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Dhara Rail Projects Ltd IPO

Incorporated in 2010, we are an ISO 9001:2015 certified company, engaged in the business of executing various types of contractual railway projects and related services which includes Annual Maintenance Contracts (AMC) and repair services for a wide range of railway rolling stock systems. Our services include annual maintenance and repair of train lighting equipment across all rolling stock categories, including the latest Vande Bharat trains, along with annual maintenance and repair for Overhead Equipment (OHE) maintenance vehicles (Tower Wagons), Power Car equipment and HVAC systems. In addition to maintenance services, we undertake the Supply, Installation, Testing, and Commissioning (SITC) of various electrical equipment across all types of rolling stock. We provide services to the Ministry of Railways, Government of India, either through directly awarded contracts secured via competitive tendering or through pre-bid arrangements with various OEM's.

Dhara Rail Projects Ltd IPO Details

Total Shares Offered

₹ 39,84,000

Offer to Public

TBA

Retail Max (Shares)

TBA

Pre Issue Promoters Holding

₹ 1,09,14,400

Exchange

NSE

Issue size

₹ 50.2 Cr

IPO Open Date

Dec 23, 2025

Close Date

Dec 26, 2025

Lot Size

2000

Min Investment

₹ 2,40,000

Issue Type

Book Building - SME

Listing Date

Dec 31, 2025

Dhara Rail Projects Ltd IPO Dates

Dec 23, 2025

Opening date

Dec 26, 2025

Closing date

Dec 29, 2025

Basis of Allotment

Dec 30, 2025

Initiation of Refunds

Dec 30, 2025

Credit of Shares

Dec 31, 2025

Listing date

Details

Sector	Type
Sector	Miscellaneous
Sub Sector	NA
Issue Type	Book Building - SME

Subscription Status

*Values are in Lakhs

Investor Type	Subscription Times	Shares Offered*
QIB	0x	0
NII	0x	0
Retail	0x	0
Employee	0x	0
Total	0x	3984000

Investor Type

QIB

NII

Retail

Employee

Total

Subscription Times

3984000

Dhara Rail Projects Ltd Financial Status

Income Statement

Particulars (In Rs. Crores)

Balance Sheet

Particulars (In Rs. Crores)

Particulars (in Rs. Crores)	FY23	FY22	FY21
Revenue from operations	TBA	TBA	TBA
EBITDA	TBA	TBA	TBA
PAT	TBA	TBA	TBA
Total Assets	TBA	TBA	TBA
Share Capital	TBA	TBA	TBA
Total Borrowings	TBA	TBA	TBA
Operating Activities (Net Cash)	TBA	TBA	TBA
Investing Activities (Net Cash)	TBA	TBA	TBA
Financing Activities (Net Cash)	TBA	TBA	TBA
Net Cashflow	TBA	TBA	TBA

About Dhara Rail Projects Ltd

Our Company was originally incorporated as Private Limited Company in the name of Dhara Rail Projects Private Limited under the Companies Act, 1956 vide Certificate of Incorporation dated April 05, 2010 issued by the Registrar of Companies, Maharashtra, Mumbai (RoC). Thereafter, pursuant to the Business Takeover Agreement dated July 21, 2010, our Company took over the business of the proprietorship concern, Dhara Industries. Thereafter, our Company was converted into a public limited company, pursuant to a special resolution passed by our Shareholders at the Extra Ordinary General Meeting held on August 09, 2025 and consequently, the name of our Company was changed from Dhara Rail Projects Private Limited to Dhara Rail Projects Limited vide a fresh Certificate of Incorporation consequent upon Conversion to public company dated August 25, 2025 issued to our Company by the Registrar of Companies, Central Processing Centre, Manesar. The corporate identification number of our Company is U74210MH2010PLC201669.

India has the fourth-largest railway system in the world, following the US, Russia, and China. The railway sector has seen some rapid developments, investments, and support from the Government in the recent past. As of March 2025, Indian Railways operates more than 13,000 passenger trains, including 4,111 Mail and Express trains, 3,313 Passenger trains, and 5,774 Suburban trains. The Indian Railways earned total revenue of Rs. 2.70 lakh crore (US$ 31.57 billion) by the end of FY25.

Peer Comparison:

No listted Industry Peers

Dhara Rail Projects Ltd Key Points

Strengths

Diversified Order Book of projects across India.

Revenue from multiple geographies.

Assured Quality Services.

Experienced Senior Management.

Risk

Its business and revenue are substantially dependent on the Ministry of Railways, Government of India. Any adverse change in policy of the Ministry of Railways may lead to the company contracts being foreclosed, terminated, restructured or renegotiated, which may has a material effect on its business and results of operations.

The company industry is labour intensive and its business operations may be materially adversely affected by strikes, work stoppages or increased wage demands by the company employees or those of its suppliers.

Currently, The company delivering its goods and services to Indian Railways across various zones. Any adverse developments impacting the company operations in these zones could negatively affect its revenue and overall financial performance.

Strategy

Continue to focus on operational efficiency.

Focus on consistently meeting quality standards.

Expanding our Geographical Footprints.

Maintaining cordial relationship with our Suppliers and Clients.

How To Apply for Dhara Rail Projects Ltd IPO Online?

Step 1:

Step 2:

From the list of open IPOs, select the IPO you want to invest.

Step 3:

Go through the IPO details like lot size, price band, about the company, etc.

Step 4:

Click ‘Apply IPO’ to apply and enter the number of lots and bidding price along with your UPI ID.

Step 5:

Confirm your bid and accept the payment mandate sent to your UPI App for completing the IPO application.

FAQs on IPO (Initial Public Offering)

What is the issue size of the Dhara Rail Projects Ltd IPO?

Dhara Rail Projects Ltd's IPO offers shares for up to 50.2 It begins on Dec 23, 2025 and ends on Dec 26, 2025.

What is the price of the Dhara Rail Projects Ltd IPO?

The price of Dhara Rail Projects Ltd IPO ranges between ₹120 to ₹126 per share.

What are the open and close dates for the Dhara Rail Projects Ltd IPO?

The Dhara Rail Projects Ltd IPO opens on Dec 23, 2025 and closes on Dec 26, 2025.

When will the Dhara Rail Projects Ltd IPO be allotted?

The allotment for the Dhara Rail Projects Ltd IPO will be finalised on Dec 29, 2025. The shares will be listed on BSE and NSE on Dec 31, 2025.

What is the minimum lot size required for Dhara Rail Projects Ltd IPO?

The minimum lot size for Dhara Rail Projects Ltd IPO is 2000 shares, priced between ₹120 to ₹126 per share.

What is the GMP of Dhara Rail Projects Ltd IPO?

The GMP (Grey Market Premium) of Dhara Rail Projects Ltd IPO fluctuates based on market demand and sentiment.

How do you check the allotment status of Dhara Rail Projects Ltd IPO?

To check the allotment status of Dhara Rail Projects Ltd IPO, visit the registrar's website, select the IPO, enter your PAN Card number, Application Number, or DP Client ID, and click 'search.'

Where is the Dhara Rail Projects Ltd IPO getting listed?

The Dhara Rail Projects Ltd IPO is getting listed on the BSE and NSE. Bidding opens on Dec 23, 2025, and closes on Dec 26, 2025. The allotment is finalised on Dec 29, 2025.

How do you apply for the Dhara Rail Projects Ltd IPO?

To apply for the Dhara Rail Projects Ltd IPO, download the BlinkX app, complete KYC, select the IPO, enter bid details, and submit. Verify UPI payment for shares allotment.