Raise Financial Services, the parent company of discount broking platform Dhan, has crossed the ₹1,000 crore mark in operating revenue during FY26, highlighting the continued growth of its trading and investment ecosystem despite regulatory headwinds.

According to sources familiar with the company's financial performance, the firm's operating revenue exceeded ₹1,000 crore during the financial year. However, net profit declined by approximately 20% year-on-year to ₹326 crore, reflecting the impact of changes introduced by the Securities and Exchange Board of India (SEBI) in the derivatives market.

The decline in profitability comes after SEBI implemented a series of measures aimed at curbing excessive retail participation in futures and options (F&O) trading. The regulatory changes increased trading costs and tightened market access norms, leading to lower trading volumes across the industry.

Dhan has built its business around active traders and investors, with derivatives trading contributing significantly to platform activity. As a result, the moderation in F&O volumes affected profitability despite continued growth in customer acquisition and revenue generation.

The company has nevertheless maintained strong revenue growth, supported by an expanding user base, higher adoption of investment products, and increased participation in equity markets. Dhan has emerged as one of the fastest-growing brokerage platforms in India, competing with established players in the discount broking industry.

The results underscore the changing dynamics of India's retail trading ecosystem, where brokerages are increasingly focusing on diversification beyond derivatives trading through investment products, wealth management services, and long-term investing solutions. While regulatory changes have weighed on short-term earnings, the industry's long-term growth prospects remain tied to rising financialization and increased retail participation in capital markets.