Zerodha, the Kamath brothers-led stockbroking agency, reported a decline in each income and revenue for the fiscal 12 months ended March 2025 (FY25) as regulatory stress, decrease buying and selling exercise and a drop in energetic customers weighed on efficiency. 

The Groww rival posted a 11.2% fall in income to Rs 8,868.2 crore from Rs 9,994.5 crore a 12 months earlier. Internet revenue declined 23% to Rs 4,236.7 crore, in keeping with knowledge from market intelligence platform Tracxn.

In a weblog publish printed in September, founder Nithin Kamath had already warned of a pointy slowdown. He famous that brokerage income had dropped 40% within the first quarter of FY26, citing market and regulatory headwinds.

The Securities and Alternate Board of India (SEBI) launched steps final 12 months to scale back extreme hypothesis within the futures and choices market after rising retail losses. The modifications created concern about additional restrictions, together with discuss round a attainable ban on weekly choices. SEBI chairperson Tuhin Kanta Pandey later clarified that no such choice had been taken.

Zerodha’s price base elevated by means of the 12 months. Whole expenditure rose to Rs 3,238.4 crore from Rs 3,119.3 crore, pushed by greater working and worker bills.

The platform additionally noticed its energetic consumer base shrink. NSE knowledge reveals that energetic purchasers dropped to 7 million in October from 7.95 million in February. Groww, which listed earlier this month, remained forward with 12 million energetic customers. 

For the quarter ended September, Groww reported a 12% rise in net profit to Rs 471.33 crore whilst income declined 9.5% to Rs 1,018.7 crore.

Zerodha continues to carry 15.8% market share with 7.26 million customers, however brokerage revenue stays its important supply of earnings. Funding administration charges, software program companies and curiosity revenue additionally contribute to working income.

Worker prices rose sharply in the course of the 12 months. Wage bills elevated 31% to Rs 539 crore. Administrators Nithin Kamath, Nikhil Kamath and Seema Patil collectively withdrew Rs 228 crore in remuneration. Nithin and Nikhil obtained Rs 96 crore every, whereas Seema obtained Rs 36 crore.

Different main bills included Rs 2,328 crore on charges and commissions, Rs 96 crore on skilled and technical companies, and Rs 47 crore on promoting. 

It is price noting that Zerodha continues to carry one of many strongest stability sheets within the trade. The corporate reported money and financial institution balances of Rs 22,769 crore, whereas complete present belongings stood at Rs 35,719 crore.