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Dhara Rail Projects IPO
The Dhara Rail Projects IPO is a book-building offering with a total value of ₹50.20 crore, consisting of fresh issue of 40 crore shares. The subscription period for the IPO starts on December 23, 2025, and ends on December 26, 2025. The IPO was listed on the BSE SME with an estimated listing date of December 30, 2025. The price band for the shares was set between ₹120.00 and ₹126.00 per share. An individual investor needs a minimum investment of ₹2,52,000.00, which is equivalent to 2,000 shares.
Company Background
Dhara Rail Projects Ltd was established in 2010. Its main office is located in Ahmedabad, Gujarat. The company is a leading player in the railway infrastructure sector, specializing in the design, fabrication, and supply of railway components such as signaling systems, track equipment, and related accessories. Additionally, Dhara Rail Projects provides engineering, procurement, and construction (EPC) services for railway projects, catering to both government and private sector clients. The company serves customers across India through its network of distributors and project partners, helping it maintain a strong presence in the railway infrastructure segment.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Dhara Rail Projects IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Dhara Rail Projects IPO Details
| Detail | Description |
|---|---|
| IPO Date | 23 to 26 Dec, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price Band | ₹120 to ₹126 |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 39,84,000 shares (agg. up to ₹50.20 Cr) |
| Reserved for Market Maker | 2,04,000 shares (agg. up to ₹2.57 Cr) Hem Finlease Pvt.Ltd. |
| Net Offered to Public | 37,80,000 shares (agg. up to ₹47.63 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,11,00,000 shares |
| Share Holding Post Issue | 1,50,84,000 shares |
Dhara Rail Projects IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Tue, Dec 23, 2025 |
| IPO Close Date | Fri, Dec 26, 2025 |
| Tentative Allotment | Mon, Dec 29, 2025 |
| Initiation of Refunds | Tue, Dec 30, 2025 |
| Credit of Shares to Demat | Tue, Dec 30, 2025 |
| Tentative Listing Date | Wed, Dec 31, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Fri, Dec 26, 2025 |
Dhara Rail Projects IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,000 | ₹2,52,000 |
| Individual investors (Retail) (Max) | 2 | 2,000 | ₹2,52,000 |
| S-HNI (Min) | 3 | 3,000 | ₹3,78,000 |
| S-HNI (Max) | 7 | 7,000 | ₹8,82,000 |
| B-HNI (Min) | 8 | 8,000 | ₹10,08,000 |
Dhara Rail Projects IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | - |
| Promoter Holding Post Issue | - |
Competitive Strength:
- • Dhara Rail Projects offers a diverse range of railway infrastructure products and services, including signaling systems, track equipment, and EPC solutions for railway projects, serving both government and private clients across India.
- • The company has a strong in-house engineering and fabrication team, which helps maintain high product quality and enables it to innovate and deliver customized solutions for complex railway projects.
- • Dhara Rail Projects has shown consistent financial performance, with steady revenue growth and profitability, supported by its wide project network and reputation in the railway sector.
- • The leadership team has extensive experience in railway engineering and project management, contributing to the company’s strategic growth and successful execution of major infrastructure projects
Dhara Rail Projects IPO Financial Information
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2025 | 61.73 | 28.83 | 7.06 | 19.95 | - | 21.29 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2025 | 46.24 | 48.00 | 6.53 | 12.89 | - | 21.33 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 47.29 | 34.23 | 2.97 | 6.36 | - | 28.17 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 33.98 | 27.39 | 1.06 | 3.39 | - | 22.74 | ||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| 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 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 5.88 | 9.37 |
| P/E (x) | 21.43 | 13.45 |
Conclusion
Dhara Rail Projects is an excellent choice for investors in the railway infrastructure sector. With steady growth, good profits, and a reputation for quality solutions, the company plans to expand further with the IPO, making it a smart investment for assured future returns.
RHP:
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