Zerodha gets 32% of FY26 revenue from interest income
In short
Zerodha made 32% of its FY26 revenue from interest income, and broking fell to 44% from 70% in FY21. Its MTF loan book also grew more than six times to ₹5,368 crore by June 2026.
This matters because the firm is leaning more on lending income, which can rise or fall with market conditions. The report says ICRA sees strong capitalisation, but it also flags market and lending risks.
What the reporting says
Zerodha earned 32% of its FY26 revenue from interest income, while broking fell to 44% from 70% in FY21, according to a Mint summary. The report also says its MTF loan book rose more than sixfold to ₹5,368 crore by June 2026, and ICRA flagged both strong capitalisation and risks tied to volatile capital markets and lending. The immediate business effect is a more interest-dependent revenue mix; broader consequences are not stated.
Why it matters
Zerodha’s reported revenue mix shifted in FY26, with interest income contributing 32% and broking down to 44% from 70% in FY21. The Mint summary also says its MTF loan book expanded to ₹5,368 crore by June 2026. ICRA’s view, as cited, was positive on capitalisation but cautious about exposure to capital-market volatility and lending risk.