About
Dhara Rail Projects IPO is a book build issue of ₹50.20 crores. The issue is entirely a fresh issue of 0.40 crore shares of ₹50.20 crore.
Dhara Rail Projects IPO bidding started from Dec 23, 2025 and ended on Dec 26, 2025. The allotment for Dhara Rail Projects IPO was finalized on Dec 29, 2025. The shares got listed on NSE SME on Dec 31, 2025.
Dhara Rail Projects IPO price band is set at ₹126 per share. The lot size for an application is 1,000. The minimum amount of investment required by an individual investor (retail) is ₹2,52,000 (2,000 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (3,000 shares), amounting to ₹3,78,000.
Hem Securities Ltd. is the book running lead manager and Bigshare Services Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Hem Finlease Pvt.Ltd..
Refer to Dhara Rail Projects IPO RHP for detailed Information.
IPO Stock Quote & Charts
IPO Open
Tue, Dec 23, 2025
IPO Close
Fri, Dec 26, 2025
Issue Price
₹126 per share
Market Cap (Pre-IPO)
₹190.06 Cr
IPO Details
| IPO Date | 23 to 26 Dec, 2025 |
| Listed on | Wed, Dec 31, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹120 to ₹126 |
| Issue Price | ₹126 per share |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh Capital |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 39,84,000 shares (agg. up to ₹50 Cr) |
| Reserved for Market Maker | 2,04,000 shares (agg. up to ₹3 Cr) Hem Finlease Pvt.Ltd. |
| Net Offered to Public | 37,80,000 shares (agg. up to ₹48 Cr) |
| Share Holding Pre Issue | 1,11,00,000 shares |
| Share Holding Post Issue | 1,50,84,000 shares |
| NSE Symbol | DHARARAIL |
| ISIN | INE2HJL01019 |
IPO Timetable
- IPO OpenTue, Dec 23, 2025
- IPO CloseFri, Dec 26, 2025
- AllotmentMon, Dec 29, 2025
- RefundTue, Dec 30, 2025
- Credit of SharesTue, Dec 30, 2025
- ListingWed, Dec 31, 2025
IPO Reservation
Dhara Rail Projects IPO offers total 39,84,000 shares. Out of which 18,89,000 (47.41%) allocated to QIB, 7,56,000 (18.98%) allocated to QIB (Ex- Anchor), 5,67,000 (14.23%) allocated to
NII
13,24,000 (33.23%) allocated to RII and 11,33,000 (28.44%) allocated to Anchor investors.
| Investor Category | Shares Offered |
|---|---|
| Market Maker Shares Offered | 2,04,000 (5.12%) |
| QIB Shares Offered | 18,89,000 (47.41%) |
| − Anchor Investor Shares Offered | 11,33,000 (28.44%) |
| − QIB (Ex. Anchor) Shares Offered | 7,56,000 (18.98%) |
| NII (HNI) Shares Offered | 5,67,000 (14.23%) |
| − bNII > ₹10L | 3,78,000 (9.49%) |
| − sNII < ₹10L | 1,89,000 (4.74%) |
| Retail Shares Offered | 13,24,000 (33.23%) |
| Total Shares Offered | 39,84,000 (100.00%) |
IPO Lot Size
Investors can bid for a minimum of 2,000 shares and in multiples of 1,000 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,000 | ₹2,52,000 |
| Individual investors (Retail) (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 |
IPO Anchor Investors
Dhara Rail Projects IPO raises ₹14.28 crore from anchor investors. Dhara Rail Projects IPO Anchor bid date is December 22, 2025.
📝 Anchor Investors Letter (PDF)
| Bid Date | Mon, Dec 22, 2025 |
| Shares Offered | 11,33,000 |
| Anchor Portion (₹ Cr.) | 14.28 |
| Anchor lock-in period end date for 50% shares (30 Days) | Wed, Jan 28, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Sun, Mar 29, 2026 |
About Dhara Rail Projects Ltd.
Incorporated in 2010, Dhara Rail Projects Ltd is an ISO 9001:2015 certified company, providing various services like annual maintenance contracts, and repair services for railway rolling stock systems.
Key services:
- AMC and repairs of train lighting systems across all types of trains, including Vande Bharat.
- AMC and repairs for Overhead Equipment (OHE) maintenance vehicles (Tower Wagons).
- AMC and repairs of Power Car equipment and HVAC systems in trains.
- Supply, Installation, Testing, and Commissioning (SITC) of electrical equipment for all types of rolling stock.
- Outsourced services for coach operations and troubleshooting.
The company mainly works with the Ministry of Railways, Government of India, by participating in tenders or collaborating with OEMs.
Competitive Strengths:
- Diversified order book of projects across India: Rs 14,409.81 lakhs as on Sep 29, 2025.
