StockGro Reports ₹113 Crore FY26 Profit, ₹14 Crore of It a Tax Credit, While Its IPO Size Stays Unsettled
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StockGro Reports ₹113 Crore FY26 Profit, ₹14 Crore of It a Tax Credit, While Its IPO Size Stays Unsettled
The parent of the retail-investing app doubled revenue to ₹226.1 crore, but reports disagree on how much new stock the pending IPO will sell: ₹800 crore or up to ₹536 crore.
AssetGro Fintech, the Bengaluru parent of the StockGro investing app, reported a net profit of ₹113 crore for the year to March 2026, against ₹34.6 crore a year earlier, according to Inc42's reading of the company's financials. The headline figure includes a net tax credit of ₹14 crore, so the profit before tax is ₹99 crore.
That difference is the first number to hold on to. Roughly 12% of the reported profit came from the tax line rather than from operations, and the credit is mostly deferred: ₹15.9 crore of deferred tax credit, offset by ₹1.9 crore of current tax expense.
What the FY26 accounts show
Operating revenue was ₹226.1 crore, up from ₹113.3 crore, and Inc42 says 99.9% of it is subscription fees. Total income, which adds ₹4.8 crore of other income, was ₹230.9 crore. Total expenses were ₹132 crore, up 47.3%, so revenue roughly doubled while costs rose by less than half.
| Line | FY26 | FY25 |
|---|---|---|
| Operating revenue | ₹226.1 crore | ₹113.3 crore |
| Total expenses | ₹132 crore | ₹89.6 crore |
| Profit before tax | ₹99 crore | ₹35.9 crore |
| Net profit | ₹113 crore | ₹34.6 crore |
The cost mix explains the margin. Employee benefits were ₹65.8 crore, about half of all expenses, and media and advertising was ₹23.2 crore. A profit before tax of ₹99 crore on ₹226.1 crore of operating revenue is a margin of about 44%, which is unusual for a consumer app and is the figure an IPO investor will test first.
- Profit before tax99 ₹ crore
- Net tax credit14 ₹ crore
- Net profit113 ₹ crore
Source: Inc42, accessed 2026-10-31
The numbers are reported, not audited in public. The prospectus that would let a reader check them has been pre-filed confidentially and is not available.
The IPO size depends on which report you read
Inc42 reported on Sept. 29 that AssetGro pre-filed its draft prospectus on Sept. 26 under the confidential route, with an issue of ₹2,000 crore to ₹2,500 crore, citing a PTI report. Of that, about ₹800 crore would be fresh shares. Kotak Neo gave the same ₹800 crore on Sept. 24 and named Emirates NBD Capital as book-running lead manager.
A later report points lower. Lapaas Voice, on Oct. 14, cited a board resolution approving up to ₹536 crore of fresh equity plus an offer for sale of undisclosed size. It said the cap refers to the approved fresh issue, not necessarily the total IPO, and that a pre-IPO placement of up to ₹107.2 crore, if completed, would reduce the fresh issue further.
The filing date is also not settled. Chittorgarh lists a pre-filing with SEBI on Sept. 30, four days after Inc42's Sept. 26.
The gap between ₹800 crore and ₹536 crore is ₹264 crore, about a third of the larger figure. It matters because fresh shares fund the company, while an offer for sale pays existing holders.
Who has been paying in
Inc42 reported that StockGro raised ₹110 crore, about $10.4 million, in its ongoing Series B round from BITKRAFT Ventures, Aditum Venture Capital Fund, India SME Growth Fund and the actor Suniel Shetty. The company claims $110 million of total equity funding, according to Inc42.
The round came while the company was profitable on its own numbers, which is why the raise reads as pre-IPO positioning more than a need for cash. No post-money valuation has been reported for any of these rounds, so the implied revenue multiple cannot be calculated.
Where it sits against other listings
Other Indian listed-or-listing startups have also posted profits. Shadowfax reported a ₹68 crore quarterly profit as growth slowed, and PB Fintech showed ₹100 crore of other income sitting next to its profit. StockGro's case is the same shape: a profit headline with a non-operating item inside it.
The next checkable event is the public draft prospectus, filed after SEBI observations, which will state the fresh-issue size, the offer for sale and the audited tax line.
Sources
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