Upstox's profit jumps, but revenue stays flat in FY25
Business
Upstox just reported a solid profit jump—up 21.5% to ₹215 crore for the year ending March 2025—even though their main revenue didn't really budge (₹945 crore, almost the same as last year).
Total income hit ₹1,205 crore, showing they're still growing overall.
Where the money comes from (and goes)
Most of Upstox's revenue came from brokerage fees (₹767 crore), with smaller boosts from depository operations and management services.
They've got a pretty big user base too: 2.08 million active clients and a 4.6% market share.
On the flip side, they spent big on advertising—₹467 crore—and employee costs went up by 11%.
Still, with ₹2,744 crore in cash reserves, Upstox looks financially steady despite rising expenses.