New Delhi: Zerodha’s co-founder Nithin Kamath expects a potential 20% decline in the company’s broking revenue on account of rising competition and lower market activity. Despite an increase in compliance costs, the company doesn’t want to revise its broking rates.
“Brokerage rates, DP charges will remain unchanged. We haven’t changed them in the last 15–16 years. We want people to have predictability in pricing, and that’s a good thing,”
Nithin said in an interview to CNBC TV18 at the sidelines of the EY World Entrepreneur of the Year 2025 awards in Monaco.
The company refuses to join the IPO bandwagon.
“We already have enough cash to do whatever we want. Being listed is tough for a company like ours. What’s right for investors is not always what’s right for customers,” he adds.
Zerodha is renowned for pioneering the low-cost, no-frills broking model in India that allowed it to become one of India’s largest broking platforms. Its easy-to-use interface encouraged Indians to invest in the market while keeping customer satisfaction core to its culture. Even though it hasn’t managed to maintain its position as India’s top stockbroker, the company has a healthy balance sheet, with about Rs.1,000 crore in unrealised profits and a revenue of Rs.8,321 crore, a 21% rise from last year.
Zerodha has ventured into insurance with a partnership with Ditto, and also offers Mutual Funds in partnership with Smallcase. It has its in-house NBFC, where it offers loans against securities. The company aims to expand these partnerships further and eventually obtain a banking license.
