Groww adds over 3.5 lakh stock market users in January

India’s retail broking industry saw marginal growth in active users in January, with over 3 lakh new clients added, to reach 4.51 crore, compared with 4.48 crore in December 2025. Groww continued to dominate the market, added more clients than the rest of the industry combined, while ICICI Securities moved to the fourth position surpassing Upstox.

According to NSE data, Groww added over 3.5 lakh active demat accounts in January, took its total client base to about 1.24 crore (12.48 million), and its market share rose to 27.66%.

As of 1:07 PM today, Groww’s share price is trading at around Rs 165.4 per share, with a market capitalization of Rs 1,02,080 crore or roughly $11.3 billion. The firm’s operating revenue rose 25% year-on-year to Rs 1,216 crore in Q3 FY26, with a net profit of Rs 547 crore.

Among major brokers, Zerodha added 10,000 clients in January after several months of decline. The firm had shed around 1 lakh users in November and lost another 72,000 in December. Its total user base now stands at 68.62 lakh, with a 15.21% market share.

Angel One’s market share declined to 14.95%, with 67.45 lakh clients, after losing nearly 13,000 users in January. Upstox recorded the highest client loss among major brokers, with over 41,000 users, a 2% month-on-month decline. This pushed Upstox down to the fifth position, and its market share fell to 4.51%.

Among traditional players, ICICI Securities, SBI Securities, and Kotak Securities added around 19,000, 3,680, and 4,725 accounts, respectively. Paytm saw an increase of about 14,000 accounts, while HDFC Securities, Kotak Securities, and Motilal Oswal reported a decline in client numbers.

Emerging brokers Dhan and INDmoney reported growth in their user base, with 14,900 and 3,860 users added, respectively. Recently turned unicorn Dhan posted a strong FY25 performance, with revenue from operations rising over 2.3X. At the same time, its profit jumped 2.6X and crossed Rs 400 crore in the last fiscal year.