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Dhara Rail Projects Limited IPO
Dhara Rail Projects Limited IPO

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

Dates

23 Dec - 26 Dec

GMP

₹14.5 (11.51%)

Subscriptions

112.01 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

  1. Payment, in full or part, of borrowing availed by the Company.
  2. To Meet Working Capital Requirements of the Company
  3. General Corporate Purpose

Dhara Rail IPO Details

Price Band

₹120 - ₹126

Listing At

NSE SME

IPO Issue Type

100% 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

(Rs. in crores)

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/

Book Running Lead Managers (BRLMs)

RTAs

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Frequently Asked questions?

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.

  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

  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

  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