Groww Shares Climb Despite JM Financial's 'Sell' Rating, Valuation Concerns

• Groww shares, parented by Billionbrains Garage Ventures Ltd, rose nearly 2% on Monday, extending gains despite a 'sell' rating.
• JM Financial initiated coverage with a 'sell' rating and a price target of Rs 144, deeming the stock "too expensive."
• JM Financial cited a 29% decline in Groww's broking orders in FY25 due to regulatory curbs on derivatives trading as a key risk.
• Shares have surged 72.5% from their Rs 100 issue price since listing last month.
• Global brokerage Jefferies previously initiated a 'buy' rating with a Rs 180 target, projecting 29% revenue growth (FY26-FY28).

Why It Matters: Groww defies 'sell' rating with rising shares, but valuation and regulatory risks persist.