StockGro’s parent company, AssetGro Fintech Ltd, reported a 226.6% year-on-year increase in consolidated net profit to ₹113 crore in FY26, compared with ₹34.6 crore in FY25. Its operating revenue doubled to ₹226.1 crore from ₹113.3 crore, reflecting growing demand for its stock-market research, investment education and subscription-based services.
The Bengaluru-based fintech company is preparing for a public listing after confidentially submitting draft IPO papers to the Securities and Exchange Board of India (SEBI). Its FY26 results show strong revenue growth and higher operating earnings, although a ₹14 crore net tax credit contributed to the reported profit after tax. AssetGro is reportedly considering an IPO that could raise ₹2,000 crore to ₹2,500 crore, subject to the final issue structure and regulatory process.
Key Takeaways
- StockGro parent AssetGro Fintech reported FY26 net profit of ₹113 crore, up 226.6% year-on-year.
- Operating revenue doubled to ₹226.1 crore from ₹113.3 crore.
- Profit before tax increased to ₹99 crore from ₹35.9 crore.
- A net tax credit of ₹14 crore helped lift profit after tax.
- Subscription fees contributed 99.9% of operating revenue.
- EBITDA nearly doubled to approximately ₹118.7 crore.
- Total expenses increased 47.3% to ₹132 crore.
- AssetGro has confidentially submitted IPO papers to SEBI and is reportedly considering a ₹2,000–2,500 crore public offering.
StockGro Parent’s FY26 Financial Performance
AssetGro Fintech recorded growth across its main financial indicators during FY26.
The company’s operating revenue increased approximately 99.6%, while net profit grew more than threefold.
| Financial indicator | FY26 | FY25 | Year-on-year change |
|---|---|---|---|
| Operating revenue | ₹226.1 crore | ₹113.3 crore | Approximately +100% |
| Total income | ₹230.9 crore | ₹125.5 crore | +84.0% |
| Profit before tax | ₹99 crore | ₹35.9 crore | Approximately +176% |
| Net profit | ₹113 crore | ₹34.6 crore | +226.6% |
| EBITDA | ₹118.7 crore | ₹59.5 crore | +99.3% |
| Total expenses | ₹132 crore | ₹89.6 crore | +47.3% |
Source: AssetGro Fintech’s consolidated financial statements, as reported by Inc42. Figures are rounded.
The numbers indicate that AssetGro expanded revenue faster than its overall expenses, supporting a substantial increase in operating earnings.
However, the relationship between profit before tax and net profit deserves attention. The company reported a net tax credit of approximately ₹14 crore, which increased its final profit after tax to ₹113 crore.
This means the reported net profit growth was partly influenced by tax accounting and should not be interpreted entirely as growth in recurring operating performance.
Subscription Fees Account for Nearly All Revenue
One of the most important details in AssetGro’s FY26 financial results is the composition of its revenue.
Approximately 99.9% of operating revenue came from subscription fees, with the remaining portion generated through service fees.
| Revenue source | Share of operating revenue |
|---|---|
| Subscription fees | 99.9% |
| Service fees | Approximately 0.1% |
This indicates that StockGro’s business model relies heavily on users paying for access to its platform and related services.
Subscription-based revenue can provide greater predictability than businesses that depend entirely on one-time transactions. However, its long-term strength depends on customer retention, renewal rates, subscription pricing and the ability to convert free users into paying customers.
For StockGro, the next challenge will be expanding its paid subscriber base while maintaining user engagement.
The company operates in India’s growing retail investment ecosystem, where more individuals are accessing stock-market research, financial education and investment tools through digital platforms.
How StockGro Makes Money
StockGro operates a digital platform that combines investment research, financial learning and social interaction.
Founded in 2020, the Bengaluru-based company allows users to explore stocks, follow market participants, examine portfolios and interact with market experts.
Its services include:
- Stock-market research and analysis.
- Investment learning and educational tools.
- Portfolio tracking and stock discovery.
- Market discussions and investor communities.
- Research and trade ideas from SEBI-registered analysts.
- AI-powered market research through its assistant, Stoxo.
The platform aims to make investment research and market information accessible through a combination of technology and expert-led services.
Its AI-powered research assistant, Stoxo, helps users analyse stocks, mutual funds, markets and other investment themes.
The subscription-heavy revenue model suggests that the company is monetising access to research and related services rather than relying primarily on transaction commissions.
Expenses Increase 47% as StockGro Expands Operations
Although revenue doubled, AssetGro’s expenses also increased during FY26.
Total expenses rose 47.3% to ₹132 crore from ₹89.6 crore in FY25.
Employee benefits represented the largest expense category, accounting for approximately half of the company’s total expenses.
| Expense category | FY26 | FY25 | Growth |
|---|---|---|---|
| Employee benefits | ₹65.8 crore | ₹33.5 crore | +96.3% |
| Technology charges | ₹17.9 crore | ₹13.3 crore | +34.6% |
| Media and advertising | ₹23.2 crore | ₹14.4 crore | +61.1% |
| Total expenses | ₹132 crore | ₹89.6 crore | +47.3% |
Employee expenses almost doubled, indicating a significant increase in spending on personnel.
Technology charges increased as the company continued investing in its digital platform and research capabilities.
Advertising expenses also rose 61.1% to ₹23.2 crore, reflecting higher spending on marketing and customer acquisition.
The increase in expenses is not necessarily negative for a growing fintech business. Investment in technology, employees and brand visibility can support expansion. However, the company will need to demonstrate that these costs translate into sustainable subscriber growth and recurring revenue.
