Raise Securities Reports Growth in Net Operating Income
Raise Securities, a stock broking company operating the Dhan investment platform, has disclosed a notable 13.8% growth in its net operating income, reaching Rs 905 crore in FY26, up from Rs 795 crore in FY25. This information comes from a recent report issued by ICRA.
Profit After Tax Decline Despite Revenue Growth
In contrast to the growth in revenue, the profit after tax experienced a decline of 20.1%, bringing it down to Rs 326 crore in FY26 from Rs 408 crore the previous year. ICRA has assigned an ICRA A+ rating with a Stable outlook to the bank facilities of Raise Securities and has reaffirmed its ICRA A1+ rating for commercial paper.
Significant Increase in Net Worth and Assets
The report indicates that the net worth of Raise Securities surged to Rs 916 crore as of March 2026, compared to Rs 590.3 crore the year prior. Additionally, the total assets saw a substantial increase, growing to Rs 3,375 crore from Rs 1,962 crore during the same timeframe.
Position in the Market
Operating under the Dhan brand, Raise Securities has established itself as one of India’s prominent discount brokers. According to ICRA, as of March 31, 2026, it ranked ninth among brokers by active NSE clients. Furthermore, the latest data from NSE places Dhan in ninth position among stock brokers, with a market share of 2.33% as of May 2026.
Profitability Metrics
The agency also emphasised Dhan’s robust profitability metrics, noting an average profit-after-tax margin of 46% and an average return on equity of 101% over the last three years. However, the return on average net worth witnessed a decline, slipping to 43.3% in FY26 from 105.7% in FY25.
Reliance on Futures and Options Segment
ICRA pointed out that around 70% of Raise Securities’ net operating income in FY26 was derived from the futures and options (F&O) segment. This reliance indicates that the business faces exposure to fluctuations in trading activity and shifts in regulatory frameworks within the derivatives market.
Liquidity Position
The report also highlighted that Raise Securities maintained a sound liquidity position, with unencumbered cash amounts reaching Rs 86 crore and liquid investments totalling Rs 35 crore as of March 31, 2026. Moreover, its margin trading funding (MTF) book was approximately Rs 505 crore at the fiscal year’s end.
Investment and Growth Potential
Raise Securities is a member of the Raise Fintech Group, which has successfully raised over Rs 750 crore to date, including a significant Rs 580 crore funding round in November 2025.