“~11% of all retail and HNI holdings are in @zerodhaonline demat accounts. Grateful for the incredible trust our customers place in us,” Kamath posted on microblogging platform X (formerly Twitter) on Friday, alongside a chart showing Zerodha’s sharp rise in market share since 2018.
The data, which Kamath shared, implies that 1 in every 10 rupees of India’s retail and HNI equity wealth is now held in Zerodha demat accounts, highlighting the broker’s deep reach across the investor landscape. The growth coincides with a broader surge in direct equity participation by Indian households — a shift that firms like Zerodha have benefited from as low-cost trading platforms gained popularity.Even as the company cements its position in the broking space, Kamath recently signalled that the core business may face short-term pressure. In comments earlier this week, he projected a 10–20% slowdown in activity due to “slower market activity in Q1 FY26.” Still, he said the firm remains on track to hit Rs 10,000 crore in revenue by the end of the fiscal year — without raising brokerage fees.
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Staying private, thinking big
Despite growing scale and profitability, Kamath has ruled out plans for an initial public offering. “We continue to believe there’s no reason to IPO. Being listed on exchanges is tough for a company like us,” he said in an interview with CNBC-TV18. Zerodha will remain privately held for the foreseeable future.
The company’s financial performance remains solid. Zerodha reported a 62% jump in profit to Rs 4,700 crore for FY24, while revenues grew 21% to Rs 8,320 crore. It also holds Rs 1,000 crore in unrealised gains.
“Given the profitability of the last three years, our net worth is almost 40% of the customer funds that we manage. It makes us one of the safest brokers to trade with,” Kamath said earlier this week.
Looking ahead, Zerodha plans to evolve into a broader financial services group. Kamath said the firm’s long-term roadmap includes becoming a diversified financial conglomerate, with plans to eventually enter the banking sector — subject to regulatory approval for a licence.
Launched as a bootstrapped startup, Zerodha carved out space in India’s brokerage industry with its low-cost trading model and digital-first approach. It is now the country’s second-largest broker by active client base.
Also read | Will Zerodha go for an IPO? Here’s what Nithin Kamath said
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