Dhara Rail Projects
NSE SME₹2,52,000 / Individual : 2000 Shares
IPO Live Subscription Details
| Category | Subscription (Times) |
|---|---|
| Date | 26 Dec 2025, 05:57 PM |
| QIBs | 71.30 times |
| NII | 199.77 times |
| Total | 111.98 times |
Dhara Rail Projects IPO Details
The Dhara Rail Projects IPO price band is set between ₹120-126 per equity share, with a face value of ₹10 per share. The issue is managed by Bigshare Services Pvt.Ltd., and the equity shares are proposed to be listed on the NSE SME.
The IPO date for subscription opens on 23 Dec, 2025 and closes on 26 Dec, 2025. Investors can check the allotment status on 29 Dec, 2025, while the listing date is tentatively scheduled for 31 Dec, 2025.
The total issue size is 39,84,000 shares, aggregating up to ₹50.2 crore. Stay tuned for the latest Dhara Rail Projects IPO review and GMP updates.
Dhara Rail Projects IPO Review, Rating & Analysis
Dhara Rail Projects IPO Review
NeutralDhara Rail Projects IPO Rating
Dhara Rail Projects IPO Highlights
IPO Date
Dec 23, 2025 - Dec 26, 2025
Listing Date
31 Dec, 2025
Face Value
₹10 Per Equity Share
Price Band
₹120-126 per equity share
Lot Size
-
Fresh Issue
Shares
Offer for Sale
-
Listing At
NSE SME
Dhara Rail Projects IPO Lot Size
The minimum market lot for Dhara Rail Projects IPO is 2000 shares with an application amount of ₹2,52,000. Retail investors can apply for up to 0 lots. The table below details the minimum and maximum investment limits for Retail and HNI investors.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 2000 | ₹2,52,000 |
| Retail (Max) | 0 | 0 | ₹0 |
| S-HNI (Min) | 1 | 2000 | ₹2,52,000 |
| S-HNI (Max) | 3 | 6000 | ₹7,56,000 |
| B-HNI (Min) | 4 | 8000 | ₹10,08,000 |
Dhara Rail Projects IPO Timeline
Issue Price
₹120-126 per equity shareFace Value
₹10 Per Equity ShareListing at Group
NSE SMERegistrar
Bigshare Services Pvt.Ltd.Lead Manager
Hem Securities Ltd.Issue Size
39,84,000 shares(aggregating up to ₹50.2 crore)Dhara Rail Projects IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing |
|---|---|---|---|---|---|---|
| 30-Sep-25 | 61.73 | 28.83 | 7.06 | 19.95 | 8.85 | 21.29 |
| 31-Mar-25 | 46.24 | 48.00 | 6.53 | 12.89 | 12.79 | 21.33 |
| 31-Mar-24 | 47.29 | 34.23 | 2.97 | 6.36 | 6.26 | 28.17 |
| 31-Mar-23 | 33.98 | 27.39 | 1.06 | 3.39 | 3.29 | 22.74 |
In Cr.
Dhara Rail Projects IPO Reservation Details
| Investor Category | Shares Offered | % Shares |
|---|---|---|
| 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
Dhara Rail Projects IPO Valuations
EPS Pre IPO
₹/-EPS Post IPO
₹/-PE Pre IPO
-PE Post IPO
-ROE
67.85%ROCE
25.59%Debt Equity
1.66RoNW
50.66%PAT Margin
14.67%Price to Book Value
10.85Promoters & Share Holding
Promoter(s) Name
- Tejas Lalit Mehta
- Jagruti Tejas Mehta
- Dhara Tejas Mehta
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| 98.33% | 72.36% |
About 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.
Dhara Rail Projects IPO Subscription Details
| As on | QIB | NII bNII sNII | Retail | Total |
|---|---|---|---|---|
| Shares Offered / Reserved | 7,56,000 | 5,67,000
3,78,000
1,89,000
| 13,24,000 | 26,47,000 |
Day 123-12-25 05:00 PM | 4.55 x | 2.35
x
2.84 x
1.36 x
| 1.46 x | 2.53 x |
Day 224-12-25 05:00 PM | 4.55 x | 7.57
x
9.39 x
3.92 x
| 4.32 x | 5.08 x |
Day 326-12-25 05:00 PM | 71.30 x | 199.77
x
238.21 x
122.87 x
| 97.61 x | 111.98 x |
Retail:97.61x
BHNI:86.64x
SHNI:118.78x
Dhara Rail Projects IPO - Issue Objectives & Utilisation of proceeds
| Objectives | Amount |
|---|---|
| Repayment and/or pre-payment, in full or part, of borrowing availed by our Company | - |
| To Meet Working Capital Requirements of our Company | - |
| General Corporate Purpose | - |
Company Contact Details
Dhara Rail Projects
Gala No. O, 196-K, Girgaum Gaiwadi, Girgaum, Mumbai, Maharashtra, 400004Registrar Contact Details
Bigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Frequently Asked Questions about Dhara Rail Projects IPO
When will Dhara Rail Projects IPO open for subscription?
The Dhara Rail Projects IPO opens on 23 Dec, 2025 and closes on 26 Dec, 2025.
What is the investors portion for Dhara Rail Projects IPO?
The investors' portion for QIB is 71.30 x, NII is 238.21 x, and Retail is 97.61 x.
How to apply for Dhara Rail Projects IPO?
You can apply for Dhara Rail Projects IPO via ASBA online through your bank account. You can also apply via UPI through stock brokers like Zerodha, Upstox, or Paytm Money.
What is the issue size of Dhara Rail Projects IPO?
The issue size of Dhara Rail Projects IPO is approx ₹39,84,000 shares(aggregating up to ₹50.2 crore) crores.
What is the price band of Dhara Rail Projects IPO?
The price band for Dhara Rail Projects IPO is ₹120 to ₹126 per equity share.
What is the lot size of Dhara Rail Projects IPO?
The minimum bid (lot size) for Dhara Rail Projects IPO is 1000 shares with an investment of approx ₹2,52,000 .
What is the allotment date of Dhara Rail Projects IPO?
The allotment date for Dhara Rail Projects IPO is 29 Dec, 2025.
What is the listing date of Dhara Rail Projects IPO?
The listing date for Dhara Rail Projects IPO is expected to be 31 Dec, 2025.
What is the GMP of Dhara Rail Projects IPO?
The latest Grey Market Premium (GMP) for Dhara Rail Projects IPO is being updated regularly on IPOROCK.
Parth D.
Founder & Lead Analyst
Parth D. is a software engineer and financial analyst who brings a quantitative edge to IPO tracking. With deep expertise in algorithmic trading and financial tool development, he builds the technology that powers IPORock's real-time data engines. He has been tracking the Indian market since 2018.