IPO

Dhara Rail Projects Limited IPO

NSE SME

Listed On: Dec 31, 2025 at ₹ 150.0

₹ 252000 /2000 Shares
*Min Investment

Check Allotment

23 Dec, 2025

Open Date

26 Dec, 2025

Close Date

29 Dec, 2025

Allotment Date

31 Dec, 2025

Listing Date
Expected Premium
+ ₹11-12 (8.73%)

*Expected Premium provided in this app is derived from market rumors. It is not a guaranteed indicator of the actual listing price and should be interpreted with caution.

Dhara Rail Projects IPO Live Subscription Details
View Subscription Details
QIB 71.30x
Individual 97.61x
NIIs 199.77x
BHNI 238.21x
SHNI 122.87x
Individual 97.61x
Total 111.98x
Last updated: 26 Dec 2025, 05:57 PM
Dhara Rail Projects IPO Issue Details
  • Issue Price ₹120-126 per equity share
  • Face Value ₹10 Per Equity Share
  • Total Issue Size 39,84,000 shares(aggregating up to ₹50.2 crore)
  • Fresh Share 39,84,000 shares(aggregating up to ₹50.2 crore)
  • Listing at NSE SME
  • List Price 150.0
  • Listing Date 2025-12-31
  • Lead Manager Hem Securities Ltd.
  • Registrar Bigshare Services Pvt.Ltd.
Market Lot Size

Investors can bid for a minimum of 2000 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors and HNI in terms of shares and amount.

Application Lots Shares Amount
Individual (min) 2 2000 ₹2,52,000
Individual(max) 2 2000 ₹2,52,000
SHNI(min) 3 3000 ₹3,78,000
SHNI(max) 7 7000 ₹8,82,000
BHNI(min) 8 8000 ₹10,08,000
Dhara Rail Projects IPO Reservation

Dhara Rail Projects IPO offers total 3984000 shares. Out of which 756000 (18.98%) allocated to QIB, 567000 (14.23%) allocated to NII,1324000 (33.23%) allocated to RII, NA (NA%) allocated to employees and 1133000 (28.44%) allocated to Anchor investors.

Investor Category Shares Offered Maximum Allottees
Anchor Investor Shares Offered 1133000 (28.44%)
Market Maker Shares Offered 204000 (5.12%)
QIB Shares Offered 756000 (18.98%)
NII (HNI) Shares Offered 567000 (14.23%)
bNII > ₹10L 378000 (9.39%)
sNII < ₹10L 189000 (4.85%)
Individual Shares Offered 1324000 (33.23%)
Total Shares Offered 3984000 (100%)
Dhara Rail Projects IPO Documents
DRHP
RHP
ANCHOR
Dhara Rail Projects IPO Details


Dhara Rail Projects Limited IPO is an SME IPO, priced at ₹120-126 per equity share. The equity shares have a face value of ₹10 Per Equity Share each and will be listed on the NSE SME platform. The IPO comprises a total issue of 39,84,000 equity shares, aggregating up to ₹50.2 crores..

The IPO bidding window is open from Dec 23, 2025 to Dec 26, 2025. The allotment is expected to be finalized on Dec 29, 2025, and the tentative listing date is Dec 31, 2025.

The minimum lot size for Individual investors is 2000 shares, with a minimum investment of ₹2,52,000.

Hem Securities Ltd. is acting as the lead manager to the issue. The registrar of the IPO is Bigshare Services Pvt.Ltd., and

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Dhara Rail Projects IPO Subscription Analysis And Details
Retail
97.61x
QIB
71.30x
NII
199.77x
bNII
238.21x
sNII
122.87x
Total
111.98x
As on QIB NII
bNII   sNII 		Individual Total
Shares Offered / Reserved 7,56,000 5,67,000
3,78,000    1,89,000 		13,24,000 26,47,000
Day 1 23-12-25 05:00 PM
4.55 x 2.35 x
2.84 x   1.36 x 		1.46 x 2.53 x
Day 2 24-12-25 05:00 PM
4.55 x 7.57 x
9.39 x   3.92 x 		4.32 x 5.08 x
Day 3 26-12-25 05:00 PM
71.30 x 199.77 x
238.21 x   122.87 x 		97.61 x 111.98 x
Total No of Applications
83,088
Subscription on the basis of Applications
Retail:97.61x BHNI:86.64x SHNI:118.78x
Dhara Rail Projects Valuations
EPS Pre IPO ₹/-
EPS Post IPO ₹/-
ROE 67.85%
ROCE 25.59%
Debt/Equity 1.66
RoNW 50.66%
PAT Margin 14.67%
Price to Book Value 10.85
Market Cap. 190.06 Cr.
Dhara Rail Projects Company Financials
In Crs.
In Cr.
30-Sep-25 31-Mar-25 31-Mar-24 31-Mar-23
Assets 61.73 46.24 47.29 33.98
Revenue 28.83 48.00 34.23 27.39
Profit After Tax 7.06 6.53 2.97 1.06
Net Worth 19.95 12.89 6.36 3.39
Reserves & Surplus 8.85 12.79 6.26 3.29
Total Borrowing 21.29 21.33 28.17 22.74
About Dhara Rail Projects Company

Incorporated in 2010, Dhara Rail Projects Ltd is an ISO 9001:2015 certified company that offers various services like annual maintenance contracts and repair services for railway rolling stock systems.

The key services that are included in the package are:
AMC and repairs of the 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 of trains.
SITC of Electrical Equipment for all types of Rolling Stocks.
Outsourced services involving coach operations, troubleshooting.

Basically, it undertakes tender participation or partnering with OEMs with the Ministry of Railways, Government of India.

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Dhara Rail Projects - Promoter(s)

Tejas Lalit Mehta

Jagruti Tejas Mehta

Dhara Tejas Mehta

Pre Issue Share Holding : 98.33%

Post Issue Share Holding : 72.36%

Dhara Rail Projects IPO - Issue Objectives
1

Repayment and/or pre-payment, in full or part, of borrowing availed by our Company

2

To Meet Working Capital Requirements of our Company

3

General Corporate Purpose

Contact Details

Dhara Rail Projects

Gala No. O, 196-K, Girgaum Gaiwadi, Girgaum, Mumbai, Maharashtra, 400004

+91-22-23865040

cs@drppl.com

https://drppl.com/

Registrar Contact Details

Bigshare Services Pvt Ltd

+91-22-6263 8200

ipo@bigshareonline.com

https://ipo.bigshareonline.com/ipo_status.html