Dhan parent Raise Securities' FY26 net profit falls 20% to Rs 326 crore
18 Jun 2026, 01:06 PMIts net operating revenue rose 14% year-on-year to Rs 904.9 crore.
Share the story on
Raise Securities, the stockbroking firm behind trading platform Dhan, reported a 20% decline in net profit to Rs 325.8 crore in FY26, even as its net operating revenue rose 14% year-on-year to Rs 904.9 crore.
The company's profit fell from Rs 408.1 crore in FY25, while its net worth increased 55% to Rs 916.1 crore, according to an ICRA ratings report.
ICRA said Raise Securities continued to post healthy profitability despite regulatory curbs on index derivatives trading and softer market conditions. However, higher operating expenses, including increased spending on marketing, team expansion and certain one-off costs, weighed on profitability during the year.
Founded in 2021 by former Paytm Money chief executive Pravin Jadhav along with Jay Prakash Gupta and Alok Pandey, Raise Securities operates stockbroking platform Dhan and options trading app Option Trader.
As of March 2026, the company was India's ninth-largest broker by active clients with a market share of 2.3%, according to ICRA.
The ratings agency assigned Raise Securities an A+ long-term rating with a stable outlook and reaffirmed its A1+ commercial paper rating.
Who Reads Us
“I enjoy reading The Head and Tale for their coverage on the Fintech landscape. The reporting is incisive and honest, and it demonstrates a sharp understanding of the industry and the issues that concern it. I'd like to extend my best wishes to Arti for her continued success.”
“Well-researched, informative and analysis based reporting makes an interesting read. 'The Head and Tale' news portal has been demonstrating this quite well covering fintech and emerging tech sectors. Their timely updates, exclusive stories and different perspectives on these sectors help me stay informed. Kudos to Arti Singh for pursuing her passion and best wishes to the team.”
“The Head and Tale stands out for its deep industry knowledge and impressive network of sources. I especially appreciate that the reporting remains independent, rarely resorting to paid puff pieces, making it a publication I can genuinely trust. Having followed Arti’s work for years, I’ve come to rely on The Head and Tale for its unparalleled insight and truly independent coverage. Arti’s long-standing presence in the sector means her reporting is always informed, with access few can match.”
“What I really appreciate about The Head and Tale is that it doesn’t just report the news, it interprets it. The stories are well-researched, comprehensive, and bold. Arti brings a fearless lens to reporting, often asking the uncomfortable but necessary questions. She makes you pause, reflect, and rethink what it all means for the payments and fintech ecosystem. It’s rare to find journalism that’s this sharp, timely, and relevant to the work we do every day.”
“I’ve always valued journalism that goes beyond surface-level headlines. The Head and Tale does exactly that - it connects the dots, asks the tough questions, and brings clarity to the shifts shaping our evolving industry. I’ve even encouraged my team members to subscribe, because staying informed through credible, deeply reported stories is as important as building products. For me, The Head and Tale has become part of essential reading.”
