Dhara Rail Projects IPO
Dhara Rail Projects Ltd. is launching a Book-Built SME IPO of Rs. 50.20 crore, entirely a fresh issue of 39,84,000 equity shares.
The IPO opens on December 23, 2025 and closes on December 26, 2025.
The allotment is expected on December 29, 2025, and the tentative listing on December 31, 2025, on NSE SME.
The price band is Rs. 120 to Rs. 126 per share.
The lot size is 1,000 shares.
As the minimum retail application requires 2 lots (2,000 shares), minimum retail investment is Rs. 2,52,000 at upper price.
Lead Manager: Hem Securities Ltd.
Registrar: Bigshare Services Pvt. Ltd.
🕗 Last Update: 18 December 2025, 6.00 AM
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IPO Details
| Particulars | Details |
|---|---|
| IPO Dates | Dec 23, 2025 – Dec 26, 2025 |
| Listing | NSE SME |
| Face Value | Rs. 10 per share |
| Price Band | Rs. 120 to Rs. 126 |
| Lot Size | 1,000 shares |
| Issue Size | 39,84,000 shares (Rs. 50.20 Cr) |
| Fresh Issue | Entirely Fresh |
| Market Maker Portion | 2,04,000 shares (Rs. 2.57 Cr) |
| Net Offer to Public | 37,80,000 shares (Rs. 47.63 Cr) |
| Pre-Issue Shares | 1,11,00,000 |
| Post-Issue Shares | 1,50,84,000 |
| Market Cap (Pre-IPO) | Rs. 190.06 Cr |
IPO Timeline (Tentative)
| Event | Date |
|---|---|
| IPO Open | Tue, Dec 23, 2025 |
| IPO Close | Fri, Dec 26, 2025 |
| Allotment | Mon, Dec 29, 2025 |
| Refunds | Tue, Dec 30, 2025 |
| Shares in Demat | Tue, Dec 30, 2025 |
| Listing Date | Wed, Dec 31, 2025 |
| UPI Cut-off | 5 PM, Dec 26, 2025 |
Reservation Structure
| Investor Category | Shares |
|---|---|
| Market Maker | 2,04,000 |
| QIB | Not more than 50% of Net Issue |
| NII (HNI) | Not less than 15% of Net Issue |
| Retail | Not less than 35% of Net Issue |
IPO Lot Size
| Category | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min–Max) | 2 | 2,000 | 2,52,000 |
| S-HNI (Min) | 3 | 3,000 | 3,78,000 |
| S-HNI (Max) | 7 | 7,000 | 8,82,000 |
| B-HNI (Min) | 8 | 8,000 | 10,08,000 |
Company Financials (Rs. in Crore)
| Period | FY25 | FY24 | FY23 |
|---|---|---|---|
| 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 |
| Borrowings | 21.33 | 28.17 | 22.74 |
Growth Snapshot
Revenue increased by 40% and PAT rose by 120% in FY25 compared to FY24.
Key Performance Indicators (As of FY25)
| KPI | Value |
|---|---|
| ROE | 67.85% |
| ROCE | 25.59% |
| RoNW | 50.66% |
| PAT Margin | 14.67% |
| EBITDA Margin | 11.88% |
| Debt / Equity | 1.66 |
| P/BV | 10.85 |
| EPS (Pre / Post) | Rs. 5.88 / Rs. 4.33 |
| P/E (Pre / Post) | 21.43x / 29.12x |
About the Company
Incorporated in 2010, Dhara Rail Projects Ltd. is an ISO 9001:2015 certified company engaged in providing annual maintenance contracts and repair services for railway rolling stock systems. The company offers comprehensive solutions for train lighting systems, overhead equipment maintenance vehicles, power car equipment and HVAC systems across various categories of trains, including Vande Bharat.
The company also undertakes Supply, Installation, Testing and Commissioning (SITC) of electrical equipment for rolling stock and provides outsourced services for coach operations and troubleshooting. Dhara Rail Projects primarily works with the Ministry of Railways, Government of India, either directly through tenders or in collaboration with OEMs.
Competitive Strengths
Diversified order book across India
Revenue from multiple geographies
Assured quality and certified services
Experienced senior management team
Promoters
Tejas Lalit Mehta, Jagruti Tejas Mehta and Dhara Tejas Mehta
Company Contact
Dhara Rail Projects Ltd.
Lead Manager
Hem Securities Ltd.
Registrar
Bigshare Services Pvt. Ltd.
📞 +91-22-6263 8200
✉️ ipo@bigshareonline.com
🌐 https://www.bigshareonline.com
Chanakya IPO Review (Short)
Dhara Rail Projects has demonstrated steady execution with FY25 revenue growth of 40% and strong PAT growth of 120%, backed by a diversified rail-focused order book and long-standing association with Indian Railways. While return ratios are strong, relatively higher leverage and valuation post-issue remain key monitorables.
Chanakya View: Suitable for investors with medium risk appetite. Listing performance will depend on subscription momentum and overall SME market sentiment.
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
