Zerodha Fund House FY26: Revenue Up 79% YoY To ₹17 Cr, Loss Narrows
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Zerodha Asset Management Pvt Ltd, the entity behind Zerodha Fund House, saw its operating revenue zoom 78.7% to ₹16.8 Cr in the fiscal year 2025-26 (FY26) as against ₹9.4 Cr in the year ago period.
Meanwhile, the company managed to narrow its losses by 37.8% to ₹5.1 Cr in the fiscal under review compared to ₹8.2 Cr in FY25.
Including other income of ₹36.6 Lakhs, the company’s total income stood at ₹17.1 Cr during the fiscal under review.
Nevertheless, total expenses continued to bite and continued to grow in FY26. Zerodha Fund House also incurred an additional tax expenditure of ₹1 Cr during the period under review.
As per its regulatory filings with the ministry of corporate affairs (MCA), the asset management company (AMC) said that it
Built as a partnership between Zerodha and investment tech startup CASE Platforms (erstwhile smallcase), Zerodha Fund House was first incorporated in 2021. It received the final approval from the SEBI to operate as an asset management company (AMC) in July 2023 and thereafter commenced operations.
Zerodha Fund House creates and manages passive mutual fund products such as index funds and exchange-traded funds (ETFs). It claims to have launched nine such schemes in FY26.
In line with SEBI’s mandate for regulating mutual funds through a distinct three-tier structure, Zerodha Fund House operates under the aegis of three entities.
While Zerodha Broking is the sponsor and CASE Platforms is the co-sponsor, Zerodha Trustee Pvt Ltd acts as the trustee to oversee compliance. The third entity is Zerodha Asset Management Pvt Ltd, which is the operational AMC that holds the pooled money of investors.
In August 2026, smallcase announced that CASE Platforms would be the new corporate parent, while smallcase would remain the brand focused on model portfolios. In the same month, the CASE Platforms also received regulatory approvals to become Zerodha Mutual Fund’s co-sponsor.
Zerodha Fund House primarily mints revenue from advisory and management fees earned via managing and operating schemes of Zerodha Mutual Funds.
As of March 2026, Zerodha Fund House’s quarterly average assets under management (QAAUM) stood at ₹14,448 Cr, up nearly 196% from ₹4,887 Cr at the end of March 2025. Of the total, ETFs contributed ₹12,107.6 Cr to the QAAUM, while non-ETF QUAAM hovered around the ₹2,340.5 Cr mark.
Zooming Into Zerodha AMC’s FY26 Expenses
Zerodha Asset Management Pvt Ltd’s total expenses ballooned 29.4% to ₹21.1 Cr in the fiscal year ended March 2026 compared to ₹16.3 Cr in FY25.
Employee Benefit Expenses: The company spent ₹13.1 Cr under this bucket in FY26, up 23.6% from ₹10.6 in the year ago period.
Subscription & Cloud Charges: Expenses under this header zoomed 47.1% to ₹2.5 Cr in the fiscal under review, up from ₹1.7 Cr in FY25.
Legal Fees: Zerodha Fund House also had to shell out ₹2.1 Cr towards legal and professional fees in FY26, up 110% from ₹1 Cr spent under this bucket a year ago.
Fund Expenses: The AMC also spent ₹1.2 Cr under this header during the fiscal as against ₹31.4 Lakhs in the year ago period.
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