Whalesbook
Zerodha's profits fell 22.9% to ₹4,237 crore in FY25 from ₹5,496 crore last year, with revenue from operations down 11.5% to ₹8,847 crore. Despite this, operating margins improved to 63.78%, and the company maintains a debt-free status with significant cash reserves of ₹22,679 crore. Founder Nithin Kamath cited a substantial hit to brokerage revenues as a contributing factor.