Zerodha Fund House FY26: Revenue Soars 79% to ₹17 Cr, Losses Narrow

Zerodha Asset Management Pvt Ltd, operating as Zerodha Fund House, has reported a significant financial performance for the fiscal year 2025-26 (FY26). The company’s operating revenue experienced a substantial increase of 78.7%, reaching ₹16.8 Cr, a notable jump from ₹9.4 Cr in the preceding fiscal year.

Concurrently, Zerodha Fund House managed to reduce its net loss by 37.8%, bringing it down to ₹5.1 Cr in FY26 from ₹8.2 Cr in FY25. Including other income of ₹36.6 Lakhs, the company’s total income for FY26 amounted to ₹17.1 Cr. Despite revenue growth, total expenses also saw an increase, rising by 29.4% to ₹21.1 Cr in FY26 compared to ₹16.3 Cr in FY25.

Zerodha Fund House, established in 2021 as a partnership between Zerodha and CASE Platforms (formerly smallcase), received final approval from the Securities and Exchange Board of India (SEBI) in July 2023 to operate as an asset management company (AMC). The fund house specializes in passive mutual fund products, including index funds and exchange-traded funds (ETFs), launching nine such schemes in FY26.

The company’s revenue is primarily generated from advisory and management fees earned from managing its mutual fund schemes. By March 2026, Zerodha Fund House’s quarterly average assets under management (QAAUM) grew by nearly 196% to ₹14,448 Cr, up from ₹4,887 Cr in March 2025. ETFs constituted a significant portion of this AUM, accounting for ₹12,107.6 Cr, with non-ETF QAAUM at approximately ₹2,340.5 Cr.

Key expense areas for FY26 included employee benefits at ₹13.1 Cr (up 23.6% YoY), subscription and cloud charges at ₹2.5 Cr (up 47.1% YoY), legal and professional fees at ₹2.1 Cr (up 110% YoY), and fund expenses at ₹1.2 Cr (up from ₹31.4 Lakhs in FY25). The company also incurred an additional tax expenditure of ₹1 Cr during the period.