Interest income contributes 32% of Zerodha revenue: How it compares with Groww, Angel One
Zerodha derived 32% of its revenue from interest income on customer funds in FY26, making it a significant contributor to the country’s largest broking firm’s topline. The share was more than four times that of listed rival Groww, while Angel One earned around 31% of its revenue from interest income during the year.
Zerodha reported revenue of ₹8,500 crore and net profit of ₹4,300 crore in FY26, as it reduced its dependence on broking revenue amid regulatory curbs on derivatives trading.
Broking accounted for 44% of Zerodha’s total revenue in FY26, down from 70% in FY21. In comparison, more than 70% of Groww’s revenue came from broking, while the share for Angel One was a little under 60%.
Angel One’s interest income, however, included interest from loans, margin trading funding (MTF) and customer float.
According to Moneycontrol, Zerodha’s revenue mix differs from that of its listed rivals, with interest income contributing a significant share alongside broking and other businesses.
Credit rating agency ICRA said Zerodha’s strengths were partly offset by its “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”.
Despite reducing its overall dependence on broking, Zerodha remained heavily reliant on derivatives trading within the business. Futures and Options (F&O) accounted for 85% of its broking revenue.
Groww and Angel One had a more diversified broking revenue mix, with equity delivery and commodities also contributing significantly.
Margin trading funding has emerged as an important growth driver for brokers amid regulatory curbs on derivatives trading, traditionally a key source of industry revenue.
Zerodha derived 8% of its revenue from MTF, while Groww reported that the business contributed 10% of its revenue during the September quarter. Angel One, meanwhile, includes MTF revenue under interest income.
ICRA cautioned that “while the MTF business improves revenue diversification, it exposes the company to the credit and market risks associated with capital market-related lending businesses, given the nature of the underlying assets”.
Zerodha’s net MTF loan book increased more than sixfold to ₹5,368 crore as on 30 June 2026, from ₹852 crore as on 31 March 2025, reflecting the rapid expansion of its lending business.
ICRA added that Zerodha’s capital base remained among the strongest in the domestic broking industry, with a standalone net worth of ₹19,659 crore and zero borrowings.
Sanchari Ghosh is an Assistant Editor at Mint with over 12 years of experience in journalism, specialising in personal finance, DLT & DeFi, geopolitics and foreign policy, with a particular emphasis on how these areas intersect. <br> She writes extensively about how money works in everyday life—helping readers navigate personal finance decisions. <br> As AI reshapes investing behaviour, capital is increasingly flowing into decentralized ecosystems, redefining how assets are managed, traded, and valued. She focuses on explaining how money flows within frameworks like Distributed Ledger Technology (DLT), DeFi protocols, and crypto markets—while also exploring what the future of money could look like in a trustless, programmable financial world. <br> She also focuses on immigration-related issues, simplifying complex topics around visas, passports, overseas financial planning, and the many practical challenges Indians face while moving or living abroad. <br> Alongside personal finance, Sanchari has a strong understanding of international politics, contemporary and historical conflicts, and global state decisions. She closely tracks how geopolitical developments influence economies, markets, and individual financial choices, bringing together finance and global affairs in her reporting. <br> She began her career as a desk editor, which gave her a strong foundation in news writing. Over time, her interest naturally shifted toward personal finance. Before joining Mint in 2020, she worked DNA, The Times of India, Outlook Money, BloombergQuint, and ETMoney. At Mint, she got an opportunity to expand her coverage to include immigration and geopolitical developments while continuing to closely follow personal finance trends and market movements.As a journalist, she is committed to accuracy, intellectual rigour, and fairness. <br> She is an English Major and her work took her across cities including Delhi, Mumbai, and Pune. Living independently from an early age gave her firsthand experience in managing life and money on her own. This practical exposure sparked her strong interest in personal finance. <br> Outside the newsroom, Sanchari is a sports enthusiast who regularly plays lawn tennis and squash. In her younger years, she was also a national-level badminton player.
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