Mumbai, Maharashtra, India | FY2025-26 Results Announced in 2026 — Raise Securities, the parent company of stockbroking platform Dhan, reported a decline in profitability for the financial year 2025-26, even as the company recorded strong growth in operating income and strengthened its balance sheet.
The company’s net profit fell 20% year-on-year to ₹325.8 crore in FY26, compared with ₹408.1 crore in FY25. The decline came despite continued growth in business activity and higher operating income during the year.
Raise Securities reported net operating income of ₹904.9 crore in FY26, up 14% from ₹794.8 crore in the previous financial year. The increase reflects continued growth in the company’s brokerage and financial services operations amid evolving market conditions.
In addition to revenue growth, the company also reported a significant improvement in its financial position. Its net worth increased 55% year-on-year to ₹916.1 crore by the end of FY26, highlighting a stronger capital base and overall financial strength.
The company’s financial performance was assessed by ICRA, which assigned an A+ rating with a Stable Outlook and reaffirmed its A1+ rating for commercial paper instruments. The ratings reflect the company’s financial profile, operational scale, and market position within the broking and fintech ecosystem.
ICRA noted that Raise Securities continued to maintain healthy profitability despite regulatory measures affecting derivatives trading activity and softer market conditions during the year. The assessment underscores the company’s ability to sustain earnings even as the trading environment became more challenging.
Dhan has emerged as one of India’s prominent technology-driven brokerage platforms, serving a growing base of retail investors and traders. The platform has continued to expand its presence in the country’s capital markets ecosystem through a range of investment and trading products.
While the company delivered strong growth in operating income and net worth, the FY26 results also highlighted its continued exposure to the futures and options (F&O) segment, which has faced increased regulatory attention in recent years. Regulatory changes affecting derivatives trading volumes have had an impact across the broking industry, influencing revenue patterns and profitability for several market participants.
Despite the decline in annual profit, the company’s revenue growth, improved net worth, and strong credit ratings indicate continued business expansion and financial resilience during FY26.
