How to Check Dhara Rail Projects IPO Allotment Status

Dhara Rail Projects Ltd is an ISO 9001:2015 certified company, providing various services like annual maintenance contracts, and repair services for railway rolling stock systems. The company was incorporated in 2010.

Key services include AMC and repairs of train lighting systems across all types of trains, including Vande Bharat; AMC and repairs for Overhead Equipment (OHE) maintenance vehicles (Tower Wagons); AMC and repairs of Power Car equipment and HVAC systems in trains; Supply, Installation, Testing, and Commissioning (SITC) of electrical equipment for all types of rolling stock; and outsourced services for coach operations and troubleshooting.

The company mainly works with the Ministry of Railways, Government of India, by participating in tenders or collaborating with OEMs. As of September 30, 2025, Dhara Rail Projects had total assets of ₹61.73 crore. The company has a diversified order book of projects across India worth ₹144.10 crore as on September 29, 2025.

The Dhara Rail Projects IPO came with a total issue size of ₹50.20 crore, comprising entirely a fresh issue of ₹50.20 crore. The IPO opened on December 23, 2025, and closed on December 26, 2025. The allotment is expected on Monday, December 29, 2025. The share price band was set at ₹120 to ₹126 per share.

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Steps to Check Dhara Rail Projects IPO Allotment Status on Registrar Site

• Visit the Bigshare Services Pvt. Ltd. 
• Select "Dhara Rail Projects" from the dropdown menu on the allotment status page
• Enter your PAN ID, Demat Account Number, or Application Number in the designated field
• Complete the captcha verification process and click on the "Submit" button to view your allotment status

Steps to Check Dhara Rail Projects IPO Allotment Status on BSE

• Navigate to the NSE IPO Allotment Status Page
• Select the issue type: equity/debt
• Choose "Dhara Rail Projects" from the list of active IPOs in the dropdown menu
• Input your Application Number and PAN ID in the required fields
• Verify the captcha and click "Search" to check your allotment status

Dhara Rail Projects IPO Subscription Status

Dhara Rail Projects IPO received exceptional investor interest, being subscribed 111.89 times overall. Here is the category-wise breakdown as of 4:59:59 PM on December 26, 2025:

• QIB Category (Ex Anchor): 71.30 times
• Non-Institutional Investors (NII): 199.40 times
• Retail Investors: 97.60 times

Dhara Rail Projects IPO Share Price and Investment Details

The minimum investment required was ₹2,52,000 for 2 lots (2,000 shares). The issue raised ₹14.28 crore from anchor investors. Given the overall subscription of 111.89 times, with strong institutional participation at 71.30 times, extremely strong NII participation at 199.40 times, and very strong retail subscription at 97.60 times, the IPO is expected to list with a substantial premium.

Utilisation of IPO Proceeds

The proceeds will be utilised for repayment or pre-payment, in full or in part, of borrowings availed by the Company amounting to ₹7.00 crore, meeting working capital requirements amounting to ₹30.50 crore, and for general corporate purposes.

Business Overview

Dhara Rail Projects Limited is engaged in executing a wide range of contractual railway projects and related services. The company also undertakes annual maintenance contracts, repairs, and services for rolling stock and has reported steady growth in revenue and profitability during the reported periods.

The company reported strong financial performance with a 40% increase in revenue and a 120% rise in profit after tax between FY24 and FY25. It reported an ROE of 67.85% and maintained a debt-to-equity ratio of 1.66.

The company benefits from a diversified order book with projects spread across multiple regions in India, revenue diversification across geographies, a focus on assured quality service delivery, and an experienced senior management team. However, investors should note the post-issue P/E ratio of 13.45 and Price to Book Value of 10.85.