Zerodha Capital, the lending arm of the Zerodha Group, has reported a net profit of Rs 14.7 crore for the fiscal year 2026, marking a 20.5% increase from Rs 12.2 crore in FY25. The Bengaluru-based non-banking finance company (NBFC) also saw its total income surge by 44.2% to Rs 53.5 crore, up from Rs 37.1 crore the previous year. This growth is attributed to the rapid expansion of its loan-against-securities (LAS) business, leveraging Zerodha’s extensive broking customer base.As of March 31, 2026, Zerodha Capital’s loan book stood at Rs 580 crore, indicating a robust increase in lending activities. ICRA has reaffirmed the company’s long-term and short-term ratings at [ICRA]AA- (Stable) and [ICRA]A1+, respectively, while also increasing the rated amount of its fund-based bank facilities from Rs 600 crore to Rs 900 crore. The agency has withdrawn its rating on the company’s Rs 100 crore non-convertible debenture programme as there are no outstanding amounts under this facility.Zerodha Capital primarily offers loans against shares and mutual funds, with ticket sizes ranging from Rs 25,000 to Rs 10 crore, mainly catering to customers within Zerodha’s brokerage network. The company has maintained healthy asset quality, reporting nil gross non-performing assets (GNPAs) as of March 2026. Its net worth is approximately Rs 188 crore, with gearing rising to 2.4 times from 1.5 times a year earlier as it scales its lending operations. ICRA emphasized the strategic importance of Zerodha Capital within the Zerodha Group, supported by shared promoters and operational synergies. As of May 2026, Zerodha had 68.5 lakh active clients on the National Stock Exchange (NSE), accounting for around 15.02% of the exchange’s active investor base.
