Upstox Financial Performance Report for FY25

Upstox has announced its financial performance for the fiscal year ending March 2025, highlighting flat revenue but a remarkable profit increase of 21.5%, amounting to Rs 215 crore, primarily due to elevated non-operating income.

Flat Revenue Performance

Upstox’s revenue from operations remained unchanged at Rs 945 crore for the fiscal year ending March 2025, slightly down from Rs 951 crore in FY24, based on consolidated financial statements from the Registrar of Companies (RoC). Upstox offers a variety of investment options for retail investors, which include stocks, initial public offerings (IPOs), futures and options (F&O), commodities, currencies, fixed deposits, peer-to-peer lending, government bonds, non-convertible debentures (NCDs), gold, and insurance. By December 2025, Upstox recorded 2.08 million active clients and held a market share of 4.64%.

Income Breakdown

Brokerage income continued to be the main revenue source for the company, contributing Rs 767 crore, which is more than 81% of the overall income. Depository operations contributed Rs 65 crore, while Rs 113 crore was generated from management services and other operational income. The company also reported Rs 263 crore in non-operating income, with no specific details provided. This brought Upstox’s total income for FY25 to Rs 1,205 crore.

Cost Analysis

On the expenses side, advertising and business promotion remained the largest expense category, making up over 47% of total expenses at Rs 467 crore, a figure that remained stable compared to Rs 455 crore in FY24. Employee benefit costs increased by 11% year-on-year to Rs 211 crore, which included Rs 13.6 crore in non-cash ESOP costs. Conversely, legal and professional expenses decreased by 8% to Rs 123 crore. Other costs, including finance costs, depreciation and amortisation, travel, and miscellaneous expenses, resulted in total expenses of Rs 991 crore for the last fiscal year, marking a 6% growth from Rs 935 crore in FY24.

Profit and Financial Metrics

Overall, despite Upstox’s revenue and expenses being relatively stable in FY25, an increase of Rs 103 crore in non-operating income was crucial for the company to achieve a profit rise of 21.5% to Rs 215 crore, compared to Rs 177 crore in FY24. The company’s return on capital employed (ROCE) and EBITDA margin were recorded at -0.45% and 0.98%, respectively, with a positive EBITDA of Rs 9 crore. As of March 2025, Upstox’s current assets amounted to Rs 4,029 crore, including a strong cash and bank balance of Rs 2,744 crore.

Investment and Competition

To date, Upstox has raised over $200 million and was last valued at $3.5 billion. Data from various startup intelligence platforms indicates that Tiger Global holds the largest external stake at 38.54%. In the competitive landscape, Upstox faces rivals such as Zerodha, Groww, and Angel One. For FY25, Zerodha reported revenue of Rs 8,847 crore with a profit of Rs 4,237 crore, while Groww experienced a 50% year-on-year revenue increase to Rs 3,902 crore. Angel One’s revenue for the year stood at Rs 5,238 crore.