- Revenue from multiple geographies
- Assured quality services
- Experienced senior management
Company Financials (Restated Consolidated)
Dhara Rail Projects Ltd.’s revenue increased by 40% and profit after tax (PAT) rose by 120% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 61.73 | 46.24 | 47.29 | 33.98 |
| Total Income | 28.83 | 48.00 | 34.23 | 27.39 |
| Profit After Tax | 7.06 | 6.53 | 2.97 | 1.06 |
| EBITDA | 9.60 | 5.28 | 1.33 | 0.75 |
| NET Worth | 19.95 | 12.89 | 6.36 | 3.39 |
| Reserves and Surplus | 8.85 | 12.79 | 6.26 | 3.29 |
| Total Borrowing | 21.29 | 21.33 | 28.17 | 22.74 |
| Amount in ₹ Crore | ||||
IPO Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Repayment and/or pre-payment, in full or part, of borrowing availed by our Company | 7.00 |
| 2 | To Meet Working Capital Requirements of our Company | 30.50 |
| 3 | General Corporate Purpose | 6.87 |
Key Performance Indicator (KPI)
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 67.85% |
| ROCE | 25.59% |
| Debt/Equity | 1.66 |
| RoNW | 50.66% |
| PAT Margin | 14.67% |
| EBITDA Margin | 11.88% |
| Price to Book Value | 10.85 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 5.88 | 9.37 |
| P/E (x) | 21.43 | 13.45 |
| Promoter Holding | 98.33% | 72.36% |
| Market Cap | ₹190.06 Cr. |
- The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2025 available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of September 30, 2025 available in RHP.
IPO Review
Dhara Rail Projects IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 0 | 0 | 0 | 0 |
| Members | 0 | 0 | 0 | 0 |
IPO Subscription Status
The Dhara Rail Projects IPO is subscribed 111.90 times on December 26, 2025 6:19:59 PM (Day 3). The public issue subscribed 97.61 times in the individual investors category, 71.30 times in the QIB category, and 199.41 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category |
Subscription (x) | Shares Offered | Shares bid for | Total Application |
|---|---|---|---|---|
| QIB (Ex Anchor) | 71.30 | 7,56,000 | 5,39,06,000 | 71 |
| NII* | 199.41 | 5,67,000 | 11,30,64,000 | 0 |
| bNII (bids above ₹10L) | 237.67 | 3,78,000 | 8,98,41,000 | |
| sNII (bids below ₹10L) | 122.87 | 1,89,000 | 2,32,23,000 | |
| Individual Investor | 97.61 | 13,24,000 | 12,92,34,000 | 64,617 |
| Total | 111.90 | 26,47,000 | 29,62,04,000 | 83,088 |
Total Application : 83,088
*Market Maker portion is not included to NII/HNI.
IPO Expenses
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Book Running Lead Manger fees (inclusive underwriting commission) | 2.37 |
| 2 | Fees Payable to Registrar to the Issue | 0.01 |
| 3 | Fees Payable for Advertising and Publishing Expenses | 0.06 |
| 4 | Fees Payable to Regulators including Stock Exchanges | 0.11 |
| 5 | Payment for Printing & Stationery, Postage etc. | 0.01 |
| 6 | Fees Payable to Auditor, Legal Advisors and other Professionals | 0.12 |
| 7 | Others, if any (Fees payable for Marketing & distribution expenses, Selling Commission, Brokerage, Sponsor Banks, Advisors, Consultancy, Processing Fees* and Miscellaneous Expenses) | 3.15 |
Listing Day Trading Information
| Price Details | NSE SME |
|---|---|
| Final Issue Price | ₹126.00 |
| Open | ₹150.00 |
| Low | ₹142.60 |
| High | ₹157.50 |
| Last Trade | ₹157.50 |
Check IPO Performance…
IPO Registrar
Bigshare Services Pvt.Ltd.
- +91-22-6263 8200
- ipo@bigshareonline.com
- Visit Website
IPO Lead Manager(s)
- Hem Securities Ltd. (Past IPO Performance)
Lead Manager Reports
- Lead Manager Performance Summary
- Lead Manager Performance Tracker
Contact Details
- +91-22-23865040
- cs@drppl.com
- Visit Website
IPO FAQs
Dhara Rail Projects IPO is a SME IPO of 39,84,000 equity shares of the face value of ₹10 aggregating up to ₹50 Crores. The issue is priced at ₹126 per share. The minimum order quantity is 1000.
The IPO opens on Tue, Dec 23, 2025, and closes on Fri, Dec 26, 2025.
Bigshare Services Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on NSE SME.
Zerodha customers can apply online in Dhara Rail Projects IPO using UPI as a payment gateway. Zerodha customers can apply in Dhara Rail Projects IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Dhara Rail Projects IPO through Zerodha
- Visit the Zerodha website and login to Console.
- Go to Portfolio and click the IPOs link.
- Go to the ‘Dhara Rail Projects IPO‘ row and click the ‘Bid’ button.
- Enter your UPI ID, Quantity, and Price.
- Submit IPO application form.
- Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Zerodha IPO Application Process Review for more detail.
The Dhara Rail Projects IPO opens on Tue, Dec 23, 2025 and closes on Fri, Dec 26, 2025.
Dhara Rail Projects IPO lot size is 1000, and the minimum amount required for application is ₹2,52,000, with 2 lots being the minimum application size.
You can apply in Dhara Rail Projects IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Dhara Rail Projects IPO will be done on Monday, December 29, 2025, and the allotted shares will be credited to your demat account by Tue, Dec 30, 2025. Check the Dhara Rail Projects IPO allotment status.
The Dhara Rail Projects IPO listing date is on Wed, Dec 31, 2025.
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