Dhara Rail Projects Limited is an ISO 9001:2015 certified railway service company engaged in providing operation, maintenance, repair, and electrical services for railway rolling stock systems across India.
The company undertakes Annual Maintenance Contracts (AMCs) and repair works for critical railway infrastructure, including train lighting systems (covering conventional trains and Vande Bharat trains), Overhead Equipment (OHE) maintenance, and vehicles such as tower wagons, power car equipment, and HVAC systems installed in coaches. It also executes the Supply, Installation, Testing, and Commissioning (SITC) of electrical equipment for various types of rolling stock and provides outsourced services for coach operations, as well as on-site troubleshooting.
The company primarily services the Ministry of Railways, Government of India, securing projects through tender-based contracts and collaborations with original equipment manufacturers (OEMs).
Dhara Rail Projects IPO – Details
| IPO Opening Date | 23 December 2025 |
| IPO Closing Date | 26 December 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 39,84,000 Shares Worth ₹50.20 Crore Fresh Issue: 39,84,000 Shares Worth ₹50.20 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹120 – ₹126 per share |
| Market Lot | 1000 Shares |
| Min Order | 1000 Shares [ 1 Lot ] |
| Listing At | NSE SME |
| Registrar | Bigshare Services Pvt.Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Dhara Rail Projects IPO – Date Schedule
| IPO Open Date | 23 December 2025 |
| IPO Close Date | 26 December 2025 |
| Basis of Allotment | 29 December 2025 |
| Initiation of Refund | 30 December 2025 |
| Credit of Shares to Demat | 30 December 2025 |
| IPO Listing Date | 31 December 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on December 26, 2025 |
Dhara Rail Projects IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | ₹2,52,000 |
| 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 |
Competitive Strength
- Diversified order book of projects across India: Rs 144.10 Crore as on Sep 29, 2025.
- Revenue from multiple geographies.
- Assured quality services.
- Experienced senior management.
Company Promoters
- Tejas Lalit Mehta
- Jagruti Tejas Mehta
- Dhara Tejas Mehta
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2023 | ₹27.39 Cr | ₹25.92 Cr | ₹1.06 Cr | ₹22.74 Cr |
| 31 March 2024 | ₹34.23 Cr | ₹30.26 Cr | ₹2.97 Cr | ₹28.17 Cr |
| 31 March 2025 | ₹48.00 Cr | ₹39.44 Cr | ₹6.53 Cr | ₹21.33 Cr |
| 30 September 2025 | ₹28.83 Cr | ₹19.32 Cr | ₹7.06 Cr | ₹21.29 Cr |
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 (₹) | 5.88 | 9.37 |
| P/E (x) | 21.43 | 13.45 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Repayment and/or pre-payment, in full or part, of borrowing availed by its Company. | ₹7.00 |
| To Meet the Working Capital Requirements of its Company. | ₹30.50 |
| General Corporate Purpose. | – |
✅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 Promoter Holding
| Pre-Issue Share Holding | 98.33% |
| Post Issue Share Holding | 72.36% |
Dhara Rail Projects IPO Prospectus
Company Contact Information
| Dhara Rail Projects Ltd. Gala No. O, 196-K, Girgaum Gaiwadi, Girgaum, Mumbai, Maharashtra, 400004 Phone: +91-22-23865040 Email: cs@drppl.com Website: https://drppl.com/ |
Dhara Rail Projects IPO Registrar
| Bigshare Services Pvt.Ltd. Phone: +91-22-6263 8200 Email: ipo@bigshareonline.com Website: https://ipo.bigshareonline.com/IPO_Status.html |
Dhara Rail Projects IPO Lead Manager(s)
| 1. Hem Securities Ltd. |
Dhara Rail Projects IPO FAQ
| What is Dhara Rail Projects IPO? Dhara Rail Projects IPO is an SME IPO. The issue is priced at ₹120 – ₹126 per equity share. The IPO is to be listed on NSE SME. |
| When will Dhara Rail Projects IPO open? The IPO is to open on 23 December 2025 for QIB, NII, and Retail Investors. |
| What is Dhara Rail Projects IPO Investors’ Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Dhara Rail Projects IPO Size? Dhara Rail Projects IPO size is ₹50.20 Crore. |
| What are the Dhara Rail Projects IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 2000 Shares for ₹2,52,000, while the maximum bid is 2000 Shares for ₹2,52,000. |
| What is the Dhara Rail Projects IPO Allotment Date? Dhara Rail Projects IPO allotment date is 29 December 2025. |
| What is the Dhara Rail Projects IPO Listing Date? Dhara Rail Projects IPO listing date is 31 December 2025. The IPO is to be listed on the NSE SME. |
