Archive · 19 Jul 2026
Brokerages report strong Q1 earnings growth
In the first quarter of 2026, many big companies in India that help people buy and sell stocks, like Groww and Angel One, made a lot more money than last year.
They did this by doing more than just helping people trade stocks.
They also lent money, managed wealth, and got into other businesses.
This helped them grow even when some rules about trading changed.
For example, Groww made almost double the profit compared to last year, and Angel One's profit more than doubled.
HDFC Securities and Kotak Securities also saw good growth.
Even though some companies had less trading, they still made good money because more people were buying and selling stocks, and they were better at making money from their existing customers.
India's brokerage industry reported double-digit profit growth in Q1 2026, driven by diversified revenue streams and higher cash market activity.
Groww led with a 94.4% YoY increase in net profit to ₹735 crore, supported by higher operating leverage and contributions from newer businesses like margin trading and commodity derivatives.
Angel One's profit more than doubled to ₹231.4 crore, aided by a record average client funding book of ₹6,140 crore and a 19% YoY increase in its client base.
HDFC Securities reported a 28% increase in profit to ₹300 crore, with 96% of its 8 million customers transacting through digital platforms.
Kotak Securities saw a 14.6% YoY increase in net profit to ₹533 crore, while ICICI Securities posted a 7% YoY increase in net profit to ₹417.96 crore.
Brokers with diversified businesses, including margin funding, wealth management, and commodities, sustained profitability despite changes in derivatives regulations.
- Who
- Major Indian brokerage firms including Groww, Angel One, HDFC Securities, Kotak Securities, ICICI Securities, 5paisa, and Anand Rathi.
- What
- Reported double-digit profit growth in Q1 2026, driven by diversified revenue streams and higher cash market activity.
- When
- June quarter of 2026.
- Where
- India.
- Why
- Due to higher cash market activity, expanding margin funding books, and diversification into wealth, commodities, and distribution, offsetting the impact of derivatives regulations introduced in late 2024.
Diversified Brokerages
Traditional Brokerages
Business Model
Diversified Brokerages
Diversified brokerages, expanding into lending, distribution, and other fee-based businesses, reported stronger earnings growth.
Traditional Brokerages
Traditional brokers posted relatively steady growth, focusing mainly on transaction-based broking.
- Groww's Q1 Net Profit
- ₹735 crore (94.4% YoY increase)
- Angel One's Q1 Profit
- ₹231.4 crore (107% YoY increase)
- HDFC Securities' Q1 Profit
- ₹300 crore (28% YoY increase)
- Kotak Securities' Q1 Profit
- ₹533 crore (14.6% YoY increase)
- ICICI Securities' Q1 Profit
- ₹417.96 crore (7% YoY increase)
- 5paisa's Q1 Profit
- ₹11.6 crore (8% sequential increase)
- Anand Rathi's Q1 Profit
- ₹23.4 crore (2% YoY increase)
- Angel One's Client Base
- 3.86 crore (19% YoY increase)
- HDFC Securities' Digital Customers
- 8 million (96% digital transactions)