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Dhara Rail Projects IPO
78.08xsubscribed

Dhara Rail Projects IPO

Railways Wagons
listed
₹2.40LMin. investment

Dhara Rail Projects Limited IPO Details

SectorRailways Wagons
Price range₹120 – ₹126
IPO type
SME
Lot size1000 shares
Issue size₹50Cr
Draft Red Herring Prospectus
Read
Market cap
₹190.06CrLower than sector avg
RevenueApr 2024 - Mar 2025
₹44.48CrLower than sector avg
Growth rate3Y CAGR
29.31%

Dhara Rail Projects IPO Subscription Status

Date
QIB
NII
Retail
Total
23-Dec-25
1.82 times (X)
2.35 times (X)
1.46 times (X)
1.77 times (X)
24-Dec-25
1.82X
7.57X
4.35X
3.57X
25-Dec-25
0.0X
0.0X
0.0X
0.0X
26-Dec-25
28.54X
199.61X
96.71X
78.08X

As on 23-Dec-25, 5:30 PM

Dhara Rail Projects IPO Timeline

  1. Pre-apply
    22 Dec 2025
  2. Bid start
    23 Dec 2025
  3. Bid end
    26 Dec 2025
  4. Allotment
    29 Dec 2025
  5. Release of funds
    30 Dec 2025
  6. Demat transfer
    30 Dec 2025
  7. Listing
    31 Dec 2025

About Dhara Rail Projects Limited

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.

Checklist

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Objectives of Dhara Rail Projects Limited IPO

Working capital
60.76%
The company will utilise ₹30.50 crore for working capital requirements
General corporate
25.30%
Part of the IPO proceeds will be used for general corporate purposes and issue expenses
Repayment of borrowings
13.94%
₹7 crore will be used for the repayment of borrowing availed by the company.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹44.48Cr29.31%₹6.52Cr₹190.06Cr21.431.66
This sector (avg.)₹2,084.83Cr---₹144.01Cr₹7,410.14Cr28.720.41
₹3,963.28Cr---₹380.27Cr₹13,821.16Cr49.370.18
₹3,867.75Cr---₹275.06Cr₹11,056.72Cr56.040.25
₹5,106.57Cr---₹225.51Cr₹5,197.29Cr24.380.34

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

Dhara Rail Projects IPO Contact Details

Company NameDhara Rail Projects Limited

How to apply for Dhara Rail Projects IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Dhara Rail Projects Limited IPO FAQs