The Dhara Rail Projects IPO opening date is December 23, 2025, and the IPO will close on December 26, 2025. The Dhara Rail Projects IPO is a book-building issue. The company will raise approximately ₹50.20 crore through the IPO, which includes a fresh issue of ₹50.20 crore and an offer for sale of up to [.] equity shares with a face value of ₹10.
The price band for the Dhara Rail Projects IPO is ₹120 to ₹126 per share. The retail quota is 35%, QIB 50%, and HNI 15%. The Dhara Rail Projects IPO will be listed on the NSE on December 31, 2025. The allotment date for the Dhara Rail Projects IPO is December 29, 2025.
The company reported revenue of ₹48.00 crore in 2025, compared to ₹34.23 crore in 2024. The company reported a profit of ₹6.53 crore in 2025, compared to a profit of ₹2.97 crore in 2024. According to the financials, IPO investors should apply for the long term in IPOs.
Dhara Rail Projects IPO Details
| IPO Open Date | December 23, 2025 |
| IPO Close Date | December 26, 2025 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹120 to ₹126 Per Share |
| Issue Size | Approx ₹50.20 Crores |
| Fresh Issue | Approx ₹50.20 Crores |
| Issue Type | Book Build Issue |
| IPO Listing | NSE SME |
| DRHP Draft Prospectus |  |
| RHP Draft Prospectus | |
About Dhara Rail Projects IPO
Dhara Rail Projects provides maintenance, repair, and electrical services to the Indian Railways. To ensure train safety, the company provides annual maintenance contracts (AMC) and on-call repair services for train systems, including LED interior and emergency lights, wiring, control units, and battery backup systems.
Its services include AMC and repair of train lighting systems, including Vande Bharat, AMC and repair of OHE maintenance vehicles (tower wagons), AMC and repair of power car equipment and HVAC systems, supply, installation, testing, and commissioning of electrical equipment, and outsourced coach operation and troubleshooting services. Additionally, the company primarily works with the Ministry of Railways, Government of India. As of August 31, 2025, the company has 849 employees.
✅Strengths
- ISO 9001:2015 certified operations ensure quality standards.
- Strong presence in railway AMC & repair services, including Vande Bharat systems.
- Long-standing business with Indian Railways / Ministry of Railways.
- Diversified services: AMC, repairs, SITC, and outsourced operations.
- Experienced promoters with railway domain knowledge.
⚠️Risks
- High dependence on Indian Railways for revenues.
- Tender-based business; loss of contracts can impact growth.
- Exposure to government policies & budget allocations.
- Strict compliance requirements may affect execution.
- Working capital pressure due to delayed receivables
Dhara Rail Projects IPO Market Lot
The Dhara Rail Projects IPO minimum market lot is 2,000 shares with ₹2,52,000 application amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 2 | 2,000 | ₹2,52,000 |
| Retail Maximum | 2 | 2,000 | ₹2,52,000 |
| S-HNI Minimum | 3 | 3,000 | ₹3,78,000 |
| S-HNI Maximum | 7 | 7,000 | ₹8,82,000 |
| B-HNI Minimum | 8 | 8,000 | ₹10,08,000 |
IPO Reservation
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | 11,33,000 Shares | 28.44% |
| QIB (Ex. Anchor) | 7,56,000 Shares | 18.98% |
| NII Shares Offered | 5,67,000 Shares | 14.23% |
| Retail Shares Offered | 13,24,000 Shares | 33.23% |
Dhara Rail Projects IPO Anchor Investors
| Anchor Bidding Date | December 22, 2025 |
| Anchor Investors List | |
| Shares Offered | 11,33,000 Shares |
| Anchor Size | [.] Cr. |
| lock-in period end date 50% shares (30 Days) | January 28, 2026 |
| lock-in period end date 50% shares (90 Days) | March 29, 2026 |
Dhara Rail Projects IPO Dates
The Dhara Rail Projects IPO date is December 23 and the close date is December 26. The Dhara Rail Projects IPO allotment will be finalized on December 29 and the IPO listing on December 31.
| IPO Open Date: | December 23, 2025 |
| IPO Close Date: | December 26, 2025 |
| Basis of Allotment: | December 29, 2025 |
| Refunds: | December 30, 2025 |
| Credit to Demat Account: | December 30, 2025 |
| IPO Listing Date: | December 31, 2025 |
| IPO Bidding Cut-off Time: | December 26, 2025 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are Tejas Lalit Mehta, Jagruti Tejas Mehta and Dhara Tejas Mehta.
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 1,11,00,000 | 100% |
| Promoter Holding Post Issue | 1,50,84,000 | 72.35% |
Objects of the Issue & Utilisation of proceeds
| Purpose | Crores |
| Repayment and/or pre-payment, in full or part, of borrowing availed by our Company | ₹7.00 |
| To Meet Working Capital Requirements of our Company | ₹28.00 |
| General Corporate Purpose | ₹- |
Dhara Rail Projects IPO Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹27.39 | ₹25.92 | ₹1.06 | ₹33.98 |
| 2024 | ₹34.23 | ₹30.26 | ₹2.97 | ₹47.29 |
| 2025 | ₹48.00 | ₹39.44 | ₹6.53 | ₹46.24 |
| September 2025 | ₹28.83 | ₹19.32 | ₹7.06 | ₹61.73 |
Dhara Rail Projects IPO Valuation – FY2025
Check Dhara Rail Projects IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
| ROE: | 67.85% |
| ROCE: | 25.59% |
| EBITDA Margin: | 11.88% |
| PAT Margin: | 14.67% |
| Debt to equity ratio: | 1.66 |
| Earning Per Share (EPS): | ₹5.88 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 50.66% |
| Net Asset Value (NAV): | ₹11.61 |
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Peer Group Comparison
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IPO Lead Managers aka Merchant Bankers
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Company Address
Dhara Rail Projects Limited
208, 2nd Floor, Plot-16, The Jewel Roxy Chambers,
Mama Parmanand Marg, Opera House, Girgaon,
Mumbai-400004, Maharashtra, India
Phone: +91-22-23865040
E-mail: cs@drppl.com
Website: https://www.drppl.com/
IPO Registrar
Bigshare Services Pvt.Ltd.
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/IPO_Status.html