Nuvama estimated that a 5% fall in F&O (futures and options) orders would reduce Groww’s revenue and after-tax profit by 2.5% and 4.4%, respectively, compared with 2.3% and 5.2% for Angel One. The impact on earnings before depreciation and tax (Ebdat) margins would be 122 basis points for Groww, lower than the 135 basis points estimated for Angel One, it said.
