Dhara Rail Projects IPO Details
The key details of Dhara Rail Projects’s IPO are outlined below, covering all crucial aspects from price range to investment requirements and regulatory documents.
| IPO Size | ₹50.20 Cr |
| Price Range | ₹120 - ₹126 |
| Retail Quota | 35% |
| QIB Quota | 50% |
| NII Quota | 15% |
| Employee Discount | -- |
| Listing at | NSE |
| Minimum Quantity | 2,000 |
| Investment (cut-off price) | ₹2,52,000 |
| Pre IPO Promotor Holding | 98.33% |
| Post IPO Promotor Holding | 72.36% |
| DHRP Draft | Click Here |
| RHP Draft | Click Here |
| Anchor Investors List | Click Here |
Dhara Rail Projects IPO Timelines
The IPO process for Dhara Rail Projects includes key dates for participants to know. The timeline allows for strategic planning and participation, helping investors stay informed and engaged throughout the entire process.
23/12/2025
Start Date26/12/2025
End Date30/12/2025
Refund Initiation30/12/2025
Credit of Shares to Demat Ac31/12/2025
Listing DateDhara Rail Projects IPO Lot Size
The Dhara Rail Projects IPO has a fixed lot size of 1,000 shares, at an upper price band of ₹126 per share. For retail investors, the minimum and maximum application is 2,000 shares (2 lots) amounting to ₹2,52,000. For Small HNI (S-HNI) investors, the minimum application is 3,000 shares (3 lots) worth ₹3,78,000, while the maximum is 7,000 shares (7 lots) amounting to ₹8,82,000. Big HNI (B-HNI) investors need to apply for at least 8,000 shares (8 lots), totaling ₹10,08,000.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2000 | ₹2,52,000 |
| Retail Maximum | 2 | 2000 | ₹2,52,000 |
| S-HNI Minimum | 3 | 3000 | ₹3,78,000 |
| S-HNI Maximum | 7 | 7000 | ₹8,82,000 |
| B-HNI Minimum | 8 | 8000 | ₹10,08,000 |
Dhara Rail Projects IPO Subscription Status
The subscription status for Dhara Rail Projects IPO shows market demand across different investor categories, providing valuable insights into the offering’s performance. You can track real-time subscription data below.
| QIB | NII | Retail | EMP | Total |
|---|---|---|---|---|
| 71.30x | 199.41x | 97.61x | -- | 111.90x |
IPO Performance on Listing Day
| Opening Price | Closing Price | Day High | Day Low |
|---|---|---|---|
| ₹ | ₹ | ₹ | ₹ |
Dhara Rail Projects IPO Company Financials
Dhara Rail Projects reports robust performance in FY2025 with Total Income of ₹48.00 crores, managing expenses at ₹39.44 crores, and achieving a strong PAT (Profit After Tax) of ₹6.53 crores, demonstrating significant growth potential ahead of its public offering.
| Year | Total Income | Total Expense | PAT |
|---|---|---|---|
| FY 2023 | ₹27.39 | ₹25.92 | ₹1.06 |
| FY 2024 | ₹34.23 | ₹30.26 | ₹2.97 |
| FY 2025 | ₹48.00 | ₹39.44 | ₹6.53 |
| FY 2026 (6 M) | ₹28.83 | ₹19.32 | ₹7.06 |
About Company
Incorporated in 2010, Dhara Rail Projects Ltd is an ISO 9001:2015 certified company engaged in providing maintenance and repair services for railway rolling stock systems. Operations are focused on supporting the Ministry of Railways Government of India through direct participation in tenders and collaborations with original equipment manufacturers.
