Upstox reported a resilient FY25, posting total income of ₹1,208 crore and a net profit of ₹215 crore, supported mainly by a sharp rise in non-operating income. The brokerage’s operating revenue was largely flat amid intense industry competition, while cost controls and strong liquidity underpinned improved profitability.
Operating revenue largely unchanged
For the year ended March 2025, Upstox’s operating revenue stood at ₹945 crore, nearly flat versus ₹951 crore in FY24. The muted growth reflects headwinds across the brokerage sector, including pricing pressure and elevated customer acquisition costs that have compressed top-line expansion for many players.
Brokerage income remained the core revenue driver, contributing ₹767 crore — more than four-fifths of operational revenue. Other sources such as depository charges, account maintenance fees and transaction-related services made up the remainder, indicating a diversified but brokerage-centric business mix.
Non-operating income boosts total earnings
Upstox’s total income benefited from a significant uptick in other income, which rose to ₹263 crore in FY25. This non-operating contribution helped offset flat core revenue and supported a stronger overall financial performance for the year.
Profit growth aided by moderate cost increases
The company reported a net profit of ₹215 crore in FY25, a year-on-year increase of more than 20 percent. Total expenses increased moderately to ₹991 crore, up roughly 6 percent from the prior year, reflecting controlled cost growth despite continued investment in growth initiatives.
Advertising and business promotion was the largest expense, at about ₹467 crore, underlining Upstox’s continued emphasis on customer acquisition and brand building in a competitive digital broking market. Employee benefit expenses rose by 11 percent to ₹211 crore, while professional and legal costs declined marginally.
Balance sheet and operations
Upstox closed FY25 with healthy liquidity: current assets were ₹4,029 crore, including cash and bank balances of ₹2,744 crore. The strong cash position provides flexibility to invest in technology, product development and marketing.
Operationally, Upstox remained among India’s leading online brokerages with approximately 2.08 million active clients at year-end and an estimated retail market share of 4.6 percent, signalling steady traction among individual investors.
Competitive context and outlook
The brokerage operates in a crowded market alongside peers such as Zerodha, Groww and Angel One, many of which delivered faster revenue growth in FY25. Nonetheless, Upstox’s ability to sustain profitability and strengthen liquidity highlights the resilience of its business model.
Going forward, the company is likely to prioritise improving operating leverage, broadening product offerings and capitalising on India’s expanding retail investor base. While restoring stronger operating revenue growth remains a key challenge, the FY25 results position Upstox to manage market volatility and pursue sustainable growth.
