Dhara Rail Projects IPO Date, Review, Price, Allotment Details
The Dhara Rail Projects IPO will open on December 23, 2025, and close on December 26, 2025. It is a book-built issue, through which the company aims to raise approximately ₹50.20 crores, entirely via a fresh issue. The IPO also includes an offer for sale of equity shares with a face value of ₹10 each.
The IPO price band is set between ₹120 and ₹126 per share. The allocation comprises 35% for retail investors, 50% for QIBs, and 15% for HNIs. The allotment is scheduled for December 29, 2025, and the shares are expected to be listed on NSE on December 31, 2025.
Financially, the company posted a revenue of ₹48.00 crores in 2025, up from ₹34.23 crores in 2024, with profits rising to ₹6.53 crores from ₹2.97 crores. Based on these figures, the IPO appears suitable for long-term investors.
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 
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 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 will open on December 23, 2025, and close on December 26, 2025. The allotment is expected to be finalized on December 29, with the listing on NSE scheduled for December 31, 2025.
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 Dhara Rail Projects 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 the working capital requirements of our Company ₹28.00 General Corporate Purpose ₹-
About Dhara Rail Projects IPO
Dhara Rail Projects specialises in maintenance, repair, and electrical services for Indian Railways. To ensure train safety, the company provides Annual Maintenance Contracts (AMC) and on-call repair services for train systems, covering LED interior and emergency lights, wiring, control units, and battery backup systems.
Its service portfolio includes 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, as well as supply, installation, testing, and commissioning of electrical equipment. The company also offers outsourced coach operations and troubleshooting services and primarily collaborates with the Ministry of Railways, Government of India. As of August 31, 2025, the company employs 849 staff members.
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
Dhara Rail Projects IPO Valuation – FY2025
Check Dhara Rail Projects IPO valuation details like Earnings Per Share (EPS), Price/Earnings (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
Peer Group Comparison
- There are no listed companies in India
IPO Lead Managers aka Merchant Bankers
- Hem Securities Ltd.
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