According to HDFC Securities, Zerodha is slated to clock a profit-after-tax of Rs 2,354 crore for FY23, a moderate rise of 12 per cent from Rs 2,094 crore earned in the previous fiscal. However, this jump appears diminished in comparison to the 86 per cent bumper climb in profits in FY22. 

Its most recent projections are in line with Zerodha's business updates from December of last year, when management stated that the company had "temporarily hit a plateau in terms of the target market," in addition to a decline in new account openings and a slowing bull market momentum.

The brokerage firm witnessed a sharp moderation in average monthly demat additions at 1,40,000-1,70,000 (vs 3.2 lakh-3.5 lakh during 2020-2022). 

Additionally, of the 12 million customer base, 6.5 million are NSE active clients, 2.5 million are overall F&O (Futures and Options) users, and 1.5 million are active F&O traders (at least once a month) (at least once a month). 

The top 35 per cent of its customers contribute 70 per cent of revenues, the report added.

Although KYC data on new demat additions suggests that 65 per cent of customers are from outside the top 15 cities, IP location of trading devices indicates that 70 per cent of customers are from Tier I cities.

According to the report, the stock brokerage is open to considering a Rs 20 per order on delivery trades or increasing intraday/F&O trading charges. Currently, Zerodha's competitor such as Groww and Upstox are charging such a delivery fee among the top four discount brokers.