The IPO is now Closed for subscription (it closed yesterday, December 26, 2025).
| Category | Details |
| Company Name | Dhara Rail Projects Limited |
| IPO Type | SME IPO (Book Built Issue) |
| IPO Size | ₹50.20 Crores (Entirely a Fresh Issue of approx. 39.84 lakh shares) |
| Face Value | ₹10 per share |
| Price Band | ₹120 to ₹126 per share |
| Lot Size | 1,000 Shares |
| Minimum Investment | ₹1,26,000 (for Retail investors, at upper price band) |
| Listing At | BSE SME |
| Market Maker | Hem Finlease Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
| Book Running Lead Manager | Hem Securities Ltd. |
Important Timelines
- IPO Open Date: Tuesday, December 23, 2025
- IPO Close Date: Friday, December 26, 2025 (Closed)
- Basis of Allotment: Monday, December 29, 2025
- Initiation of Refunds: Tuesday, December 30, 2025
- Credit of Shares to Demat: Tuesday, December 30, 2025
- Listing Date: Wednesday, December 31, 2025
Final Subscription Status (As of Dec 26, 2025)
The IPO witnessed massive demand and was oversubscribed heavily by the final day.
- Overall Subscription: approx. 380 times
- Qualified Institutional Buyers (QIB): Subscribed ~150 times
- Non-Institutional Investors (NII): Subscribed ~800 times
- Retail Individual Investors (RII): Subscribed ~290 times
About the Company
Dhara Rail Projects is an Engineering, Procurement, and Construction (EPC) company specializing in railway infrastructure. Their services include:
- Railway Electrification: Installation of Overhead Equipment (OHE).
- Signaling & Telecommunication: Setting up signaling systems and telecom networks for railways.
- Civil Works: Related to railway tracking and infrastructure.
- They primarily execute projects for Indian Railways and various public and private sector clients.
Financial Performance (₹ in Crores)
The company has demonstrated strong growth in revenue and profitability over the last few reporting periods.
| Particulars | As of Sept 30, 2025 (H1 FY26) | FY Ended March 31, 2025 | FY Ended March 31, 2024 |
| Total Revenue | ₹ 45.12 | ₹ 62.35 | ₹ 41.80 |
| Profit After Tax (PAT) | ₹ 4.25 | ₹ 5.10 | ₹ 3.15 |
| Net Worth | ₹ 25.40 | ₹ 21.15 | ₹ 16.05 |
| Total Borrowing | ₹ 18.50 | ₹ 15.20 | ₹ 12.80 |
Key Performance Indicators (KPIs) & Valuation
Based on the upper price band of ₹126 per share and FY25 data:
- Post-IPO P/E Ratio: Approximately 21.5x
- Return on Net Worth (RoNW) – FY25: ~24.11%
The company intends to use the net proceeds from the issue for funding working capital requirements and general corporate purposes.
Disclaimer: This information is for educational purposes only and should not be considered financial advice. Investments in SME IPOs carry higher risk. Please consult with a qualified financial advisor before making any investment decisions.
