Zerodha's FY25 revenues dip 10‑15% as regulatory changes and weak market activity hit earnings significantly.

• FY24 posted Rs 8,370 crore revenue, Rs 4,700 crore profit, achieving 55% margin despite steady market conditions.
• Regulatory impacts include higher STT, fewer weekly expiries, no rebate, and increased BSDA limits overall.
• Zerodha expands non‑broking, MTF reaches Rs 5,000 crore book, 5% market share, strengthening its overall presence.