Zerodha's FY26 net profit rises 1.2% to Rs 4,283 crore amid revenue slowdown

Bengaluru: Stockbroking platform Zerodha's net profit rose 1.2% to ₹4,283 crore in FY26, while revenue remained broadly unchanged from the ₹8,847 crore it reported a year earlier, as income from margin trading helped partly offset a slowdown in its core broking business.

Brokerage income fell nearly 11% to ₹2,738 crore last fiscal year, while net transaction-charge income dropped to zero from ₹400 crore after a regulatory change ended rebates brokers received from stock exchanges. Annual maintenance charges rose to ₹180 crore, while interest income fell about 4% to ₹2,269 crore.

The flat performance followed a 11.5% fall in revenue and a 23% drop in profit in FY25, when the impact of regulatory changes and weaker trading activity began showing in Zerodha's financials. In FY24, at the peak of the post-pandemic retail trading boom, the brokerage had reported revenue of ₹9,994 crore and net profit of ₹5,493 crore.


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Smaller rival Groww, by comparison, expanded both revenue and profit by about 14% in FY26. It reported revenue of ₹4,644 crore and net profit of ₹2,083 crore. Zerodha remains nearly twice as large on both measures, although Groww has widened its lead in active customers and had 13.12 million users as of July.