Dhara Rail Projects IPO
Open SmeCurrent GMP
₹14 (+11.11%)
Price Band
₹ 120 – 126
Lot Size
1000
Issue Size
₹50.2 Cr
Minimum Investment
₹252000 (2000 Shares)
Listing Date
31 December 2025
Subscription
112.01x
About the Company
Dhara Rail Projects Ltd, incorporated in 2010, is an ISO 9001:2015 certified organization specializing in comprehensive maintenance, repair, and electrical solutions for railway rolling stock systems.
The company offers a wide range of services focused on ensuring safety, reliability, and operational efficiency of rail assets.
Key Services
- Annual Maintenance Contracts (AMC) and Repair Services
Maintenance and repair of train lighting systems for all categories of trains, including modern high-speed trains such as Vande Bharat. - Overhead Equipment (OHE) Maintenance Vehicles
AMC and repair services for OHE Tower Wagons and associated maintenance vehicles. - Power Car and HVAC Systems
AMC and repair services for Power Car equipment and HVAC systems installed in railway coaches and trains. - Electrical Systems for Rolling Stock
Supply, Installation, Testing, and Commissioning (SITC) of electrical equipment for all types of railway rolling stock. - Outsourced Operational Support
Outsourced services for coach operations, fault diagnosis, and troubleshooting of onboard electrical systems.
Clientele and Operations
Dhara Rail Projects Ltd primarily works with the Ministry of Railways, Government of India, participating in railway tenders and executing projects independently or in collaboration with leading Original Equipment Manufacturers (OEMs).
Promoters
- Tejas Lalit Mehta
- Jagruti Tejas Mehta
- Dhara Tejas Mehta
Promoters Holding
Holding Pre Issue
98.33%
Holding Post Issue
72.36%
Objects of the Issue
The Company Dhara Rail Projects IPO proposes to utilise the Net Proceeds from the Issue towards the following objects.
- Repayment and/or pre-payment, in full or part, of borrowing availed by our Company.
- To Meet Working Capital Requirements of our Company
- General Corporate Purpose
Address / Contact Info
Dhara Rail Projects Ltd. Address
Gala No. O, 196-K,
Girgaum Gaiwadi, Girgaum,
Mumbai, Maharashtra, 400004
Phone: +91-22-23865040
Email: cs@drppl.com
Website: https://drppl.com/
IPO Snapshot
IPO Timeline (Tentative)
IPO Open Date
Tuesday, 23 December 2025
IPO Close Date
Friday, 26 December 2025
Basis of Allotment
Monday, 29 December 2025
Initiation of Refunds
Tuesday, 30 December 2025
Credit of Shares to Demat
Tuesday, 30 December 2025
Listing Date
Wednesday, 31 December 2025 — NSE & BSE
Important Dates
Open Date
23 December 2025
Close Date
26 December 2025
Basis Of Allotment
29 December 2025
Listing Date
31 December 2025
Financial Performance (₹ in Crores)
| Particular | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 61.73 | 46.24 | 47.29 | 33.98 |
| Revenue | 28.83 | 48 | 34.23 | 27.39 |
| Profit After Tax | 7.06 | 6.53 | 2.97 | 1.06 |
| Net Worth | 19.95 | 12.89 | 6.36 | 3.39 |
| Reserve & Surplus | 8.85 | 12.79 | 6.26 | 3.29 |
| Total Borrowings | 21.29 | 21.33 | 28.17 | 22.74 |
EPS Pre
5.88%
EPS Post
9.37%
P/E Pre
21.43
P/E (Post Issue)
13.45x
Company Financial Information
KPI Information (₹ in Crores)
| Particular | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|
| ROE % | 67.85 | 60.89 | 37.24 |
| ROCE % | 25.59 | 11.73 | 5.71 |
| Debt / Equity | 1.66 | 4.43 | 6.71 |
| RoNW % | 50.66 | 46.68 | 31.39 |
| PbW | 0 | 0 | 0 |
