Zerodha Capital, the lending arm of stockbroking giant Zerodha, expanded its loan book sharply in FY26 while posting higher profits, reflecting the group’s growing push into financial services beyond its core broking business.
According to an ICRA rating rationale released this week, Zerodha Capital’s loan-against-securities (LAS) book rose to ₹580 crore as of March 31, 2026, marking a significant increase over the previous year. The company reported a net profit of ₹14.7 crore in FY26, up from ₹12.2 crore in FY25.
The rating agency reaffirmed its long-term rating on the company at AA- with a Stable outlook and enhanced the rated amount of its bank facilities to ₹900 crore from ₹600 crore.
Large Customer Base
The performance comes as Zerodha seeks to leverage the large customer base of its flagship broking business. ICRA noted that the company benefits from the strength of the Zerodha brand and access to millions of brokerage customers, creating a ready market for lending products.
Zerodha Capital’s total income increased to ₹53.5 crore in FY26 from ₹37.1 crore a year earlier, while total assets rose to ₹641 crore from ₹433 crore. Net worth stood at around ₹188 crore at the end of March, with gearing increasing to 2.4 times from 1.5 times a year earlier, as the company scaled operations.
ICRA said the lender maintained healthy asset quality, reporting nil gross non-performing assets as of March 31, 2026. The company has recorded negligible credit costs since inception, aided by the secured nature of its lending model and continuous monitoring of pledged securities.
The ratings agency, however, cautioned that the business remains relatively small and exposed to market and technology risks because its loan portfolio is backed by shares and mutual funds. Any sharp correction in capital markets could affect collateral values, it said.
The report also highlighted the financial strength of Zerodha Group, whose flagship broking entity serviced 68.8 lakh active NSE clients as of April 2026. ICRA said the common promoters, shared brand and strategic importance of the lending business strengthen expectations of continued support from the group as Zerodha Capital scales up operations.
Published on June 19, 2026
