Zerodha, India’s largest retail brokerage, aims to cross ₹10,000 crore in revenue by FY26, even as its broking business faces a near-term dip. CEO Nithin Kamath revealed that the core brokerage segment may decline by 10–20% in FY26 due to muted market activity, yet the firm remains on track to meet its ambitious goal
Broking Business Eases; Long-Term Vision Remains Strong
- Kamath said the projected slowdown is due to lower trading volumes, not a demand shift. He emphasized that Zerodha won’t increase brokerage fees, maintaining its flat‑rate, low‑cost business model
- Despite the current softness, Zerodha is advancing with diversification—particularly in credit offerings, mutual funds through Coin, and enabling margin trades and insurance products
Staying Bootstrapped — No IPO on the Horizon
- Zerodha remains resolutely private. Kamath underscored that an IPO would compromise the company’s long-term, disciplined growth ethos
- With a robust balance sheet and no external funding needs, the firm continues to pursue organic expansion and funding through profits
Banking Ambitions: A New Frontier
- The company is charting a course toward obtaining a banking licence, signaling its plan to transition from a brokerage to a full-scale financial services provider businesstoday.in
- The Kamath brothers believe this move will help build a “financial services conglomerate” with sustainable, diversified revenue streams.
✅ Why This Matters
- Scale of the Goal: Moving from ~₹9,372 crore in FY24 to ₹10,000 crore in FY26 is significant—highlighting confidence in vertical expansion.
- Resilient Strategy: Withstood market cyclicality while preserving customer-first pricing and leveraging adjacent financial services.
- Diversification: Expanding into credit, mutual funds, margin lending, and insurance lays deeper groundwork for sustained growth.
- Private Equity Strategy: Staying private allows focusing on long-term strategic moves rather than short-term market expectations.
📈 Article in a Glance
- Revenue target: ₹10,000 crore by March 2026
- Broking slowdown: 10–20% expected dip in FY26
- No brokerage hikes: Flat pricing preserved
- Banking licence bid: Long-term transformation play
- Staying private: No IPO, funds through profits
