Dhara Rail Projects Ltd IPO
Issue Price
₹126
GMP
+₹14
Est. Listing
₹140 (+11%)
Lot Size
1,000
Face Value
₹10
Issue Size
3,984,000 shares (agg. up to ₹50 Cr)
Subscription
—
IPO Timeline
Open Date23-Dec-25
Close Date26-Dec-25
Allotment29-Dec-25
Refund Initiation30-Dec-25
Demat Credit30-Dec-25
UPI Mandate Deadline26-Dec-25
Listing Date31-Dec-25
Category-wise Subscription
| Category | Sub (x) | Offered | Bid For | Amt (Cr)* |
|---|---|---|---|---|
| QIB | — | 1,889,000 (47%) | — | ₹2,380 Cr |
| NII (HNI) | — | 567,000 (14%) | — | ₹714 Cr |
| Retail | — | 1,324,000 (33%) | — | ₹1,668 Cr |
| Market Maker | — | 204,000 (5%) | — | ₹26 Cr |
| Σ Total | — | 3,984,000 (100%) | — | ₹50,198 Cr |
Only available investor categories are shown. Amount is auto-calculated when shares offered and issue price are available.
Issue Details
Issue Price / Price Band₹126
Face Value₹10
Lot Size1,000 shares
Issue Size3,984,000 shares (agg. up to ₹50 Cr)
Issue TypeBookbuilding IPO
Listing ExchangeNSE SME
Sale TypeFresh Capital
Script Code—
Net Offer to Public3,780,000 shares (agg. up to ₹48 Cr)
Amount In₹ Crore
Stock Price History · NSE
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Yahoo Finance · Live
Minimum Investment (Lot-wise)
| Category | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 1,000 | ₹126,000 |
| Retail (Max) | 13 | 13,000 | ₹1,638,000 |
| S-HNI (Min) | 14 | 14,000 | ₹1,764,000 |
| B-HNI (Min) | 67 | 67,000 | ₹8,442,000 |
Retail2 lot(s)2,000 shares₹252,000
S-HNI3 lot(s)3,000 shares₹378,000
Financial Statements Amount in ₹ Crore
| Metric | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Revenue | 29 | 48 | 34 |
| EBITDA | 10 | 5 | 1 |
| Profit After Tax | 7 | 7 | 3 |
| Net Worth | 20 | 13 | 6 |
| Total Assets | 62 | 46 | 47 |
| Reserves & Surplus | 9 | 13 | 6 |
| Total Borrowing | 21 | 21 | 28 |
Valuation & Key Ratios
ROE68%
ROCE26%
RONW51%
PAT Margin15%
EBITDA Margin12%
Debt/Equity2
P/BV11
Pre EPS₹6
Post EPS₹9
Pre P/E21
Post P/E13
Grey Market Premium (GMP)
+₹14
Current GMP
₹140
Est. Listing Price
+11%
Expected Gain
GMP is an unofficial grey market indicator and does not guarantee actual listing price. Invest at your own risk.
Objects of the Issue
- Repayment and/or pre-payment, in full or part, of borrowing availed by our Company – 7.00
- To Meet Working Capital Requirements of our Company – 30.50
- General Corporate Purpose –
Company Overview
Incorporated in 2010, 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.
Key services:
- 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.
- 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.
Competitive Strengths:
- Diversified order book of projects across India: Rs 14,409.81 lakhs as on Sep 29, 2025.
- Revenue from multiple geographies
- Assured quality services
- Experienced senior management
Company Information
AddressGala No. O, 196-K, Girgaum Gaiwadi, Girgaum, Mumbai, Maharashtra, 400004
Phone+91-22-23865040
Emailcs@drppl.com
Websitehttps://drppl.com/