UBS: Groww's Non-Broking Business to Propel Growth, Shares Already Reflect All Positives
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Groww Shares: UBS Initiates Coverage, Non-Broking Business to Drive Future Growth
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CNBC TV18•02-03-2026, 08:18
Groww Shares: UBS Initiates Coverage, Non-Broking Business to Drive Future Growth
•UBS initiates coverage on Billionbrains Garage Ventures Ltd. (Groww's parent) with a "neutral" rating and a price target of ₹185.
•The brokerage firm indicates a 13% upside potential from Groww's previous close.
•UBS believes Groww's high growth phase for its broking business is slowing, projecting a CAGR of 17% for FY26-28.
•Non-broking businesses (MTF, wealth management, credit) are expected to be the next growth drivers, with revenue projected to grow at a 59% CAGR for FY26-28.
•Current valuations of 37 times one-year forward P/E ratio largely reflect the positives, according to UBS.
