JM Financial says India's Groww too expensive for broking business, initiates with 'sell'

Billionbrains Garage Ventures

22/12/2025 09:09

** JM Financial Services initiates coverage on Groww BILO.NS with "sell" rating and PT of 144 rupees

** Says the stock is "too expensive for a broking business"; BILO up 72.5% from its issue price of 100 rupees since listing last month

** BILO rises as much as 7.2% to 172.5 rupees on Monday, extending gains from Friday after Jefferies said its growth mirrors that of Robinhood

** JM Financial says Groww's broking orders fell 29% over two quarters in FY25 following regulatory curb on derivatives trade

** Calls it a huge tail risk for BILO's business model, which has also been an issue for its peer Angel One ANGO.NS

 (Reporting by Vivek Kumar M)

 ((VivekKumar.M@thomsonreuters.com;))