Dhara Rail Projects IPO
IPO Listing Details
- Listing Date
31 Dec 2025
- Listing Price
₹ 150.00
- Listing Change
19.05%
- Last Traded Price
₹ 125.20
Dhara Rail Projects IPO Details
-
Open Date
23 Dec 2025
-
Close Date
26 Dec 2025
-
Listing Date
31 Dec 2025
- IPO Price Range
₹ 120 to ₹126
- IPO Size
₹ 50.20 Cr
- Listing Exchange
NSE SME
Dhara Rail Projects IPO Timeline
Dhara Rail Projects IPO Subscription Status
| Date | QIB | NII | Retail | TOTAL |
|---|---|---|---|---|
| 23-Dec-2025 | 4.55 | 2.35 | 1.47 | 2.54 |
| 24-Dec-2025 | 4.55 | 7.21 | 4.33 | 5.01 |
| 26-Dec-2025 | 71.30 | 199.41 | 97.61 | 111.90 |
Last Updated: 26 December 2025 6:14 PM by 5paisa
Dhara Rail Projects Limited (DRPPL), established in 2010, is an ISO 9001:2015 certified Indian company specializing in executing contractual railway infrastructure projects and related services. The company delivers Annual Maintenance Contracts (AMC), repair, and electrical services for a wide range of railway rolling stock systems, focusing on quality, innovation, and timely execution. DRPPL’s offerings include maintenance and servicing of critical train systems, catering primarily to Indian Railways through competitive tenders and technical expertise. The firm is headquartered in Mumbai, Maharashtra.
Established in: 2010
Managing Director: Tejas Mehta
Dhara Rail Projects Objectives
1. Repayment and/or pre-payment, in full or part, of borrowing (₹7 Cr)
2. To Meet Working Capital Requirements of the company (₹30.50 Cr)
3. General Corporate Purpose
Dhara Rail Projects IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹50.20 Cr |
| Offer For Sale | - |
| Fresh Issue | ₹50.20 Cr |
Dhara Rail Projects IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | 2,40,000 |
| Retail (Max) | 2 | 2,000 | 2,52,000 |
| S-HNI (Min) | 3 | 3,000 | 3,60,000 |
| S-HNI (MAX) | 7 | 7,000 | 8,82,000 |
| B-HNI (Min) | 8 | 8,000 | 10,08,000 |
Dhara Rail Projects IPO Reservation
| Investors Category | Subscription (times) | Shares Offered* | Shares bid for | Total Amount (Cr.)* |
|---|---|---|---|---|
| QIB (Ex Anchor) | 71.30 | 7,56,000 | 5,39,06,000 | 679.22 |
| Non-Institutional Buyers | 199.41 | 5,67,000 | 11,30,64,000 | 1,424.61 |
| bNII (bids above ₹10L) | 237.67 | 3,78,000 | 8,98,41,000 | 1,132.00 |
| sNII (bids below ₹10L) | 122.87 | 1,89,000 | 2,32,23,000 | 292.61 |
| Individual Investors (IND category bidding for 2 Lots) | 97.61 | 13,24,000 | 12,92,34,000 | 1,628.35 |
| Total** | 111.90 | 26,47,000 | 29,62,04,000 | 3,732.17 |
*The "Shares Offered" and "Total Amount" are calculated using the upper limit of the issue price range.
**Shares allocated to anchor investors (or market makers) are excluded from the total number of shares offered.
| Particulars (In ₹ Crores) | FY23 | FY24 | FY25 |
| Revenue | 26.60 | 31.47 | 44.48 |
| EBITDA | 0.75 | 1.33 | 44.48 |
| PAT | 1.06 | 1.33 | 6.53 |
| Particulars (In ₹ Crores) | FY23 | FY24 | FY25 |
| Total Assets | 33.98 | 47.29 | 46.24 |
| Share Capital | 0.10 | 0.10 | 0.10 |
| Total Liabilities | 33.98 | 47.29 | 46.24 |
| Cash Flows (₹ Crores) | FY23 | FY24 | FY25 |
| Net Cash Generated From / (used in) Operating Activities | -1.57 | -2.03 | -4.97 |
| Net Cash Generated From / (used in) Investing Activities | -2.41 | -5.62 | 16.58 |
| Net Cash Generated From / (used in) Financing Activities | 6.50 | 5.34 | -7.03 |
| Net Increase (Decrease) in Cash and Cash Equivalents | 2.52 | -2.31 | 4.57 |
Strengths
1. Established expertise in railway infrastructure projects and AMCs since 2010.
2. ISO 9001:2015 certification, indicating quality management systems.
3. Niche focus on rolling stock maintenance and electrical services.
4. Growing revenue and profitability track record from operations.
Weaknesses
1. Limited diversification beyond railway sector services.
2. Smaller scale compared to large integrated infrastructure firms.
3. Dependence on tender-based contracts with payment cycles.
4. New public listing with no prior market trading history.
Opportunities
1. Expansion in maintenance contracts for modern trains (e.g., Vande Bharat).
2. Increasing infrastructure spend by Indian Railways.
3. Potential geographic expansion across regions.
4. Adoption of advanced rail technologies increasing demand for services.
Threats
1. Intense competition in railway contracting market.
2. Regulatory or budgetary changes in rail sector spending.
3. Project execution delays affecting profitability.
4. Macroeconomic slowdowns impacting infrastructure investments.
1. Operates in a growing railway infrastructure services segment, with focus on maintenance and electrical services for rolling stock.
2. ISO 9001:2015 certification reflects structured quality and process systems.
3. Established track record with contractual maintenance and AMC opportunities from Indian Railways.
4. Listing on NSE Emerge may enhance visibility and access to growth capital.
Dhara Rail Projects’ IPO sits within India’s expanding railway services market, driven by increasing infrastructure investment and maintenance demand from Indian Railways and modern train rollouts like Vande Bharat. The company’s strong order book, niche in rolling-stock maintenance, and growth in AMC contracts position it to benefit from sector expansion. Listing on the NSE Emerge platform broadens its capital base to scale operations and pursue new tenders. Continued rail network modernization and higher aftermarket service requirements could support future growth potential.
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FAQs
Dhara Rail Projects IPO opens from December 23 , 2025 to December 26, 2025.
The size of Dhara Rail Projects IPO is ₹50.20 Cr.
The price band of Dhara Rail Projects IPO is fixed at ₹120 to ₹126 per share.
To apply for Dhara Rail Projects IPO, follow the steps given below:
● Login to your 5paisa demat account and select the issue in the current IPO section
● Enter the number of lots and the price at which you wish to apply for the Dhara Rail Projects IPO.
● Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange.
You will receive a mandate notification to block funds in your UPI app.
The minimum lot size of Dhara Rail Projects IPO is of 2,000 shares and the investment required is ₹2,52,000.
The share allotment date of Dhara Rail Projects IPO is December 29, 2025
The Dhara Rail Projects IPO will likely be listed on December 31, 2025.
Hem Securities Limited is the book running lead manager for Dhara Rail Projects IPO.
Dhara Rail Projects IPO plans to utilise the raised capital from the IPO for:
1. Repayment and/or pre-payment, in full or part, of borrowing (₹7 Cr)
2. To Meet Working Capital Requirements of the company (₹30.50 Cr)
3. General Corporate Purpose