For a company that has reshaped retail investing in India, even a whisper of a dip in business turns heads. On June 4, Zerodha CEO and co-founder Nithin Kamath candidly acknowledged that the firm expects a 10–20% decline in its broking revenues for the ongoing Q1 of FY26. The reason? A visible slowdown in trading activity across Indian markets—a pattern not uncommon in post-election or high-volatility periods.
But Kamath, known for his practical optimism, is unfazed. In a conversation with CNBC-TV18’s Shereen Bhan, he assured viewers that this isn’t a signal of deeper trouble but a blip that’s part of a cyclical industry. Unlike many startup founders who talk in vague jargon, Kamath delivers straight facts—Zerodha is prepared, unshaken, and already planning for bigger milestones.
Credits: Mint
Sticking to Its Roots: No Price Hikes, No Panic
What’s especially noteworthy is what Zerodha won’t do in response to this downturn—it will not raise its famously low brokerage fees. In a sector where margins are often razor-thin, that’s a bold move. But it’s consistent with Kamath’s ethos: scale over spikes, and trust over tactics.
The target? Generating a jaw-dropping Rs 10,000 crore in revenue by FY26. All without tweaking its fee model, without onboarding flashy new investors, and without compromising on its foundational principle of being customer-first.
“We have enough cash to do whatever we want,” Kamath said, with the quiet confidence of someone who’s been there, built that—and is now building something even bigger.
Why Zerodha Will Never IPO (At Least, Not Now)
In a year when Indian startups are preparing to flood the public markets—Swiggy, Oyo, FirstCry, and even Zepto—Zerodha is the outlier. Kamath minced no words when asked if an IPO is on the cards: “We continue to believe there’s no reason to IPO.”
Why the hesitation? It’s philosophical and practical. Going public means opening up to market scrutiny, media speculation, and the pressure to prioritize quarterly earnings over long-term goals. For a company like Zerodha, which has always danced to its own rhythm, the IPO route feels restrictive rather than liberating.
“Being listed on exchanges is tough for a company like us,” Kamath said. And just like that, he shut down the speculation—at least for now.
From Brokerage to Banking: A Ten-Year Playbook
While others are chasing IPO dreams, Zerodha is charting a different course: a transition into a full-spectrum financial services powerhouse. Kamath confirmed that the firm has ambitions of acquiring a banking license, with the intent to step into traditional finance—but with Zerodha’s technology-first DNA.
If successful, this would mark one of the most radical evolutions in India’s fintech space: a bootstrapped, startup-rooted company growing into a bank—on its own terms.
Think about it: Zerodha, which started with a vision to simplify trading for retail investors, could eventually become a next-gen bank that marries digital ease with financial depth.
A Global Stage for a Homegrown Visionary
Adding yet another feather to his cap, Kamath will soon represent India at the prestigious EY World Entrepreneur Of The Year Awards in Monte Carlo. Earlier this year, he was crowned EY Entrepreneur of the Year 2024, joining an illustrious group of past Indian winners including:
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N.R. Narayana Murthy (Infosys)
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Uday Kotak (Kotak Mahindra Bank)
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Kiran Mazumdar-Shaw (Biocon)
Kamath’s journey from bootstrapping a discount brokerage in Bengaluru to building a billion-dollar fintech firm without raising external capital has become the stuff of legend. His influence goes beyond Zerodha—he actively backs climate-tech and fintech startups through Rainmatter, supporting innovation that’s sustainable and socially conscious.
Credits: MoneyControl
The Zerodha Way: Quiet Confidence, Long-Term Thinking
Zerodha’s playbook is simple but radical in today’s hyper-funded, growth-at-any-cost world. No outside investors. No headline-chasing IPOs. No premium pricing gimmicks. Just a relentless focus on product, user experience, and profitability. It’s a contrarian path—especially in India’s unicorn-heavy startup culture—but one that’s paying off.
Even with a 10–20% decline in near-term business, the company’s vision remains razor-sharp: grow sustainably, diversify smartly, and build India’s most trusted financial ecosystem.
Kamath’s firm is a reminder that you don’t need to follow the crowd to lead the market. Sometimes, building quietly is the loudest statement you can make.
