Raise Securities, the parent company of the Dhan trading platform, reported a 20% decline in net profit for the fiscal year FY26, falling to ₹325.8 crore from ₹408.1 crore in FY25, according to ICRA's rating on the startup's commercial paper. Despite the profit drop, the fintech firm’s net operating income rose 14% to ₹904.9 crore, while its net worth increased 55% to ₹916.1 crore by the end of FY26, as per inc42.com.
ICRA assigned a long-term rating of A+ with a stable outlook and reaffirmed Raise Securities’ A1+ commercial paper rating. The rating agency noted that Raise Securities has expanded rapidly since launching the Dhan platform in November 2021. The company maintained healthy profitability despite regulatory restrictions on hyperactive trading in index derivatives and softer market conditions. Growth in net operating income was supported by strong client additions and continued despite losing exchange-linked volume incentives after the true-to-label regime was implemented.
Profitability was impacted by increased operating expenses, including higher marketing investments, team expansion, and some one-off non-recurring costs. Raise Securities remains the main contributor to the group’s earnings, with the group estimated to have achieved a consolidated net profit of ₹330 crore and a return on equity (RoE) that reflects the company’s robust performance amid challenging market conditions.
The company’s financial performance for FY26 highlights the challenges fintech startups face balancing growth and profitability under evolving regulatory frameworks. ICRA’s reaffirmation of the company’s credit ratings underscores confidence in Raise Securities’ business model and its ability to sustain operations. The next financial results will provide further insight into how the company manages expenses and market dynamics.