India’s leading brokerage firms concluded FY26 with strong performances in the March quarter, bolstered by a resurgence in retail trading activity, enhanced market volatility, and operational efficiencies from digital-focused models. Despite a varied full-year outlook, firms such as Groww, Angel One, HDFC Securities, and Kotak Securities recorded substantial year-on-year growth in the last quarter, recovering from a lackluster first half.
Groww led the way with significant increases in both revenue and profit for Q4, driven by robust client additions and improved operational leverage. The firm reported that “operating leverage played out across all the cost buckets… margins will keep expanding as revenue increases faster than costs.” Its user base surpassed 21 million, while client assets grew by 35% year-on-year, reflecting sustained retail participation amid fluctuating market conditions.
Angel One also reported notable earnings growth, posting a net profit of ₹320.2 crore and revenue of ₹1,467.2 crore for the quarter. This performance was attributed to heightened trading volumes, retail activity, enhanced realizations, and digital-driven operational efficiencies.
Zerodha, a prominent unlisted competitor in the discount broking sector, indicated last year that it anticipated a 40% impact on FY26 revenue due to tighter conditions in the futures and options market.
HDFC Securities recorded a net profit of ₹268 crore and revenue of ₹850 crore in Q4, though its full-year profit fell to ₹930 crore, primarily due to a subdued first half and rising employee costs. The brokerage shifted towards a lean, digital-first strategy, increasing its customer base by 200,000 to 7.8 million in the latest quarter.
Kotak Securities reported a net profit of ₹400 crore for the quarter, with stable full-year earnings, showcasing resilience amid competitive challenges and reduced trading intensity.
In contrast, smaller and mid-tier brokers demonstrated mixed results. 5paisa Capital’s quarterly revenue was ₹85.5 crore with a profit of ₹10.8 crore, although its full-year profit declined significantly due to margin pressures and reduced activity earlier in the fiscal year. On the other hand, Anand Rathi Share and Stock Brokers experienced robust growth, aided by an increase in margin trading funding, while SMC Global Securities saw a notable rise in profits from a low base.
Overall industry trends for FY26 were influenced by variations in retail participation, regulatory changes, and a high comparative base from previous years. Analysts indicated that the recovery in the March quarter was primarily due to increased market volatility, which typically elevates trading volumes, in conjunction with improved client engagement. However, the long-term sustainability of this momentum will depend on consistent inflows, product diversification, and the capacity to monetize a significant yet price-sensitive retail client base.
Published on May 3, 2026.
