Zerodha brokerage revenue drops 40% in Q1 FY26

India’s largest stockbroker, Zerodha, is facing its first real earnings test after a record FY24. Founder Nithin Kamath revealed that brokerage revenues in June 2025 were down nearly 40% year-on-year, as regulatory changes and declining market activity weighed on the firm’s core business.

According to the graph shared in the blog post, the revenue and profits of the company witnessed a 10-15% decrease in FY25. However, the actual number for FY25 has not been disclosed by the company.

The drop comes after FY24, when Zerodha posted Rs 8,370 crore in…