Dhara Rail Projects IPO GMP

December 30, 2025 Written By Mihir Gohel, Reviewed and Fact Checked by Harpal Parmar

Dhara Rail Projects IPO opens for subscription from December 23 to 26, 2025, with listing on NSE SME on December 31, 2025. The fresh issue of 39,84,000 equity shares raises ₹50.20 crore. Dhara Rail Projects specializes in railway track works, bridge construction, and infrastructure projects, maintaining a diversified pan-India order book of ₹144.10 crore as of September 2025. The Dhara Rail Projects IPO targets investors eyeing railway infrastructure growth under government modernization initiatives.

₹12

Latest IPO GMP

Last updated on 30 Dec 2025 19.23

₹126

IPO Offer Price

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Listing Price

Listing Date 31/12/2025

Expert Opinions

Market sentiment for Dhara Rail Projects IPO appears measured, reflecting robust 40% revenue growth to ₹48 crore alongside 120% PAT expansion to ₹6.53 crore in FY 2025, though tempered by post-issue valuation concerns. Company strengths feature a ₹144 crore pan-India order book, established ties with Indian Railways via tenders and OEM collaborations, and proven execution in track works and bridge projects. Risks encompass execution delays in government contracts, elevated debt/equity of 1.66, regulatory shifts in rail budgets, and project cyclicality.

Valuation analysis for Dhara Rail Projects IPO and year 2025 displays a Return on Equity (ROE) of 67.85%, ROCE of 25.59%, and Net Asset Value (NAV) of ₹11.61. Long-term investment perspective favors patient capital benefiting from ₹2.5 lakh crore railway capex pipeline, modernization drives, and order book conversion, outweighing short-term listing uncertainties.

Investor Considerations

Dhara Rail Projects IPO investors should assess the company’s impressive fundamentals, with 40% revenue growth to ₹48 crore and 120% PAT increase to ₹6.53 crore in FY 2025, bolstered by a ₹144 crore order book across 60 projects. Railway infrastructure sector outlook stays robust, backed by ₹2.5 lakh crore government capex for modernization and electrification.

Valuation analysis for Dhara Rail Projects IPO in 2025 reveals a Price to Book Value of 10.85, PAT Margin of 14.67%, and Debt/Equity ratio of 1.66, signaling strong returns amid moderate leverage. Growth prospects hinge on debt reduction, working capital infusion, and new tender executions. Risks feature government contract delays, labor shortages, and supplier dependencies. Long-term goals suit infrastructure exposure with order visibility, while short-term strategies warrant vigilance on execution timelines and sector policy shifts.