Dhara Rail Projects Ltd IPO — GMP, Details & Subscription

IPO Details

Open Date

23 Dec 2025

Close Date

26 Dec 2025

Allotment

29 Dec 2025

Listing Date

31 Dec 2025

Exchange

NSE SME

Price Band

₹126

Listing Price

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Allotment Status

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Price Band

₹126

Per share

Face Value

₹10 per share

Lot Size

1,000 Shares

per lot

Issue Size

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

Total offering

Issue Type

Bookbuilding IPO

Min Investment

₹126,000

1 lot

Pre-IPO Holding

1,11,00,000 shares

Promoters

Post-IPO Holding

1,50,84,000 shares

Promoters

P/E (Pre)

21.43x

P/E (Post)

13.45x

EPS (Pre)

₹5.88

EPS (Post)

₹9.37

UPI Deadline

2025-12-26

Mandate

GMP

+₹14

+11.11% est.

Anchor AllotmentMon, 22 Dec 2025

Basis of AllotmentMon, 29 Dec 2025

Refund InitiationTue, 30 Dec 2025

Demat CreditTue, 30 Dec 2025

Listing DayWed, 31 Dec 2025

UPI Mandate Deadline2025-12-26

Sale TypeFresh Capital

Net Offer to Public37,80,000 shares (agg. up to ₹47.63 Cr)

Market Maker Quota2,04,000 shares (agg. up to ₹2.57 Cr)

QIB Quota50% of Net Issue

HNI / NII Quota15% of Net Issue

Retail Quota35% of Net Issue

Check AllotmentClick here →

Subscription Rate Final

Dhara Rail Projects Ltd IPO subscribed 1.00 times overall. Retail: 1.00x. QIB: 1.00x. NII: 1.00x. By 26 Dec 2025.

QIB

1.00x

Over

NII/HNI

1.00x

Over

Retail

1.00x

Over

Total

1.00x

Over

Category	Subscription	Shares Offered	% of Total	Amount (₹Cr)
Market Maker	Awaited	204,000	—	₹2.57
QIB	Over 1.00x	—	—	—
NII / HNI	Over 1.00x	—	—	—
Retail	Over 1.00x	—	—	—
Total	1.00x	3,984,000	100%	₹50.20

IPO Shares Offered

Dhara Rail Projects Ltd IPO total issue size: ₹50.20 Cr.

Category	Shares Offered	Amount (₹Cr)	Size (%)
Market Maker	204,000	₹2.57	5.12%
Total	3,984,000	₹50.20	100.00%

* Based on upper price band ₹126 per share

Lot Size & Investment

Lot Size

1,000

Shares per Lot

Issue Price

₹126.00

Upper Band

Min Investment

₹126,000

1 Lot

Application	Lots	Shares	Amount
Retail (Min — 2 Lots)	2	2,000	₹252,000
Retail (Max — 13 Lots)	13	13,000	₹1,638,000
S-HNI (Min — 14 Lots)	14	14,000	₹1,764,000
B-HNI (Min — 68 Lots)	68	68,000	₹8,568,000

* Issue Price ₹126 × Lot Size 1,000 shares

IPO Schedule

Anchor

22 Dec 2025

✓ Done

IPO Open

23 Dec 2025

✓ Done

IPO Close

26 Dec 2025

✓ Done

Allotment

29 Dec 2025

✓ Done

Refunds

30 Dec 2025

✓ Done

Demat Credit

30 Dec 2025

✓ Done

Listing Day

31 Dec 2025

✓ Done

₹126.00

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Issue ₹126.00 GMP: +₹14 Live Price

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 geographiesAssured quality servicesExperienced senior management

Objects of the Issue

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

To Meet Working Capital Requirements of our Company

General Corporate Purpose

Dhara Rail Projects Ltd Financials (Amount in ₹ Crore)

Revenue from Operations

₹34.2

31 Mar 2024

₹48.0

31 Mar 2025

₹28.8

30 Sep 2025

Profit After Tax (PAT)

