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Dhara Rail Projects IPO
Price Band
₹120.0–126.0
Issue Size
₹50.2 Cr
Lot Size
1,000 shares
Min Investment
₹252,000
2 LOTS MIN
GMP
+₹16.5 (13.1%)
Issue Price
₹126.0
Subject to Sauda
₹12500
Paid only if allotted
Dhara Rail Projects IPO AI Summary
- Dhara Rail Projects IPO is listed on NSE SME in the Diversified Commercial Services sector.
- Price band: ₹120.0–₹126.0 per share, lot size 1,000 shares (min. investment ₹252,000, 2 lots minimum).
- Subscription window: 23 Dec–26 Dec 2025, listing on 31 Dec 2025.
- Current GMP is +₹16.5 (13.1%), an estimated listing price of ₹143 — unofficial and can change daily.
Dhara Rail Projects Ltd is set to offer its IPO with a price band of ₹120.0 to ₹126.0, aiming to raise ₹50.2 Cr. The company has shown growth in its financial performance, although the most recent figures are not directly comparable to previous years. Investors should consider their risk profile and the company's prospects before participating.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Dhara Rail Projects IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 26 Dec 2025 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Dhara Rail Projects IPO Grey Market Premium (GMP) Today
GMP
+₹16.5
GMP %
+13.1%
Est. Listing
₹142.5
Updated: 25 Jul 2026 14:15
About the Company
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 Financials (₹ Cr)
As of 2025-09-30
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 61.73 | 46.24 | 47.29 | 33.98 |
| Total Income | 28.83 | 48.00 | 34.23 | 27.39 |
| Profit After Tax | 7.06 | 6.53 | 2.97 | 1.06 |
| EBITDA | 9.60 | 5.28 | 1.33 | 0.75 |
| NET Worth | 19.95 | 12.89 | 6.36 | 3.39 |
| Reserves and Surplus | 8.85 | 12.79 | 6.26 | 3.29 |
| Total Borrowing | 21.29 | 21.33 | 28.17 | 22.74 |
Key Ratios
EPS
₹5.88
NAV
₹11.61
ROE
67.85%
ROCE
25.59%
RoNW
50.66%
P/B Value
10.85
P/E Ratio
21.43
Market Cap
₹190.06 Cr
PAT Margin
14.67%
Debt/Equity
1.66
Promoters
Tejas Lalit Mehta, Jagruti Tejas Mehta and Dhara Tejas Mehta
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Repayment and/or pre-payment, in full or part, of borrowing availed by Company 7.00 2 To Meet Working Capital Requirements of Company 30.50 3 General Corporate Purposes 6.87 4 Issue Expenses 5.83 Total 50.20
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹27.39 Cr in the year ending 31 Mar 2023, increasing to ₹34.23 Cr by 31 Mar 2024. It further rose to ₹48.00 Cr for the year ending 31 Mar 2025, but then decreased to ₹28.83 Cr by 30 Sep 2025, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit After Tax was ₹1.06 Cr in the year ending 31 Mar 2023, rising to ₹2.97 Cr by 31 Mar 2024. It continued to increase to ₹6.53 Cr for the year ending 31 Mar 2025, and further grew to ₹7.06 Cr by 30 Sep 2025, though this is a 9-month figure, not a full year, so isn't directly comparable.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an indicator of the expected listing price of an IPO on its debut day. A positive GMP suggests that the stock is likely to list at a higher price than its issue price, while a negative GMP indicates the opposite. Investors often look at GMP to gauge market sentiment towards the IPO.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy and risk tolerance, considering factors such as the company's growth prospects and market conditions.
Who May Want to Wait
Investors who are risk-averse or prefer stable, established companies may want to avoid this IPO, as it involves inherent risks associated with new market entrants and fluctuating revenue.
IPO Timeline, Explained
The IPO opens for subscription on December 23, 2025, and closes on December 26, 2025. Allotment of shares will be done by December 29, 2025, with the listing date set for December 31, 2025.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make when selling shares on the stock exchange on the first day of trading. However, these gains are not guaranteed and can be influenced by market conditions, investor sentiment, and overall demand for the stock. Investors should be aware of the risks involved in relying on listing gains as part of their investment strategy.
This evaluation is generated from Dhara Rail Projects's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Dhara Rail Projects IPO GMP today?
Dhara Rail Projects IPO GMP today is +₹16.5 (13.1%), indicating an estimated listing price of ₹143. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Dhara Rail Projects IPO?
The price band of Dhara Rail Projects IPO is ₹120.0–₹126.0 per share.
When does Dhara Rail Projects IPO open and close?
Dhara Rail Projects IPO opens on 23 December 2025 and closes on 26 December 2025.
When does Dhara Rail Projects IPO list on the stock exchange?
Dhara Rail Projects IPO listed on 31 December 2025 at ₹142.5.
What is the lot size for Dhara Rail Projects IPO?
The lot size for Dhara Rail Projects IPO is 1000 shares, requiring a minimum investment of ₹252,000 (2 lots).
What is the lot size for this IPO?
The lot size for this IPO is 1000 shares.
What is the minimum investment required?
The minimum investment required is ₹2,52,000.
What is the price band for the IPO?
The price band for the IPO is ₹120.0 to ₹126.0.
When is the listing date for the IPO?
The listing date for the IPO is December 31, 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of the IPO based on unofficial trading in the grey market.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
23 Dec 2025
Close
26 Dec 2025
Allotment
29 Dec 2025
Listing
31 Dec 2025
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