Zerodha Capital Private Limited (ZCPL), the lending arm of Zerodha Group, reported a 44.2% increase in total income to Rs 53.5 crore for FY26 driven largely by healthy growth in its loan book, according to a note by ICRA on the rating for the company.
The company's net profit rose 20.4% to Rs 14.7 crore in FY26 as compared to Rs 12.2 crore in FY25.
ZPCL recorded strong growth in its loan-against-securities (LAS) portfolio, with the book expanding to Rs 580 crore as of March 31, 2026, driven by the extensive reach and customer franchise of Zerodha’s broking business.
ICRA reaffirmed its ratings on ZCPL, citing the company’s strong linkages with the Zerodha Group, healthy growth in its loan book, comfortable capitalisation, and improving profitability. The rating agency has maintained a Stable outlook on the company.
According to ICRA, ZCPL continues to benefit from the strength of the Zerodha brand and its close association with the Group’s flagship broking arm, Zerodha Broking Limited. The shared brand identity, common promoters, and strategic importance of the lending business reinforce ICRA’s expectation of timely financial and operational support from the promoter group whenever required.
While leverage is expected to increase as the company scales up operations, ICRA expects gearing to remain below four times. The rating agency noted that the loan against securities (LAS) business remains exposed to credit, market and technology risks, particularly during periods of volatility in capital markets that could affect the value of pledged securities.
However, ICRA drew comfort from Zerodha Group’s long-standing presence in the securities broking industry, robust risk-management practices, and a track record of nil non-performing assets and negligible credit costs in recent years.
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