Strategic Lending Growth
Zerodha Capital, the non-banking finance company (NBFC) arm of India’s largest brokerage, reported a robust financial performance for FY26. The firm saw a 20.5% year-on-year increase in net profit, reaching Rs 14.7 crore, supported by a 44.2% jump in total income to Rs 53.5 crore.
Portfolio Expansion and Operations
- Loan Book: Grew to Rs 580 crore, driven by a surge in demand for loans-against-securities (LAS).
- Asset Quality: The firm continues to maintain high standards, reporting zero gross non-performing assets (GNPAs) as of March 2026.
- Capital Structure: Net worth stands at Rs 188 crore, with gearing rising to 2.4x as the entity scales its lending operations.
Market Context and Ratings
ICRA has reaffirmed the company’s long-term and short-term ratings at [ICRA]AA- (Stable) and [ICRA]A1+, respectively. Notably, the rating agency has increased the rated fund-based bank facility limit from Rs 600 crore to Rs 900 crore, signaling strong institutional confidence in Zerodha Capital’s risk management and growth trajectory.
Takeaways for Fintech Founders
Zerodha Capital illustrates the power of vertical integration. By leveraging an existing, massive brokerage customer base, the company has achieved rapid scale with minimal acquisition costs and high asset quality. Founders operating in fintech should note that embedding lending products into a captive ecosystem is a proven strategy for unlocking high-margin revenue streams.