Overview

• CEO Nithin Kamath said brokerage revenues fell about 40% year over year in the June 2025 quarter as changes that began in October 2024 took full effect.
• He cited higher STT on options, the removal of exchange transaction‑charge rebates, fewer weekly expiries, and softer market activity as key drivers of the decline.
• Charging fees on equity delivery trades is under consideration for the first time, with any move dependent on how derivatives restrictions progress.
• Regulators are evaluating a halt to weekly options, which Kamath warned could force repricing at Zerodha and further depress discount brokers’ revenues.
• Zerodha underscored financial strength with net worth above ₹13,000 crore and no debt, while expanding via Rainmatter’s initiatives, a ₹100 crore Rewilding Fund, and a ₹5,000 crore MTF book.