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Chandra R. Srikanth of Moneycontrol, on Anand J's report: broking is now 44% of Zerodha's revenue, against more than 70% at Groww and a little under 60% at Angel One, with ICRA's note on what the rest still depends on.
Chandra R. Srikanth
Zerodha's revenue dependence on broking down to 44% in FY 26 from 70% in FY 21, lower than rivals
Zerodha's revenue mix is notably different from that of its listed rivals, Groww and Angel One, which continue to derive a larger share of their revenue from broking.
In FY26, more than 70% of Groww's revenue came from broking, while the share for Angel One was a little under 60%.
“The strengths are partly offset by Zerodha's high dependence on the inherently volatile and cyclical capital market, with revenue largely driven by broking and float income, despite its diversification initiatives in allied businesses including margin trade funding (MTF), asset management and merchant banking,” credit rating agency ICRA said in a note.
By @AnandJRAnand
Chandra R. Srikanth's post on X, curated on eChai
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