Dhan FY25 revenue more than doubles to Rs 877 crore
03 Feb 2026, 02:13 PMDhan's net profit increased 2.6x to Rs 408 crore in FY25 from Rs 159 crore in the previous fiscal.
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Stockbroking and investment platform Dhan recorded a 136% jump in revenue from operations to Rs 877 crore in the fiscal ended March 31, 2025 from Rs 371 crore in the previous fiscal.
Dhan's net profit increased 2.6x to Rs 408 crore in FY25 from Rs 159 crore in the previous fiscal, the Entrackr reported based on Registrar of Companies (RoC) filings.
Total expenses of the Mumbai-based firm grew 95% to Rs 341 crore during the fiscal as compared to Rs 175 crore in FY24.
Employee benefit expenses rose 66% to Rs 73 crore in FY25 from the previous financial year.
The startup, founded in 2021 by Pravin Jadhav, had last raised $120 million in October 2025 in a Series B round led by Hornbill Capital, which valued the company at $1.2 billion.
Income from brokerage fees and commissions from equity, derivatives, and commodities trading made up 88% of the total operating revenue, surging 2.35x year-on-year to Rs 769 crore in FY25. The platform also generated Rs 108 crore from other operating activities and an additional Rs 10 crore from interest on fixed deposits and investments, bringing total income to Rs 887 crore.
As of December 2025, Dhan had 9.8 lakh active clients with a 2.2% market share, up from 4.69 lakh active users in FY24.
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