Dhara Rail Projects Limited
Bookbuilding IPO · NSE
- Price band
- ₹120 - ₹126
- Lot size
- 1,000 shares
- Issue amount
- ₹50.2 cr
- Total subscription
- 112.01×
- Opens
- 23 Dec 2025
- Closes
- 26 Dec 2025
- Allotment
- 29 Dec 2025
- Listing
- 31 Dec 2025
Offer at a glance
Issue overview
- Issue size
- 39,84,000 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,20,000
- Fresh issue
- ₹50.2 cr
- Offer for sale
- ₹0 cr
- Registrar
- Bigshare Services Private Limited
- Listing exchange
- NSE
- Maximum investment
- ₹1,26,000
- Issue type
- Bookbuilding IPO
- Shares before issue
- 1,11,00,000
- Shares after issue
- 1,50,84,000
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 2,000 | ₹2,52,000 |
| sHNI | 3 | 3,000 | ₹3,78,000 |
| bHNI | 8 | 8,000 | ₹10,08,000 |
Share reservation
Subscription & GMP
Subscription by category
Reported 26 Dec 2025
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| QIB | 0 | 71 |
| NIB | 0 | 18,403 |
| RETAIL | 662 | 64,650 |
| HNIs(10L +) | 126 | 10,917 |
| HNIs (2-10L) | 63 | 7,486 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 9.53 | 679.22 |
| FIIs | 0 | 122.13 |
| FIs | 0 | 71.35 |
| Others | 0 | 485.73 |
| RETAIL | 16.68 | 1,629.18 |
| HNIs 2+ | 2.38 | 292.72 |
| HNIs 10+ | 4.76 | 1,134.57 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| EPS | 6.36 | 5.88 | 2.67 | 0.96 |
| ROE | 43.03 | 67.58 | 60.89 | 37.24 |
| ROCE | 24.33 | 25.59 | 11.73 | 5.71 |
| RONW | 0 | 0 | 0 | 0 |
| PRE IPO(PE) | 0 | 21.43 | 0 | 0 |
| POST IPO(PE) | 13.45 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Company information
Company profile
Incorporated in 2010, Dhara Rail Projects Ltd is an ISO 9001:2015 certified company providing comprehensive maintenance and repair services for railway rolling stock systems. The company’s offerings include annual maintenance contracts (AMC) and repairs for train lighting systems across all types of trains, including Vande Bharat, Overhead Equipment (OHE) maintenance vehicles such as Tower Wagons, Power Car equipment, and HVAC systems. It also provides supply, installation, testing, and commissioning (SITC) of electrical equipment for rolling stock, along with outsourced services for coach operations and troubleshooting. Primarily, Dhara Rail Projects collaborates with the Ministry of Railways, Government of India, through tenders and partnerships with OEMs.
Strengths
- Strong and Well-Diversified Order Book – Confirmed orders spread across multiple locations provide better revenue visibility and business stability.
- Pan-India Operational Presence – Revenue generated from different regions reduces reliance on any single geography and lowers regional risk.
- Certified Quality and Regulatory Compliance – ISO-certified and railway-approved services strengthen trust, improve credibility, and support repeat contracts.
Risk factors
- Heavy Reliance on Ministry of Railways – Any change in railway policies, tender norms, or procurement plans may directly impact order flow and revenue.
- Labour-Intensive Business Operations – Labour shortages, strikes, or rising wage costs can disrupt project execution and pressure profit margins.
- Supplier Concentration Exposure – Dependence on a limited number of suppliers in specific regions may affect timely material availability and service delivery.
Promoters
Tejas Lalit Mehta
Jagruti Tejas Mehta
Dhara Tejas Mehta
Registrar & documents
Lead manager
Hem Securities Limited
Registrar & contacts
Bigshare Services Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Gala No. O, 196-K, Girgaum Gaiwadi, Girgaum, Mumbai, Maharashtra, 400004
+91-22-23865040
[email protected]Company website ↗Understanding DHARARAIL IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.