Zerodha cash reserve stands at Rs 22,679 Cr in FY25

The stockbroking industry saw a slowdown in FY25 as trading volumes dipped, new investor additions eased, and tighter SEBI regulations kicked in. Most brokerages felt the heat, with revenues coming under pressure. Zerodha was no exception, reporting an 11.5% decline in revenue during the previous fiscal year ended March 2025.

Zerodha’s revenue from operations decreased to Rs 8,847 crore in FY25 from Rs 9,993 crore in FY24, according to its consolidated financial statements sourced from the Registrar of Companies (RoC) show.

According to the latest National Stock Exchange data, Zerodha has 7.26 million users and holds a 15.8% market share. Brokerage income continues to be its primary revenue stream, while investment management fees, software services, and interest income also contribute to its overall operating revenue.

On the cost front, Zerodha spent Rs 539 crore on salaries in FY25, up 31% from Rs 410 crore in FY24. Notably, directors Nithin Kamath, Nikhil Kamath, and Seema Patil collectively withdrew Rs 228 crore in remuneration, with Rs 96 crore each paid to Nithin and Nikhil, and Rs 36 crore to Seema.

Other major expenses included Rs 2,328 crore on fees and commissions, Rs 96 crore on professional and technical services, and Rs 47 crore on advertising. Overall, the company’s total costs rose to Rs 3,238 crore in FY25, up from Rs 3,119 crore in FY24.

With scale declining 11%, Zerodha’s profits fell 22.9% to Rs 4,237 crore in FY25 from Rs 5,496 crore in FY24. Despite the drop, the company still paid Rs 1,395 crore in taxes during the year. Its ROCE and EBITDA margins also softened and recorded at 32% and 63.78% respectively.

Most notably, Zerodha continues to maintain an exceptionally strong balance sheet, sitting on cash and bank balances of Rs 22,769 crore ($2.5 billion) as of FY25. Its total current assets stood at Rs 35,719 crore ($4.2 billion), representing the company’s conservative, debt-free approach and strong liquidity even in a softer year.

Even with a dip in scale and profits, Zerodha’s numbers reinforce the strength of its bootstrapped, cash-heavy model. The firm remains one of the most profitable outfits in the broking ecosystem, giving it enough cushion to ride out regulatory shifts and cooling market sentiment. As the industry enters a more tempered phase, Zerodha’s balance sheet firepower and operational discipline keep it firmly ahead of the pack.