Dhara Rail Projects IPO
Dhara Rail Projects IPO
Overview
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 opens for subscription on Dec 23, 2025 and closes on Dec 26, 2025. The allotment for the Dhara Rail Projects IPO is expected to be finalized on Dec 29, 2025. Dhara Rail Projects IPO will list on NSE SME with a tentative listing date fixed as Dec 31, 2025. Dhara Rail Projects IPO price band is set at ₹120.00 to ₹126.00 per share . The lot size for an application is 1,000. The minimum amount of investment required by an individual investor (retail) is ₹2,52,000.00 (2,000 shares) (based on upper price). The minimum lot size investment for HNI is 3 lots (3,000 shares), amounting to ₹3,78,000.
Total Shares
39,84,000
Issue Size
₹50.20 Cr
Price Band
₹120 – ₹126
Lot Size
1000 shares
Min. Investment
₹2,52,000
Max. Investment
₹2,52,000
Open Date
23 Dec, 2025
Close Date
26 Dec, 2025
Allotment
29 Dec, 2025
Listing
31 Dec, 2025
Max. Investment
₹2,52,000
Announced
23 Dec, 2025
Opening Date
23 Dec, 2025
Closing Date
26 Dec, 2025
Basis of Allotment
29 Dec, 2025
Initiation of Refunds
30 Dec, 2025
Credit of Shares
30 Dec, 2025
Listing Date
31 Dec, 2025
Live GMP
Est. Listing: ₹148
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About Dhara Rail Projects IPO
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
Dhara Rail Projects IPO Share Price
Issue Breakdown
Shareholding
Dilution: 35.9% increase in shares
Dhara Rail Projects IPO Financial Health
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.
Dhara Rail Projects IPO Lot Size
Investors can bid for a minimum of 2,000 shares and in multiples of 1,000 shares thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2000 | ₹2,52,000 |
| Individual investors (Retail) (Max) | 2 | 2000 | ₹2,52,000 |
| S-HNI (Min) | 3 | 3000 | ₹3,78,000 |
| S-HNI (Max) | 7 | 7000 | ₹8,82,000 |
| B-HNI (Min) | 8 | 8000 | ₹10,08,000 |
(All values in CR)
Dhara Rail Projects IPO Valuations
KPI as of Mon, Mar 31, 2025.
| Metric | Value |
|---|---|
| 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 |
(All values in CR)
Dhara Rail Projects IPO Strength & Risk
Dhara Rail Projects IPO Strength:
• Operates in the railway and infrastructure segment, which benefits from strong government spending and long-term policy support
• Presence in rail-related projects provides steady demand visibility due to ongoing network expansion and modernization
• Infrastructure-focused business typically enjoys higher entry barriers because of technical expertise and regulatory requirements
• Potential to secure long-duration contracts that offer predictable revenue flows
• Alignment with national logistics and connectivity initiatives supports future growth prospects
Dhara Rail Projects IPO Risk:
• Execution risk due to possible delays, cost overruns, or project management challenges
• Heavy dependence on government contracts exposes the company to policy and tender-related uncertainties
• Capital-intensive nature of rail projects may lead to higher borrowing and pressure on cash flows
• Competitive pressure from larger and well-established infrastructure and PSU players
• Revenue concentration risk if a major portion of income comes from a limited number of clients or projects
Dhara Rail Projects IPO Subscriptions Status
Dhara Rail Projects IPO subscribed 111.90 times. The public issue subscribed 97.61 times in the individual investors category, 71.30 times in QIB (Ex Anchor), and 199.41 times in the NII category by December 26, 2025 5:49:59 PM (Day 3).
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (Rs Cr.) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 11,33,000 | 11,33,000 | 14.28 |
| Market Maker | 1.00 | 2,04,000 | 2,04,000 | 2.57 |
| QIB (Ex Anchor) | 71.30 | 7,56,000 | 5,39,06,000 | 679.22 |
| Non-Institutional Buyers | 199.41 | 5,67,000 | 11,30,64,000 | 1 |
| bNII (bids above ₹10L) | 237.67 | 3,78,000 | 8,98,41,000 | 1 |
| sNII (bids below ₹10L) | 122.87 | 1,89,000 | 2,32,23,000 | 292.61 |
| Individual Investors | 97.61 | 13,24,000 | 12,92,34,000 | 1 |
| Total | 111.90 | 26,47,000 | 29,62,04,000 | 3 |
Dhara Rail Projects IPO GMP
Dhara Rail Projects SME IPO last GMP is ₹22, last updated Dec 26th 2025 05:29 PM. With the price band of 126.00, Dhara Rail Projects SME IPO's estimated listing price is ₹148 (cap price + today's GMP).The expected percentage gain/loss per share is 17.46%. >> Dhara Rail Projects SME IPO Retail Subject to Sauda: ₹16700 The lowest GMP is ₹0.00, while the highest GMP is ₹22.00.
Last updated 26 Dec, 2025 · Source: aggregated grey-market dealers
| Date | IPO Price | GMP | Sub2 Sauda | Est. Listing | Est. Profit | Updated |
|---|---|---|---|---|---|---|
| 26 Dec, 2025 | 126 | ₹22▲ | 16700 | ₹148 (17.46%) | 22000 | 26 Dec, 2025 |
| 25 Dec, 2025 | 126 | ₹10 | 7600 | ₹136 (7.94%) | 10000 | 25 Dec, 2025 |
| 24 Dec, 2025 | 126 | ₹10▼ | 7600 | ₹136 (7.94%) | 10000 | 24 Dec, 2025 |
| 23 Dec, 2025 | 126 | ₹14▲ | 10600 | ₹140 (11.11%) | 14000 | 23 Dec, 2025 |
| 22 Dec, 2025 | 126 | ₹12▲ | 9100 | ₹138 (9.52%) | 12000 | 22 Dec, 2025 |
| 21 Dec, 2025 | 126 | ₹8▲ | 6100 | ₹134 (6.35%) | 8000 | 21 Dec, 2025 |
| 20 Dec, 2025 | 126 | ₹0 | - | ₹126 (0.00%) | - | 20 Dec, 2025 |
| 19 Dec, 2025 | 126 | ₹0 | - | ₹126 (0.00%) | - | 19 Dec, 2025 |
| 18 Dec, 2025 | 126 | ₹0 | - | ₹126 (0.00%) | - | 18 Dec, 2025 |
Disclaimer: GMP is an unofficial signal from grey-market dealers and is not regulated by SEBI. Use it alongside subscription data and other research for informed decision-making.
How to Apply for Dhara Rail Projects IPO
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Find Dhara Rail Projects IPO under the IPO section. Select it and enter your bid details — choose lot size and price (cut-off price recommended).
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Application Confirmed
Your funds will be blocked in your account until the IPO allotment process is completed.