Dhara Rail Projects was incorporated on April 05, 2010. The company executes contractual railway projects, including annual maintenance, repair, and SITC of electrical and HVAC systems across all rolling stock, including Vande Bharat trains and OHE maintenance vehicles. It serves the Ministry of Railways through directly awarded contracts or collaborations with OEMs
| Bidding Dates |
|---|
| 23 Dec 2025 - 26 Dec 2025 |
| Subscription |
|---|
| 103.97x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,40,000 | 2 | 2 | 1000 | 4.0 M | ₹120 - ₹126 | 73.59 % | ₹478.1 M - ₹502.0 M | RHP DOC |
Dhara Rail Projects IPO SUBSCRIPTION STATUS
26 Dec '25Dhara Rail Projects IPO overall subscription rate was 103.97 times the total available shares
Dhara Rail Projects IPO retail subscription rate was 129.51 times in the retail segment
Dhara Rail Projects IPO non-institutional investor subscription rate was 264.86 times in the non-institutional investor category
Dhara Rail Projects IPO Qualified Institutional Bidder subscription rate was 37.82 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
26 Dec 2025 (Day 3) | 129.51x | 264.86x | 37.82x |
24 Dec 2025 (Day 2) | 5.7x | 10.03x | 2.41x |
23 Dec 2025 (Day 1) | 1.92x | 3.11x | 2.41x |
Dhara Rail Projects FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| H1FY26 | 28.4 | 7.1 | 2.4 | 2.4 | 33.8% |
| FY25 | 44.5 | 6.5 | -5.0 | -5.0 | 11.9% |
| FY24 | 31.5 | 3.0 | -2.0 | -2.1 | 4.2% |
| FY23 | 26.6 | 1.1 | -1.6 | -1.6 | 2.8% |
Dhara Rail Projects IPO SUBSCRIPTION STATUS DETAILS
Dhara Rail Projects had 4.0 M shares on offer
Dhara Rail Projects IPO offer price was in the range ₹120 - ₹126
Dhara Rail Projects IPO minimum Investment was ₹240000
Dhara Rail Projects IPO issue size was ₹ 478.1 M - ₹ 502.0 M
Dhara Rail Projects had a minimum lot size of 1000 Shares per application
Dhara Rail Projects NUMBER OF SHARES ON OFFER
Dhara Rail Projects IPO IMPORTANT DATES
| Issue Open Date | 23 Dec 2025 |
| Issue close Date | 26 Dec 2025 |
| Allotment Date | 29 Dec 2025 |
| Refund Date | 30 Dec 2025 |
| Demat Account Credit Date | 30 Dec 2025 |
| Listing Date | 31 Dec 2025 |
| Listing on Exchange(s) | NSE |
| Dhara Rail Projects Allotment Status | Exchange/ Registrar |
Dhara Rail Projects IPO subscription opened on 23 Dec 2025, and closed on 26 Dec 2025
IPO allotment for Dhara Rail Projects was finalized on Monday, 29 Dec 2025
IPO listing for Dhara Rail Projects was on NSE on Wednesday, 31 Dec 2025
Dhara Rail Projects IPO LISTING GAINS
| Issue Price (adjusted) | 126.0 |
| Listing Open Price | 150.0 |
| Listing Close Price | 157.5 |
| Listing Gain% | 19.1% |
| Current Gain% | 9.5% |
Dhara Rail Projects Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dhara Rail Projects Ltd. | 138 | 208.2 | 13.5 | 0.1 | 3.6 | 21 | 15.6 | 58.3 | 21.5 | 15.4 | 136.5 | 10.2 | 136.5 |
| Tata Motors Ltd. | 453.1 | 166863.2 | 55.1 | 2 | 23.8 | 5.8 | 84979 | 43.8 | 3030 | -5.2 | 8.2 | ||
| Ashok Leyland Ltd. | 177.5 | 104260.9 | 30 | 2.6 | 1.8 | 24.4 | 3.4 | 56946.9 | 16.5 | 3471 | 11.7 | 5.9 | 11.7 |
| Escorts Kubota Ltd. | 3080 | 34458.4 | 24.9 | -0.6 | 2.8 | 19.3 | 15.2 | 12106.6 | 13.1 | 2394.1 | 89.3 | 123.6 | -41.4 |
| BEML Ltd. | 1787.8 | 14890.4 | 83.4 | -2.1 | 3.3 | 4.8 | 2 | 4380 | 8.3 | 141.4 | -51.7 | 21.4 | -40.3 |
| Action Construction Equipment Ltd. | 1094.3 | 13031.3 | 29.8 | 8.9 | 3.8 | 20.6 | 12.8 | 3390.5 | -1.1 | 415.1 | 1.4 | 36.7 | 3.3 |
Dhara Rail Projects INFORMATION ON IPO ISSUE
About Dhara Rail Projects
Dhara Rail Projects was incorporated on April 05, 2010. The company executes contractual railway projects, including annual maintenance, repair, and SITC of electrical and HVAC systems across all rolling stock, including Vande Bharat trains and OHE maintenance vehicles. It serves the Ministry of Railways through directly awarded contracts or collaborations with OEMs
