Dhan ranks 4th in net client additions with 10k new users in May 2026

Dhan, operated by Raise Securities Private Limited, ranked 4th among India’s top 50 stock brokers by net client additions in May 2026, adding 10,035 active clients during the month. The platform maintained its 9th position among India’s largest stock brokers with a total active client base of 10,61,986. This growth helped Dhan sustain its position above the 10 lakh active client milestone, which it had crossed in April 2026 with 10,51,951 active clients.

Strong performance in net client additions

Dhan recorded the second-highest net addition among the top 10 brokers by active clients, trailing only Groww, which added 27,635 clients. Dhan ranked ahead of ICICI Securities, which added 8,210 active clients. The platform’s performance stands out as several larger brokers reported active client declines in May 2026, including Zerodha, Angel One, Upstox, Kotak Securities, HDFC Securities, SBIcap Securities, and Motilal Oswal Financial Services.

Metric	Performance
Active Client Rank Among Top 50 Brokers	9th
Net Client Additions Rank Among Top 50 Brokers	4th
Net Client Additions Rank Among Top 10 Brokers	2nd
Net Client Additions in May 2026	10,035
Total Active Clients in May 2026	10,61,986

India’s top stockbrokers landscape

Groww continued to lead the market with 1,30,59,756 active clients, followed by Zerodha with 68,47,049 and Angel One with 66,84,223. Dhan held the 9th position, staying ahead of Motilal Oswal Financial Services, Paytm Money, Indstocks, Sharekhan, Axis Securities, IIFL Capital Services, and 5paisa Capital.

Rank	Stock Broker’s Name	No. of active clients	Addition/Churn
1	Groww Invest Tech Private Limited	1,30,59,756	+27,635
2	Zerodha Broking Limited	68,47,049	-36,950
3	Angel One Limited	66,84,223	-59,617
4	ICICI Securities Limited	21,05,295	+8,210
5	Upstox Securities Private Limited	19,23,729	-38,097
6	Kotak Securities Ltd.	13,80,379	-5,067
7	HDFC Securities Ltd.	13,61,209	-18,775
8	SBIcap Securities Limited	11,40,808	-19,469
9	Raise Securities Private Limited	10,61,986	+10,035
10	Motilal Oswal Financial Services Limited	8,93,172	-8,696

Dhan’s trading-focused growth strategy

Launched in 2021, Dhan has moved into India’s leading brokerages, driven by its focus on active traders and serious investors. The platform offers equities, ETFs, futures, options, commodities, TradingView integration, screeners, smallcases, and the DhanHQ API ecosystem. Its in-house DEXT trade-processing system is built for fast order execution and low latency, supporting traders who value speed, control, and reliability. This positions Dhan differently from mass retail platforms focused on broad user acquisition and bank-backed brokers that rely on advisory services and banking integration.

The Indian margin trading facility (MTF) landscape witnessed a sharp reversal in April 2026, as leveraged investors returned to the markets with renewed confidence. The industry MTF book added ₹8,682.39 crore during the month, pushing the total outstanding to ₹1,16,163.25 crore by 30 April 2026. This recovery followed a net liquidation of ₹9,663.56 crore in March, which was driven by massive FII outflows, rising geopolitical tensions, and corrections in major indices.

The data indicates a shift from the risk-off positioning seen in March to a more confident risk-on approach among retail and leveraged delivery investors. The MTF book crossing ₹1.16 lakh crore underlines the continued adoption of margin funding as a strategic investing tool in India.

Top Traded Stocks in April

HDFC Bank topped the list of top traded stocks using MTF in April 2026, securing a funded amount of ₹1,982.09 crore. Jio Financial Services and Infosys followed with funded amounts of ₹1,453.24 crore and ₹1,352.57 crore, respectively. The table below details the top traded stocks for the month.

Company	Funded Qty	Funded Amt (Cr)	Exposure	LTP	Margin on Dhan
HDFC Bank	2,37,92,578	1,982.09	1.71%	779.40	4.55x
Jio Financial Services	5,32,11,120	1,453.24	1.25%	252.74	4.35x
Infosys	1,03,66,947	1,352.57	1.16%	1,168.40	4.55x
Tata Consultancy Services	39,34,841	1,117.30	0.96%	2,431.30	4.55x
Eternal	4,06,30,186	1,071.27	0.92%	251.90	3.87x
Reliance Industries	75,15,300	1,062.40	0.91%	1,463.10	4.55x
Hindustan Aeronautics	23,23,885	1,049.38	0.90%	4,559.50	4.17x
ITC	2,83,86,247	962.27	0.83%	311.10	4.55x
CDSL	62,73,415	901.90	0.78%	1,238.30	3.90x
Mazagon Dock Shipbuilders	31,72,197	889.68	0.77%	2,611.60	3.42x

New MTF Position Additions

Waaree Energies led the list of new MTF position additions with ₹197.09 crore added in April. Garden Reach Shipbuilders and Tata Steel also saw significant fresh leveraged buying, adding ₹50.80 crore and ₹38.50 crore respectively.

Company	Added Qty	Added Amt (Cr)	Exposure	LTP	Margin on Dhan
Waaree Energies	6,29,007	197.09	0.61%	3,136.30	3.33x
Garden Reach Shipbuilders	1,69,859	50.80	0.37%	2,778.30	2.44x
Tata Steel	18,07,762	38.50	0.21%	212.24	4.35x
NALCO	9,08,463	37.38	0.19%	407.80	3.54x
Emmvee Photovoltaic Power	11,90,291	32.21	0.10%	267.35	3.01x

MTF Positions Liquidated

Conversely, Vedanta recorded the highest MTF positions exit with ₹152.04 crore liquidated during the month. Other major exits included Infosys and Hindustan Aeronautics, which saw liquidations of ₹92.92 crore and ₹82.69 crore respectively.

Company	Liquidated Qty	Liquidated Amt (Cr)	Exposure	LTP	Margin on Dhan
Vedanta	-6,48,363	-152.04	0.37%	294.65	4.01x
Infosys	-7,37,747	-92.92	1.16%	1,168.40	4.55x
Hindustan Aeronautics	-1,81,176	-82.69	0.90%	4,559.50	4.17x
Reliance Industries	-5,82,814	-80.39	0.91%	1,463.10	4.55x
Tata Consultancy Services	-2,71,080	-76.91	0.96%	2,431.30	4.55x

The April 2026 MTF data highlights the regaining of trust of market participants in the Indian equity market. The net book addition indicates that leveraged investors re-entered large-cap heavyweight stocks and showed growing interest in emerging sectoral themes.