Navi Technologies vs Zerodha: Revenue, Profit and Business Model
Navi Technologies reported ~$345.9M of revenue in FY2026 and a net loss of ~$54.1M. Zerodha reported ~$1B of revenue in FY2025 and ~$491.5M of net income.
Latest financial snapshot
Navi Technologies
- Latest revenue
- ~$345.9M (FY2026)
- Net income
- ~-$54.1M
- Net margin
- -15.6%
- Revenue growth
- +1339.3% a year, FY2023–FY2026
Zerodha
- Latest revenue
- ~$1B (FY2025)
- Net income
- ~$491.5M
- Net margin
- 47.9%
- Revenue growth
- -11.5% a year, FY2024–FY2025
Financial summary
Navi Technologies
Navi Limited's consolidated revenue from operations rose from ~$253 million (₹2,180 crore) in FY2024 to ~$298 million (₹2,565 crore) in FY2025 and ~$346 million (₹2,982 crore) in FY2026. The group swung from a ~$41.5 million (₹358 crore) profit in FY2024 (helped by a one-time gain on the Chaitanya sale) to losses of ~$14.6 million (₹126 crore) in FY2025 and ~$54.1 million (₹466 crore) in FY2026, mainly from UPI investment. It reached PBT break-even in Q4 FY26 and reported ~$12.1 million (₹104 crore) PBT in Q1 FY27; management expects a full-year profit in FY2027.
Zerodha
Zerodha reported revenue of ~$1.03 billion (₹8,847 crore) and net profit of ~$491 million (₹4,237 crore) in FY25, down from about $1.16 billion (₹9,993 crore) and ~$638 million (₹5,496 crore) in FY24 after SEBI's F&O changes. FY26 profit was ~$497 million (₹4,283 crore) on roughly flat revenue, helped by margin trading income.
Revenue and profit by year
Navi Technologies
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$345.9M | ~-$54.1M | -15.6% | +16.2% | Source |
| FY2025 | ~$297.5M | ~-$14.6M | -4.9% | +17.7% | Source |
| FY2024 | ~$252.9M | ~$41.6M | 16.4% | +217900.0% | Source |
| FY2023 | ~$116,000 | — | 0.0% | — | Source |
Zerodha
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$1B | ~$491.5M | 47.9% | -11.5% | Source |
| FY2024 | ~$1.2B | ~$637.5M | 55.0% | — | Source |
Where the revenue comes from
Navi Technologies
No segment breakdown is published.
Zerodha
- Brokerage (intraday and F&O)
~$318M (₹2,738 Cr) in FY26
Flat fee of up to ₹20 per executed order on intraday and derivatives trades. FY26 brokerage income fell about 11% from ~$356 million (₹3,066 crore) in FY25.
- Interest income
~$263M (₹2,269 Cr) in FY26
Interest earned on client margin funds and the company's own reserves; down about 4% year on year in FY26.
- Margin trading facility (MTF)
~10% of FY26 revenue
Launched in December 2024. Kamath said the MTF book reached about $1.04 billion (₹9,000 crore), with customers borrowing around $696 million (₹6,000 crore).
- Demat annual maintenance charges
~$20.9M (₹180 Cr) in FY26
Annual charges on demat accounts, up from ~$18.6 million (₹160 crore) in FY25. Accounts opened from 1 June 2026 get the first year free.
Business model and strategy
Navi Technologies
How it makes money
Navi earns most of its income from lending. Navi Finserv, its RBI-registered NBFC, originates app-based personal loans and home loans and earns interest and fees on a loan book that crossed ~$1.51 billion (₹13,000 crore) in FY2026. Smaller revenue lines come from health and motor insurance premiums (Navi General Insurance), management fees on low-cost index funds (Navi AMC) and the Navi UPI payments app.
Growth strategy
Navi's current strategy is to use Navi UPI as a mass-market acquisition channel and convert those users into borrowers, policyholders and investors. It added motor insurance in March 2026, continues to grow Navi Finserv's loan book past ~$1.51 billion (₹13,000 crore), and is shifting from founder funding to institutional capital through the Prosus round and a planned IPO.
Competitive advantage
Navi holds its own lending, insurance and mutual fund licences, so it keeps the full economics of the products it sells instead of earning referral fees. Its UPI app, ranked fourth in India through FY2026, gives it a large daily-use audience for cross-selling.
Zerodha
How it makes money
Zerodha earns most of its money from trading and from client funds. Brokerage is charged only on intraday and futures and options orders, capped at ₹20 per executed order, while equity delivery trades are free. The second large stream is interest income, mainly on client margin money and on its own cash reserves.
Growth strategy
With retail derivatives activity slowing under SEBI's F&O rules, Zerodha is shifting its focus from adding traders to growing customer assets. Its levers are margin trading funding, the integration of mutual funds into Kite, Zerodha Fund House's passive funds, and new businesses in asset management, lending and insurance.
Competitive advantage
Zerodha keeps costs low through in-house technology, a team of fewer than 1,100 people and no advertising spend, which lets it stay highly profitable even as trading volumes slow.
Questions about Navi Technologies vs Zerodha
Which company has higher revenue — Navi Technologies or Zerodha?
Navi Technologies reported ~$345.9M (FY2026), while Zerodha reported ~$1B (FY2025). By last reported revenue, Zerodha is the larger business, with Navi Technologies reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
Which is more financially efficient — Navi Technologies or Zerodha?
Navi Technologies generates $231k / employee in revenue per employee, while Zerodha generates $933k / employee. Zerodha shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Navi Technologies and Zerodha make money?
Navi Technologies and Zerodha generate revenue in fundamentally different ways. Navi Technologies: Navi earns most of its income from lending. Zerodha: Zerodha earns most of its money from trading and from client funds.
Is Navi Technologies bigger than Zerodha?
By last reported revenue, Zerodha (~$1B (FY2025)) is the larger company compared to Navi Technologies (~$345.9M (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Navi Technologies vs Zerodha overview