Dhara Rail Projects Limited IPO

Dhara Rail Projects Limited IPO

SME NSE SME 100% Book Built Offer
Closed

Price Band

₹120 - ₹126

Total Issue

₹50.20 Cr

Bid Dates

23 Dec - 26 Dec

Subscription

112.01x

Est. GMP

₹14.5 (11.51%)

Website RHP Check Allotment

Tentative Timetable

Open
Close
Allotment
Refunds
Credit
Listing

Business Overview

Dhara Rail is an ISO 9001:2015 certified company engaged in executing contractual railway projects and providing related services across India. Incorporated in 2010, the company undertakes Annual Maintenance Contracts (AMC) and repair services for a wide range of railway rolling stock systems. Its service portfolio includes annual maintenance and repair of train lighting equipment across all categories of rolling stock, including Vande Bharat trains, as well as maintenance of Overhead Equipment (OHE) maintenance vehicles such as tower wagons, power car equipment and HVAC systems. In addition, Dhara Rail undertakes the supply, installation, testing and commissioning (SITC) of electrical equipment for various rolling stock. The company primarily serves the Ministry of Railways, Government of India, through contracts awarded via competitive tendering or pre-bid arrangements with OEMs.

Lot Info

Lot Information for Dhara Rail IPO
Category Lots Shares Amount
Individual (Min) 2 2,000 ₹2,52,000
Individual (Max) 2 2,000 ₹2,52,000
S-HNI (Min) 3 3,000 ₹3,78,000
S-HNI (Max) 7 7,000 ₹8,82,000
B-HNI (Min) 8 8,000 ₹10,08,000
Market Maker
2,04,000 EQ. Shares
Employee
₹0.00
Shareholder
₹0.00

Issue Size

Total ₹50.20 Cr
Fresh Issue
₹50.20 Cr (0.40 Cr Shares)
Offer For Sale
₹0.00 (0.00 Shares)

Objects of the Issue

A1

₹B1 Cr

A2

₹B2 Cr

A3

₹B3 Cr

Grey Market Premium

GMP ₹14.5
Est. Price ₹140.50
Est. Gain 11.51%

Dhara Rail IPO Peer Comparison

There are no comparable listed peers in India as per the RHP

Financial Performance

(Rs. in crores)

Financial Performance Metrics for Dhara Rail IPO
Particulars Sep-25 Mar-25 Mar-24 Mar-23
Revenue 28.37 44.48 31.47 26.60
PAT 7.06 6.53 2.97 1.06
Net Worth 19.95 12.89 6.36 3.39
Borrowings 21.29 21.33 28.17 22.74
Assets 61.73 46.24 47.29 33.98
NAV (₹) 17.97 11.61 5.73 3.05
EPS (₹) 6.36 5.88 2.67 0.96

KPIs

EBITDA

11.88%

PAT

14.67%

ROE

67.85%

ROCE

25.59%

PE Ratio

21.43

PB Ratio

10.85

Mkt Cap (in Crs.)

190.06

  • All the data pertains to FY 2024-25.
  • PE, PB, and market capitalization are calculated based on the Upper Price Band.

Shareholding

Promoter

98.34%

Public

1.66%

Tejas Mehta 50.00%
Jagruti Mehta 38.33%
Others 10.01%

Management

Tejas Mehta Chairman & MD
Shivaraja Devadiga CFO

Registrar & Lead Managers

Registrar

Bigshare Services

Bigshare Services

Lead Managers (1)

Hem Securities Hem Securities

Subscription Status

Updated as on 26-Dec-2025 19:00:15 hrs

Category Sub (x) Offered Bids
QIB 71.30x 7,56,000 5,39,06,000
NII 199.42x 5,67,000 11,30,73,000
bHNI 237.67x 3,78,000 8,98,41,000
sHNI 122.92x 1,89,000 2,32,32,000
Individual Investor 97.66x 13,24,000 12,93,00,000
Total 111.93x 26,47,000 29,62,79,000

Data is sourced from NSE & BSE and may change. Information is provided on an “AS IS” and “AS AVAILABLE” basis without warranties.

Frequently Asked Questions

What is Dhara Rail IPO?
Dhara Rail IPO is a SME IPO having an issue size of ₹50.20 Crs. Dhara Rail IPO is priced at ₹120 - ₹126 per share. The issue opens on 23 Dec 25 and closes on 26 Dec 25.
When will Dhara Rail IPO open?
Dhara Rail IPO opens on 23 Dec 25 and closes on 26 Dec 25.
What is the GMP of Dhara Rail IPO?
The estimated Grey Market Premium of Dhara Rail IPO is ₹14.5 per share (11.51%).
What is the lot size of Dhara Rail IPO?
The minimum lot size of Dhara Rail IPO is 1000 shares & the minimum application amount is Rs. 126000.
When is the allotment of Dhara Rail IPO?
The allotment date of Dhara Rail IPO is 29 Dec 25.
What is the listing date of Dhara Rail IPO?
The listing date of Dhara Rail IPO is 31 Dec 25.
What is the subscription of Dhara Rail IPO?
Dhara Rail IPO is subscribed 112.01 times.
What is the price band of Dhara Rail IPO?
Dhara Rail IPO is priced at ₹120 - ₹126 per share.
How to check allotment status of Dhara Rail IPO?
Click the allotment link on Dhara Rail IPO page of IPO360.
How to apply Dhara Rail IPO in Zerodha?
  1. Go to Kite App → Tap on Bids → Tap on IPO
  2. Select the IPO → Tap on apply → Enter UPI ID
  3. Enter Qty and Price
  4. Submit the application
  5. Approve the UPI Mandate on your UPI app
How to apply Dhara Rail IPO in Groww?
  1. Go to Groww App → Stocks Section → Select IPO option
  2. Select the IPO you want to apply
  3. Enter your bid details and price
  4. Enter UPI ID & submit
  5. Approve the UPI Mandate on your UPI app
How to apply Dhara Rail IPO using ASBA?
  1. Log in to your bank's net banking portal.
  2. Navigate to the 'IPO' or 'ASBA' section.
  3. Select Dhara Rail IPO from the list of available IPOs.
  4. Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
  5. Submit the application.
  6. Money will remain blocked till the refund date