Upstox reported a resilient performance for the financial year ended March 2025, posting total income of ₹1,208 crore and a net profit of ₹215 crore. While core operating revenue was broadly flat, a substantial rise in non-operating income and controlled expense growth supported stronger overall profitability and healthy cash reserves.
Operating revenue stable amid competitive pressures
For FY25, Upstox’s operating revenue stood at ₹945 crore, nearly unchanged from ₹951 crore a year earlier. The muted top-line growth reflects intense competition in the retail brokerage sector, where pricing pressure and elevated customer-acquisition costs have constrained revenue expansion across the industry.
Brokerage income remained the primary revenue driver, contributing ₹767 crore and representing more than four-fifths of operating revenue. The remainder came from depository charges, account maintenance fees and other transaction-related services, underscoring a business model still largely anchored to brokerage commissions.
Non-operating income bolsters total earnings
Upstox’s total income rose sharply on the back of non-operating receipts. The company reported ₹263 crore under other income in FY25, a material increase that materially strengthened the profit line and offset the lacklustre movement in operating revenue.
This uptick in non-core income helped absorb rising costs and delivered a meaningful uplift to net earnings for the year.
Profit growth and expense trends
Net profit for FY25 was ₹215 crore, up more than 20% year-on-year. Total expenses increased moderately to ₹991 crore, a rise of about 6% from FY24, indicating relatively disciplined cost control.
Advertising and business-promotion expenses were the largest cost item, at approximately ₹467 crore, reflecting continued emphasis on customer acquisition and brand building. Employee benefit expenses grew to ₹211 crore (an 11% increase), while professional and legal costs declined marginally.
Balance sheet strength and operational metrics
Upstox closed FY25 with robust liquidity: current assets were ₹4,029 crore, including cash and bank balances of ₹2,744 crore. This cash cushion provides flexibility for further investment in technology, product development and marketing initiatives.
Operationally, the platform served about 2.08 million active clients at year-end and held an estimated 4.6% share of the retail broking market, indicating steady engagement among individual investors.
Competitive landscape and near-term outlook
Upstox operates alongside established peers such as Zerodha, Groww and Angel One, several of which posted faster revenue growth in FY25. Nevertheless, Upstox’s ability to sustain profitability and build cash reserves highlights the resilience of its operating model.
Going forward, the company is likely to focus on improving operating leverage, broadening its product suite and capturing a larger portion of India’s expanding retail investor base. While revenue growth remains a key challenge in a crowded market, the FY25 results suggest Upstox is positioned to manage volatility and pursue measured, sustainable growth.
