Dhara Rail Projects Ltd IPO — GMP ₹14

Important Dates

6/6 completed

Open

Allotment

Refund

Demat

Listing

Done

Open Date

23 Dec 2025

Tue Completed

Done

Close Date

26 Dec 2025

Fri Completed

Done

Allotment

29 Dec 2025

Mon Completed

Done

Refund

30 Dec 2025

Tue Completed

Done

Demat Credit

30 Dec 2025

Tue Completed

Done

Listing Date

31 Dec 2025

Wed Completed

UPI Deadline: 26 Dec 2025

Issue Details

Pricing & Size

Issue Price

₹126 Face ₹10

Lot Size

1,000 shares

Min Investment

₹126,000

Total Issue Size

39,84,000 shares (agg. up to ₹50.20 Cr)

IPO Information

Issue Type

Bookbuilding IPO

Sale Type

Fresh Capital

Listing Exchange

NSE SME

Script / Ticker

Allocation Breakdown

Market Maker

2,04,000 (5.12%)

QIB Portion

18,89,000 (47.41%)

NII / HNI

5,67,000 (14.23%)

Retail

13,24,000 (33.23%)

Employee

Net Offer to Public

37,80,000 shares (agg. up to ₹47.63 Cr)

Shareholding Pattern

Pre-Issue Shareholding

1,11,00,000 shares

Post-Issue Shareholding

1,50,84,000 shares

Application Size

Category	Min Lots	Shares	Amount
Retail (sNII)	2	2000	₹2,52,000
HNI / NII	3	3,000	₹3,78,000

Objects of Issue

3 objectives

Repayment and/or pre-payment, in full or part, of borrowing availed by our Company

7.00 Cr

To Meet Working Capital Requirements of our Company

30.50 Cr

General Corporate Purpose

Lead Managers & Market Maker

Book Running Lead Managers

Hem Securities Ltd

Market Maker

Hem Finlease Pvt.Ltd

IPO Timeline

Open

23 Dec

✓ Done

26 Dec

✓ Done

Allotment

29 Dec

✓ Done

Listing

31 Dec

✓ Done

Registrar Details

Bigshare Services Pvt.Ltd

SEBI Registered Registrar & Transfer Agent

Phone

+91-22-6263 8200

ipo@bigshareonline.com

Website

https://ipo.bigshareonline.com/IPO_Status.html

Check Allotment Status

Company Contact

Website

https://drppl.com/

cs@drppl.com

Phone

+91-22-23865040

Address

Gala No. O, 196-K, Girgaum Gaiwadi, Girgaum, Mumbai, Maharashtra, 400004

Grey Market Premium

LIVE

Current GMP

+₹14

+11.11% vs Issue Price

Issue Price

₹126

Est. Listing

₹140

Lot Size

1,000 shares

P&L / Lot

+₹14,000

GMP is unofficial grey market data. Does not guarantee listing price or returns.

GMP Return Calculator

Issue Price (₹)

GMP (₹)

Lot Size

Number of Lots

Estimated Listing

GMP %

Investment (1 Lot)

Total Investment

Expected P&L

ROI

Dhara Rail Projects Ltd LIVE

—

INR ·

—

vs Issue

—

Open

—

High

—

Low

—

Mkt Cap

—

P/E

—

52W H

—

52W L

—

Vol

—

Div

—

Yld

—

Loading chart…

Live Chart Not Available

Dhara Rail Projects Ltd is not yet listed or data is unavailable.

Chart will appear after listing

| Price

Market Reference

IPO Issue Price

₹126

GMP

+₹14 (+11.11%)

GMP Est. Listing

₹140

Previous Close

—

Exchange

—

Data from Yahoo Finance. May be delayed 15–20 min. GMP is unofficial. Not investment advice.

