Dhara Rail Projects Limited IPO
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.
Price Band₹120 - ₹126 |
Dates23 Dec - 26 Dec |
GMP₹14.5 (11.51%) |
Subscriptions112.01 times |
Issue Size₹50.20 Crs |
Dhara Rail IPO Key Dates
Opening Date
23 Dec 25
Closing Date
26 Dec 25
Basis Of Allotment
29 Dec 25
Initiations Of Refund
30 Dec 25
Credit Of Shares
30 Dec 25
Listing Date
31 Dec 25
Dhara Rail IPO Objects
- Payment, in full or part, of borrowing availed by the Company.
- To Meet Working Capital Requirements of the Company
- General Corporate Purpose
Dhara Rail IPO Details
Price Band₹120 - ₹126 |
Listing AtNSE SME |
IPO Issue Type100% Book Built Offer |
Fresh Issue₹50.20 Cr (0.40 Cr Shares) |
Offer For Sale₹0.00 (0.00 Shares) |
Total Issue₹50.20 Cr (0.40 Cr Shares) |
Face Value₹10 per equity share |
Dhara Rail IPO Lot Information
| Investor Category | Lot | Shares | Amount | |
|---|---|---|---|---|
| Individual Investor |
Minimum
2
2,000
2,52,000
Maximum
2
2,000
2,52,000
|
|||
| Small HNI |
Minimum
3
3,000
3,78,000
Maximum
7
7,000
8,82,000
|
|||
| Big HNI |
Minimum
8
8,000
10,08,000
|
|||
Dhara Rail IPO Subscription
Updated as on 26-Dec-2025 19:00:15 hrs
| Investor Category | Subscription (times) | Shares Offered | Shared Bid |
|---|---|---|---|
| QIB | 71.30 | 7,56,000 | 5,39,06,000 |
| NII | 199.78 | 5,67,000 | 11,32,77,000 |
| bNII | 238.21 | 3,78,000 | 9,00,45,000 |
| sNII | 122.92 | 1,89,000 | 2,32,32,000 |
| Individual Investor | 97.66 | 13,24,000 | 12,93,00,000 |
| Total | 112.01 | 26,47,000 | 29,64,83,000 |
Data is sourced from NSE & BSE and may change. Information is provided on an “AS IS” and “AS AVAILABLE” basis without warranties.
Dhara Rail IPO GMP
The estimated Grey Market Premium of Dhara Rail IPO is ₹14.5 per share (11.51%)
The GMP prices displayed here reflect news related to grey market trends. We do not trade or deal in the grey market, including subject-to-rates, nor do we recommend participating in grey market trading.
Category Allocation
| Particulars | Allocation |
|---|---|
| QIB | Not more than 50% of Net Offer |
| NII | Not less than 15% of Net Offer |
| Retail | Not less than 35% of Net Offer |
| Market Maker | 2,04,000 EQ. Shares |
Dhara Rail IPO Financials
| 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 |
The financial information presented is on a consolidated basis.
Key Performance Indicators
| KPI | VALUES |
|---|---|
| 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.
Dhara Rail IPO Peer Comparision
There are no comparable listed peers in India as per the RHP
Dhara Rail IPO Peer Comparision
There are no comparable listed peers in India as per the RHP
Promoter Details
| Name | Shareholding |
|---|---|
| Tejas Mehta | 50.00% |
| Jagruti Mehta | 38.33% |
| Others | 10.01% |
| Total | 98.34% |
Management Details
| Name | Designation |
|---|---|
| Tejas Mehta | Chairman & MD |
| Shivaraja Devadiga | CFO |
Company Details
Name: Dhara Rail Projects Limited
Address: Gala No. O, 196-K, Girgaum Gaiwadi, Girgaum, Mumbai 400004, Maharashtra, India.
Number: +91-22-23865040
Email: cs@drppl.com
Website: https://drppl.com/
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Find answers to common questions that come in your mind related to IPO.
Dhara Rail IPO is a SME IPO having an issue size of Rs. ₹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.
Dhara Rail IPO opens on 23 Dec 25 and closes on 26 Dec 25.
The estimated Grey Market Premium of Dhara Rail IPO is ₹14.5 per share (11.51%).
The minimum lot size of Dhara Rail IPO is 1000 shares & the minimum application amount is Rs. 126000.
The allotment date of Dhara Rail IPO is 29 Dec 25.
The listing date of Dhara Rail IPO is 31 Dec 25.
Dhara Rail IPO is subscribed 112.01 times.
Dhara Rail IPO is priced at ₹120 - ₹126 per share.
Click the allotment link on Dhara Rail IPO page of IPO360.
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- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
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- Money will remain blocked till the refund date