Key offerings include annual maintenance contracts and repair services for train lighting systems across all categories of trains including Vande Bharat. Services also cover maintenance of overhead equipment maintenance vehicles such as tower wagons, power car equipment and HVAC systems, supply installation testing and commissioning of electrical equipment for rolling stock, and outsourced support for coach operations and technical troubleshooting.
| Incorporation Date | Sector | Managing Director |
|---|---|---|
| 2010 | Railway | Tejas Mehta |
Know Before Investing
Dhara Rail Projects IPO Strengths
- Dhara Rail Projects focuses on track works, signalling & telecommunication (S&T), overhead electrification (OHE), and station development for Indian Railways, leveraging niche technical capabilities in a high-barrier sector.
- The company has demonstrated reliable delivery of railway projects with repeat contracts from IRCTC, DFCCIL, and state authorities, providing revenue visibility.
- Benefits from sustained multi-year investments under Amrit Bharat, Dedicated Freight Corridors, and station redevelopment, creating robust project pipeline.
- Exposure across multiple railway zones reduces regional concentration risk and provides diversified revenue streams.
- Multiple ISO, RDSO approvals, and safety credentials enhance tender competitiveness and execution credibility.
Dhara Rail Projects IPO Risks
- Revenue overwhelmingly tied to railway ministry and PSUs exposes business to tender delays, budget reallocations, and policy changes.
- Complex railway works involve coordination challenges, weather disruptions, and approvals; slippages lead to penalties and cash flow strain.
- Large upfront mobilisation, material advances, and milestone billing create significant working capital needs that can pressure liquidity.
- Faces bidding pressure from larger EPC contractors and established railway specialists, potentially eroding win rates and margins.
- Depends on skilled labour and execution partners exposes operations to shortages, wage inflation, or performance failures.
- Public infrastructure spending remains sensitive to fiscal consolidation and election cycles that could defer project awards.
Swot Analysis for Dhara Rail Projects IPO
Strengths
Railway Maintenance Specialization, Pan-India Geographic Spread, Modern Rolling Stock Capability
Weaknesses
Government Revenue Dependence, Working Capital Pressure, Supplier Concentration
Opportunities
Railway Modernisation Wave, Private Rail Infrastructure, Digital & Predictive Maintenance
Threats
Tender Competition, Execution Penalties, Labour & Skill Shortages
Company Details
Dhara Rail Projects Limited
Gala No. O, 196-K, Girgaum Gaiwadi, Girgaum, Mumbai, Maharashtra, 400004
Phone: +91-22-23865040
E-mail: cs@drppl.com
Website: https://www.drppl.com/
IPO Registar Details
Bigshare Services Pvt. Ltd.
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/IPO_Status.html
FAQs
The key objectives of Dhara Rail Projects SME IPO are:
- Repayment and/or pre-payment, in full or part, of borrowing availed by Company
- To Meet Working Capital Requirements of Company
- General Corporate Purpose
Hem Securities Ltd. is the book-running lead managers for the Dhara Rail Projects IPO.
Dhara Rail Projects IPO has growth potential driven by India’s railway capex of about ₹2.5 lakh crore annually, supporting electrification, signaling, and track upgrades. Steady government tenders, repeat railway contracts, and IPO funded execution capacity position the company for scalable growth as rail modernization accelerates.
The issue price for the Dhara Rail Projects IPO is set between ₹120 to ₹126 per share.
To invest in two lot of Dhara Rail Projects IPO, you need ₹2,40,000 at the lower price band (₹120 per share) or ₹2,52,000 at the upper price band (₹126 per share) for a lot size of 2000 shares.
Dhara Rail Projects IPO shares are scheduled to be listed on the National Stock Exchange (NSE) on December 31, 2025.
Refund/unblocking of funds for Dhara Rail Projects IPO will begin on December 30, 2025. ASBA/UPI blocks will be removed within 1 working day.
You can sell shares your Dhara Rail Projects IPO shares on listing day (December 31, 2025) after they are credited to your demat account. If you want to sell in the pre-open market, the timing for that session is from 9:00 AM to 9:15 AM. Otherwise, you can sell after 10:00 AM during regular trading hours.