How Did Dhan Parent Raise Securities Perform In FY26?
Raise Securities, the stock broking company behind investment platform Dhan, reported a strong rise in revenue during FY26, further strengthening its position among India’s fastest-growing brokerage firms.
According to a recent rating report by ICRA, the company recorded a 13.8% increase in net operating income, which grew to ₹905 crore in FY26 from ₹795 crore in FY25.
While revenue continued to expand, profitability came under pressure during the year as the company’s profit after tax declined by 20.1% to ₹326 crore, compared to ₹408 crore in the previous fiscal.
Despite the drop in earnings, the company maintained strong profitability metrics and continued to scale its business across retail investing and trading segments.
Why Did Profit Decline Despite Revenue Growth?
Although Raise Securities delivered healthy revenue growth, its profit growth was impacted by rising operating costs and investments in business expansion.
The company continued to invest heavily in customer acquisition, technology infrastructure, product development, and scaling its overall ecosystem under the Dhan brand.
As a result, profit after tax fell even as revenues crossed the ₹900 crore milestone for the first time.
However, profitability remains robust compared to most brokerage startups.
According to ICRA, the company maintained an average profit-after-tax margin of 46% over the last three years, highlighting the strength of its operating model.
How Strong Is Dhan’s Financial Position?
The rating report highlighted significant improvement in the company’s balance sheet.
Raise Securities’ net worth increased sharply to ₹916 crore as of March 2026, compared to ₹590.3 crore a year earlier.
Its total asset base also expanded substantially during the same period, rising to ₹3,375 crore from ₹1,962 crore.
The growth reflects the company’s increasing scale, stronger capital base, and expanding participation in India’s retail investing ecosystem.
ICRA assigned an [ICRA]A+ rating with a Stable outlook to the company’s bank facilities while reaffirming its [ICRA]A1+ rating for commercial paper.
The ratings indicate confidence in the company’s financial stability, liquidity position, and operating performance.
How Big Is Dhan In India’s Brokerage Industry?
Over the last few years, Dhan has emerged as one of India’s fastest-growing discount brokerage platforms.
According to ICRA, Raise Securities ranked ninth among stock brokers based on active NSE clients as of March 31, 2026.
The latest NSE data also places Dhan among the top ten brokers in the country, with a market share of 2.33% as of May 2026.
The platform has gained traction among active traders and investors through its technology-first approach, advanced trading tools, and product offerings focused on serious market participants.
Its rapid rise has helped it compete with larger established brokerage platforms in the highly competitive retail investing space.
What Is Driving Dhan’s Revenue?
A significant portion of Raise Securities’ income continues to come from derivatives trading.
According to ICRA, nearly 70% of the company’s net operating income during FY26 was generated from the futures and options (F&O) segment.
The strong contribution from derivatives has helped drive growth and profitability.
However, the rating agency also highlighted that this concentration exposes the company to regulatory risks and fluctuations in trading activity.
Any future changes in derivatives regulations or a decline in retail participation in F&O trading could impact revenue growth.
How Strong Is The Company’s Liquidity Position?
ICRA noted that Raise Securities maintained a comfortable liquidity profile throughout FY26.
As of March 31, 2026, the company held unencumbered cash balances of ₹86 crore and liquid investments worth ₹35 crore.
The company’s margin trading funding (MTF) book stood at approximately ₹505 crore at the end of the fiscal year, reflecting increasing demand from investors using leverage for stock market participation.
The healthy liquidity position provides the company with sufficient flexibility to support future growth initiatives and operational requirements.
What Role Does Raise Fintech Group Play?
Raise Securities operates as part of the broader Raise Fintech Group, which has been aggressively building financial products and investment platforms for Indian consumers.
The group has raised more than ₹750 crore in funding to date.
A major milestone came in November 2025 when the company secured a ₹580 crore funding round, providing additional capital to expand its fintech ecosystem and strengthen its competitive position.
The continued backing from investors underscores confidence in the group’s long-term vision and ability to capture a larger share of India’s growing retail investing market.
What Lies Ahead For Dhan?
With revenues crossing ₹900 crore, a growing customer base, and a stronger balance sheet, Dhan appears well-positioned to continue its expansion in India’s brokerage market.
The company’s future growth will likely be driven by product innovation, deeper retail participation in capital markets, and expansion of its investment and trading ecosystem.
However, its heavy dependence on derivatives trading remains a key factor that investors and analysts will continue to monitor closely as regulatory scrutiny of the segment increases.
