Online stock broking platform Zerodha’s profits fell 22.9% to `4,237 crore in the financial year ended March 2025 from Rs 5,496 crore last year as its revenue from operations fell 11.5% to `8,847 crore, according to Entrackr.
Its return on capital employed contracted to 32% from 42% previous year, and operating margin improved to 63.78% from 55.25%. Meanwhile, its cash and bank balances surged to `22,679 crore from `10,211 crore last year.
FY25 Financial Contraction
In a post on completing 15 years in August, its founder and CEO, Nithin Kamath, had written, “This year, we are seeing a substantial hit of about 40% in brokerage revenues in the latest quarter (June 2025) compared to the same quarter last year.”
Regulatory Impact and Strong, Debt-Free Balance Shee
According to him, as of that date, the assets held by Zerodha customers now account for about 10% of all retail and HNI AUM in the country.
“We have zero debt on the books, and as we are fully privately held, we have more skin in the game than any other broker in India,” he added.