Object of the Issue
- Repayment and/or pre-payment, in full or part, of borrowing availed by the company
- To meet working capital requirements of the company
- General corporate purpose
Dhara Rail Projects - PROMOTERS
| Name |
|---|
| Tejas Lalit Mehta |
| Jagruti Tejas Mehta |
| Dhara Tejas Mehta |
Dhara Rail Projects - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Tejas Lalit Mehta | Chairman & Managing Director |
| Jagruti Tejas Mehta | Whole Time Director |
| Dhara Tejas Mehta | Non-Executive Director |
| Sachin Mahendra Sheth | Independent Director |
| Charmi Monil Shah | Independent Director |
Dhara Rail Projects Book Running Lead Manager
HEM Securities Limited
ib@hemsecurities.com
Dhara Rail Projects Registrar to the issue
Bigshare Services Private Limited
ipo@bigshareonline.com
Dhara Rail Projects Strengths
Quality standards
The company, ISO 9001:2015 certified, provides supply, installation, testing, commissioning, and maintenance services for railway rolling stock and related equipment. Its focus on quality enables competitive, reliable services, resulting in repeat orders and sustained business growth
Diversified order book
The company has 59 ongoing railway projects worth Rs 144.09 crore as of September 29, 2025, providing various services like AC coach operations, power car maintenance, and battery and lighting upkeep. The size and duration of these projects serve as an indicator of anticipated future revenue
Revenue from multiple geographies
The company has built long-term, trust-based relationships with Indian Railways through directly awarded contracts and pre-bid arrangements with OEMs. This track record of reliable service enables repeat business, referrals, and opportunities for future orders across India
Dhara Rail Projects Risks
Labour intensive
The company relies on skilled manpower to deliver contractual railway projects and related services, and continued access to competent personnel is critical for performance. Challenges in redeploying or retraining employees to meet evolving standards and client requirements may impact operations
Security deposit
The company is required to provide security deposits and performance guarantees for its contracts, and any failure to secure them may impact cash flows and financial stability. Challenges in arranging sufficient collateral for these guarantees could limit the company’s ability to enter new contracts or procure necessary supplies
Working capital intensive
The company’s business is working capital intensive, with inventories and trade receivables forming a major part of current assets. Failure to manage them effectively could lead to stock shortages or excess inventory, adversely affecting sales, profitability, and cash flow
Competition
The company operates in a competitive and fragmented industry, where factors like price, quality, timely delivery, and vendor approvals are critical. Failure to compete effectively against established players or new entrants could adversely impact its market position, financial condition, and results of operations
IPO FAQs
The promoters of the company are Tejas Lalit Mehta, Jagruti Tejas Mehta and Dhara Tejas Mehta.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 120.0 - 126.0.
The IPO application opens on Dec 23, 2025 and closes on Dec 26, 2025.
The minimum lot size for the IPO is 2000. The maximum lot size for the IPO is 2000.
For all category investors, the minimum application amount for this IPO is Rs. 240,000.0, the maximum value for this IPO is Rs 252,000.0.
This IPO will be allotted on Dec 29, 2025.
The refund will be credited to your account on Dec 30, 2025.
The allotted shares will be credited to your demat on Dec 30, 2025.
Dhara Rail Projects Ltd.’s shares listed on the stock exchanges on Dec 31, 2025.