Interest income contributes 32% of Zerodha revenue: How it compares with Groww, Angel One
Groww moved lower in a credit ratings development for FY26.
· LiveMint Companies
Zerodha earned 32% of its FY26 revenue from interest income, while broking’s share fell to 44% from 70% in FY21. Its MTF loan book grew more than sixfold to ₹5,368 crore by June 2026. ICRA cited strong capitalisation but warned of exposure to volatile capital markets and lending risks.
Key facts
- Period
- FY26 and FY21
The analysis
Groww reported ₹5,368 crore for FY26, with movement of 32%, 44% and 70% attached to those lines. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Against that, the stock is +1.2% on the day at ₹188.80, and has returned -6.4% over three months. It sits 15% below its 52-week high. The capital markets sector has moved -6.5% over the same period, so Groww is running 0.1 points ahead of its peers.
For Groww, the question is how much of this is already reflected in the price and how much re-rates the capital markets peer set alongside it.
Why it matters
- A rating move re-prices a company's cost of borrowing, which feeds directly into margins and, for lenders, into the whole model.
- Credit growth and asset quality are the pulse of the financial sector, which is the largest weight in Indian indices.
Market context
- In focus: Groww (GROWW), in Capital Markets.
- On the day, 2 of 2 are higher: Angel One leads at +1.4% and Groww trails at +1.2%.
- Over three months: Groww -6.4% against Capital Markets -6.5% (0.1 points ahead); Angel One -4.9% against Capital Markets -6.5% (1.6 points ahead).
| Company | Price | Day | 1M | 3M | From 52-wk high | Volume vs 20-day | Market cap |
|---|---|---|---|---|---|---|---|
| GrowwGROWW · Capital Markets | ₹188.80 | +1.2% | -0.3% | -6.4% | -14.8% | 0.3× | — |
| Angel OneANGELONE · Capital Markets | ₹293.35 | +1.4% | +0.4% | -4.9% | -17.3% | 0.3× | — |
Capital Markets
1M -5.0% · 3M -6.5%
Groww, Angel One
Capital Goods & Engineering
1M -10.9% · 3M -4.9%
Prices as of 28 Oct 2026, 13:42 IST. Sector moves are the average of the stocks we track in each sector.
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