Home / Business and Economy / Zerodha Diversifies Beyond Broking: Revenue Shifts Dramatically
Zerodha Diversifies Beyond Broking: Revenue Shifts Dramatically
28 Oct
Summary
- Zerodha's broking revenue share dropped to 44% in FY26 from 70% in FY21.
- Interest income from customer funds significantly contributed 32% to FY26 revenue.
- Zerodha's net MTF loan book expanded over sixfold to Rs 5,368 crore by June 2026.
Zerodha reported revenues of Rs 8,500 crore and net profits of Rs 4,300 crore in FY26, demonstrating a significant evolution in its financial strategy. The company has substantially decreased its dependence on broking income, which constituted only 44% of its total revenue in FY26, a marked decrease from 70% in FY21. This contrasts with its listed competitors, Groww and Angel One, which still derive a larger portion of their earnings from broking services.
Interest earned from customer funds has become a critical revenue driver for Zerodha, comprising 32% of its FY26 topline, more than four times Groww's contribution. Despite the reduced overall reliance on broking, Futures and Options trading still accounted for 85% of Zerodha's broking revenue. The Margin Trade Funding (MTF) business is also a notable growth area, with Zerodha deriving 8% of its revenue from it.
Zerodha's MTF loan book experienced rapid expansion, increasing more than sixfold to Rs 5,368 crore as of June 30, 2026. The company maintains a strong capital base with a standalone net worth of Rs 19,659 crore and no borrowings, according to ICRA.
