NBFC Subsidiary Leverages Broking Franchise for Growth
Zerodha Capital, the non-banking financial company (NBFC) arm of India’s largest retail brokerage Zerodha, reported a net profit of ₹14.7 crore for the fiscal year ending March 31, 2026 (FY26). This represents a 20.5% growth compared to the ₹12.2 crore profit recorded in the previous fiscal year. The firm’s total income also saw a substantial increase, rising 44.2% year-on-year to ₹53.5 crore, up from ₹37.1 crore in FY25.
The growth was primarily driven by the expansion of Zerodha Capital’s Loan Against Securities (LAS) book, which reached ₹580 crore. The LAS product allows retail investors to borrow funds by pledging their stock and mutual fund portfolios, utilizing Zerodha’s trading infrastructure for instant approvals. By integrating lending directly into the discount brokerage platform, the NBFC has maintained low customer acquisition costs and high asset quality.
ICRA Reaffirms Strong Ratings and Expanded Limits
An ICRA report released in June 2026 highlighted that the NBFC’s positive growth trajectory is highly supported by its synergies with the wider Zerodha Group. ICRA reaffirmed the long-term rating of Zerodha Capital at [ICRA]AA- with a Stable outlook and its short-term rating at [ICRA]A1+. Additionally, the rating agency enhanced the firm’s fund-based bank facility limits to ₹900 crore, providing the company with ample liquidity to support its growing loan book in the upcoming fiscal year.
