Zerodha Capital Reports Strong Growth in FY26

Zerodha Capital, the lending division of the Zerodha Group, indicated a significant 44.2% rise in total income, reaching Rs 53.5 crore in FY26. The company’s net profit also saw an increase of 20.5%, amounting to Rs 14.7 crore, mainly due to the rapid growth of its loan-against-securities (LAS) segment, based on a recent disclosure from ICRA.

Financial Performance Overview

The Bengaluru-headquartered non-banking finance company (NBFC) recorded a net profit of Rs 14.7 crore in FY26, improving from Rs 12.2 crore in the previous year. Total income increased by 44.2% from Rs 37.1 crore in FY25.

Expansion of Lending Portfolio

This growth was bolstered by a substantial increase in its lending activities, with Zerodha Capital’s loan book climbing to Rs 580 crore as of March 31, 2026. The company continued to leverage Zerodha’s extensive broking customer base effectively.

ICRA Ratings and Financial Stability

ICRA reaffirmed the long-term and short-term ratings for the company at [ICRA]AA- (Stable) and [ICRA]A1+, respectively. The rated amount for its fund-based bank facilities was increased from Rs 600 crore to Rs 900 crore. Additionally, the agency withdrew its rating on the Rs 100 crore non-convertible debenture programme, as there are no outstanding amounts under this facility.

Loan Offerings and Market Position

Established as the lending arm of the Zerodha ecosystem, Zerodha Capital provides loans against shares and mutual funds with amounts ranging from Rs 25,000 to Rs 10 crore. The primary clientele comes from within the group’s brokerage network.

Asset Quality and Net Worth

ICRA emphasized that the company maintained strong asset quality, with zero gross non-performing assets (GNPAs) reported as of March 2026. The net worth was approximately Rs 188 crore, while gearing rose to 2.4 times from 1.5 times year-on-year as lending operations expanded.

Strategic Significance

ICRA highlighted Zerodha Capital’s strategic role within the Zerodha Group, which is reinforced by shared ownership, operational synergies, and access to the brokerage’s vast customer base. As of May 2026, Zerodha boasted 68.5 lakh active NSE clients, accounting for about 15.02% of the total active investor base on the exchange.