Zerodha Capital, the wholly owned lending arm of the Zerodha Group, has reported a 20.5% year-on-year growth in net profit, touching ₹14.7 crore for the fiscal year ended March 31, 2026 (FY26).

The profit increase marks a steady continuation from the ₹12.5 crore net profit recorded in FY25, highlighting the group’s successful efforts to build diversification hedges outside its core retail stockbroking engine.

The core financial metrics highlight rapid operational scaling:

• Top-Line Surge: The Non-Banking Financial Company (NBFC) recorded a 44.2% jump in total income, rising to ₹53.5 crore in FY26, up from the previous fiscal cycle.
• The Collateral Moat: Legally registered as an NBFC, Zerodha Capital operates strictly within the Loan Against Securities (LAS) segment. The platform allows users to instantly pledge their existing stock portfolios and mutual fund units inside their Zerodha Demat accounts to secure liquidity lines up to ₹1 crore, lending up to 45% of the total asset valuation.
• Zero Asset Stress: Backed by real-time automated risk mitigation engines that track daily market fluctuations and can trigger immediate margin liquidations, Zerodha Capital has maintained zero Non-Performing Assets (NPAs) since its operational launch.

The acceleration in lending operations forms part of a deliberate strategy outlined by the Kamath brothers to expand capital allocations toward Margin Trading Facilities (MTF) and credit lines. This pivot shields the group’s broader balance sheet from ongoing regulatory pressures on retail derivatives (F&O) transaction volumes, which historically underwrite Zerodha’s core brokerage earnings.