Motilal Oswal Recommends 'Buy' on GROWW, Sets Rs 185 Target Amidst Rapid Expansion

• Motilal Oswal initiates 'Buy' rating on Billionbrains Garage Ventures (GROWW) with a target price of Rs 185.
• GROWW rapidly emerged as the largest retail broking platform, capturing 26.8% market share by Nov’25.
• The company transformed into a full-stack investment platform, expanding beyond mutual funds to broking, commodities, credit, and wealth management.
• Revenue surged ~3x from FY23-FY25 and is projected to double from FY25-FY28, driven by 14.8 million active users.
• Diversifying revenue streams like MTF, commodities, and credit are reducing dependence on the volatile broking segment, enhancing earnings resilience.

Why It Matters: Motilal Oswal recommends 'Buy' on GROWW, citing strong growth, market leadership, and revenue diversification.