A total of 39,84,000 shares amounting to ₹50.20 Crore will be issued in the Dhara Rail Projects IPO. The shares have a nominal value of ₹10 each. Bidding for the issue begins on December 23, 2025. The bidding will stay open until 5 PM on December 26, 2025. The allotment is scheduled to take place on December 29, 2025. Listing on the NSE SME exchange is tentatively scheduled for December 31, 2025.
Investors can apply in lots of 1,000 shares, priced within the ₹120–₹126 band. Retail investors must invest at least ₹2,52,000 for 2 lots. The sNII category begins at ₹3,78,000 for 3 lots, while bNII applications require a minimum of ₹10,08,000 for 8 lots.
Dhara Rail Projects IPO Details
The main details of the IPO are outlined below:
| Particulars | Details |
| Subscription Opens | December 23, 2025 |
| Subscription Closes | December 26, 2025 |
| IPO Lot Size | 1,000 Shares |
| Face value | ₹10 per share |
| Price Band | ₹120 to ₹126 |
| Issue price | – |
| Offer for sale | – |
| Fresh issue | 39,84,000 shares (₹50.20 Crore) |
| Total Issue | 39,84,000 shares (₹50.20 Crore) |
| Issue Type | Book-built |
| Listing at | NSE SME |
| Minimum Investment | ₹2,52,000 |
Dhara Rail Projects IPO Timeline
The key dates of the IPO are as follows:
| Particulars | Details |
| Subscription Opens | December 23, 2025 |
| Subscription Closes | December 26, 2025 |
| Proposed Allotment Date | December 29, 2025 |
| Refund Initiation | December 30, 2025 |
| Demat Account Credit | December 30, 2025 |
| Tentative Listing | December 31, 2025 |
| UPI Mandate Cut-off | 5 PM on December 26, 2025 |
Dhara Rail Projects Key Performance Indicator
Given below are the Dhara Rail Projects’ key performance indicators (KPIs):
| KPIs | FY 2023 | FY 2024 | FY 2025 |
| ROE (%) | 37.24 | 60.89 | 67.85 |
| ROCE (%) | 5.71 | 11.73 | 25.59 |
| Debt Equity (times) | 6.71 | 4.43 | 1.66 |
| RoNW (%) | 31.39 | 46.68 | 50.66 |
| PAT Margin (%) | 4.00 | 9.43 | 14.67 |
| EBITDA margin (%) | 2.80 | 4.23 | 11.88 |
| Price Book Value | – | – | 10.85 |
Dhara Rail Projects IPO Financials
The company’s major financial numbers are outlined below:
| Particulars (in ₹ lakh) | 2023 | 2024 | 2025 |
| Revenue | 2,739.34 | 3,422.79 | 4,799.83 |
| Total Asset | 3,397.59 | 4,728.64 | 4,623.62 |
| Profit | 106.42 | 296.78 | 652.78 |
Dhara Rail Projects India IPO Subscription Status
Subscription details of the IPO are shown in the table below:
| Day | NII | Individual Investor | Total |
| Day 1 | |||
| Day 2 | |||
| Day 3 |
Dhara Rail Projects IPO Grey Market Premium (GMP Today)
The Dhara Rail Projects IPO shows a flat GMP of ₹0, suggesting subdued grey market interest and no anticipated listing gains at current levels.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend |
| 19-12-2025 | ₹0 | ₹126 | 0% | Neutral |
| 18-12-2025 | ₹0 | ₹126 | 0% | – |
| 17-12-2025 | – | – | – | – |
Note: GMP figures are derived from informal market activity and may change with demand and subscription trends.
Dhara Rail Projects IPO Reservation
The share allocation across different investor segments is detailed below:
| Investor Category | Reservation |
| Market Maker Shares Offered | 2,04,000 (5.12%) |
| QIB Shares | 18,89,000 (47.41%) |
| Retail Shares | 13,24,000 (33.23%) |
| NII (HNI) Shares | 5,67,000 (14.23%) |
| Total Shares | 36,89,000 (100.00%) |
Lot Size of Dhara Rail Projects IPO
Investors can apply according to the lot sizes given below:
| Investor Type | Lots | Shares | Amount |
| Retail Investors (Minimum) | 2 | 2,000 | ₹2,52,000 |
| Retail Investors (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 |
Dhara Rail Projects IPO Anchor Investors Details
Anchor allocation information is presented in the table below:
| Particulars | Details |
| Anchor Bid Opens | December 22, 2025 |
| Offered Shares | 11,33,000 |
| Portion Size | 60% of the QIB Portion |
| Lock-in of 50% shares for 30 days | January 28, 2026 |
| Lock-in of the remaining shares for 90 days | March 29, 2026 |
Dhara Rail Projects IPO Prospectus
Refer to the files below for more information on the IPO:
| Draft Red Herring Prospectus (DRHP) | |
| Red Herring Prospectus (RHP) | |
| Anchor Investors | – |
| Final Prospectus | Not Disclosed |
About Dhara Rail Projects
Dhara Rail Projects Limited was incorporated in 2010 and operates from Mumbai, Maharashtra. The company is led by Tejas Lalit Mehta, who serves as Chairman and Managing Director, and is supported by Jagruti Tejas Mehta and Dhara Tejas Mehta, all of whom form the promoter group.
