Overview
Zerodha Broking Limited is a stockbroker based in Bengaluru, founded in 2010 by Nithin Kamath and Nikhil Kamath. It charges nothing for equity delivery trades and up to ₹20 per executed intraday or F&O order, and it has never taken outside investment.
Financial results
Revenue was about $1.16 billion (₹9,993 crore) in FY24 and fell to ~$1.03 billion (₹8,847 crore) in FY25, with net profit of ~$491 million (₹4,237 crore). In FY26 profit rose about 1.2% to ~$497 million (₹4,283 crore) while revenue was roughly flat. Brokerage income fell to ~$318 million (₹2,738 crore) and interest income to ~$263 million (₹2,269 crore), while the margin trading facility grew to about 10% of revenue.
Products
Clients trade on Kite, invest in direct mutual funds through Coin, track holdings and taxes in Console and learn on the free Varsity site. Developers can use Kite Connect APIs. Zerodha Fund House, set up with smallcase, runs passive funds.
Competition
Groww has more active NSE clients and grew faster in FY26, but Zerodha's revenue and profit remain roughly twice as large. Zerodha had about 68 lakh active NSE clients in August 2026. Kamath says it is the largest broker by customer assets, helped by accounts migrated from IL&FS Securities.
What comes next
The company is integrating mutual funds into Kite, growing margin funding and building businesses in asset management, lending and insurance. Its subsidiary Zerodha Corporate Advisors received a SEBI merchant banking registration in 2026 and plans to start managing public issues. Kamath has also warned that margin borrowing adds risk if markets fall sharply.
