Established in 2010, Dhara Rail Projects Ltd is an ISO 9001:2015 accredited company specializing in comprehensive services for railway rolling stock, including annual maintenance contracts (AMC) and repair solutions.
Core Service Portfolio
- Maintenance and repair of train lighting systems for all train categories, including premium services like the Vande Bharat Express.
- AMC and repair services for Overhead Equipment (OHE) maintenance vehicles, such as Tower Wagons.
- Maintenance and repair of Power Car equipment and Heating, Ventilation, and Air Conditioning (HVAC) systems in trains.
- Full-cycle electrical solutions for rolling stock, encompassing Supply, Installation, Testing, and Commissioning (SITC) of equipment.
- Outsourced support for coach operations and technical troubleshooting.
The company primarily serves the Ministry of Railways, Government of India. It secures projects through direct tender participation or via partnerships with Original Equipment Manufacturers (OEMs).
The initial public offering (IPO) for Dhara Rail Projects will commence on December 23, 2025, with the subscription period concluding on December 26, 2025. This Book Build Issue aims to raise approximately ₹50.20 crores. The fundraising consists of a fresh issue of ₹50.20 crores along with an offer for sale of up to [.] equity shares, each having a face value of ₹10.
The price band for the IPO has been set between ₹120 and ₹126 per share. The allocation is divided with a 35% quota for retail investors, 50% for Qualified Institutional Buyers (QIBs), and 15% for High Net Worth Individuals (HNIs). The tentative listing date on the National Stock Exchange (NSE) is December 31, 2025, and the basis of allotment is expected to be finalized by December 29, 2025.
Financially, the company demonstrated significant growth, reporting a revenue increase to ₹48.00 crores in 2025 from ₹34.23 crores in 2024. Similarly, its profit rose sharply to ₹6.53 crores in 2025, compared to a profit of ₹2.97 crores in the previous year.
Dhara Rail Projects IPO Details
| IPO Date | 23 to 26 Dec, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | ₹120 to ₹126 |
| Issue Price | ₹126 per share |
| Lot Size | 1,000 Shares |
| Total Issue Size | Approx ₹50.20 Crores |
| Issue Type | Book building IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,11,00,000 shares |
| Share Holding Post Issue | 1,50,84,000 shares |
Dhara Rail Projects IPO Dates
The Dhara Rail Projects IPO subscription window is set to open on December 23 and will conclude on December 26. The basis of allotment is scheduled to be finalized by December 29, with the stock expected to be listed on December 31.
| IPO Open Date | Tue, Dec 23, 2025 |
| IPO Close Date | Fri, Dec 26, 2025 |
| Tentative Allotment | Mon, Dec 29, 2025 |
| Refunds | Tue, Dec 30, 2025 |
| Credit of Shares to Demat | Tue, Dec 30, 2025 |
| Tentative Listing Date | Wed, Dec 31, 2025 |
| UPI Mandate Confirmation Deadline | 5 PM on Fri, Dec 26, 2025 |
Dhara Rail Projects IPO Market Lot
The minimum application for the Dhara Rail Projects IPO is one market lot, which consists of 2,000 shares, requiring an investment of ₹2,52,000.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 2 | 2,000 | ₹2,52,000 |
| Retail Maximum | 2 | 2,000 | ₹2,52,000 |
| S-HNI Minimum | 3 | 3,000 | ₹3,78,000 |
| S-HNI Maximum | 7 | 7,000 | ₹8,82,000 |
| B-HNI Minimum | 8 | 8,000 | ₹10,08,000 |
