Dhara Rail Projects IPO

Dhara Rail Projects Limited, incorporated in 2010, is an ISO 9001:2015 certified company specialising in maintenance, repair, and electrical services for railway rolling stock. The company provides AMC, repair, and SITC services for train lighting systems, HVAC units, power car equipment, and OHE maintenance vehicles. Dhara Rail Projects primarily works with the Ministry of Railways through tenders and OEM collaborations, supporting major railway operations across India with a strong focus on quality, compliance, and operational reliability.

Dhara Rail Projects Limited IPO Overview

Dhara Rail Projects Limited IPO is a bookbuilding issue of ₹50.20 crore, consisting entirely of a fresh issue of 39,84,000 equity shares. The IPO opens for subscription on 23 December 2025 and closes on 26 December 2025, with allotment expected on 29 December 2025. The shares are proposed to be listed on NSE SME on 31 December 2025. Hem Securities Limited is the book running lead manager, Bigshare Services Pvt. Ltd. is the registrar, and Hem Finlease Pvt. Ltd. is the market maker. The lot size is fixed at 1,000 shares.

Dhara Rail Projects Limited IPO Details

Particulars	Details
IPO Date	23 December 2025 to 26 December 2025
Listing Date	31 December 2025
Face Value	₹10 per share
Issue Price Band	₹120 to ₹126 per share
Lot Size	1,000 Shares
Total Issue Size	39,84,000 shares (aggregating up to ₹50.20 Cr)
Fresh Issue	39,84,000 shares (aggregating up to ₹50.20 Cr)
Offer for Sale	NA
Issue Type	Bookbuilding IPO
Listing At	NSE SME
Share Holding Pre Issue	1,11,00,000 shares
Share Holding Post Issue	1,50,84,000 shares
Market Maker Portion	2,04,000 shares

Dhara Rail Projects Limited IPO Reservation

Investor Category	Shares Offered
QIB	Not more than 50% of the Net Issue
Retail	Not less than 35% of the Net Issue
NII (HNI)	Not less than 15% of the Net Issue

Dhara Rail Projects Limited IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	2	2,000	₹2,52,000
Retail (Max)	2	2,000	₹2,52,000
HNI (Min)	3	3,000	₹3,78,000

Dhara Rail Projects Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	98.33%
Post-Issue	72.36%

Dhara Rail Projects Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹9.37
Price/Earnings (P/E) Ratio	13.45x
Return on Net Worth (RoNW)	50.66%
Net Asset Value (NAV)	TBD
Return on Equity	67.85%
Return on Capital Employed (ROCE)	25.59%
EBITDA Margin	11.88%
PAT Margin	14.67%
Debt to Equity Ratio	1.66

Objectives of the Proceeds

• Repayment and partial prepayment of existing borrowings – ₹7.00 crore

• Meeting incremental working capital requirements – ₹30.50 crore

• General corporate purposes and operational expansion

Key Financials (in ₹ crore)

Particulars	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	46.24	47.29	33.98
Revenue	48.00	34.23	27.39
Profit After Tax	6.53	2.97	1.06
Reserves and Surplus	12.79	6.26	3.29
Total Borrowings	21.33	28.17	22.74