ICICI Securities posted relatively stable earnings, with net profit rising 7 per cent to ₹417.96 crore from ₹389.51 crore a year ago, while revenue increased nearly 10 per cent to ₹1,546.9 crore.
India's brokerage industry extended its earnings recovery in the June quarter, with most major firms reporting double-digit profit growth as higher cash market activity, expanding margin funding books and diversification into wealth, commodities and distribution offset the lingering impact of derivatives regulations introduced in late 2024.The quarter also saw a widening gap in business models. Expanding beyond transaction-based broking into lending, distribution and other fee-based businesses has helped brokers deliver stronger earnings, while traditional brokers posted relatively steady growth.Groww led the pack, with parent Billionbrains Garage Ventures reporting a 94.4 per cent year-on-year jump in consolidated net profit to ₹735 crore. Revenue from operations rose 66 per cent to ₹1,501 crore, supported by higher operating leverage and increasing contributions from newer businesses such as margin trading facility (MTF) and commodity derivatives. EBITDA more than doubled to ₹971 crore during the quarter.A similar trend was visible across peers. Angel One's profit more than doubled to ₹231.4 crore on a 25.4 per cent increase in total income to ₹1,434 crore, aided by a record average client funding book of ₹6,140 crore, up 46 per cent year-on-year. The company continued to benefit from strong retail participation, with its client base rising 19 per cent year-on-year to 3.86 crore.India's largest full-service retail brokerage, HDFC Securities, reported a 28 per cent increase in profit to ₹300 crore alongside 30 per cent revenue growth to ₹950 crore. Nearly 96 per cent of its 8 million customers transacted through digital platforms as the firm continued its shift towards lower-cost digital distribution.Kotak Securities reported a net profit rise of 14.6 per cent to ₹533 crore, up from ₹465 crore a year earlier and ₹400 crore in the preceding quarter.Stable earningsICICI Securities posted relatively stable earnings, with net profit rising 7 per cent to ₹417.96 crore from ₹389.51 crore a year ago, while revenue increased nearly 10 per cent to ₹1,546.9 crore.Besides Angel One, digital brokerage 5paisa reported a 10 per cent growth in its average client funding book to ₹421.6 crore despite a 12 per cent sequential decline in trading turnover. It saw profit after tax rise sequentially by 8 per cent to ₹11.6 crore and a 14 per cent increase in revenue to ₹88.4 crore.Anand Rathi also credited higher revenue of ₹246.1 crore, up 22 per cent, to margin funding and distribution businesses for its strong operating performance. It's profit before exceptional items rose 71 per cent year-on-year to ₹39.1 crore, while profit after tax stood at ₹23.4 crore, up about 2 per cent from a year ago.Although average daily turnover remains below earlier levels for some firms, stronger cash market participation and better monetisation of existing customers helped cushion the impact of changes in derivatives regulations. While the speculative trading has moderated over the past year, brokers with meaningful exposure to margin funding, wealth management, distribution, commodities and other adjacent businesses have been better placed to sustain profitability.Published on July 19, 2026
