Dhara
Rail Projects IPO open date is December 23, 2025 and the IPO will close on
December 26, 2025. Dhara Rail Projects IPO is a Book Build Issue. The company
to raise around ₹50.20 crores via IPO that comprises fresh issue of
₹50.20 crores and offer for sale up to [.] equity shares with face value
of ₹10 each.
Dhara
Rail Projects IPO price band is ₹120 to ₹126 per share. The retail
quota is 35%, QIB is 50%, and HNI is 15%. Dhara Rail Projects IPO to list on
NSE on December 31, 2025. The allotment of Dhara Rail Projects IPO date is
December 29, 2025.
The
company reported revenue of ₹48.00 crores in 2025 against ₹34.23
crores in 2024. The company reported profit of ₹6.53 crores in 2025
against profit of ₹2.97 crores in 2024. As per the financials the IPO
investors should apply the IPO for a long term.
Table of Contents
Dhara Rail Projects IPO Details
|
IPO Open Date |
December 23, 2025 |
|
IPO Close Date |
December 26, 2025 |
|
Face Value |
₹10 Per Equity Share |
|
IPO Price Band |
₹120 to ₹126 Per Share |
|
Issue Size |
Approx ₹50.20 Crores |
|
Fresh Issue |
Approx ₹50.20 Crores |
|
Issue Type |
Book Build Issue |
|
IPO Listing |
NSE SME |
|
DRHP Draft Prospectus |
|
|
RHP Draft Prospectus |
|
Dhara Rail Projects IPO Review & Key
Points
- Review: Neutral
- Rating: 2
Dhara Rail Projects IPO Market Lot
The
Dhara Rail Projects IPO minimum market lot is 2,000 shares with ₹2,52,000
application amount.
|
Application |
Lot Size |
Shares |
Amount |
|
Retail Minimum |
2 |
2,000 |
₹2,52,000 |
|
Retail Maximum |
2 |
2,000 |
₹2,52,000 |
|
S-HNI Minimum |
3 |
3,000 |
₹3,78,000 |
|
S-HNI Maximum |
7 |
7,000 |
₹8,82,000 |
|
B-HNI Minimum |
8 |
8,000 |
₹10,08,000 |
IPO Reservation
|
Investor Category |
Share Offered |
-% Shares |
|
Anchor Investor |
11,33,000 Shares |
28.44% |
|
QIB (Ex. Anchor) |
7,56,000 Shares |
18.98% |
|
NII Shares Offered |
5,67,000 Shares |
14.23% |
|
Retail Shares Offered |
13,24,000 Shares |
33.23% |
Dhara Rail Projects IPO Anchor Investors
|
Anchor Bidding Date |
December 22, 2025 |
|
Anchor Investors List |
|
|
Shares Offered |
11,33,000 Shares |
|
Anchor Size |
[.] Cr. |
|
lock-in period end date 50% shares (30 Days) |
January 28, 2026 |
|
lock-in period end date 50% shares (90 Days) |
March 29, 2026 |
Dhara Rail Projects IPO Dates
The
Dhara Rail Projects IPO date is December 23 and the close date is December 26.
The Dhara Rail Projects IPO allotment will be finalized on December 29 and the
IPO listing on December 31.
|
IPO Open Date: |
December 23, 2025 |
|
IPO Close Date: |
December 26, 2025 |
|
Basis of Allotment: |
December 29, 2025 |
|
Refunds: |
December 30, 2025 |
|
Credit to Demat Account: |
December 30, 2025 |
|
IPO Listing Date: |
December 31, 2025 |
|
IPO Bidding Cut-off Time: |
December 26, 2025 5 PM |
Promoters and Holding Pattern
The
promoters of the company are Tejas Lalit Mehta, Jagruti Tejas Mehta and Dhara
Tejas Mehta.
|
Particular |
Shares |
% Share |
|
Promoter Holding Pre Issue |
1,11,00,000 |
100% |
|
Promoter Holding Post Issue |
1,50,84,000 |
72.35% |
Objects of the Issue & Utilisation of
proceeds
|
Purpose |
Crores |
|
Repayment and/or pre-payment, in full or part, of
borrowing availed by our Company |
₹7.00 |
|
To Meet Working Capital Requirements of our Company |
₹28.00 |
|
General Corporate Purpose |
₹- |
About Dhara Rail Projects IPO
Dhara
Rail Projects is involved in maintenance, repair, and electrical services to
Indian Railways. To ensure train safety, the company offers Annual Maintenance
Contracts (AMC) and on-call repair services for train systems, which include
LED interior and emergency lights, wiring, control units, and battery backup
systems.
