AssetGro’s FY26 profit jumps 226.6% as IPO seeks up to ₹2,500 crore

By Grace Kim

AssetGro Fintech Ltd, the parent of StockGro, reported FY26 net profit of ₹113 crore, up 226.6% from ₹34.6 crore in FY25, as operating revenue doubled to ₹226.1 crore from ₹113.3 crore, according to AssetGro’s consolidated financial statements.

Profit before tax climbed to ₹99 crore from ₹35.9 crore. AssetGro recorded a net tax credit of ₹14 crore, comprising a ₹15.9 crore deferred tax credit and a ₹1.9 crore current tax expense. That credit lifted profit after tax to ₹113 crore.

Total income reached ₹230.9 crore, compared with ₹125.5 crore a year earlier, after AssetGro included ₹4.8 crore of other income. EBITDA rose about 99.3% to approximately ₹118.7 crore from ₹59.5 crore in FY25.

What powered the profit jump?

Subscription fees supplied 99.9% of AssetGro’s operating revenue in FY26; service fees supplied the remainder, according to the company. AssetGro also cited India’s expanding retail investment ecosystem, which reached 13.66 crore unique NSE-registered investors as of September. It sees an opportunity to expand StockGro’s user base and raise paid-subscription adoption among current users.

In plain terms, AssetGro’s core business strengthened before the tax credit amplified the headline profit surge.

What does StockGro offer investors?

StockGro lists itself as a Bengaluru-based fintech investment advisory company at the Series B stage, with total funding of $118.97 million-plus. The company was incorporated in 2020.

StockGro’s platform allows users to research, learn and invest in stocks and alternative assets, according to the company. A social layer lets users track stocks, study portfolios, follow other investors and interact with market experts.

Users can also access research and trade ideas from SEBI-registered analysts, along with tools for deeper analysis. AssetGro’s AI-powered research assistant, Stoxo, helps users analyze stocks, markets, mutual funds and other investment themes.

The product mix puts research, social participation and AI-assisted analysis under one subscription-led platform.

How large is the proposed IPO?

AssetGro filed for an IPO confidentially earlier this month and pre-filed its draft red herring prospectus with SEBI in September, according to the company. The proposed deal could raise up to ₹2,000 crore to ₹2,500 crore.

The structure could include a fresh issue of around ₹800 crore and an offer for sale by existing shareholders. That would combine new capital for AssetGro with liquidity for shareholders selling some of their holdings.

Recently, StockGro raised ₹110 crore, or about $10.4 million, as part of its ongoing Series B round. The round included existing investor BITKRAFT Ventures, Aditum Venture Capital Fund, India SME Growth Fund and actor Suniel Shetty.

The proposed listing would raise far more capital than the recent ₹110 crore funding round.

What happened to expenses?

Total expenses rose 47.3% to ₹132 crore in FY26 from ₹89.6 crore in FY25, according to AssetGro’s consolidated financial statements.

• Employee benefits: Costs increased 96.3% to ₹65.8 crore from ₹33.5 crore, making this the largest expense and accounting for half of total costs.
• Technology charges: Spending rose 34.6% to ₹17.9 crore from ₹13.3 crore.
• Media and advertising: Costs climbed 61.1% to ₹23.2 crore from ₹14.4 crore.

The cost base expanded, but its 47.3% increase stayed well below operating revenue’s near-doubling.

What must StockGro prove before listing?

IPO investors will focus on whether StockGro can convert India’s 13.66 crore unique NSE-registered investors into more paid subscribers while sustaining its operating leverage. The offering will also test AssetGro’s ability to deploy fresh capital at the scale of a ₹2,000 crore to ₹2,500 crore IPO.

The next test is whether paid subscriptions can keep expanding faster than the cost of building StockGro’s user base.