Dhara Rail Projects IPO: GMP, Price, Analysis, And Details

Dhara Rail Projects IPO- Company Analysis 

Dhara Rail Projects IPO under the SME IPO category is a bookbuild issue of Rs. 50.20 Cr by Dhara Rail Projects Limited and is an ISO 9001:2015 certified business that offers a range of services, including yearly maintenance contracts and railway rolling stock system repair.

Important services:

• AMC and train lighting system repairs for all trains, including Vande Bharat.

• AMC and maintenance vehicle (Tower Wagon) fixes for Overhead Equipment (OHE).

• AMC and train HVAC system and Power Car equipment maintenance.

• Electrical equipment for all kinds of rolling stock is supplied, installed, tested, and commissioned (SITC).

• Coach operations and troubleshooting services are outsourced.

Dhara Rail Projects IPO Details

The Dhara Rail Projects IPO date of opening is 23 Dec 2025, its initial public offering will end on 26 Dec, IPO allotment on Dec 29 and refund initiation on Dec 30, 2025.

The Rs. 50.20 crore new SME IPO comprises a wholly fresh issue of 0.40 crore shares.

The Dhara Rail Projects IPO listing date (expected) might be on Wednesday, Dec 31, 2025, and listing at the NSE and SME. 

The Dhara Rail Projects IPO price band is Rs. 120 to Rs. 126.

 

IPO Timetable (Tentative)

Events	Date
IPO Opening Date	Dec 23, 2025
IPO Closing Date	Dec 26, 2025
IPO Allotment Date	Dec 29, 2025
Refund Initiation	Dec 30, 2025
IPO Listing Date	Dec 31, 2025

 

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Company Financials 

(Amount in Cr)

Particulars	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	46.24	47.29	33.98
Total Income	48.00	34.23	27.39
PAT	6.53	2.97	1.06
EBITDA	5.28	1.33	0.75
Net Worth	12.89	6.36	3.39
Reserves & Surplus	12.79	6.26	3.29
Total Borrowing	21.33	28.17	22.74

 

Cash Flows

(Amount in lac)

Net Cash Flow	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	-497.11	-203.32	-156.82
Net Cash Flow Investing Activities	1,657.56	561.99	-241.08
Net Cash Flow Financing Activities	-703.36	534.20	649.52

 

Revenue Bifurcation

(Rs. in Lac)

(Source: RHP)

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Repayment and/or pre-payment, in full or part, of borrowing availed by the Company. ~ Rs. 7 Cr.
• To meet the working capital requirements of the company. ~ Rs. 30.50 Cr.
• General Corporate Purposes.
  
  

Listed Peers of Dhara Rail Projects Ltd. 

No listed peer of a similar size is engaged in the same lines of business as mentioned in the RHP.

Valuation

KPI	Value
ROE	67.85%
ROCE	25.59%
Debt / Equity	1.66
RoNW	50.66%
PAT Margin	14.67%
EBITDA Margin	11.88%
PB Value	10.85

 

Evaluation of P/E Ratio

Considering the period ended on FY 2025 with an EPS of Rs. 5.88 from the last year, the resulting P/E ratio is 21.42x.

Explore the Luxury Time IPO.

IPO's Strengths 

• As of September 29, 2025, a diverse order book of projects throughout India totaled Rs 14,409.81 lac.

• Income from several regions.

• Guaranteed high-quality services.

• Senior management with experience.

 

 

IPO’s Weaknesses 

• The Indian government's Ministry of Railways is crucial to industry and income. Its contracts could be foreclosed if the Ministry of Railways makes any unfavorable policy changes.
• It is providing Indian Railways with its products and services in a number of zones. Any unfavorable events affecting its business in these areas could have a detrimental effect on the earnings.
• A restricted number of vendors.
  
  

Dhara Rail Projects IPO GMP (Grey Market Premium)

Dhara Rail Projects IPO GMP today is Rs. 0 as of 20 Dec 2025 while writing this information. With a price band set at Rs. 126. This suggests that the estimated listing price of the IPO could be around Rs. 126, indicating a gain/loss of 0%.

Dhara Rail Projects IPO Summary

IPO Opening & Closing Date	23 Dec, 2025 to 26 Dec, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 120 to Rs. 126 per Share.
Lot Size	1000 Shares
Issue Size	39,84,000 Shares (Rs. 50.20 Cr)
Offer for Sale	-
Fresh Issue	39,84,000 Shares (Rs. 50.20 Cr)
Listing at	NSE, SME
Issue Type	Bookbuild issue IPO
Registrar	Bigshare Services Pvt. Ltd.

IPO Lot Details 

Retail investors can invest in a minimum of 2 Lots (2000 Shares) for Rs. 2,52,000, and in multiples thereof, while HNI investors can invest in a minimum of 3 Lots (3000 Shares) for Rs. 3,78,000.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
HNI (Min)	3 Lots

Dhara Rail Projects IPO Allotment Status

To check the Dhara Rail Projects IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of Dhara Rail Projects Ltd.

• Tejas Lalit Mehta
• Jagruti Tejas Mehta
• Dhara Tejas Mehta.

Pre-Issue Promoter Shareholding	98.33%
Post-Issue Promoter Shareholding	72.36%

 

IPO Lead Managers

• Hem Securities Ltd.
  
  

Dividend Policy

The company has not paid a dividend during the last three financial years.

 

Conclusion

Dhara Rail Projects IPO offers exposure to India’s expanding railway services and maintenance segment, backed by a strong order book and high return ratios like ROE and RoNW. The company benefits from diversified railway contracts across multiple regions and consistent demand from Indian Railways. However, investors should consider dependence on government policies, limited vendor base and sector-specific risks before investing.

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.