Dhara Rail Projects IPO is a book build issue of 39,84,000 shares [₹50.20 crore]. The issue is a combination of a fresh issue of 39,84,000 shares [₹50.20 crore].
The Dhara Rail Projects IPO will open for subscription on December 23, 2025, and close on December 26, 2025. The price band for the IPO is fixed at ₹120 to ₹126 per share. The minimum application size is 2 lot [2,000 shares], requiring a retail investor to invest at least ₹2,52,000 [based on the upper price band].
Dhara Rail Projects IPO Details
| Open Date | December 23, 2025 |
| Close Date | December 26, 2025 |
| Issue Type | Book Built Issue |
| Face Value | ₹10 Equity Share |
| Price Band | ₹120 – ₹126 Per Share |
| Listing On | NSE, SME |
| Issue Size | ₹50.20 Cr. [39,84,000 Shares] |
| Fresh Issue | ₹50.20 Cr. [39,84,000 Shares] |
| Offer For Sale | Not Applicable |
| Prospectus | DRHP | RHP | Anchor Investors |
Dhara Rail Projects IPO Anchor Investors Details
| Anchor Bid Date | December 22, 2025 |
| Anchor Portion Size | ₹14.28 Cr. |
| Share Offered | 11,33,000 |
| Anchor lock-in period end date for 50% shares [30 Days] | January 28, 2026 |
| Anchor lock-in period end date for remaining shares [90 Days] | March 29, 2026 |
Dhara Rail Projects IPO Reservation
A total of 39,84,000 shares are on offer in the Dhara Rail Projects IPO, of which 18,89,000 have been allotted to QIBs, 5,67,000 to NIIs, and 13,24,000 to RIIs.
| Category | Reservation | Shares Offered |
|---|---|---|
| QIB | 47.41% | 18,89,000 |
| NII | 14.23% | 5,67,000 |
| RII | 33.23% | 13,24,000 |
| Market Maker | 5.12% | 2,04,000 |
| Total | 100.00% | 39,84,000 |
Dhara Rail Projects IPO Market Lot
Retail investors can apply for the Dhara Rail Projects IPO with a minimum & maximum of 2 lot of 2,000 shares for an application amount of ₹2,52,000.
| Application | Lot | Shares | Amount |
| Retail Minimum | 2 | 2,000 | ₹2,52,000 |
| Retail Maximum | 2 | 2,000 | ₹2,52,000 |
| S-HNI Minimum | 3 | 3,000 | ₹3,78,000 |
| S-HNI Maximum | 7 | 7,000 | ₹8,82,000 |
| B- HNI Minimum | 8 | 8,000 | ₹10,08,000 |
Key Performance Indicator
| KPI [March 31, 2025] | Value |
| Market Capitalisation | ₹190.06 Cr. |
| P/E Ratio | 21.43x |
| EPS | ₹5.88 |
| ROE | 67.85% |
| ROCE | 25.59% |
| RoNW | 50.66% |
| Dept/Equity | 1.66 |
| EBITDA Margin | 11.88% |
| PAT Margin | 14.67% |
| Net Assets Value | ₹11.06 |
| Price To Book Value | ₹10.85 |
Dhara Rail Projects IPO No Peer Comparison
| Company | P/E | EPS | RoNW | NAV |
| N/A | — | — | — | — |
Dhara Rail Projects IPO Dates
The Dhara Rail Projects IPO opening date is December 23, 2025, and the closing date is December 26, 2025. The allotment will be finalized on December 29, 2025, and the IPO will be listed on December 31, 2025.
| Open Date | December 23, 2025 |
| Close Date | December 26, 2025 |
| Allotment Date | December 29, 2025 |
| Refund Date | December 30, 2025 |
| Share Credit Date | December 30, 2025 |
| Listing Date | December 31, 2025 |
Dhara Rail Projects Limited Company Financial Report
Dhara Rail Projects Limited income grew by 40.00% and profit after tax grew by 120.00% between the financial years ending March 31, 2025 and March 31, 2024.
