Zerodha Capital, the lending arm of Zerodha Group, reported a 44.2% year-on-year rise in total income to ₹53.5 crore in FY26, while its net profit increased 20.5% to ₹14.7 crore, driven by sharp growth in its loan-against-securities (LAS) business, according to a recent ICRA report.
The Bengaluru-based company’s net profit stood at ₹14.7 crore in FY26, compared to ₹12.2 crore a year earlier, while its total income jumped to ₹53.5 crore from ₹37.1 crore in the previous fiscal year.
Backed by Zerodha’s strong broking franchise and brand reach, the company witnessed a healthy scaleup in its loan against securities (LAS) book to ₹580 crore as on March 31, 2026, marking a significant increase from March 2025.
ICRA reaffirms ratings, raises firm’s facility limits to ₹900 crore
ICRA reaffirmed the -registered non-banking financial company’s long-term and short-term ratings at [ICRA]AA- (Stable) and [ICRA]A1+, respectively. The rating agency also enhanced the rated amount of the company’s und-based bank facilities from ₹600 crore to ₹900 crore.
“The stable outlook on the long-term rating reflects ICRA’s expectation that ZCPL will continue to benefit from the synergies arising from the Group’s established franchise and track record in capital markets,” the rating agency said in the report.
Separately, ICRA withdrew its rating on Zerodha Capital’s ₹100 crore non-convertible debenture (NCD) programme after confirming that no amount remains outstanding under the facility.
Launched in 2021, Capital offers retail LAS products with ticket sizes ranging from ₹25,000 to ₹10 crore, providing a loan value (LTV) capped at 50% of an approved list of shares and mutual funds. The loans are offered at an interest rate of 10% to 11% per annum.
As of May 2026, Zerodha had 68.5 lakh active NSE clients, representing around 15.02% of the exchange’s active investor base.
Zerodha founder flags low awareness of LAS
On Wednesday, Zerodha founder said a lack of awareness about loan-against-securities products often results in borrowers opting for more expensive personal loans despite having investment portfolios.
“The fact that people with investments still take personal loans at a much higher rate surprises me. Personal loans typically have interest rates of 5-10 percent higher than LAS,” Kamath said in a LinkedIn post earlier this week.
LAS allows investors to borrow against financial assets such as stocks, mutual funds and exchange-traded funds without liquidating their holdings. Since the loan is backed by pledged securities, lenders typically offer lower interest rates as compared to unsecured personal loans.
ICRA also noted that Zerodha Capital continued to maintain a healthy asset quality profile, with nil gross non-performing assets (GNPAs) as of March 2026. The company’s net worth stood at around ₹188 crore at the end of the fiscal year.