Dhara Rail Projects IPO Details

SME

Dhara Rail Projects IPO opens for subscription on 23 Dec 2025 and closes on 26 Dec 2025. The IPO will be listed on NSE with the tentative listing date set for 31 Dec 2025.

Dhara Rail Projects IPO price band has been fixed at ₹120 – ₹126 per share.The face value is ₹10 per share with a lot size of 1000.

Dhara Rail Projects IPO total issue size comprises 39,84,000 shares (aggregating up to ₹50.20 Cr.). This includes a fresh issue of 2,04,000 shares (aggregating up to ₹2.57 Cr.). Offer for Sale consists of 37,80,000 shares (aggregating up to ₹47.63 Cr.). Pre-issue shareholding stands at 1,11,00,000, which will increase to 1,50,84,000 post-issue.

Dhara Rail Projects IPO carries a ₹16 (12.7%) GMP, reflecting investor sentiment.

Dhara Rail Projects IPO Lot Size : Individual Minimum is 2 lots (2,000 shares) amounting to ₹252,000. Individual Maximum is 2 lots (2,000 shares) amounting to ₹252,000. SHNI Minimum is 3 lots (3,000 shares) amounting to ₹378,000. SHNI Maximum is 7 lots (7,000 shares) amounting to ₹882,000. BHNI Minimum is 8 lots (8,000 shares) amounting to ₹1,008,000.

The Lead Managers for Dhara Rail Projects IPO are crucial for the offering's success. They are responsible for a wide range of tasks, including preparing the company for the public market, managing the regulatory filings, and marketing the IPO to potential investors. The lead manager for this offering is Hem Securities Ltd. To assess their past performance and success in previous IPOs, you can view the Lead Manager Performance Summary report.

For SME (Small and Medium-sized Enterprise) IPOs, a Market Maker is appointed to ensure liquidity and stability for the stock once it is listed. They do this by continuously quoting bid and ask prices, ensuring there is a market for the shares. The appointed market maker for this IPO is Hem Finlease. You can analyze their track record by checking the Market Maker Performance Summary report.

For detailed information, Refer to the Dhara Rail Projects Limited RHP.

Dhara Rail Projects IPO Details

Listing Price : ₹150 at a Premium of 19.05%

Open Date

23 Dec 2025

Close Date

26 Dec 2025

Listing Date

31 Dec 2025

Issue Price

₹120 - ₹126

Face Value

₹10 per share

Lot Size

1000

GMP

₹16 (12.7%)

Issue Type

IPO

Listing On

NSE

Type

Book Built Issue

Share holding pre issue

11100000

Share holding post issue

15084000

Total Issue Size

39,84,000 shares (aggregating up to ₹50.20 Cr.)

Fresh Issue

2,04,000 shares (aggregating up to ₹2.57 Cr.)

Offer for Sale

37,80,000 shares (aggregating up to ₹47.63 Cr.)

Dhara Rail Projects IPO Subscription

Dhara Rail Projects IPO Application Wise Breakup

Dhara Rail Projects IPO Dates

23 Dec 2025
Opening dateOpen
26 Dec 2025
Closing dateClose
29 Dec 2025
Allotment Date Allotment
30 Dec 2025
Initiation of RefundsRefund
30 Dec 2025
Credit of SharesCredit
31 Dec 2025
Listing dateListing

Dhara Rail Projects IPO Lot Size

Application	Lots	Shares	Amount
Individual Minimum	2	2000	₹252,000
Individual Maximum	2	2000	₹252,000
SHNI Minimum	3	3000	₹378,000
SHNI Maximum	7	7000	₹882,000
BHNI Minimum	8	8000	₹1,008,000

Dhara Rail Projects IPO Reservation

Promoter Holding

Pre Issue:100%

Post Issue:72.35%

Promoter Names:

