The Discount Broking Slide, A New Unicorn & More

India’s Discount Broking Churn

A year after SEBI clamped down on “lucrative” F&O trading, the cracks are now beginning to show for discounting broking platforms – plummeting revenues, an impending breakdown of the free trading model and diminishing margins. 

The numbers tell the story of how deep SEBI’s cut has been:

• Zerodha saw revenues crash 40% in Q1 FY26, while top line tumbled 15% YoY to INR 8,500 Cr in FY25
• Angel One’s revenues dropped 19% YoY to INR 1,140 Cr in Q1 FY26,…