Neutral impactCorporate Action
Interest income contributes 32% of Zerodha revenue: How it compares with Groww, Angel One
Mint 59 min ago·28 Oct 2026, 5:57 am
Zerodha has reported a significant shift in its business model, with interest income now contributing 32% of its revenue. This marks a major change from its earlier reliance on brokerage fees, which now make up only 44% of the total. The company attributes this growth to its margin trading facility (MTF) loan book, which has expanded more than sixfold to reach ₹5,368 crore by June 2026.
For investors, this diversification is a double-edged sword. While it reduces dependence on trading volumes, it introduces new risks. Brokers like Angel One and Groww are also moving into lending, but this sector can be volatile. A sudden market downturn could impact borrowers' ability to repay, making credit quality a key factor to watch.
Going forward, the focus should be on how these lenders manage their loan books. Investors should look for clarity on risk management and capital adequacy. As the industry evolves, the ability to balance growth with stability will determine which players succeed in this new phase.
Excerpt from Mint
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.…Read the original at Mint
Affected stocks
Neutral3 stocks
Bull / bear label is derived from the article's AI sentiment — indicative, not advice. Prices may be delayed.
Key takeaways
- Concerns Angel One (ANGELONE).
- Category: Corporate Action.
- Also mentions ICRA, GROWW.
Why it matters
A routine update for Angel One. Use the price and stock snapshot to gauge how the market is responding.
