Billionbrains Garage Ventures, the parent of online brokerage Groww, continues to ride a strong bullish trend, with the stock rising for the fifth straight session since listing last week. Groww jumped another 11% to ₹193.91, taking IPO investors’ gains to nearly 94%. The stock had already ended its debut day with about 31% upside over the issue price.
On November 17, Groww rallied 20%, pushing its market capitalisation past ₹1 lakh crore — a milestone achieved by only about 100 of nearly 5,000 listed companies in India.
However, analysts are beginning to question whether this sharp upmove is sustainable. Groww’s IPO valuation implied a P/E of 33–37x, already higher than peers like Motilal Oswal or Angel One. The stock now trades at a stretched 61x earnings, compared with Motilal Oswal at 29x, Angel One at 33x and Nuvama at 26x. Experts warn that the rally appears ahead of fundamentals, driven largely by expectations of digital scale and future product expansion.
Analysts say Groww is benefiting from India’s retail investing boom and expanding beyond broking into wealth and commodities. While the long-term story remains strong, new investors must judge whether future gains will rely more on solid execution rather than sentiment.