Mumbai — Zerodha reported broadly flat revenue and profit for fiscal 2026 as regulatory changes in the futures and options market weighed on trading volumes and growth.
The brokerage generated about Rs 8,500 crore in revenue during FY26, while net profit was approximately Rs 4,300 crore, according to a blog post by Zerodha Co-Founder and CEO Nithin Kamath. Both figures were largely unchanged from the previous fiscal year.
Zerodha does not publicly disclose exact financial figures, instead providing indicative numbers through charts.
Kamath said the past two years have been challenging for brokerage firms as regulatory changes reduced revenue opportunities and market activity slowed after Indian equities peaked in September 2024.
“The last couple of years have been mixed for brokers. We had to take revenue hits because of regulatory changes, and then the Indian market peaked in September 2024. Volumes steadily declined after that, and growth has been muted,” Kamath said.
Options trading remains an important source of revenue for discount brokers. Kamath had previously warned that FY26 could be weaker than FY25 following an increase in the securities transaction tax on options and a reduction in the number of weekly options expirations.
Despite those pressures, Kamath said Zerodha’s relatively lean organizational structure has helped the company adapt quickly and make changes to its products and services.
He said artificial intelligence has further improved the company’s ability to develop and refine products. Zerodha has also strengthened services for non-resident Indian customers and is working to expand its U.S. investing offering.
Zerodha’s largely flat performance comes as publicly listed rivals including Groww and Angel One have reported stronger revenue and earnings growth, although they remain smaller than Zerodha in overall financial scale. (Source: IANS)
