Upstox’s performance in FY25 highlights a strategic shift from aggressive customer acquisition to operational efficiency and yield optimization.
Total Income Reaches ₹1,208 Crore
While “revenue from operations” (primarily brokerage and depository fees) remained steady at ₹945 crore, the company’s total income hit ₹1,208 crore. This was bolstered by ₹263 crore in non-operating income, which grew by over ₹100 crore compared to the previous year.
- Primary Revenue Stream: Brokerage income continues to be the bedrock, contributing ₹767 crore (over 81% of total income).
- Ancillary Streams: Depository operations brought in ₹65 crore, while management services and other operating income added ₹113 crore.
Key Financial Comparison (FY24 vs. FY25)
| Metric | FY 2023-24 (Actual) | FY 2024-25 (Actual) | Change (YoY) |
| Operating Revenue | ₹951 Crore | ₹945 Crore | ▼ 0.6% |
| Total Income | ₹1,111 Crore | ₹1,208 Crore | ▲ 8.7% |
| Total Expenses | ₹935 Crore | ₹991 Crore | ▲ 6.0% |
| Net Profit (PAT) | ₹177 Crore | ₹215 Crore | ▲ 21.5% |
| EBITDA | ₹11 Crore | ₹9 Crore | ▼ 18.2% |
Cost Management & Market Share
The company maintained a tight grip on its burn rate despite a competitive environment dominated by Groww and Zerodha.
- Advertising Spend: Remained the largest cost head at ₹467 crore, almost unchanged from the previous year.
- Employee Costs: Rose 11% to ₹211 crore, reflecting investments in specialized tech talent for the “Agentic Era” of trading.
- Active Client Base: As of December 2025, Upstox maintains 2.08 million active clients, holding a market share of approximately 4.64%.
Valuation & The Competitive Landscape
Upstox, which has raised over $200 million from investors like Tiger Global and Ratan Tata, remains one of India’s most valuable fintechs with a private valuation of $3.5 billion.
“Our focus in FY25 was on building a resilient, multi-asset platform. While revenue remained flat, the growth in bottom-line profit validates our focus on high-quality, long-term investors over high-churn traders.” — Upstox Management Commentary, Jan 2026
Conclusion: IPO Readiness?
With two consecutive years of healthy triple-digit profits, Upstox is now viewed as a prime candidate for an IPO in late 2026 or 2027. Its ₹2,744 crore cash balance gives it the runway to continue expanding into new segments like Insurance and Fixed Deposits without needing immediate external capital.
