Dhara Rail Projects IPO

Dhara Rail Projects is engaged in the execution of contractual railway projects and allied services for Indian Railways. Its core offerings include supply, installation, testing and commissioning (SITC) of electrical equipment across various categories of rolling stock, along with annual maintenance contracts (AMC), repair, inspection and periodic servicing of railway assets.

The company undertakes maintenance and repair of train lighting systems for all rolling stock, including Vande Bharat trains, as well as services for overhead equipment (OHE) maintenance vehicles (tower wagons), power car equipment and HVAC systems. It delivers these services to the Ministry of Railways through competitively tendered contracts or pre-bid arrangements with OEMs. Its total order book stands at ₹202.52 crore as on the date of RHP, with outstanding orders worth ₹143.78 crore.

The company has been associated with Indian Railways since its incorporation and has built a long-term relationship with Indian Railways, with 74.60% of revenue generated from sales through direct contracts and 25.40% from sales by pre-bid arrangements with various OEMs. Region-wise, Central Railway contributed 22.22% of revenue, Western Railway 15.59%, East Coast Railway 13.85%, Eastern Railway 10.88% and North Central Railway 9.46% as of September 2025.