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DHARARAIL
Dhara Rail Projects IPO, a SME IPO was listed on the exchange on December 31, 2025. The price band is set between ₹120 –126 , with a face value of ₹10 . Retail investors can apply with a minimum of 2 lots, each comprising 1,000 shares — amounting to ₹252,000 at the upper price.
Dhara Rail Projects IPO has been successfully listed on the exchange. Track the listing performance, current stock price, and post-listing trends. This information is for education only—not investment advice.
Dhara Rail Projects IPO SME Important Dates
Get important updates regarding Dhara Rail Projects IPO SME tentative timeline covering IPO opening, closing, basis of allotment, refunds, demat credit, and listing dates. Dates are updated as soon as they are announced.
Listing day gain
+19.05%
Listed at ₹150 (issue ₹126)
Issue
₹126
Listing
₹150
Current
₹157.5
+25% vs issue
Day range
₹142.6 – ₹157.5
Open Date
Dec 23
Close Date
Dec 26
Allotment
Dec 29
Listing
Dec 31
Issue Size
3,984,000 shares
(aggregating up to ₹50.20 Cr)
Issue Price
₹120 – ₹126
Face Value
₹10/share
Market Lot
1,000 shares
Retail Min Investment
₹252,000
Listing At
NSE
Sale Type
fresh issue
Reserved for Market Maker
204,000 shares
(aggregating up to ₹2.57 Cr)
Issue Type
book building
Last updated: 3 months ago
| Date | IPO Issue Price (₹) | GMP (₹) | Est. Listing Price (₹) | Est. Profit Amount (₹) | Est. Profit % | Last Updated |
|---|---|---|---|---|---|---|
| 31 Dec 2025 Latest | ₹126 | ₹16.5 | ₹142.5 | ₹16.5 |
13.1%
|
12:00 PM |
| 30 Dec 2025 | ₹126 | ₹16.5 | ₹142.5 | ₹16.5 |
13.1%
|
12:00 PM |
| 29 Dec 2025 | ₹126 | ₹14 | ₹140 | ₹14 |
11.11%
|
12:00 PM |
| 28 Dec 2025 | ₹126 | ₹18 | ₹144 | ₹18 |
14.29%
|
12:00 PM |
| 27 Dec 2025 | ₹126 | ₹18 | ₹144 | ₹18 |
14.29%
|
12:00 PM |
| 26 Dec 2025 | ₹126 | ₹20 | ₹146 | ₹20 |
15.87%
|
12:00 PM |
| 25 Dec 2025 | ₹126 | ₹10 | ₹136 | ₹10 |
7.94%
|
12:00 PM |
| 24 Dec 2025 | ₹126 | ₹10 | ₹136 | ₹10 |
7.94%
|
12:00 PM |
| 23 Dec 2025 | ₹126 | ₹14 | ₹140 | ₹14 |
11.11%
|
12:00 PM |
| 22 Dec 2025 | ₹126 | ₹12 | ₹138 | ₹12 |
9.52%
|
8:00 PM |
| 22 Dec 2025 | ₹126 | ₹8 | ₹134 | ₹8 |
6.35%
|
12:00 PM |
| 21 Dec 2025 | ₹126 | ₹8 | ₹134 | ₹8 |
6.35%
|
12:00 PM |
| 20 Dec 2025 | ₹126 | ₹0 | ₹126 | ₹0 |
0%
|
12:00 PM |
| 19 Dec 2025 | ₹126 | ₹0 | ₹126 | ₹0 |
0%
|
12:00 PM |
| 18 Dec 2025 | ₹126 | ₹0 | ₹126 | ₹0 |
0%
|
12:00 PM |
Latest snapshot: Dec 26, 2025
| Category | Subscribed (x) | No. of Applications |
|---|---|---|
| QIB | 71.3x | 71 |
| NII | 199.78x | 18,403 |
| bNII (bids above ₹10L) | 61.46x | 7,483 |
| sNII (bids below ₹10L) | 476.43x | 10,917 |
| Individual Investors | 97.66x | 64,650 |
| Total | 112.01x | 101,524 |
Tejas Lalit Mehta, Jagruti Tejas Mehta & Dhara Tejas Mehta are the company promoters.
