Zerodha's FY26 profit hits ₹4,283cr as margin loans become 10% of revenue
Zerodha's profit edged up just 1.2% to ₹4,283 crore on flat revenue of ₹8,847 crore, with its CEO admitting trading activity has "slowed significantly" since the market peaked in September 2024. The growth engine is now its margin-trading book, which has swelled to 25% of net worth — leverage that Kamath says is "scaring me." Expect a sharper push into AUM, mutual funds and US investing from here.