Dhan profit 1.5x to Rs 408 crore in FY25

Stockbroking and investment platform Dhan reported a massive surge in profitability for FY25, with its net profit jumping 2.6x to ₹408 crore, as per regulatory filings released on February 3, 2026.

The Mumbai-based fintech unicorn witnessed explosive growth in its top line, with revenue from operations surging 2.35x to ₹877 crore (up from ₹371 crore in FY24), fueled by the record-breaking retail participation in the Indian equity markets.

1. Financial Performance Snapshot (FY25)

Dhan’s “active trader” focus has allowed it to maintain superior margins even while scaling its user base to over 1 million monthly active users.

• Brokerage Dominance: Income from brokerage fees and commissions accounted for 88% of the total operating revenue, reaching ₹769 crore.
• Profitability Leap: The platform’s profit jumped by 2.6x, making it one of the most profitable new-age stockbroking firms in India on a per-user basis.

2. Unit Economics & Cost Efficiency

Dhan’s lean tech-first model has allowed it to achieve industry-leading unit economics, rivaling market leaders like Zerodha and Groww.

• Expense Efficiency: Dhan spent just ₹0.39 to earn every ₹1 of operating revenue. For comparison, Zerodha and Groww’s expense-to-revenue ratios for the same period stood at ₹0.37 and ₹0.41, respectively.
• Largest Cost Heads:
  • Commission to Agents: ₹82.6 crore (24% of total expenses).
  • Advertising: ₹73.6 crore (Up 2.7x YoY).
  • Employee Benefits: ₹73 crore (Up 66% YoY).
• Software & Tech: Tech charges shot up by 85% to ₹39.7 crore, reflecting its heavy investment in high-performance trading infrastructure.

3. The $1.2 Billion “Unicorn” Milestone

The stellar financial results arrived shortly after Dhan’s parent company, Raise Financial Services, achieved unicorn status in October 2025.

• Series B Funding: Raised $120 million led by Hornbill Capital and Japan’s MUFG, valuing the company at $1.2 billion.
• Secondary Exits: The round provided a 45x return to early angel investors, including Kunal Shah (Cred) and the founding members of the PhonePe network.
• Strong Liquidity: As of March 2025, the firm reported a massive cash and bank balance of ₹1,498 crore, providing a significant war chest for its 2026 expansion.

4. Future Outlook: F&O and Budget 2026

While FY25 was a bumper year, 2026 presents new challenges:

• STT Impact: The Budget 2026 hike in Securities Transaction Tax (STT) for the F&O segment is expected to moderate trading volumes for active derivative-focused platforms like Dhan.
• Differentiation: Founder Pravin Jadhav has noted that Dhan will now focus on “innovation depth”—leveraging its new AI platform, Fuzz (askfuzz.ai), and expanding its API capabilities for professional traders to differentiate from discount-led rivals.

Conclusion: A Structural Success

Dhan’s FY25 performance proves that there is still massive room for growth in India’s broking space for players who prioritize technology and active traders. By delivering ₹408 crore in profit on a relatively small user base, Dhan has established itself as the “efficiency king” of Indian fintech. With a $160 million+ primary cash reserve and unicorn status secured, the platform is now well-positioned to navigate the potential cooling of the F&O market in 2026.