Its
services consist of AMC and repair of train lighting systems, including Vande
Bharat, AMC and repair of OHE maintenance vehicles (Tower Wagons), AMC and
repair of Power Car equipment and HVAC systems, Supply, installation, testing,
and commissioning of electrical equipment, and Outsourced coach operation and
troubleshooting services. Moreover, the company mainly collaborates with the
Indian government s Ministry of Railways. The company consists of 849 employees
as of August 31, 2025.
Dhara Rail Projects IPO Company Financial
Report
Amount ₹ in Crores
|
Period Ended |
Revenue |
Expense |
PAT |
Assets |
|
2023 |
₹27.39 |
₹25.92 |
₹1.06 |
₹33.98 |
|
2024 |
₹34.23 |
₹30.26 |
₹2.97 |
₹47.29 |
|
2025 |
₹48.00 |
₹39.44 |
₹6.53 |
₹46.24 |
|
September 2025 |
₹28.83 |
₹19.32 |
₹7.06 |
₹61.73 |
Dhara Rail Projects IPO Valuation FY2025
Check
Dhara Rail Projects IPO valuations detail like Earning Per Share (EPS),
Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV)
details.
|
KPI |
Values |
|
ROE: |
67.85% |
|
ROCE: |
25.59% |
|
EBITDA Margin: |
11.88% |
|
PAT Margin: |
14.67% |
|
Debt to equity ratio: |
1.66 |
|
Earning Per Share (EPS): |
₹5.88 (Basic) |
|
Price/Earning P/E Ratio: |
N/A |
|
Return on Net Worth (RoNW): |
50.66% |
|
Net Asset Value (NAV): |
₹11.61 |
Peer Group Comparison
- There are no listed companies
in India
IPO Lead Managers aka Merchant Bankers
- Hem Securities Ltd.
Company Address
Dhara
Rail Projects Limited
208, 2nd Floor, Plot-16, The Jewel Roxy Chambers,
Mama Parmanand Marg, Opera House, Girgaon,
Mumbai-400004, Maharashtra, India
Phone: +91-22-23865040
E-mail: cs@drppl.com
Website: https://www.drppl.com/
IPO Registrar
Bigshare
Services Pvt.Ltd.
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/IPO_Status.html
Dhara Rail Projects IPO FAQs
What is Dhara Rail Projects IPO?
Dhara Rail Projects
IPO is SME IPO. The company is going to raise ₹50.20 Crores via IPO. The
issue is priced at ₹120 to ₹126 per equity share. The IPO is to be
listed on NSE.
When Dhara Rail Projects IPO will open for
subscription?
The IPO is to open on
December 23, 2025 for QIB, NII, and Retail Investors. The IPO will close on
December 26, 2025.
What is Dhara Rail Projects IPO Investors
Portion?
The investors portion
for QIB is 50%, NII is 15%, and Retail is 35%.
How to Apply the Dhara Rail Projects IPO?
You can apply for
Dhara Rail Projects IPO via ASBA online via your bank account. You can
also apply for ASBA online via UPI through
your stock brokers. You can also apply via your stock brokers by filling up the
offline form.
What is Dhara Rail Projects IPO Issue Size?
Dhara Rail Projects
IPO issue size is ₹50.20 crores.
What is Dhara Rail Projects IPO Price Band?
Dhara Rail Projects
IPO Price Band is ₹120 to ₹126.
What is Dhara Rail Projects IPO Lot Size?
The minimum bid
is 2,000 Shares with ₹2,52,000 amount.
What is the Dhara Rail Projects IPO Allotment
Date?
Dhara Rail Projects
IPO allotment date is December 29, 2025.
What is the Dhara Rail Projects IPO Listing
Date?
Dhara Rail Projects
IPO listing date is December 31, 2025. The IPO is to list on NSE.
Note: The Dhara Rail Projects IPO price band and date are officially
announced. The (Dhara Rail Projects IPO grey market
premium) will be added to the IPO GMP page as it will
start).