StockGro Prepares for an IPO of Up to ₹2,500 Crore
AssetGro Fintech is moving towards a public-market listing after confidentially submitting draft IPO documents to SEBI in September 2026.
The company is reportedly considering raising between ₹2,000 crore and ₹2,500 crore through the proposed offering.
The potential structure could include:
| Proposed IPO component | Reported amount |
|---|---|
| Total IPO size | ₹2,000–2,500 crore |
| Fresh issue | Approximately ₹800 crore |
| Offer for sale | Remaining portion, subject to final structure |
A fresh issue involves the company issuing new shares and receiving the proceeds.
An offer for sale (OFS), by contrast, allows existing shareholders to sell some of their holdings. The money from an OFS generally goes to the selling shareholders rather than the company.
The final IPO size, pricing, structure and shareholder participation have not been confirmed.
The confidential filing route allows companies to submit draft documents to SEBI for regulatory review before making the public offer document available through the conventional process.
The listing will provide investors with an opportunity to evaluate AssetGro’s business model, financial performance, risks and valuation through its formal IPO disclosures.
StockGro Raises ₹110 Crore Ahead of Its IPO
The company also raised approximately ₹110 crore as part of its ongoing Series B funding round.
The funding included participation from existing investor BITKRAFT Ventures, alongside Aditum Venture Capital Fund and India SME Growth Fund.
Actor Suniel Shetty and other investors also participated in the round, according to Inc42’s reporting.
The board approved the issuance of 14,004 Series B compulsorily convertible preference shares at ₹78,668 per share, aggregating to approximately ₹110.16 crore.
The capital is intended to support business expansion, working capital requirements and general corporate purposes.
The funding came shortly after the company began its confidential IPO preparation, giving it additional capital as it advances towards a potential public listing.
Why India’s Growing Retail Investor Base Matters
StockGro’s business opportunity is linked to the expansion of India’s retail investment market.
The company cited 13.66 crore unique investors registered with the National Stock Exchange as of September 2026.
A larger investor base creates potential demand for market research, portfolio analysis, financial education and investment-related subscriptions.
However, the number of registered investors does not directly translate into paying customers for StockGro.
The company’s commercial opportunity depends on converting a portion of this broader audience into active users and paid subscribers.
It must also compete with established financial research platforms, brokerage applications, investment communities and independent market educators.
The ability to maintain trust, provide useful research and retain subscribers will be important as the company prepares for its IPO.
The Bigger Picture
StockGro’s FY26 results arrive at a time when profitability is becoming an increasingly important factor for India’s startup IPO pipeline. AssetGro has demonstrated substantial revenue growth and a sharp increase in reported net profit, supported by a subscription-based business model. Its ability to generate almost all operating revenue from subscriptions also provides investors with a clear way to evaluate its commercial performance.
However, the tax credit behind its reported net profit, rising employee costs and higher marketing expenses will deserve attention in its IPO disclosures. Public-market investors will also want clarity on subscriber numbers, customer retention, revenue concentration and the sustainability of earnings. The headline profit growth is significant, but the quality and repeatability of those earnings will matter just as much.
Looking Ahead
The next major milestone for StockGro will be the progression of its confidential IPO filing and the publication of detailed offer documents. Investors will be watching the proposed issue size, valuation, use of fresh capital and the extent to which existing shareholders plan to sell their holdings. The company’s ability to explain its subscription economics and customer growth will also be important during the listing process.
For FY27, AssetGro will need to maintain revenue growth while controlling employee, technology and advertising expenses. Its AI-powered research assistant and expanding investment-research services could support user engagement, but their contribution to paid subscriptions remains an important question. The IPO will ultimately give public investors a more detailed view of whether StockGro can sustain its profitability as it scales.
Frequently Asked Questions
1. What is StockGro’s FY26 net profit?
StockGro’s parent company, AssetGro Fintech Ltd, reported consolidated net profit of ₹113 crore in FY26, compared with ₹34.6 crore in FY25. This represents 226.6% year-on-year growth.
2. What was StockGro’s FY26 revenue?
AssetGro Fintech reported operating revenue of ₹226.1 crore in FY26, approximately double the ₹113.3 crore recorded in FY25.
3. Why was StockGro’s profit higher than its profit before tax?
AssetGro reported profit before tax of ₹99 crore and a net tax credit of approximately ₹14 crore. The tax credit, which included a deferred tax credit of ₹15.9 crore partly offset by current tax expense, helped lift net profit to ₹113 crore.
4. How does StockGro generate revenue?
Almost all of AssetGro’s operating revenue comes from subscription fees. The company also earns a small amount through service fees.
5. How much is StockGro planning to raise through its IPO?
AssetGro is reportedly considering an IPO of approximately ₹2,000 crore to ₹2,500 crore. The proposed structure could include a fresh issue of around ₹800 crore and an offer for sale by existing shareholders. These figures are not final.
6. What is StockGro’s AI product called?
StockGro’s AI-powered research assistant is called Stoxo. It helps users analyse stocks, markets, mutual funds and other investment themes.
7. How much funding has StockGro recently raised?
StockGro raised approximately ₹110 crore as part of its ongoing Series B round, with participation from existing investors and other backers.
8. Who founded StockGro?
StockGro was founded by Ajay Lakhotia in 2020 and is headquartered in Bengaluru. Its parent company is AssetGro Fintech Ltd.
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