Zerodha posts Rs 4,283 crore FY26 profit, readies Kite for US investing

Zerodha said net profit rose about 1.2% year on year to Rs 4,283 crore for the year ended March 2026. The Bengaluru brokerage is planning US-investing and integrated mutual-fund transactions on Kite while monitoring margin-trading leverage and capital needs.

— Source publishedWed, 26 Aug, 2026, 22:28 IST·First seen Wed, 26 Aug, 2026, 22:37 IST·Source YourStory

What happened

Zerodha reported FY2026 net profit of Rs 4,283 crore, up 1.2% year on year, amid flat revenue and slower trading activity. The broker plans US investing and

Key facts

  • FY ended March 31, 2026 net profit: Rs 4,283 crore
  • Previous fiscal net profit: Rs 4,231 crore
  • Net profit growth: around 1.2% YoY
  • FY25 revenue from operations: Rs 8,847 crore
  • 16 years of Zerodha
  • MTF book: Rs 9,000 crore
  • Client borrowings: Rs 6,000 crore
  • Client borrowings equal 25% of net worth
  • Required operating capital: Rs 11,000 crore
  • Account maintenance charges: 2% of revenue
  • MTF: 10% of revenue
  • Referral commission resumed at 10%
  • Team size: fewer than 100

Why this matters

Zerodha’s expansion agenda increases the strategic value of partnerships in US-market access, cross-border compliance, mutual-fund infrastructure and margin-risk technology.

What to watch

  • Formal launch date, pricing, eligible instruments, and remittance/custody partner for US investing.
  • Disclosures on US-investing customer adoption, assets transferred, transaction frequency, and contribution to revenue.
  • Growth in mutual-fund AUM, SIP mandates, and share of users holding both direct equities and funds on Kite.
  • Any increase in margin-trading book, changes to leverage eligibility, or commentary on capital allocation and credit risk.
  • SEBI rules affecting derivatives, margin funding, broker capital requirements, or retail investor protection.
  • Changes in FY27 revenue growth, operating costs, and profit growth that indicate whether new products are offsetting mature brokerage economics.
  • Competitive launches or fee cuts from Indian brokerages and global-investing platforms.
  • Phase rollout of US stocks/ETFs on Kite, likely beginning with a limited customer cohort and partner-led custody/remittance infrastructure.
  • Deepen in-app mutual-fund discovery, SIP execution, portfolio views, and consolidated reporting to shift Kite from a trading terminal toward a primary investment account.
  • Maintain conservative margin funding limits or revise pricing/eligibility criteria as leverage demand and market volatility evolve.
  • Use education, tax tools, and long-term-investing features to convert derivatives-heavy users into multi-product investors.
  • Prioritize product-led growth over aggressive customer-acquisition spending, preserving industry-leading profitability despite slower earnings growth.

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