Results · Financial Services

Dhan reports Rs 408 crore net profit for FY25

By Startup Enthusiast · 3 February 2026

What they do

Dhan is a Mumbai-based stockbroker targeting active traders with equity and derivatives trading tools

The company posted Rs 408 crore net profit in FY25, up 156% year-over-year on higher revenue

This follows a $1.2 billion valuation in October 2025 and partial exits for early investors

Dhan reported Rs 408 crore net profit for FY25, rising from Rs 159 crore the prior year.
Revenue grew 2.3 times to Rs 877 crore, driven by increased trading activity among users.
Brokerage and commissions accounted for Rs 769 crore, representing 88% of total operating revenue.
Total expenses doubled to Rs 341 crore, with agent commissions being the largest cost at Rs 82.6 crore.
Advertising spend rose 2.7 times to Rs 73.6 crore as the firm expanded its marketing efforts.
Employee benefits costs increased 66% to Rs 73 crore alongside higher software and tech charges.
The company achieved an EBITDA margin of 63.25% and a return on capital employed of 91.9%.
Active clients reached approximately 9.8 lakh by December 2025, holding a 2.2% market share.

Strong profitability metrics indicate efficient scaling of operations relative to revenue growth.
High returns for early investors suggest significant value appreciation since initial funding rounds.
Increased spending on advertising and employees signals aggressive expansion plans for user acquisition.

Dhan operates as a stockbroking and investment platform based in Mumbai.
It targets active traders and younger investors seeking digital-first financial services.
The platform offers trading in equities, ETFs, futures, and options across major exchanges.
Integrations with smallcase and TradingView enhance the user experience for sophisticated traders.
Brokerage fees form the primary revenue stream from executing client trades.
The company leverages technology to provide seamless trading interfaces and data analytics.
Growth is driven by acquiring new users and increasing transaction volumes per user.
Operational efficiency allows for high margins despite rising customer acquisition costs.
Market position is strengthened by competitive features compared to traditional brokers.

Continue expanding user base through targeted advertising and product integrations.
Invest in technology infrastructure to support growing trading volumes.
Maintain operational efficiency to sustain high profitability margins.

Hornbill Capital (lead) — Led the Series B funding round in October 2025.
Kunal Shah (angel) — Early backer who participated in partial exits for returns.
Miten Sampat (angel) — Early investor benefiting from recent liquidity events.