Dhara Rail Projects IPO Opens Today; Price Band Set at ₹120.00 to ₹126.00 Per Share 

Mumbai, 23 December 2025: The ₹50.20 crores NSE SME IPO of Mumbai-based railway AMC and repair services company, Dhara Rail Projects opens today, 23 December 2025, for subscription and will close on 26 December 2025. The IPO is entirely a fresh with no offer for sale component. 

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. The company mainly works with the Ministry of Railways, Government of India, by participating in tenders or collaborating with OEMs 

Price Band Set Between ₹120.00 and ₹126.00 Per Share; Lot Size at 1000 Shares 

Dhara Rail Projects IPO is a book build issue of ₹50.20 crores. The issue is entirely a fresh issue of 0.40 crore shares of ₹50.20 crore  

The IPO opens for subscription, today, December 23, 2025 and closes on December 26, 2025. The allotment for the IPO is expected to be finalised on December 29, 2025. Dhara Rail Projects IPO will list on NSE SME with a tentative listing date fixed as Dec 31, 2025. 

The IPO price band is set at ₹120.00 to ₹126.00 per share. The lot size for an application is 1,000. The minimum amount of investment required by an individual investor (retail) is ₹2,52,000.00 (2,000 shares) (based on upper price). The minimum lot size investment for HNI is 3 lots (3,000 shares), amounting to ₹3,78,000. 

Hem Securities Ltd. is the book running lead manager and Bigshare Services Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Hem Finlease Pvt. Ltd. 

IPO Reservation Details and Anchor Investors 

As per the DRHP, Dhara Rail Projects IPO offers total 39,84,000 shares. Out of which 18,89,000 (47.41%) is allocated to QIB, 7,56,000 (18.98%) to QIB (Ex- Anchor), 5,67,000 (14.23%) to NII, 13,24,000 (33.23%) allocated to RII and 11,33,000 (28.44%) allocated to Anchor investors.  

Ahead of the IPO, Dhara Rail Projects raised ₹14.28 crore from anchor investors on December 22, 2025. Key anchor investors include Sanshi Fund-I, India Max Investment Fund Limited, and Rajasthan Global Securities Private Limited, among others 

Utilisation of IPO Proceeds 

The company proposes to utilise the net proceeds from the issue towards repayment and/or pre-payment, in full or part, of borrowing (₹7.00 crore), meet working capital requirements (₹30.50), and for general corporate purposes. 

40% Revenue Growth, 120% PAT Surge and 67.85% ROE Highlight Strong FY25 Performance 

Dhara Rail Projects Ltd has reported a strong financial recovery; its total income grew by 40% and stood at ₹ 48.00 crore in FY25 as compared to ₹34.23 crore in FY24; its post-tax profit surged by 120% to ₹6.53 crore. The operating margin witnessed an improvement, and EBITDA increased to ₹5.28 crore from ₹1.33 crore a year ago. The company’s net worth increased to ₹12.89 crore on the back of higher reserves, although the total size of assets was stagnant at ₹46.24 cror͏e. Loan repayments fell from ₹28.17 crore in FY24 to ₹21.33 crore in FY25, a sign of improving fiscal discipline. 

Return and valuation-wise, the company has good efficiency ratios. As of March 31, 2025, the ROE was 67.85%, RoNW was 50.66% and ROCE was 25.59% which were indicative of optimum utilization of capital. The margins of profit continued to be healthy with PAT margin at 14.67% and EBITDA margin at 11.88%. Debt-equity ratio was 1.66, a sign of moderate leverage. Post-IPOEPS rose to ₹9.37 from ₹5.88, while P/E fell to 13.45x.  

References : https://www.nseindia.com/market-data/issue-information?symbol=DHARARAIL&series=SME&type=Active 

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