| Pat Margin % | 14.67 | 9.43 | 4 |
Return Ratio
IPO Reservations
| Category | Shares Offered | Shares Offered % | Max Allotee |
|---|---|---|---|
| Qualified Institutions | 756000 | 28.56 | 0 |
| Non-Institutional | 567000 | 21.42 | 0 |
| BNII | 378000 | 14.28 | 0 |
| SNII | 189000 | 7.14 | 0 |
| Retail Investors | 1324000 | 50.02 | 0 |
| Total | 2647000 | 100 | 0 |
Subscription Status ( Fri, 26 Dec 25 01:36 PM)
| Category | Shares Offered | Shares Bid For | Subscription (x) |
|---|---|---|---|
| Qualified Institutions | 756000 | 53906000 | 71.3x |
| Non-Institutional | 567000 | 113277000 | 199.78x |
| BNII | 378000 | 90045000 | 238.21x |
| SNII | 189000 | 23232000 | 122.92x |
| Retail Investors | 1324000 | 129300000 | 97.66x |
| Total | 2647000 | 296483000 | 112.01x |
Subscription figures are updated periodically and may change until issue closing. Data reflects bids placed across exchanges.
Peer Comparision
No Peer Comparision Available
Lot Size & Investment Details
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | 252,000.00 |
| Retail (Max) | 2 | 2,000 | 252,000.00 |
| S-HNI (Min) | 3 | 3,000 | 378,000.00 |
| S-HNI (Max) | 7 | 7,000 | 882,000.00 |
| B-HNI (Min) | 8 | 8,000 | 1,008,000.00 |
Registrar
Bigshare Services Pvt Ltd
91-22-6263 8200
investor@bigshareonline.com
https://www.bigshareonline.com
Book Running Lead Managers
- Hem Securities Limited
RHP Document
DRHP Document
Anchor Investors
Disclaimer: This data is for informational purposes only and does not constitute investment advice. Figures shown are illustrative sample data.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
Dhara Rail Projects IPO is a Book-building IPO worth ₹50.2 crores. The price band is ₹120 to 126 per share. The IPO opens on Tue, Dec 23, 2025 and closes on Fri, Dec 26, 2025. It will be listed on BSE and NSE. Bigshare Services Pvt Ltd is the registrar.
The Dhara Rail Projects IPO opens on Tue, Dec 23, 2025 and closes on Fri, Dec 26, 2025
Dhara Rail Projects IPO Price Band is ₹120 to 126.
Dhara Rail Projects IPO lot size is 1000, and the minimum amount required for application is ₹252000.
The minimum investment for Dhara Rail Projects IPO is approximately ₹252000 based on the upper price band.
To apply for the Dhara Rail Projects IPO, investors can use the ASBA (Application Supported by Blocked Amount) process via their bank's net banking or apply through UPI using a registered broker or trading app. The IPO is available in retail, HNI, and institutional investor categories. Investors must select the lot size, enter bid details within the price band, and submit their application before the IPO closing date of Fri, Dec 26, 2025. After submission, funds are blocked until the basis of allotment of Dhara Rail Projects IPO is finalised.
Dhara Rail Projects IPO issue size is ₹50.2 crores.
Dhara Rail Projects IPO allotment date is Sat, Jun 27, 2026.
The registrar for Dhara Rail Projects IPO is Bigshare Services Pvt Ltd. Investors can go to Bigshare Services Pvt Ltd website for IPO allotment status, refund processing, and other queries related to Dhara Rail Projects IPO through their official website or helpline.
The Dhara Rail Projects IPO GMP (Grey Market Premium) is ₹14 as of Tue, Dec 30, 2025. Based on the upper price band of ₹126 per share, the estimated Dhara Rail Projects IPO listing price is ₹140, indicating a potential listing gain of approximately 31% over the issue price.