Dhara Rail Projects
December 23, 2025 – December 26, 2025
| Price | ₹120 - ₹126 |
| GMP Rumors * | ₹0 |
|---|---|
| Lot size | 1000 |
| Issue size | ₹50.20 cr |
| Allotment | Dec 29, 2025 |
| Listing | Dec 31, 2025 |
Dhara Rail Projects Lot(s) Distribution
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| INDIVIDUAL | 2 | 2000 | 252000 | 0 |
| sHNI | 3 | 3000 | 378000 | 0 |
| bHNI | 8 | 8000 | 1008000 | 0 |
Dhara Rail Projects Reservation
| Category | Shares Offered | % |
|---|---|---|
| Total | 0 | 100% |
Dhara Rail Projects About
IPO Details
| Total Issue Size | 39,84,000 shares (agg. up to 50.20 Cr) |
| Fresh Issue Size | 39,84,000 shares (agg. up to 50.20 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 |
| Reserved for Market Maker | 2,04,000 shares (agg. up to 2.57Cr) |
IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII Shares Offered | Not less than 15% of the Net Issue |
Key Performance Indicators
Details will be added soon.Financial Details In Crores
| Period Ended | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| Assets | 46.24 | 47.29 | 33.98 |
| Total Income | 48 | 34.23 | 27.39 |
| Profit After Tax | 6.53 | 2.97 | 1.06 |
| EBITDA | 5.28 | 1.33 | 0.75 |
| NET Worth | 12.89 | 6.36 | 3.39 |
| Reserves and Surplus | 12.79 | 6.26 | 3.29 |
| Total Borrowing | 21.33 | 28.17 | 22.74 |
Company Overview
Incorporated in 2010, Dhara Rail Projects Ltd is an ISO 9001:2015 certified company providing maintenance, repair, and electrical services for railway rolling stock systems in India.
Core services include AMC and repair of train lighting systems (including Vande Bharat), OHE maintenance vehicles (Tower Wagons), power car equipment, and HVAC systems in trains.
Also undertakes Supply, Installation, Testing & Commissioning (SITC) of electrical equipment for all types of rolling stock and provides outsourced coach operation and troubleshooting services.
Operates primarily with the Ministry of Railways, Government of India, through direct tenders and collaborations with OEMs.
Has a diversified pan-India order book of approximately ₹14,409.81 lakh as of September 29, 2025.
IPO proceeds will be utilised for debt repayment (₹7.00 cr), working capital requirements (₹28.00 cr), and general corporate purposes.
Strength
Strong and diversified order book – Large confirmed orders across multiple locations ensure revenue visibility.
Pan-India presence – Revenue from multiple geographies reduces dependence on a single region.
Assured quality and compliance – ISO certification and railway-approved services enhance credibility and repeat contracts.
Weakness
High dependence on Ministry of Railways – Any adverse policy or tender changes may impact contracts and revenues.
Labour-intensive operations – Strikes, labour shortages, or wage increases can disrupt execution and margins.
Supplier concentration risk – Dependence on limited suppliers in specific regions may affect timely service delivery.
Dhara Rail Projects Lead Manager(s)
Dhara Rail Projects Address
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 Registrar
Dhara Rail Projects Reviewers
| Reviewer | Recommendation | File |
|---|