Dhara Rail Projects IPO Description – Dhara Rail Projects is engaged in providing comprehensive maintenance, repair, and electrical services for Indian Railways across multiple rolling stock categories. The Company undertakes Annual Maintenance Contracts (AMC) and on-call repair services for train lighting systems, covering LED interior and emergency lighting, wiring, control modules, and battery backup systems, ensuring uninterrupted and safe coach operations.
It also provides AMC and repair services for Overhead Equipment (OHE) maintenance vehicles, including Tower Wagons and inspection cars, covering preventive and corrective maintenance of mechanical and electrical systems, periodic servicing, component replacement, and safety certification for track operations.
The Company undertakes AMC and repair services for Power Car equipment, including DG sets, electrical distribution boards, battery banks, fuel and cooling systems, ensuring reliable power supply to passenger coaches. Further, it provides AMC and repair services for HVAC systems installed in rolling stock to ensure passenger comfort through preventive maintenance and emergency breakdown support.
In addition, the Company undertakes Supply, Installation, Testing, and Commissioning (SITC) of electrical equipment across all rolling stock categories and provides en-route outsourcing services for real-time diagnostics and troubleshooting.
As of 31 August 2025, the Company employs 849 full-time employees, with a majority deployed at project sites.
Promoters of Dhara Rail Projects – Tejas Lalit Mehta, Jagruti Tejas Mehta and Dhara Tejas Mehta
Table of Contents
Dhara Rail Projects IPO Details
| Dhara Rail Projects IPO Dates | 23 – 26 December 2025 |
| Dhara Rail Projects Issue Price | INR 120 – 126 per share |
| Fresh Issue | 39,84,000 shares (INR 47.81 – 50.20 crore) |
| Offer For Sale | Nil |
| Total IPO Size | 39,84,000 shares (INR 47.81 – 50.20 crore) |
| Minimum Bid | 2,000 shares (INR 2,52,000) |
| Lot Size | 1,000 shares (INR 1,26,000) |
| Face Value | INR 10 per share |
| Individual Allocation | 35% |
| Listing On | NSE EMERGE |
Dhara Rail Projects Financial Performance
| FY 2023 | FY 2024 | FY 2025 | H1 FY 2026 | |
| Revenue | 26.60 | 31.47 | 44.48 | 28.37 |
| Expenses | 25.92 | 30.26 | 39.44 | 19.32 |
| Net income | 1.06 | 29.68 | 6.53 | 7.06 |
Dhara Rail Projects Offer News
- Dhara Rail Projects RHP
- Dhara Rail Projects Draft Prospectus
- ASBA IPO Forms
- Live IPO Subscription Status
- Highest SME IPO Subscription in 2025
Dhara Rail Projects Valuations & Margins
| FY 2023 | FY 2024 | FY 2025 | |
| EPS | 0.96 | 2.67 | 5.88 |
| PE ratio | – | – | 20.41 – 21.43 |
| RONW (%) | 31.39 | 46.68 | 50.66 |
| NAV | 3.05 | 5.73 | 11.61 |
| ROCE (%) | 5.71 | 11.73 | 25.59 |
| EBITDA (%) | 2.80 | 9.55 | 10.74 |
| Debt/Equity | 2.95 | 4.23 | 11.88 |
Dhara Rail Projects GMP Today
| Date | Consolidated IPO GMP | Subject to Sauda |
| 30 December 2025 | 15 | 12,000 |
| 29 December 2025 | 20 | 15,200 |
| 27 December 2025 | 23 | 18,000 |
| 26 December 2025 | 12 | 8,000 |
| 25 December 2025 | 12 | 8,000 |
| 24 December 2025 | 15 | 11,500 |
| 23 December 2025 | 12 | 9,000 |
| 22 December 2025 | 10 | 7,200 |
Dhara Rail Projects IPO Subscription – Live Updates
| Category | QIB | NII | Individual | Total |
|---|---|---|---|---|
| Shares Offered | 7,56,000 | 5,67,000 | 13,24,000 | 26,47,000 |
| 26 Dec 2025 | 71.30 | 199.77 | 97.61 | 111.98 |
| 24 Dec 2025 | 4.55 | 7.56 | 4.30 | 5.07 |
| 23 Dec 2025 | 4.55 | 2.35 | 1.45 | 2.53 |
The market maker reservation portion of 2,04,000 shares and the anchor investor portion of 11,33,000 shares are not included in the above calculations.
Dhara Rail Projects IPO Allotment Status
Dhara Rail Projects IPO allotment status is now available on the Bigshare Services’ website. Click on this link to get the allotment status.
Dhara Rail Projects IPO Dates & Listing Performance
| IPO Opening Date | 23 December 2025 |
| IPO Closing Date | 26 December 2025 |
| Finalization of Basis of Allotment | 29 December 2025 |
| Initiation of refunds | 30 December 2025 |
| Transfer of shares to demat accounts | 30 December 2025 |
| IPO Listing Date | 31 December 2025 |
| Opening Price on NSE SME | INR 150 per share (19.05%) |
| Closing Price on NSE SME | INR 157.50 per share (25%) |
Dhara Rail Projects Offer Lead Manager
HEM SECURITIES LIMITED
904, A Wing, Naman Midtown, Senapati Bapat Marg,
Elphinstone Road, Lower Parel, Mumbai-400013, India
Phone: +91- 022- 49060000
Email: [email protected]
Website: www.hemsecurities.com
Dhara Rail Projects Offer Registrar
BIGSHARE SERVICES PRIVATE LIMITED
S6-2, 6th Floor, Pinnacle Business Park,
Next to Ahura Centre, Mahakali
Caves Road, Andheri East, Mumbai – 400 093
Phone: +91 22 6263 8200
Email: [email protected]
Website: www.bigshareonline.com
Dhara Rail Projects Contact Details
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: [email protected]
Website: www.drppl.com
IPO FAQs
What is the Dhara Rail Projects offer size?
Dhara Rail Projects’s offer size is INR 47.81 – 50.20 crores.
What is the Dhara Rail Projects offer price band?
Dhara Rail Projects public offer price is INR 120 – 126 per share.
What is the lot size of the Dhara Rail Projects IPO?
Dhara Rail Projects offer lot size is 1,000 shares.
What is the Dhara Rail Projects IPO GMP today?
Dhara Rail Projects IPO GMP today is INR 15 per share.
What is the Dhara Rail Projects IPO Subject to Sauda rate today?
Dhara Rail Projects Subject to Sauda rate today is INR 12,000 per application.