Tejas Lalit Mehta, Jagruti Tejas Mehta, Dhara Tejas Mehta

Documents

› Dhara Rail Projects IPO DRHP

› Dhara Rail Projects IPO RHP

› Anchor Investors in Dhara Rail Projects IPO

› Dhara Rail Projects IPO BOA

Dhara Rail Projects IPO Valuations

ROE:67.85%

ROCE:25.59%

DEBT/EQUITY:1.66

RONW:50.66%

PAT MARGIN:14.67%

PRICE TO BOOK VALUE:10.85

P/E Pre IPO:21.43

P/E Post IPO:29.12

Dhara Rail Projects Financial Information

Period Ended	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	61.73	46.24	47.29	33.98
Total Income	28.83	48.00	34.23	27.39
Profit After Tax	7.06	6.53	2.97	1.06
EBITDA	9.60	5.28	1.33	0.75
NET Worth	19.95	12.89	6.36	3.39
Reserves and Surplus	8.85	12.79	6.26	3.29
Total Borrowing	21.29	21.33	28.17	22.74
Amount in ₹ Crore

About Dhara Rail Projects IPO

Incorporated in 2010, Dhara Rail Projects Limited is an ISO 9001:2015 certified company engaged in providing maintenance, repair, and technical services for railway rolling stock and allied electrical systems in India. The Company primarily operates in the rail infrastructure services segment and caters to critical operational requirements of the Indian Railways.

The Company offers a comprehensive range of services, including annual maintenance contracts (AMCs) and repair services for train lighting systems across all categories of trains, including high-speed and semi-high-speed trains such as Vande Bharat. Its service portfolio also covers AMC and repair services for Overhead Equipment (OHE) maintenance vehicles (Tower Wagons), Power Car equipment, and HVAC systems installed in railway coaches.

Dhara Rail Projects Limited is also engaged in the Supply, Installation, Testing, and Commissioning (SITC) of electrical equipment for various types of rolling stock. In addition, the Company provides outsourced services for coach operations, diagnostics, and technical troubleshooting, supporting efficient railway operations.

The Company primarily services the Ministry of Railways, Government of India, undertaking projects through participation in government tenders and through collaborations with Original Equipment Manufacturers (OEMs). Its operations are aligned with the quality and compliance standards required for railway safety, reliability, and operational efficiency.

Strength Of Dhara Rail Projects IPO

Diversified Order Book of projects across India.
Revenue from multiple geographies.
Assured Quality Services.
Experienced Senior Management.

Risk Of Dhara Rail Projects IPO

Its business and revenue are substantially dependent on the Ministry of Railways, Government of India. Any adverse change in policy of the Ministry of Railways may lead to the company contracts being foreclosed, terminated, restructured or renegotiated, which may has a material effect on its business and results of operations.
The company industry is labour intensive and its business operations may be materially adversely affected by strikes, work stoppages or increased wage demands by the company employees or those of its suppliers.
Currently, The company delivering its goods and services to Indian Railways across various zones. Any adverse developments impacting the company operations in these zones could negatively affect its revenue and overall financial performance.
Its conduct all the company operations from its registered office and corporate office located in Mumbai, Maharashtra. Any materially adverse social, political, or economic developments, including civil disruptions in the state, may adversely impact the company business operations.
The company has significant working capital requirements. If its experience insufficient cash flows from the company operations or are unable to borrow to meet its working capital requirements, it may materially and adversely affect the company business, cash flows and results of operations.
Its does not own the registered office and corporate office from which its carry out the company business activities. In case of non renewal of rent agreements or dispute in relation to use of the said premise, its business and results of operations can be adversely affected.
The company current order book value is not necessarily indicative of future growth. These orders that constitute its current order book could be cancelled, put in abeyance, delayed, modified, put on hold or not paid for by the company client, which could adversely affect its financial condition.
The company has experienced negative operating cash flows in the past. Any operating losses or negative cash flows in the future could adversely affect its results of operations and financial conditions.
The Objects of the Issue for which funds are being raised has not been appraised by any bank or financial institution. Any variation between the estimation and actual expenditure as estimated by the management could result in execution delays or influence the company profitability adversely.
The company has not identified any alternate source of funding and hence any failure or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.