Raise Securities, the stock broking firm that operates investment platform Dhan, reported a 13.8% increase in its net operating income to Rs 905 crore in FY26 from Rs 795 crore in FY25, according to a recent rating report by ICRA. Despite the growth in revenue, the company's profit after tax fell 20.1% to Rs 326 crore in FY26 fromRs 408 crorein the previous fiscal. The rating agency assigned an [ICRA]A+ rating with a Stable outlook to the company's bank facilities and reaffirmed its [ICRA]A1+ rating for commercial paper. According to the report, Raise Securities' net worth rose sharply to Rs 916 crore as of March 2026 from Rs 590.3 crore a year earlier. Its total assets also increased significantly to Rs 3,375 crore from Rs 1,962 crore during the same period. The company, which operates under the Dhan brand, has emerged as one of the leading discount brokers in India. ICRA noted that Raise Securities ranked ninth among brokers by active NSE clients as of March 31, 2026. The latest NSE data also suggests that Dhan ranked ninth among stock brokers, with a2.33% market shareas of May 2026. The agency further highlighted Dhan's strong profitability track record, with an average profit-after-tax margin of 46% and an average return on equity of 101% over the last three years. However, the company's return on average net worth declined to 43.3% in FY26 from 105.7% in FY25. ICRA also pointed out that around 70% of the company's net operating income during FY26 came from the futures and options (F&O) segment. As a result, the business remains exposed to changes in trading activity and regulatory developments in the derivatives market. The report further noted that Raise Securities maintained a comfortable liquidity position with unencumbered cash balances of Rs 86 crore and liquid investments of Rs 35 crore as of March 31, 2026. Its margin trading funding (MTF) book stood at around Rs 505 crore at the end of the fiscal year. Raise Securities is part of the Raise Fintech Group, which has raised over Rs 750 crore to date, including a Rs 580 crore funding round in November 2025. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
