Zerodha's Nithin Kamath expects upto 20% drop in broking biz this year, eyes ₹10,000 crore in revenue for FY26: Report

Zerodha's chief executive officer (CEO) Nithin Kamath Kamath has said that he expects a 10–20 per cent decline in the broking business this year, linked to lower market activity. In an interview to CNBC-TV18, Kamath said that despite the drop in business this year, he is targeting ₹10,000 crore in revenue by FY26. 

He ruled out any change in brokerage rates. Kamath reaffirmed the leading domestic brokerage's long-term ambition to become a full-fledged financial services conglomerate, including entering banking. Kamath is a finalist for the EY World Entrepreneur of the Year 2025 award.

While speaking to the business news channel, Kamath said Zerodha is not giving up on its aspiration for a banking licence. “We have enough cash to do whatever we want to do,” he said, reiterating that the company sees no reason to go public. “Being listed on exchanges is tough for a company like us.”

Zerodha's business in FY25

India's capital markets witnessed remarkable retail participation in FY25, with over 84 lakh new active demat accounts added on the National Stock Exchange (NSE), a 20.5 per cent year-on-year increase, taking the total tally to 4.92 crore.

Zerodha added 5.8 lakh new accounts in FY25, accounting nearly seven per cent to NSE's overall growth. It held a market share of 16 per cent by the end of FY25.

Experts believe that the growing market share of digital brokerage suggests investors' preference for mobile-led, simplified investing experiences. This also indicates growing investor confidence in digital platforms -- especially among India's emerging investor base in Tier II, III, and IV towns.

Zerodha is based in Bengaluru. It offers an electronic trading platform that facilitates institutional and retail trading of stocks, derivatives, currencies, commodities, mutual funds and bonds.

It is a member of the National Stock Exchange of India (NSE), Bombay Stock Exchange (BSE), and the Multi Commodity Exchange (MCX). Zerodha was founded and bootstrapped by brothers Nithin and Nikhil Kamath

Zerodha account charges 

Zerodha charges ₹200 for online account opening for individuals. Annual maintenance charges range from Re 0 to ₹300 based on holdings. For non-individual accounts, opening costs ₹500 and AMC ranges from ₹300 to ₹1,000 per year. 

Further, BSDA holders may be eligible for reduced or zero AMC depending on their holdings. The brokerage supports Basic Services Demat Accounts (BSDA) accounts, provides seamless Kite and Console platforms and integrates tools such as Coin for mutual funds and Sensibull for options trading.