India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Peak XV, Sequoia, Y Combinator, and Ribbit are selling 4.3% of Groww in a Rs 4,750 crore block deal timed to the six-month IPO lock-in expiry on 12 May 2026.</li>
<li>With 418 crore shares (~Rs 80,000 crore notional) becoming freely tradeable today, supply overhang is the dominant near-term narrative for a stock trading at 55x FY26 Earnings.</li>
<li>Q4 FY26 numbers are genuinely strong: profit doubled, margins expanded 840 bps, and management guides 25-30% revenue growth in FY27. The dip creates a re-entry window for long-term holders.</li>
</ul>


Peak XV, Sequoia, Y Combinator, and Ribbit are selling 4.3% of Groww in a Rs 4,750 crore block deal timed to the six-month IPO lock-in expiry on 12 May 2026.
With 418 crore shares (~Rs 80,000 crore notional) becoming freely tradeable today, supply overhang is the dominant near-term narrative for a stock trading at 55x FY26 Earnings.
Q4 FY26 numbers are genuinely strong: profit doubled, margins expanded 840 bps, and management guides 25-30% revenue growth in FY27. The dip creates a re-entry window for long-term holders.


Exit Begins: Groww's Pre-IPO Lockin Unwind, Supply Shock or Buying Opportunity?

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nextbillion-technology-pvt-ltd-groww" target="_blank" data-smartkarma-citation="entities:34787:1" rel="noopener">Groww (1573648D IN)</a> raised about US$750m in its India IPO in Nov 2025. The lockup on its promoters and pre-IPO investors is set to expire soon.</li>
<li>Groww is a direct-to-customer digital investment platform, where customers can invest and trade in stocks, derivatives, bonds, mutual funds etc., and also avail margin trading facility and personal loans.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Groww (1573648D IN) raised about US$750m in its India IPO in Nov 2025. The lockup on its promoters and pre-IPO investors is set to expire soon.
Groww is a direct-to-customer digital investment platform, where customers can invest and trade in stocks, derivatives, bonds, mutual funds etc., and also avail margin trading facility and personal loans.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Groww Ltd IPO Lockup Expiry - US$10.4bn Lockup Release with PE Owners Well in The Money

<ul>
<li>Groww, a digital investment platform, saw an 18% QoQ income increase in Q3 FY26, driven by a 7.5% rise in active users and 49% growth from new products.</li>
<li>Groww has partnered with State Street Global Advisors to distribute mutual funds, expanding its wealth management offerings and enhancing its investment product portfolio.</li>
<li>New products like MTF and Commodity Derivatives are key growth drivers, enhancing revenue and user engagement, and will be vital in navigating market challenges and securing long-term expansion.</li>
</ul>


Groww, a digital investment platform, saw an 18% QoQ income increase in Q3 FY26, driven by a 7.5% rise in active users and 49% growth from new products.
Groww has partnered with State Street Global Advisors to distribute mutual funds, expanding its wealth management offerings and enhancing its investment product portfolio.
New products like MTF and Commodity Derivatives are key growth drivers, enhancing revenue and user engagement, and will be vital in navigating market challenges and securing long-term expansion.


The Beat Ideas- Groww: A Game-Changer in India’s Digital Broking Space

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 2,000+ insights published on Smartkarma.</li>
<li>In this cut, we examine the windfall for brokers amid market volatility and other tailwinds, index rule changes to accommodate megacap IPOs, and the prospects in markets for physical AI.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 2,000+ insights published on Smartkarma.
In this cut, we examine the windfall for brokers amid market volatility and other tailwinds, index rule changes to accommodate megacap IPOs, and the prospects in markets for physical AI.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Brokering Records, Race to SpaceX & The Rise of Physical AI

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nextbillion-technology-pvt-ltd-groww" target="_blank" data-smartkarma-citation="entities:34787:1" rel="noopener">Groww (1573648D IN)</a> raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.</li>
<li>With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Groww (1573648D IN) raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Groww IPO Trading - Decent Overall Demand

India

Nextbillion Technology Private Limited, doing business as Groww, operates as an online investment platform. The Company offers mutual funds, tax planning, investment management, and financial information services. Groww serves customers in India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Groww (1573648D IN)

Exit Begins: Groww's Pre-IPO Lockin Unwind, Supply Shock or Buying Opportunity?

Major investors are selling a portion of Groww in a block deal as IPO lock-in expires, creating supply overhang for a stock with strong Q4 numbers...

Sudarshan Bhandari

Aequitas: Groww Ltd IPO Lockup Expiry - US$10.4bn Lockup Release with PE Owners Well in The Money

A bunch of pre-IPO investors have launched a ~US$500m placement amounting to 4.3% of Groww's shares right on the day of lockup expiry. Hence, the...

Akshat Shah

The Beat Ideas- Groww: A Game-Changer in India’s Digital Broking Space

Groww's income increased by 18% due to a rise in active users and growth from new products, including partnerships with State Street Global...

Sudarshan Bhandari

Curator's Cut: Brokering Records, Race to SpaceX & The Rise of Physical AI

This Curator’s Cut highlights windfall for brokers amidst market volatility, index rule changes for megacap IPOs, and prospects for physical AI....

Pranav Rao

Groww IPO Trading - Decent Overall Demand

Groww raised around US$747m in its India IPO. In this note, we will talk about the subscription demand and the trading dynamics.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Exit Begins: Groww's Pre-IPO Lockin Unwind, Supply Shock or Buying Opportunity?

​Major investors are selling a portion of Groww in a block deal as IPO lock-in expires, creating supply overhang for a stock with strong Q4 numbers...

Sudarshan Bhandari

Aequitas: Groww Ltd IPO Lockup Expiry - US$10.4bn Lockup Release with PE Owners Well in The Money

A bunch of pre-IPO investors have launched a ~US$500m placement amounting to 4.3% of Groww's shares right on the day of lockup expiry. Hence, the...

Akshat Shah

The Beat Ideas- Groww: A Game-Changer in India’s Digital Broking Space

​Groww's income increased by 18% due to a rise in active users and growth from new products, including partnerships with State Street Global...

Sudarshan Bhandari

Curator's Cut: Brokering Records, Race to SpaceX & The Rise of Physical AI

​This Curator’s Cut highlights windfall for brokers amidst market volatility, index rule changes for megacap IPOs, and prospects for physical AI....

Pranav Rao

Groww IPO Trading - Decent Overall Demand

Groww raised around US$747m in its India IPO. In this note, we will talk about the subscription demand and the trading dynamics.

Akshat Shah

Major investors are selling a portion of Groww in a block deal as IPO lock-in expires, creating supply overhang for a stock with strong Q4 numbers...

Groww's income increased by 18% due to a rise in active users and growth from new products, including partnerships with State Street Global...

This Curator’s Cut highlights windfall for brokers amidst market volatility, index rule changes for megacap IPOs, and prospects for physical AI....