Interest income contributes 32% of Zerodha revenue: How it compares with Groww, Angel One

Zerodha earned 32% of its FY26 revenue from interest income, while broking’s share fell to 44% from 70% in FY21. Its MTF loan book grew more than sixfold to ₹5,368 crore by June 2026. ICRA cited strong capitalisation but warned of exposure to volatile capital markets and lending risks.