Dhara Rail Projects IPO will open for subscription on December 23, 2025 and will close on December 26, 2025. This is a Book Build SME IPO through which the company aims to raise around ₹50.20 crore. The issue consists entirely of a fresh issue of ₹50.20 crore, with equity shares having a face value of ₹10 each.
The price band for the IPO is fixed at ₹120 to ₹126 per share. The shares are proposed to be listed on the NSE SME platform on December 31, 2025. The basis of allotment is expected to be finalised on December 29, 2025.
The company has shown notable improvement in both revenue and profitability in recent years, which makes the IPO more relevant for investors with a long-term perspective.
Contents
Dhara Rail Projects IPO Details
| Particulars | Details |
|---|---|
| IPO Open Date | December 23, 2025 |
| IPO Close Date | December 26, 2025 |
| Face Value | ₹10 per equity share |
| Price Band | ₹120 to ₹126 per share |
| Issue Size | ₹50.20 crore |
| Fresh Issue | ₹50.20 crore |
| Issue Type | Book Build Issue |
| Listing Exchange | NSE SME |
| DRHP | View PDF |
| RHP | View PDF |
Dhara Rail Projects IPO
Open: 23-26 Dec
Issue Size: ₹50.20 Cr.
Objective: Pay debt, meet working capital needs and general corporate use.
Exchange: NSE SME
Dhara Rail Projects IPO GMP Today
Dhara Rail Projects SME IPO GMP has strengthened to ₹14 on 30 December 2025, showing clear improvement in grey market sentiment. With the upper price band fixed at ₹126, the estimated listing price is now around ₹140, which indicates an expected gain of nearly 11.11%.
Over the last seven sessions, the GMP has moved steadily upward from ₹0 to ₹14, reflecting rising confidence among grey market participants. The increasing Retail Subject to Sauda rate and steady subscription numbers further support positive listing expectations.
While SME IPO GMPs can be volatile, the current trend suggests improving demand and a possibility of a healthy listing if sentiment remains stable.
Dhara Rail Projects SME IPO Day-wise GMP Trend:
| Date | GMP | Estimated Listing Price | Expected Gain |
|---|---|---|---|
| 30-Dec-2025 | ₹14 | ₹140 | 11.11% |
| 29-Dec-2025 | ₹14 | ₹140 | 11.11% |
| 28-Dec-2025 | ₹18 | ₹144 | 14.29% |
| 27-Dec-2025 | ₹18 | ₹144 | 14.29% |
| 26-Dec-2025 | ₹20 | ₹146 | 15.87% |
| 25-Dec-2025 | ₹10 | ₹136 | 7.94% |
| 24-Dec-2025 | ₹10 | ₹136 | 7.94% |
| 23-Dec-2025 | ₹14 | ₹140 | 11.11% |
| 22-Dec-2025 | ₹12 | ₹138 | 9.52% |
| 21-Dec-2025 | ₹8 | ₹134 | 6.35% |
| 20-Dec-2025 | ₹0 | ₹126 | 0.00% |
| 19-Dec-2025 | ₹0 | ₹126 | 0.00% |
| 18-Dec-2025 | ₹0 | ₹126 | 0.00% |
Disclaimer: IPO GMP, Kostak, and Subject to Sauda (Sub2) rates are unofficial and shared for informational purposes only. We do not trade or recommend participation in the grey market. GMP is not a guarantee of listing performance. Investors should apply after reviewing the company’s fundamentals and official offer documents.
Dhara Rail Projects IPO Review
Dhara Rail Projects operates in a niche segment by providing electrical maintenance and repair services to Indian Railways. The company has reported steady growth in revenue and profits, supported by long-term contracts and repeat business from government entities.
However, dependence on a single customer segment and moderate scale of operations may limit near-term upside. The IPO may suit long-term investors who are comfortable with SME segment risks.
