Results · Financial Services

Raise Securities posts profit decline despite revenue growth

By Startup Enthusiast · 18 June 2026

What they do

Raise Securities is a tech-led discount broker operating the Dhan platform for retail and pro traders

FY26 net operating income rose 14% to Rs 904.9 crore while profit after tax fell 20% to Rs 325.8 crore

Higher marketing spend and team expansion drove up costs even as derivatives volumes surged significantly

Raise Securities reported Rs 325.8 crore profit after tax for FY26, down from Rs 408.1 crore in FY25.
Net operating income grew 14% to Rs 904.9 crore, driven by strong trading activity across segments.
The company attributed the profit decline to increased marketing spend and one-off non-recurring costs.
Total assets expanded significantly to Rs 3,374.8 crore compared to Rs 1,962.1 crore in the previous year.
Return on average net worth decreased to 43.3% from 105.7% due to the larger asset base.
Derivatives turnover jumped massively from Rs 0.58 lakh crore in FY23 to Rs 11.87 lakh crore in FY26.
Commodity turnover saw a sharp rise of 67% year-over-year to reach Rs 3.43 lakh crore.
Margin trading facility book more than doubled to Rs 505 crore reflecting higher client leverage usage.

Revenue growth continued despite losing exchange-linked volume incentives under the new true-to-label regime.
Heavy reliance on F&O broking income exposes the firm to regulatory changes and market volatility.
Industry-wide subdued conditions and potential STT hikes may moderate future derivatives trading volumes.
The company maintains a strong liquidity position with significant unencumbered cash and unused credit lines.

Securities broking contributed approximately 79% of total net operating income in FY26.
Futures and options segment alone accounted for roughly 70% of the company's total revenue.
The firm operates the Dhan app and web platform launched in November 2021 for digital trading.
Product stack includes specialized tools like Options Trader and DEXT T3 terminal for professional traders.
Distribution combines direct digital acquisition with an authorized persons network and franchise model.
Client base reached approximately 1.2 crore total users with 17 lakh active clients as of March 2026.
The company ranks ninth among NSE brokers by active client count with a 2.3% market share.
Wholly owned subsidiary of Raise Fintech Ventures which has raised over Rs 750 crore to date.
Portfolio includes AI research assistant fuzz and Artham small language model trained on Indian markets.

The company continues to expand its algorithmic investing capabilities through acquisitions like Stratzy.