IPO investment limits, also referred to as application limits or bidding limits, define the minimum and maximum number of shares, lots, and investment amount that investors can apply for in an IPO based on their category (Retail, HNI, or Institutional). These limits are calculated as per SEBI guidelines and help ensure fair distribution of shares. Retail investors typically have lower minimum and maximum limits compared to High Net Worth Individuals (HNI) and Non-Institutional Investors (NII). Understanding IPO application limits is essential for investors to determine how much they can invest, calculate the number of lots they can apply for, and plan their investment strategy accordingly. The investment limits table shows the lot size, number of shares, and total amount in rupees for each investor category.
| Category | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | ₹252,000 |
| Retail (Max) | 1 | 1,000 | ₹126,000 |
| S-HNI (Min) | 3 | 3,000 | ₹378,000 |
| S-HNI (Max) | 7 | 7,000 | ₹882,000 |
| B-HNI (Min) | 8 | 8,000 | ₹1,008,000 |
The IPO reservation structure, also known as share allocation breakdown, details how the total issue size is distributed among different investor categories as mandated by SEBI (Securities and Exchange Board of India) regulations. This reservation table shows the exact percentage and number of shares allocated to Qualified Institutional Buyers (QIB), Retail Individual Investors (RII), High Net Worth Individuals (HNI), Non-Institutional Investors (NII), and other reserved categories like employees and shareholders. Understanding IPO reservation percentages is crucial for investors to evaluate their probability of share allotment, as each category has different subscription levels and competition. The maximum allottees column indicates the cap on the number of investors who can receive shares in each category, helping you assess the likelihood of getting an allotment based on your investor category.
| Category | Shares Offered |
|---|---|
| Market Maker Shares Offered | 204,000 (5.12%) |
| QIB Shares Offered | 1,889,000 (47.42%) |
|
•
Anchor Investor Shares Offered
|
1,133,000 (28.44%) |
|
•
QIB (Ex. Anchor) Shares Offered
|
756,000 (18.98%) |
| NII (HNI) Shares Offered | 567,000 (14.23%) |
|
•
bNII > ₹10L
|
378,000 (9.49%) |
|
•
sNII < ₹10L
|
189,000 (4.74%) |
| Retail Shares Offered | 1,324,000 (33.23%) |
| Total Shares Offered | 3,984,000 (100.00%) |
Dhara Rail Projects Limited is an ISO 9001:2015 certified company providing comprehensive maintenance, repair, and electrical services to Indian Railways. It specializes in Annual Maintenance Contracts (AMC) and on-call repairs for train lighting systems (including LED and emergency lighting across all rolling stock, e.g., Vande Bharat), HVAC systems, Overhead Equipment (OHE) maintenance vehicles (Tower Wagons), power car equipment, and Supply, Installation, Testing, Commissioning (SITC) of electrical equipment. The company also offers en-route outsourcing and manpower support for passenger coaches. It primarily serves the Ministry of Railways through competitive tenders and operates nationwide with an order book of ~₹143-144 crores across 59-60 projects.
Growth Highlights: Revenue from operations grew from ₹2,660 lakhs (FY2023) to ₹3,147 lakhs (FY2024) to ₹4,448 lakhs (FY2025); PAT rose from ₹106 lakhs to ₹297 lakhs to ₹653 lakhs over the same period. Strong order book diversification and direct contracts contributing ~70-75% of revenue.
Key Strengths: Experienced promoters (20-24 years in railway projects), ISO certification, focus on government contracts (stable revenue from Ministry of Railways), skilled workforce (849 employees), diversified services across rolling stock categories, cost efficiency, and strong compliance in a fragmented industry.
Standalone · ₹ in Crores
| Particulars | FY 2023 | FY 2024 | FY 2025 Latest |
|---|---|---|---|
| Total Revenue | 27.39 | 34.23 |
48
↑ 40.2%
|
| Profit After Tax (PAT) | 1.06 | 2.97 |
6.53
↑ 119.9%
|
| EBITDA | 0.75 | 1.33 |
5.28
↑ 297.0%
|
| Total Assets | 33.98 | 47.29 |
46.24
↓ 2.2%
|
| Net Worth | 3.39 | 6.36 |
12.89
↑ 102.7%
|
| Reserves & Surplus | 3.29 | 6.26 |
12.79
↑ 104.3%
|
| Total Borrowing | 22.74 | 28.17 |
21.33
↓ 24.3%
|
Revenue & Profit Trend
The Dhara Rail Projects IPO is expected to open in December, 2025, subject to SEBI approval. Final dates will be updated once announced officially.
The price band for Dhara Rail Projects IPO is ₹120.00 - ₹126.00 per share.
As per market sources, Dhara Rail Projects IPO GMP is currently ₹16.50. GMP is tracked daily in the grey market. GMP indicates unofficial demand but does not guarantee listing gains.
The subscription status for Dhara Rail Projects IPO stands at 112.01x overall.
The listing date for Dhara Rail Projects IPO is December 31, 2025.
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