IPO Trending
DHARARAILSME / NSEListed
Dhara Rail Projects

Incorporated in 2010, Dhara Rail Projects Ltd is an ISO 9001:2015 certified company providing comprehensive maintenance and repair services for railway rolling stock systems. The company’s offerings include annual maintenance contracts (AMC) and repairs for train lighting systems across all types of trains, including Vande Bharat, Overhead Equipment (OHE) maintenance vehicles such as Tower Wagons, Power Car equipment, and HVAC systems. It also provides supply, installation, testing, and commissioning (SITC) of electrical equipment for rolling stock, along with outsourced services for coach operations and troubleshooting. Primarily, Dhara Rail Projects collaborates with the Ministry of Railways, Government of India, through tenders and partnerships with OEMs.

DRHPanchor
₹120 - ₹126112.01x sub
Listed Price₹150.00
Listing Gain+19.05%

IPO Schedule & Timeline

Bookbuilding IPO
Open23 Dec 2025
Close26 Dec 2025
Allotment29 Dec 2025
Listing31 Dec 2025

Quota Reservation & Application Lots

Quota Reservation (% Shares)

Anchor11,33,000 shares
28.44%
QIB7,56,000 shares
18.98%
HNI5,67,000 shares
14.23%
Retail13,24,000 shares
33.23%
Market Maker2,04,000 shares
5.12%

Minimum Application Lots

Retail2 Lots (2,000 shares)
₹2,52,000
sHNI3 Lots (3,000 shares)
₹3,78,000
bHNI8 Lots (8,000 shares)
₹10,08,000

Company Promoters

Tejas Lalit MehtaJagruti Tejas MehtaDhara Tejas Mehta

Company Background

Incorporated in 2010, Dhara Rail Projects Ltd is an ISO 9001:2015 certified company providing comprehensive maintenance and repair services for railway rolling stock systems. The company’s offerings include annual maintenance contracts (AMC) and repairs for train lighting systems across all types of trains, including Vande Bharat, Overhead Equipment (OHE) ma...

Lead Managers & Bankers

Hem Securities Limited

Financial Performance

Figures in ₹ Crores
Metric Breakdown

Revenue

Latest (Sep-25)₹28.83 Cr
Growth+5.3%
Revenue Trend (₹ in Crores)
0.018.436.855.2Mar-23Mar-24Mar-25Sep-25
PeriodRev (Cr)PAT (Cr)AssetsDebt
Sep-2528.837.0661.7321.29
Mar-2548.006.5346.2421.33
Mar-2434.232.9747.2928.17
Mar-2327.391.0633.9822.74

Key Performance Indicators (KPIs)

PeriodEPSROEROCEP/E (Pre)P/E (Post)
Sep-256.3643.03%24.33%013.45
Mar-255.8867.58%25.59%21.430
Mar-242.6760.89%11.73%00
Mar-230.9637.24%5.71%00

Broker & Analyst Reviews

Review Not Available

Institutional broker reviews and analyst reports have not been released for this issue yet. Reviews are typically published 2 to 3 days prior to the issue opening date.

IPO Allotment & Registrar Status

Official Registrar: Bigshare Services Private Limited

Allotment Finalized
Allotment Date
29 Dec 2025
Official Status
Out / Finalized
Registrar
Bigshare Services Private Limited
Listing Date
31 Dec 2025

Official Allotment Verification Links

Official Registrar Portal
Bigshare Services Private Limited

Direct allotment verification on the official registrar portal appointed for Dhara Rail Projects. Check with PAN or Application No.

Check on Registrar Portal
Stock Exchange Portal
BSE India Investor Portal

Official Bombay Stock Exchange investor verification channel using Issue Name and PAN Number.

Check on BSE India

Allotment Schedule & Milestones

IST
1. Allotment Finalization29 Dec 2025Basis of allotment declared
2. Refund Initiation1 day post allotmentUPI / ASBA mandate unblocked
3. Demat CreditPrior to listingShares credited to CDSL/NSDL
4. Listing Date31 Dec 2025Trading commences on exchange

How to Check Dhara Rail Projects Allotment Online

1Open Portal

Click on the official registrar link or BSE portal button above.

2Select Company

Select Dhara Rail Projects from the issue drop-down list.

3Enter Details

Select PAN, Application No., or DP Client ID and type your details.

4View Allocation

Click Submit to check your allotted share count and status.

Prospectus & Official Filings

Official FilingDRHP
Official FilingANCHOR

Allotment FAQs & Help

About Dhara Rail Projects IPO

Complete issue overview for Dhara Rail Projects (DHARARAIL) IPO. The issue features an equity share price band of ₹120 – ₹126 per share with a minimum retail lot size of 1000 Shares (minimum application amount of ₹1,26,000). Explore live market tracking on our GMP Tracker, compare against All IPO GMP Today, or view category bidding on the Subscription Page. Verify official allotment via IPO Registrars or review participating investment bankers in our Lead Managers Directory.

Frequently Asked Questions