Results · Financial Services

Upstox posts Rs 215 Cr profit in FY25

By Startup Enthusiast · 23 January 2026

What they do

The company reported a 21.5% rise in net profit to Rs 215 Cr for FY25

Brokerage fees drove over 81% of total income while advertising costs rose slightly

Total expenses increased 6% to Rs 991 Cr, with EBITDA margin at 0.98%

Upstox reported flat operating revenue of Rs 945 Cr for FY25 compared to Rs 951 Cr in the previous year.
Net profit increased by 21.5% to reach Rs 215 Cr against Rs 177 Cr in FY24.
Total income stood at approximately Rs 1,208 Cr with non-operating income contributing Rs 263 Cr.
EBITDA margin was very thin at 0.98% generating just Rs 9 Cr in earnings before interest and taxes.
ROCE (Return on Capital Employed) was negative at -0.45% indicating poor capital efficiency.
Advertising and promotion expenses accounted for over 47% of total expenses rising to Rs 467 Cr.
Employee benefits cost rose by 11% to Rs 211 Cr including Rs 13.6 Cr in ESOPs.
The company held Rs 2,744 Cr in cash and bank balances as of March 2025.

High advertising spend indicates intense competition in the discount broking space.
Thin EBITDA margins show pressure on profitability from operational costs.

Upstox operates as a full-service online stock broker for retail investors.
Products include stocks IPOs F&O commodities currencies and fixed deposits.
The platform also offers P2P lending government bonds NCDs gold and insurance.
Brokerage income contributed over 81% of total income at Rs 767 Cr.
Depository operations generated Rs 65 Cr while management services added Rs 113 Cr.
Active clients reached 2.08 million by December 2025.
Market share stood at 4.64% among competitors in the sector.
The firm raised over $200M previously with a last valuation of $3.5B.
Tiger Global holds the largest external stake at 38.54% according to data.