Zerodha Diversifies Revenue as Core Broking Engine and Trading Activity Slow

30 Aug 2026, 11:00 am · 13d ago · 1 min read · Inc42

Discount brokerage Zerodha is increasingly pivoting to non-brokerage revenue streams as regulatory changes and cooling trading activity slow its core business. In FY26, broking revenue dropped 10.4% to ₹2,738 crore from ₹3,066 crore in FY25, while net transaction charges fell to zero due to SEBI's true-to-label norms. Total revenue stayed flat at around ₹8,847 crore, but profit rose slightly to ₹4,283 crore. Growth was cushioned by ₹2,269 crore in interest income, ₹448 crore from delayed payment and margin trading facility charges, and asset management fees. Nearly 40% of Q1 FY27 revenue came from non-core operations.