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Zerodha Capital, the non-banking financial company (NBFC) arm of Nithin Kamath and Nikhil Kamath-promoted stockbroker Zerodha, has posted a net profit of Rs 12.5 crore in the financial year ended March 31, 2025. The company reported Rs 36 crore in total revenues during the period.

In FY24, the lending unit of the stockbroking platform reported Rs 7.2 crore in net profit and a revenue of Rs 17 crore. The FY25 financials were reported by ET.

Zerodha floated its NBFC unit in 2021 to offer loans against securities. It offers retail loan against securities with ticket sizes in the range of Rs 5 lakh to Rs 1 crore and LTV of around 45% against the approved list of stocks and mutual funds at flat yields to all customers.

The rating agency ICRA said Zerodha Capital witnessed a "healthy" scaleup in its loan against securities (LAS) book to Rs 381 crore as on December 31,  2024 -- up by 3.2x yoy. 

The net worth of the NBFC stood "at about Rs 170 crore with a gearing of 1.4x as of December 31, 2024," ICRA noted. "As per the management, the promoter group is also in the process of investing Rs 125 crore (through compulsorily convertible preference shares) in the near term to support the company’s growth target."  

As of December 31, 2024, the asset quality remained healthy with nil gross non-performing advances (GNPAs) and negligible credit costs since the commencement of operations.

With calibrated growth since the commencement of operations in 2021, Zerodha Capital has expanded its borrowing franchise with the lender base increasing to five lenders from one lender in March 2024, stated ICRA.

"ZCPL’s liquidity position remains adequate with an unencumbered cash and bank balance of Rs 45 crore and drawable but un-utilised lines of Rs 75 crore as on April 30, 2025. These, along with collections from the short-term LAS book, are adequate for  covering  the  debt  repayment  obligations  of  Rs 219 crore  (principal only)  till November 30, 2025.  In addition to the borrowing arrangements from financial institutions and banks, ZCPL has sanctions of Rs 250 crore from the directors," the agency added.

As on December 31, 2024, Zerodha’s active NSE client base stood at 81 lakh, accounting for a 16% share of the industry-wide NSE active clients.