Rating agency ICRA disclosed FY26 financial results for Zerodha Capital, the NBFC lending arm of the Zerodha Group, and the numbers stand out for a young lender.
Total income rose 44.2% to ₹53.5 crore, while net profit grew 20.5%. The active loan book expanded to ₹580 crore.
The standout figure is 0% Gross Non-Performing Assets (GNPAs). Zerodha Capital's core product is loans against securities—cash lent directly against stock and mutual fund holdings that borrowers already hold on the Zerodha platform.
Because the loans are collateralised by liquid, blue-chip portfolios, Zerodha Capital can liquidate holdings instantly to recover cash if a borrower defaults or markets fall, keeping credit risk low.
The lender also cross-sells to Zerodha's existing brokerage user base, which the post frames as keeping customer acquisition cost near zero.
