Online stockbroking firm Upstox reported flat operating revenue but a sharp improvement in profitability in the financial year ended March 2025 (FY25), aided largely by higher non-operating income.
According to its consolidated financial statements filed with the Registrar of Companies (RoC), Upstox posted revenue from operations of ₹945 crore in FY25, broadly unchanged from ₹951 crore in FY24. Despite muted topline growth, the company’s net profit rose 21.5% year-on-year to ₹215 crore, compared with ₹177 crore in the previous fiscal.
Including non-operating income, Upstox’s total income stood at ₹1,205–1,208 crore for FY25.
Revenue Mix Remains Brokerage-Led
Brokerage income continued to be the firm’s largest revenue driver, contributing ₹767 crore, or over 81% of total operating income. Depository services added ₹65 crore, while ₹113 crore came from management services and other operating income.
Upstox also reported ₹263 crore in non-operating income, though the company did not disclose a detailed breakup. A ₹103 crore year-on-year increase in this segment played a key role in boosting overall profitability.
Costs Largely Stable
On the expense side, advertising and business promotion remained the biggest cost head, accounting for ₹467 crore, or more than 47% of total expenses, largely flat compared to FY24.
Employee benefit expenses rose 11% YoY to ₹211 crore, including ₹13.6 crore in ESOP related non-cash costs. Legal and professional expenses declined 8% to ₹123 crore.
Overall expenses increased 6% to ₹991 crore in FY25.
Margins, Balance Sheet and Market Position
Upstox reported a positive EBITDA of ₹9 crore, with an EBITDA margin of 0.98%. As of March 2025, the company held ₹2,744 crore in cash and bank balances, part of total current assets of ₹4,029 crore.
The platform had 2.08 million active clients and a 4.64% market share as of December 2025. Upstox has raised over $200 million to date and was last valued at $3.5 billion, with Tiger Global as its largest external shareholder.
Upstox competes with Zerodha, Groww and Angel One, all of whom reported significantly higher revenues in FY25.
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