Groww leads India’s stock broking market with record client additions in September 2026

Groww extends market lead

According to Entrackr, Groww added over 100,000 active clients in September 2026, reinforcing its position as India’s leading stock broking platform. The company now holds a 29.16% market share, the highest among all brokers, with a total of 13.4 million active clients.

Groww’s growth accounted for more than 63% of the industry’s net client additions during the month, underscoring its dominance in a competitive market.

Sahi records fastest growth

Sahi, a smaller player in the market, reported an 11% month-on-month increase in its active client base, the highest growth rate among the top 20 stock brokers. The company added 28,077 clients in September 2026, bringing its total to 281,000 active clients.

Despite its rapid growth, Sahi’s market share remains at 0.61%, highlighting the difficulties smaller platforms face in competing with established players like Groww and Zerodha.

Industry trends and challenges

The total active client base in India’s stock broking market grew marginally by 0.35% to 46.1 million in September 2026, indicating a saturated market. The top five brokers—Groww, Zerodha, Angel One, ICICI Securities, and Upstox—now control over 67% of the active client base.

While Groww and Sahi saw growth, other players like Paytm Money faced challenges. Paytm Money lost 27,950 active clients, a 3.53% decline from the previous month, reflecting shifting investor preferences in a crowded market.

What this means

Lazyfounder analysis — our interpretation, not reported fact.

Groww’s continued dominance in India’s stock broking market reflects the growing preference for discount brokers, particularly among retail investors. The marginal industry-wide growth of 0.35% suggests a saturated market, where gains for one platform often come at the expense of others. Sahi’s 11% growth, while notable, highlights how smaller players can still carve out space by targeting niche segments or offering differentiated services.

The steep decline in Paytm Money’s active clients raises questions about its long-term competitiveness, especially as competitors like Groww and Zerodha consolidate their positions. For founders and operators, this trend underscores the importance of retention strategies in a crowded market. Meanwhile, the concentration of market share among the top five brokers signals a winner-takes-most dynamic, where scale and brand trust become critical differentiators.

Key takeaways

• Groww remains the market leader in India’s stock broking industry, adding over 100,000 active clients in September 2026.
• Sahi achieved the highest month-on-month growth (11%) among top brokers, reaching 281,000 active clients.
• The industry’s total active client base grew modestly by 0.35% to 46.1 million, indicating market saturation.
• Paytm Money saw a significant decline, losing 27,950 active clients in September 2026.
• The top five brokers now control over 67% of the active client base, reflecting a consolidated market.

FAQ

Why is Groww leading India’s stock broking market?

Groww has strengthened its position by adding over 100,000 active clients in September 2026, accounting for more than 63% of the industry’s net client additions. Its 29.16% market share reflects strong investor preference for its platform.

What challenges do smaller brokers like Sahi face?

Smaller brokers like Sahi face significant challenges in competing with established players like Groww and Zerodha. Despite rapid growth, Sahi’s market share remains at just 0.61%, highlighting the difficulty of scaling in a consolidated market.

What does the decline in Paytm Money’s client base indicate?

Paytm Money’s loss of 27,950 active clients in September 2026 suggests shifting investor preferences and potential challenges in retaining users. It may also reflect increasing competition in the discount broking space.

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