Dhara Rail Projects Limited is an ISO 9001:2015 certified company engaged in annual maintenance contracts, repairs, and services for railway rolling stock systems. The company primarily works with the Ministry of Railways, Government of India, and executes AMC, repair, SITC, and outsourced railway services across India.
Dhara Rail Projects IPO
SME IPO | NSE SME
Bookbuilding IPO
IPO Dates
23 – 26 Dec 2025
Listing Date
31 Dec 2025 (Tentative)
Price Band
₹120 – ₹126
Lot Size
1,000 Shares
Issue Size
₹50.20 Crore
Market Cap
₹190.06 Cr (Pre-IPO)
Dhara Rail Projects IPO Details
| Issue Type | Bookbuilding IPO |
|---|---|
| Face Value | ₹10 per share |
| Total Issue Size | 39,84,000 shares (₹50.20 Cr) |
| Fresh Issue | 39,84,000 shares |
| Listing At | NSE SME |
| Lead Manager | Hem Securities Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
| Market Maker | Hem Finlease Pvt. Ltd. |
IPO Timeline
| IPO Open | Tue, 23 Dec 2025 |
|---|---|
| IPO Close | Fri, 26 Dec 2025 |
| Allotment | Mon, 29 Dec 2025 |
| Refunds | Tue, 30 Dec 2025 |
| Demat Credit | Tue, 30 Dec 2025 |
| Listing | Wed, 31 Dec 2025 |
| UPI Cut-off | 5 PM on 26 Dec 2025 |
Dhara Rail Projects IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | ₹2,52,000 |
| S-HNI (Min) | 3 | 3,000 | ₹3,78,000 |
| B-HNI (Min) | 8 | 8,000 | ₹10,08,000 |
Company Financials (₹ Crore)
| Period | FY25 | FY24 |
|---|---|---|
| Total Income | 48.00 | 34.23 |
| PAT | 6.53 | 2.97 |
| EBITDA | 5.28 | 1.33 |
| Net Worth | 12.89 | 6.36 |
Key Performance Indicators
| ROE | 67.85% |
|---|---|
| ROCE | 25.59% |
| Debt / Equity | 1.66 |
| PAT Margin | 14.67% |
| EBITDA Margin | 11.88% |
| Pre IPO P/E | 21.43x |
| Post IPO P/E | 13.45x |
About Dhara Rail Projects Ltd.
Dhara Rail Projects Limited is an ISO 9001:2015 certified company engaged in annual maintenance contracts, repairs, and services for railway rolling stock systems. The company primarily works with the Ministry of Railways, Government of India, and executes AMC, repair, SITC, and outsourced railway services across India.
Objects of the Issue
- Repayment and/or pre-payment of borrowings
- Funding working capital requirements
- General corporate purposes
For complete details, refer to the RHP.