| Period Ended | Total Assets | Total Income | Total Expenses | Net Worth | Profit After Tax | EBITDA | Reserves And Surplus | Total Borrow |
|---|---|---|---|---|---|---|---|---|
| September 2025 | ₹61.73 Cr. | ₹28.83 Cr. | ₹19.32 Cr. | ₹19.95 Cr. | ₹7.06 Cr. | ₹9.60 Cr. | ₹8.85 Cr. | ₹21.29 Cr. |
| March 2025 | ₹46.24 Cr. | ₹48.00 Cr. | ₹39.44 Cr. | ₹12.89 Cr. | ₹6.53 Cr. | ₹5.28 Cr. | ₹12.79 Cr. | ₹21.33 Cr. |
| March 2024 | ₹47.29 Cr. | ₹34.23 Cr. | ₹30.26 Cr. | ₹6.36 Cr. | ₹2.97 Cr. | ₹1.33 Cr. | ₹6.26 Cr. | ₹28.17 Cr. |
| March 2023 | ₹33.98 Cr. | ₹27.39 Cr. | ₹25.92 Cr. | ₹3.39 Cr. | ₹1.06 Cr. | ₹0.75 Cr. | ₹3.29 Cr. | ₹22.74 Cr. |
Company Promoters
- Tejas Lalit Mehta
- Jagruti Tejas Mehta
- Dhara Tejas Mehta
| Holding Pre Issue | 98.33% | 1,11,00,000 Shares |
| Holding Post Issue | 72.36% | 1,50,84,000 Shares |
Dhara Rail Projects IPO Lead Managers
- Hem Securities Limited
Dhara Rail Projects IPO Registrar
Bigshare Services Private Limited
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/
Note: Check Dhara Rail Projects IPO Allotment Status Visit IPO Investors Allotment Page And Search Your Registrar IPO Allotment Status Link. Click Here…
About Dhara Rail Projects Limited
Dhara Rail Projects Limited, incorporated in 2010, is an ISO 9001:2015 certified company specializing in maintenance and repair services for railway rolling stock systems. The company focuses on delivering high-quality and reliable solutions that support safe and efficient railway operations across India.
The company provides Annual Maintenance Contracts (AMC) and repair services for a wide range of train systems. Its key services include maintenance and repair of train lighting systems for all categories of trains, including modern high-speed trains such as Vande Bharat. Dhara Rail Projects Limited also undertakes AMC and repair work for Overhead Equipment (OHE) maintenance vehicles, commonly known as Tower Wagons.
In addition, the company offers maintenance and repair services for power car equipment and HVAC systems installed in trains, ensuring uninterrupted power supply and passenger comfort. It also executes Supply, Installation, Testing, and Commissioning (SITC) of electrical equipment for all types of railway rolling stock, providing end-to-end technical solutions.
Dhara Rail Projects Limited further supports railway operations by offering outsourced services for coach operations and technical troubleshooting. The company primarily works with the Ministry of Railways, Government of India, either by participating in tenders or by collaborating with original equipment manufacturers (OEMs).
One of the company’s key strengths is its diversified order book, valued at ₹14,409.81 lakh as of September 29, 2025, with projects spread across multiple regions of India. This geographical diversity helps the company generate revenue from various locations while reducing dependency on a single market.
The company’s competitive advantage lies in its assured quality of services, strong execution capabilities, and experienced senior management team, which together position Dhara Rail Projects Ltd as a trusted service provider in the Indian railway sector.
Objects Of The Issue
- Repayment and/or pre-payment, in full or part, of borrowing availed by our Company (₹7.00 Cr.)
- To Meet Working Capital Requirements of our Company (₹30.50 Cr.)
- General Corporate Purpose
Company Address
Dhara Rail Projects Limited
208, 2nd Floor, Plot-16, The Jewel Roxy Chambers,
Mama Parmanand Marg, Opera House, Girgaon,
Mumbai-400004, Maharashtra, India
Phone: +91-22-23865040
E-mail: cs@drppl.com
Website: https://www.drppl.com/
Dhara Rail Projects IPO FAQs
What is Dhara Rail Projects IPO?
Dhara Rail Projects IPO is a SME IPO of 39,84,000 equity shares of the face value of ₹10 aggregating up to ₹50.20 Crores. The IPO issue priced at ₹120 to ₹126 per share.
What are the open and close dates of the Dhara Rail Projects IPO?
The IPO will open on December 23, 2025 and will close on December 26, 2025.
What is the price band for Dhara Rail Projects IPO?
The price band for the IPO is fixed at ₹120 to ₹126 per share.
What is the issue size of the Dhara Rail Projects IPO?
The total issue size of the IPO is ₹50.20 Cr., comprising both fresh issue and offer for sale (if applicable).
What is Dhara Rail Projects IPO Minimum and Maximum Lot Size?
The minimum and maximum bid is 2 Lot, 2,000 Shares with ₹2,52,000 for the IPO.
What is Dhara Rail Projects IPO Investors Portion?
The investors portion for QIB 50%, NII 15%, RII 35% for the IPO.
When will the basis of allotment for the Dhara Rail Projects IPO be finalized?
The the IPO allotment is expected to be finalized on December 29, 2025.
When will the shares of Dhara Rail Projects IPO get listed?
The IPO shares are expected to be listed on the NSE and SME on December 31, 2025.
Is the Dhara Rail Projects IPO a good investment?
Investment decisions depend on an individual’s financial goals and risk profile. It is advised to consult with a SEBI-registered financial advisor before making any investment decision.
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| Dhara Rail Projects IPO GMP |
| Dhara Rail Projects IPO Subscription |
| Dhara Rail Projects IPO Allotment |
Disclaimer: Readers are strongly advised to seek guidance from a qualified financial advisor before making any investment decisions. Relying solely on the content presented here for financial choices is done entirely at the reader’s own risk.
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