Category-wise Subscription

Category	Sub (×)	Offered	Bid For	Amt (Cr)*
QIB	—	18,89,000 (47.41%)	—	₹2,380.14 Cr
NII / HNI (Total)	—	5,67,000 (14.23%)	—	₹714.42 Cr
Retail Investors	—	13,24,000 (33.23%)	—	₹1,668.24 Cr
Total **	—	39,84,000 (100.00%)	—	₹50,198.40 Cr
Market Maker *	—	2,04,000 (5.12%)	—	₹25.70 Cr

* Based on ₹126.00 (upper price band)

NII / HNI Breakdown

Shares Reserved

QIB

18,89,000 (47.41%)

NII

5,67,000 (14.23%)

Retail

13,24,000 (33.23%)

Market Maker

2,04,000 (5.12%)

* Shares Offered and Total Amount are indicative. ** Excluding Market Maker portion. Data sourced from exchange bidding platform.

Financial Summary

Amount in ₹ Crore

Metric	30 Sep 2025	31 Mar 2025	31 Mar 2024
Revenue	28.83	48.00	34.23
PAT	7.06	6.53	2.97
EBITDA	9.60	5.28	1.33
Net Worth	19.95	12.89	6.36
Total Assets	61.73	46.24	47.29
Reserves	8.85	12.79	6.26
Borrowings	21.29	21.33	28.17

Key Financial Ratios

67.85%

ROE

Return on Equity

25.59%

ROCE

Return on Capital Employed

50.66%

RONW

Return on Net Worth

14.67%

PAT Margin

PAT / Revenue

11.88%

EBITDA Mgn

EBITDA / Revenue

1.66

D/E Ratio

Debt to Equity

10.85

P/BV

Price to Book Value

5.88

Pre EPS

EPS Pre-Issue

9.37

Post EPS

EPS Post-Issue

21.43

Pre P/E

P/E Pre-Issue

13.45

Post P/E

P/E Post-Issue

About Dhara Rail Projects Ltd

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.

Key services:

AMC and repairs of train lighting systems across all types of trains, including Vande Bharat.
AMC and repairs for Overhead Equipment (OHE) maintenance vehicles (Tower Wagons).
AMC and repairs of Power Car equipment and HVAC systems in trains.
Supply, Installation, Testing, and Commissioning (SITC) of electrical equipment for all types of rolling stock.
Outsourced services for coach operations and troubleshooting.

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

Competitive Strengths:

Diversified order book of projects across India: Rs 14,409.81 lakhs as on Sep 29, 2025.
Revenue from multiple geographies
Assured quality services
Experienced senior management

Frequently Asked Questions

What is the issue price of Dhara Rail Projects Ltd IPO?

The issue price of Dhara Rail Projects Ltd IPO is ₹126 per share, face value ₹10.

What is the lot size?

Minimum lot size is 1,000 shares, requiring ₹126,000.

What are the IPO dates?

Opens 23 Dec 2025, closes 26 Dec 2025.

When is the listing date?

Tentative listing: 31 Dec 2025 on NSE SME.

What is the current GMP?

Current GMP is +₹14, estimated listing ₹140 (+11.11%). GMP is unofficial.

How to apply?

Apply via ASBA through your bank, or via UPI through any broker app.

Check Allotment Status

Dhara Rail Projects Ltd IPO · Expected 29 Dec 2025

Check on Registrar

Post-IPO Timeline

Allotment Date

29 Dec 2025

Refund Initiation

30 Dec 2025

Demat Credit

30 Dec 2025

Listing Date

31 Dec 2025

Live Price LIVE

—

Quick Facts

Closed

GMP Signal

Bullish

+₹14

+11.11%

Issue Price

₹126

Face ₹10

Lot Size

1,000

shares / lot

Min Amount

₹126,000

1 lot

Est. Listing

₹140

GMP +₹14

Key Dates

Open

23 Dec Done

26 Dec Done

Listing

31 Dec Done

Registrar

Bigshare Services Pvt.Ltd