Dhara Rail Projects IPO Market Lot Details
The minimum application size is 2,000 shares, requiring an investment of ₹2,52,000.
| 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 Details
| Investor Category | Shares Offered | % of Total Issue |
|---|---|---|
| Anchor Investors | 11,33,000 | 28.44% |
| QIB (Ex-Anchor) | 7,56,000 | 18.98% |
| NII | 5,67,000 | 14.23% |
| Retail | 13,24,000 | 33.23% |
Dhara Rail Projects IPO Anchor Investors
| Particulars | Details |
|---|---|
| Anchor Bidding Date | December 22, 2025 |
| Shares Offered | 11,33,000 |
| Anchor Size | Not disclosed |
| Lock-in (50% – 30 Days) | January 28, 2026 |
| Lock-in (50% – 90 Days) | March 29, 2026 |
Dhara Rail Projects IPO Important Dates
| Event | Date |
|---|---|
| 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 |
| Listing Date | December 31, 2025 |
| Bidding Cut-off Time | December 26, 2025 – 5 PM |
- Also Read: Apollo Techno Industries IPO (23-26 Dec)
Promoters and Shareholding Pattern
The promoters of the company are Tejas Lalit Mehta, Jagruti Tejas Mehta, and Dhara Tejas Mehta.
| Particulars | Shares | % Holding |
|---|---|---|
| Promoter Holding Pre-Issue | 1,11,00,000 | 100% |
| Promoter Holding Post-Issue | 1,50,84,000 | 72.35% |
Objects of the Issue
The proceeds from the IPO will be primarily used for repayment and pre-payment of existing borrowings, which is expected to reduce interest costs and strengthen the balance sheet.
A significant portion of the funds will be utilised to meet the company’s working capital requirements, supporting day-to-day operations and future growth. The remaining amount will be used for general corporate purposes.
About Dhara Rail Projects Limited
Dhara Rail Projects Limited is engaged in providing maintenance, repair, and electrical services to Indian Railways. The company undertakes Annual Maintenance Contracts and on-call repair services for train lighting systems, wiring, control units, battery backup systems, and other electrical components to ensure passenger safety.
Its service portfolio includes AMC and repair of train lighting systems, including Vande Bharat trains, maintenance of OHE tower wagons, power car equipment, HVAC systems, and supply, installation, testing, and commissioning of electrical equipment.
The company also provides outsourced coach operation and troubleshooting services. As of August 31, 2025, the company had a workforce of 849 employees and primarily works with the Ministry of Railways.
Dhara Rail Projects Financial Performance (₹ in Crore)
| Period | 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 |
| Sep 2025 | 28.83 | 19.32 | 7.06 | 61.73 |
Dhara Rail Projects IPO Valuation – FY2025
| KPI | Value |
|---|---|
| ROE | 67.85% |
| ROCE | 25.59% |
| EBITDA Margin | 11.88% |
| PAT Margin | 14.67% |
| Debt to Equity | 1.66 |
| EPS (Basic) | ₹5.88 |
| P/E Ratio | Not available |
| RoNW | 50.66% |
| NAV | ₹11.61 |
Peer Comparison
There are no directly listed peer companies in India operating in a similar segment.
IPO Lead Manager
Hem Securities Limited
Company Address
| Particulars | Details |
|---|---|
| Company Name | Dhara Rail Projects Limited |
| Address | 208, 2nd Floor, Plot-16, The Jewel Roxy Chambers, Mama Parmanand Marg, Opera House, Girgaon, Mumbai – 400004, Maharashtra |
| Phone | +91-22-23865040 |
| cs@drppl.com | |
| Website | https://www.drppl.com |
IPO Registrar
| Particulars | Details |
|---|---|
| Registrar | Bigshare Services Pvt. Ltd. |
| Phone | +91-22-6263 8200 |
| 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 an SME IPO aiming to raise ₹50.20 crore and will be listed on NSE SME.
When will the IPO open?
The IPO will open on December 23, 2025 and close on December 26, 2025.
What is the price band?
The price band is ₹120 to ₹126 per share.
What is the lot size?
The minimum bid is 2,000 shares, amounting to ₹2,52,000.
When is the allotment date?
The allotment date is December 29, 2025.
When is the listing date?
The shares are expected to list on December 31, 2025 on NSE SME.
Expert Comment
Dhara Rail Projects has delivered consistent growth in revenue and profitability, supported by long-term contracts with Indian Railways.
The company benefits from specialised domain expertise, but its heavy dependence on government projects and limited diversification remain key risks. The IPO may be suitable for long-term investors with a higher risk appetite who are comfortable investing in SME listings.
