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Raise Financial Services posts ₹325.8 Cr profit in FY26

By Startup Enthusiast · 17 June 2026

What they do

Raise Financial Services offers stock broking through Dhan app and other platforms

FY26 net profit fell 20% to ₹325.8 Cr despite net operating income rising 14% to ₹904.9 Cr

ICRA assigned A+ rating, noting healthy profitability despite SEBI curbs on derivatives trading

Raise Financial Services reported a net profit of ₹325.8 Cr for FY26, down 20% from ₹408.1 Cr in FY25.
Net operating income grew 14% to ₹904.9 Cr from ₹794.8 Cr in FY25.
Net worth at FY26 end stood at ₹916.1 Cr, up 55% year-on-year.
ICRA assigned a long-term rating of A+ with a stable outlook and reaffirmed the A1+ commercial paper rating.
ICRA noted healthy profitability despite SEBI curbs on hyperactive index derivatives trading and softer market conditions.
Net operating income grew despite the loss of exchange-linked volume incentives after the true-to-label regime implementation.
Profitability moderated due to higher operating expenses, including increased marketing, team expansion, and one-off non-recurring costs.
Group consolidated net profit was estimated at ₹330 Cr with a RoE of 28% in FY26.

The results come amid SEBI measures that have weighed on derivatives volumes and moderated India's retail trading boom.
ICRA warned that concentration in derivatives makes the company vulnerable to regulatory changes and trading activity fluctuations.
Further STT hikes or restrictions could hurt brokerage revenues, according to ICRA.
The company is tapping external debt with a proposed ₹100 Cr bank line and ₹50 Cr commercial paper programme.

Raise Financial Services offers stock broking through products like the Dhan app, Option Trader app, Dhan web, TradingView by Dhan, and DhanHQ API.
It targets users in tier I and II cities and has expanded across tier I, II, and III cities via a digital platform and franchise-led distribution.
It is the 9th largest broker in India by active clients, with a market share of 2.3% as of March 31, 2026.
Derivatives trading volumes grew from ₹58,000 Cr in FY23 to ₹11.87 Lakh Cr in FY26.
Commodity trading volumes reached ₹3.43 Lakh Cr in FY26, up 67% year-on-year.
The MTF (margin trading facility) book stood at ₹505 Cr at FY26 end, more than doubled, but its share of the industry MTF market is below 1%.
About 79% of net operating income came from broking activities in FY26, with retail F&O (futures and options) contributing ~70% of total net operating income.
It acquired algorithmic investing platform Stratzy in a cash-and-stock deal, bringing over 100 exchange-approved algorithmic strategies.
It launched AI products: Fuzz AI (financial research assistant) and Artham (small language model for market analysis), and rolled out DEXT T3, a desktop trading terminal for active traders.

The company is tapping external debt with a proposed ₹100 Cr long-term/short-term bank line and a ₹50 Cr commercial paper programme.