Results · Financial Services

Zerodha reports flat revenue and steady annual profit

By Startup Enthusiast · 26 August 2026

What they do

Zerodha operates a popular online brokerage platform for trading stocks, mutual funds, and derivatives

The firm reported a net profit of Rs 4,283 crore for FY26, showing minimal growth from the previous year

Management highlighted risks in their margin trading business while expanding into asset management, lending, and insurance services

Zerodha recorded a net profit of Rs 4,283 crore for the fiscal year 2026.
This profit figure represents a slight increase of approximately 1.2% from the Rs 4,231 crore earned in FY25.
Total revenue remained flat during the year as income from transaction fees declined due to a cooling market.
The company's margin trading facility (MTF), launched in December 2024, now accounts for roughly 10% of total revenue.
Customer borrowing through the MTF segment currently stands at Rs 6,000 crore.
The firm maintains a total MTF book value of Rs 9,000 crore.

Growth in new customer accounts slowed down significantly due to a weaker stock market environment.
The company's share of active customers on the National Stock Exchange and total demat accounts experienced a decline.
Nithin Kamath expressed caution regarding potential risks to the MTF business if market conditions deteriorate sharply.
Zerodha requires approximately Rs 11,000 crore in capital to maintain its current operational scale.

Zerodha is India's largest stockbroker by total assets under management (AUM).
The platform serves over 1.8 crore customers who hold Rs 9 lakh crore in equity investments.
The company facilitates 15% of daily retail exchange volumes across India.
Core products include the Kite trading platform, Kite Connect APIs, and Varsity for financial education.
The firm operates a flat-fee pricing model, charging Rs 20 for intraday and derivatives trades.
It continues to invest in the fintech ecosystem through its incubator, Rainmatter.
Strategic plans include expanding into asset management, lending, and insurance sectors.

Integrate mutual fund services directly into the Kite platform to improve user experience.
Continue building new business lines in lending, insurance, and asset management.
Maintain ongoing investments in fintech startups via Rainmatter.