Zerodha has significantly reduced its dependence on broking revenue, which accounted for 44% of its total revenue in FY26, down from 70% in FY21, even as regulatory curbs on derivatives trading continue to change the broking industry.
The country’s largest broking firm by revenue reported Rs 8,500 crore in revenue and Rs 4,300 crore in net profit in FY26.
Zerodha’s revenue mix is notably different from that of its listed rivals, Groww and Angel One, which continue to derive a larger share of their revenue from broking.
In FY26, more than 70% of Groww’s revenue came from broking, while the share for Angel One was a little under 60%.
“The strengths are partly offset by Zerodha’s high dependence on the inherently volatile and cyclical capital market, with revenue largely driven by broking and float income, despite its diversification initiatives in allied businesses including margin trade funding (MTF), asset management and merchant banking,” credit rating agency ICRA said in a note.