The business operates in the railway infrastructure and services sector, focusing on contractual railway projects. Its work spans supply, installation, testing, and commissioning of electrical systems, along with annual maintenance and repair services for rolling stock, power cars, Heating, Ventilation, and Air Conditioning (HVAC) systems, and overhead equipment. The company also provides on-site support and outsourcing services for passenger coaches.
| Issue Registrar | Bigshare Services Pvt.Ltd. |
| Lead manager | Hem Securities Ltd. |
Dhara Rail Projects IPO Objectives
The funds raised are intended to be applied to the objectives below:
| S. No. | Particulars | Amount (in ₹ lakh) |
| 1 | Loan settlement | 700.00 |
| 2 | Working capital requirements | 3050.00 |
| 3 | General corporate needs | – |
Strength Of Dhara Rail Projects
These core strengths have supported the company’s performance and strengthened its market presence over time.
1. Strong Order Book: The company handles a wide mix of railway projects across India, covering maintenance, upgrades, and support services. This diversified order base offers visibility and reduces reliance on any single activity.
2. Pan-India Presence: Operations span multiple railway zones, helping balance regional exposure and create steadier revenue flows across geographies.
3. Long Railway Association: A sustained working relationship with Indian Railways has enabled repeat contracts and expansion into new zones through consistent service delivery.
4. Quality-Driven Execution: ISO-certified processes support reliable service standards, encouraging repeat mandates and long-term client confidence.
5. Experienced Leadership: Seasoned promoters guide operations with deep industry knowledge, enabling disciplined execution and timely responses to evolving project needs.
Risk of Dhara Rail Projects
These risks should be considered carefully, as they may influence operations, cash flows, and future growth.
1. Railway Dependence: A large part of the workload comes from Indian Railways. If priorities shift or approvals slow, the impact is felt quickly across operations.
2. Labour Sensitivity: Execution on the ground depends on people. Sudden attrition, rising wage expectations, or manpower shortages can disrupt schedules.
3. Order Book Uncertainty: Projects don’t always move in straight lines. Delays, scope changes, or pauses can blur near-term revenue visibility.
4. Quality Compliance: The bar is set high. Even a minor lapse during inspections can trigger penalties, dent credibility, or close doors to future orders.
Dhara Rail Projects IPO Review
The Dhara Rail Projects IPO offers an investment opportunity in the railway services and infrastructure space. The company benefits from steady project work, a wide regional presence, and hands-on execution across railway operations. At the same time, dependence on railway orders, workforce intensity, and project timing risks remain key considerations. Market interest appears calm rather than speculative. This issue may suit investors who prefer sector-linked businesses and are comfortable holding through operational cycles rather than chasing short-term excitement.
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Dhara Rail Projects IPO FAQ‘s
Dhara Rail Projects IPO is a book-built SME issue of ₹50.20 crore, comprising a fresh issue of 39,84,000 equity shares, and is set to list on the NSE SME platform.
You can apply through ASBA or UPI using your bank or trading app by selecting the IPO, entering the bid details, and confirming the mandate before the cut-off time.
The IPO offers exposure to the railway services sector. It may suit investors comfortable with sector-specific risks and a longer investment horizon.
There is no confirmed indication of listing gains. Returns will largely depend on market conditions and the company’s post-listing performance.
The IPO opens on December 23, 2025, and closes on December 26, 2025.
The lot size is 1,000 shares. Retail investors must apply for a minimum of 2 lots, which makes their investment ₹2,52,000.
The allotment is expected to be finalised on December 29, 2025.
The IPO is scheduled to list on the NSE SME platform on December 31, 2025.
