the Q4 FY26 call, management expected a one-time Q1 increase from the appraisal cycle, then "more or less stable" absolute costs for the Groww platform; at Q1 FY27 this was revised to slight inflationary increases over coming quarters. Cost to Operate was ₹170 cr vs ₹166 cr in Q1 FY26, up only \~2.4% YoY.
8. Cost to grow spend of ₹450-500 cr annually - keep increasing a little bit On track - At the Q4 FY26 call, management guided cost to grow spend of "₹450 cr to ₹500 cr" annually, to keep increasing "a little bit" but not linearly with revenue. Q1 FY27 Cost to Grow was ₹146 cr, annualising to \~₹584 cr, above range with almost 2 months of IPL included.
9. Cost to serve as percentage of revenue - slightly lower going forward Delivered - At the Q4 FY26 call, management said cost to serve as a percentage of revenue is expected to be "slightly lower" going forward, though absolute increases will continue. Q1 FY27 Cost to Serve was ₹158 cr, 10.7% of revenue, vs ₹132 cr at 14.6% in Q1 FY26, a 3.9pp decline.
10. Fixed-cost growth of 10-20% - operating leverage to deliver higher EBITDA Delivered - At the Q3 FY26 call, management said fixed-cost growth will be roughly 10% to 20%, and if revenue grows faster, higher EBITDA will follow. Q1 FY27 EBITDA was ₹971 cr, +101% YoY, while Cost to Operate rose only \~2.4% YoY against 66% revenue growth.
11. MTF book growth of \~₹600 cr per quarter - continuation Delivered - At the Q3 FY26 call, management said the MTF book has been growing by roughly ₹600 cr almost every quarter and would continue at a similar number if markets hold; at Q1 FY27 this was reiterated at ₹600-700 cr quarterly. MTF book grew 264.4% YoY in Q1 FY27, adding ₹600-700 cr quarterly, slightly better than expected.
12. AMC/State Street transaction - completion on or before Sep 2026 On track - At the Q3 FY26 call, management outlined the AMC/State Street transaction, with State Street investing up to ₹580.03 cr for up to 23% dilution and completion indicated on or before Sep 2026. CCI approval came on March 25, 2026, followed by a ₹282.01 cr CCPS subscription; SEBI approval also received, completion not yet confirmed.
13. No dividend in near future - dividend to start once growth allows Delivered - At the Q3 FY26 call, management said the company is "not expecting to give dividend in the near future", being in a high-growth phase post-listing. The Board has not recommended any dividend for FY 2025-26 and the company has not declared any dividends till date.
14. Fisdom P&L consolidation and wealth contribution to increase On track - At the Q2 FY26 call, management said Fisdom "P&L will start getting consolidated soon" and wealth contribution "will keep on increasing"; at Q4 FY26 the shareholder letter called for Fisdom profitability by FY28. Fisdom was consolidated in October 2025; in Q1 FY27 Fisdom plus AMC revenue was under 2% of other income, still in gestation.
15. Secured lending growth to continue - healthy mix of secured and unsecured in longer term On track - At the Q2 FY26 call, management said secured lending growth "will keep on continuing in the coming quarters" with a healthy mix of secured and unsecured in the longer term. In Q1 FY27, LAS made up 34% of disbursements and the secured book rose to 18.5% of total book from 13.5% last quarter.
16. Commodities to reach fair share sooner than MTF - significant broking revenue contribution Delivered - At the Q2 FY26 call, management said commodities "will also start contributing a significant part of our broking revenue in the coming future", reaching fair share sooner than MTF. Launched around September 2025, commodities reached 28.6% retail notional ADTO share and 4.9% of total income by Q1 FY27.
17. Derivatives mix can fall below 50% - in coming quarters On track - At the Q2 FY26 call, management said the derivatives share of total income, then 57%, "definitely it can come below 50" in the coming quarters as wealth, commodities and cash grow. Equity Derivatives share fell to 52.0% in Q1 FY27 from 56.4% in Q1 FY26, with diversification expected to continue, but not yet below 50%.
18. Double-digit MTF market share - within \~3 years On track - At the Q2 FY26 call, management said Groww's MTF fair share is "a double digit number on the market side" and "it will take at least three years to probably reach there". The MTF book grew 264.4% YoY in Q1 FY27, having risen to ₹1,035.8 cr as of June 2025 from ₹129.2 cr a year earlier; on the combined NSE+BSE basis, share was 2.6% in Q4 FY26.