Stock broking platform Dhan's parent Raise Securities reported a 14% year-on-year increase in net operating income to Rs 905 crore in FY26. However, the brokerage's profit after tax declined 20% to Rs 326 crore amid higher operating expenses and a tighter regulatory environment for derivatives trading, according to a ratings report by ICRA.
The company had reported net operating income of Rs 795 crore and a profit after tax of Rs 408 crore in FY25. The rating agency attributed the increase in operating expenses in FY26 to elevated marketing spend, team expansion, and one-off non-recurring expenses.
