Dhara Rail Projects IPO
GMP, Subscription, Price, Dates & Financial Details
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…
Open Date
Tue, 23 Dec 2025
Close Date
Fri, 26 Dec 2025
Price Band
₹ 120 – 126
Lot Size
1000
Issue Size
₹ 50.20 Cr
Minimum Investment
₹ 252,000 (2000 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
Dhara Rail Projects IPO has successfully completed its IPO process and is now listed on NSE SME Platform. According to the Red Herring Prospectus (RHP), the IPO was a book-built issue with a total issue size of ₹50.20 Crore.
The Dhara Rail Projects IPO remained open for subscription from December 23, 2025, to December 26, 2025. The basis of allotment was finalized on December 29, 2025, and the company's shares were listed on NSE SME Platform on December 31, 2025.
The company had fixed the price band at ₹120 to ₹126 per share, with a lot size of 1000 shares. Retail investors were required to make a minimum investment of ₹252,000 (based on the upper price band) to apply for one lot.
Bigshare Services Pvt Ltd served as the registrar to the issue. Hem Securities Limited acted as the Book Running Lead Managers (BRLMs) to the issue.
With the successful completion of the IPO process, Dhara Rail Projects Limited is now a publicly listed company on NSE SME Platform. Investors can track the company's share price, trading performance, financial results, and corporate announcements through the stock exchanges.
Dhara Rail Projects IPO Timeline (Tentative)
- IPO Open Date
- Tue, 23 Dec 25
- IPO Close Date
- Fri, 26 Dec 25
- Basis of Allotment
- Mon, 29 Dec 25
- Initiation of Refunds
- Tue, 30 Dec 25
- Credit of Shares to Demat
- Tue, 30 Dec 25
- Listing Date
- Wed, 31 Dec 25 — NSE & BSE
Open Date
23 December 2025
Close Date
26 December 2025
Basis Of Allotment
29 December 2025
Listing Date
31 December 2025
IPO Subscription
Check Live Subscription →The Dhara Rail Projects IPO has received bids for 29,64,83,000 shares against 26,47,000 shares offered, resulting in an overall subscription of 112.01x. the NII category is subscribed 199.78x, Retail Investors 97.66x, and QIBs 71.3x. Within the NII category, BNII is subscribed 238.21x, while SNII is subscribed 122.92x.
QIB
71.3x
NII
199.78x
BNII
238.21x
SNII
122.92x
RII
97.66x
Total
112.01x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 13,24,000 shares, representing 50.02% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 7,56,000 shares (28.56%), while Non-Institutional Investors (NIIs) receive 5,67,000 shares (21.42%).
| Category | Shares Offered | Shares Offered % |
|---|---|---|
| Qualified Institutions | 756,000 | 28.56% |
| Non-Institutional | 567,000 | 21.42% |
| BNII | 378,000 | 14.28% |
| SNII | 189,000 | 7.14% |
| Retail Investors | 1,324,000 | 50.02% |
| Total | 2,647,000 | 100% |
Financials Details(₹ 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 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Dhara Rail Projects Limited KPI Information
| 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 |
| Pat Margin % | 14.67 | 9.43 | 4 |
Peers Comparison
No Peer Comparision Available
About Dhara Rail Projects Limited
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).
Dhara Rail Projects IPO Promoters
- Tejas Lalit Mehta
- Jagruti Tejas Mehta
- Dhara Tejas Mehta
Promoters Holding
Holding Pre Issue
98.33%
Holding Post Issue
72.36%
Dhara Rail Projects IPO Objective
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
Dhara Rail Projects Limited Address / Contact Details
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
Dhara Rail Projects IPO Lot Size
The Dhara Rail Projects IPO has a lot size of 1,000 shares. Retail investors require a minimum investment of ₹2,52,000 by applying for 2 lot (2,000 shares). The maximum application allowed for the retail category is 2 lots (2,000 shares), requiring an investment of ₹2,52,000.
| 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 |
Issue Reservation
- QIB — 28.56%
- NII — 21.42%
- RII — 50.02%
Book Running Lead Managers
- Hem Securities Limited
IPO Documents & Links
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Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Dhara Rail Projects IPO?
Dhara Rail Projects IPO is a Book-building IPO with a total issue size of ₹50.2 crore. The Dhara Rail Projects IPO price band is ₹120 to 126 per share. The Dhara Rail Projects IPO subscription opens on Tue, Dec 23, 2025, and closes on Fri, Dec 26, 2025. The Dhara Rail Projects IPO will be listed on the NSE. Bigshare Services Pvt Ltd is the registrar for the Dhara Rail Projects IPO.
When will the Dhara Rail Projects IPO open for subscription?
The Dhara Rail Projects IPO opens on Tue, Dec 23, 2025 and closes on Fri, Dec 26, 2025
What is Dhara Rail Projects IPO Price Band?
Dhara Rail Projects IPO Price Band is ₹120 to 126 per share.
What is Dhara Rail Projects IPO Lot Size?
Dhara Rail Projects IPO lot size is 1000 shares, Retail investors need a minimum investment of ₹252000 based on the upper price band
What is the minimum investment for Dhara Rail Projects IPO?
The minimum investment for Dhara Rail Projects IPO is ₹252000, based on one lot of 1000 shares at the upper price band of ₹126 per share.
How to apply for Dhara Rail Projects IPO?
Investors can apply for the Dhara Rail Projects IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Fri, Dec 26, 2025. The application amount remains blocked until the Dhara Rail Projects IPO allotment is finalized.
What is Dhara Rail Projects IPO Issue Size?
Dhara Rail Projects IPO issue size is ₹50.2 crores.
What is the Dhara Rail Projects IPO Allotment Date?
Dhara Rail Projects IPO allotment date is Mon, Dec 29, 2025.
Who is the Dhara Rail Projects IPO Registrar?
The registrar for Dhara Rail Projects IPO is Bigshare Services Pvt Ltd. Investors can go to Bigshare Services Pvt Ltd website to check Dhara Rail Projects IPO allotment status, refund processing, and other IPO-related information.
What is the Dhara Rail Projects IPO GMP?
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 11.11% over the issue price.
Who is the Dhara Rail Projects IPO Lead Manager?
The book-running lead managers (BRLMs) for the Dhara Rail Projects IPO are Hem Securities Limited. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the Dhara Rail Projects IPO Red Herring Prospectus (RHP).