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DHARARAIL · NSE · Railway Infrastructure
Dhara Rail Projects IPO listed on 31 Dec 2025 on NSE at ₹150.00, a gain of 19.05% over the issue price of ₹126.00. The IPO was subscribed 112.01x overall.
Dhara Rail Projects IPO tentative timeline covering IPO opening, closing, basis of allotment, refunds, demat credit, and listing dates.
| Event | Date |
|---|---|
| IPO Open Date | 23 Dec 2025 |
| IPO Close Date | 26 Dec 2025 |
| Basis of Allotment | 29 Dec 2025 |
| Initiation of Refunds | 30 Dec 2025 |
| Credit of Shares to Demat | 30 Dec 2025 |
| Listing Date | 31 Dec 2025 |
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
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
Fresh Issue
[.]
Offer for Sale
[.]
Reserved for Market Maker
204,000 shares
(aggregating up to ₹2.57 Cr)
Issue Type
book building
Open Date
23 Dec
Close Date
26 Dec
Allotment
29 Dec
Listing
31 Dec
Last updated: 9 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 |
Showing the 2 most recent GMP entries.
View full GMP historyLatest snapshot: 26 Dec 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 |
Showing the latest subscription snapshot.
View full subscription historyTejas Lalit Mehta, Jagruti Tejas Mehta & Dhara Tejas Mehta are the company promoters.
New to lot sizes and investment limits? Read our guide on IPO lot size and minimum investment.
| Category | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | ₹252,000 |
| Retail (Max) | 2 | 2,000 | ₹252,000 |
| 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 |
Want to understand how IPO shares are divided between investor categories? Read our guide on IPO reservation structure.
| 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 |
|---|---|---|---|
| Total Revenue | 27.39 | 34.23 | 48 |
| Profit After Tax (PAT) | 1.06 | 2.97 | 6.53 |
| EBITDA | 0.75 | 1.33 | 5.28 |
| Total Assets | 33.98 | 47.29 | 46.24 |
| Net Worth | 3.39 | 6.36 | 12.89 |
| Reserves & Surplus | 3.29 | 6.26 | 12.79 |
| Total Borrowing | 22.74 | 28.17 | 21.33 |
Revenue & Profit Trend
The basis of allotment for Dhara Rail Projects IPO was finalised on 29 Dec 2025. You can check your allotment status using your PAN number or application number on the Bigshare Services Private Limited portal or BSE.
The Dhara Rail Projects IPO is expected to open in Dec 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 31 Dec 2025.
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