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Zerodha Capital posts 0% GNPAs as loan-against-securities book hits ₹580 Cr

ICRA's FY26 disclosure shows Zerodha's NBFC arm growing income 44.2% and profit 20.5%, with zero bad loans on its LAS book.

44.2% (₹53.5 Cr)Total income growth

Banking1 min read

➜Yesterday, rating agency ICRA disclosed the FY26 financial results
Image: Finsamudra LinkedIn archive
20.5%Net profit growth
₹580 Cr, 0% GNPAsActive loan book

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.

Why it matters

For DSAs and connectors, this is a reminder that loan-against-securities is a structurally different business from unsecured lending: collateral quality, not borrower credit history, drives the near-zero NPA outcome. Distributors sitting on captive asset bases—broking, wealth, or mutual fund platforms—have a similar structural edge that pure origination-led NBFCs and banks don't.

For banks and NBFCs without a captive investor base, replicating this model means either partnering with brokerages for co-lending or building LAS distribution through existing wealth-management relationships, since acquisition cost and collateral quality are the two levers that make this economics work.

Sources

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Finsamudra DeskNewsroom · 22 Jun 2026, 1:30 pm IST
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