India, Aug. 30 -- Zerodha's core business is no longer growing. Regulatory curbs and changing investor behaviour are cooling trading activity and squeezing brokerage revenue.

Broking revenue fell 10.4% from Rs.3,066 Cr in FY25 to Rs.2,738 Cr in FY26. Net transaction charges (income earned from exchange-related transaction fee rebates) also fell to zero from Rs.400 Cr in FY25 due to SEBI's true-to-label norm framework. In a blog post, CEO Nithin Kamath hinted that its overall top line remained almost flat in FY26 versus Rs.8,847 Cr a fiscal year ago.

Despite the revenue squeeze, Zerodha kept its bottom line largely intact, with profit rising marginally to Rs.4,283 Cr in FY26 from Rs.4,231 Cr in FY25.

So, with its core revenue engine slo...