₹3.0

31 Mar 2024

₹6.5

31 Mar 2025

₹7.1

30 Sep 2025

Particulars	30 Sep 2025	31 Mar 2025	31 Mar 2024
Revenue from Operations	28.83	48.00	34.23
EBITDA	9.60	5.28	1.33
Profit After Tax (PAT)	7.06	6.53	2.97
Net Worth	19.95	12.89	6.36
Total Assets	61.73	46.24	47.29
Reserves & Surplus	8.85	12.79	6.26
Borrowings	21.29	21.33	28.17
EBITDA Margin (%)	11.88	—	—
PAT Margin (%)	14.67	—	—

P/BV Ratio

10.85

RoE

67.85

RoCE

25.59

RoNW

50.66

PAT Margin

14.67

EBITDA Margin

11.88

Debt/Equity

1.66

Issue Structure & Shareholding

Total Shares Offered39,84,000 (100.00%)

Net Offer to Public37,80,000 shares (agg. up to ₹47.63 Cr)

Reserved for Market Maker2,04,000 shares (agg. up to ₹2.57 Cr)

Pre-Issue Promoter Holding1,11,00,000 shares

Post-Issue Promoter Holding1,50,84,000 shares

P/BV Ratio10.85

RoE67.85

RoCE25.59

Debt / Equity1.66

Script CodeN/A

Registrar & Lead Managers

IPO Registrar

Bigshare Services Pvt.Ltd

+91-22-6263 8200

ipo@bigshareonline.com

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

Check Allotment

Book Running Lead Managers

Hem Securities Ltd

GMP Disclaimer: Grey Market Premium data is unofficial and unregulated. It does not guarantee actual listing price.

IPO Subscription FAQs

How much Dhara Rail Projects Ltd IPO subscribed? ▲

Dhara Rail Projects Ltd IPO is subscribed 1.00 times by Dec 26, 2025. Retail: 1.00x. QIB: 1.00x. NII: 1.00x.

Investor Category	Subscription
Qualified Institutional (QIB)	1.00x
Non Institutional (NII/HNI)	1.00x
Retail Individual	1.00x
Total Subscription	1.00x

What is Dhara Rail Projects Ltd IPO retail subscription status? ▼

The Dhara Rail Projects Ltd IPO retail category is subscribed 1.00 times as of 26 Dec 2025. The retail portion is oversubscribed.

How to subscribe Dhara Rail Projects Ltd IPO? ▼

Subscribe via your broker app using ASBA or UPI. Opens 23 Dec 2025 and closes 26 Dec 2025. Min investment: ₹126,000 (1 lot = 1,000 shares). UPI mandate: 2025-12-26.

How many times Dhara Rail Projects Ltd IPO subscribed? ▼

The Dhara Rail Projects Ltd IPO subscribed 1.00x overall. QIB: 1.00x, NII: 1.00x, Retail: 1.00x. Applications: from NSE/BSE.

How to check Dhara Rail Projects Ltd IPO allotment? ▼

Check allotment on the registrar website (Bigshare Services Pvt.Ltd) at https://ipo.bigshareonline.com/IPO_Status.html. Enter your PAN, application number or DP/Client ID. Allotment date: 29 Dec 2025. Refunds: on 30 Dec 2025.

When Dhara Rail Projects Ltd IPO will be listed? ▼

The Dhara Rail Projects Ltd IPO listing date is 31 Dec 2025, Wednesday. Listed on: NSE SME. Issue price: ₹126. Estimated listing: ₹140. GMP: +₹14.

When Dhara Rail Projects Ltd IPO close? ▼

The Dhara Rail Projects Ltd IPO closes on 26 Dec 2025, Friday. UPI mandate: 2025-12-26. Allotment: 29 Dec 2025. Listing: 31 Dec 2025.

Quick Actions

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Live Price LIVE

Last Price₹126.00

Change—

Issue Price₹126.00

vs Issue—

Quick Summary

StatusListed

Issue Price₹126

Face Value₹10

Lot Size1,000 Sh

Min. Amount₹126,000

GMP+₹14

Est. Listing₹140

Subscribed1.00x

Open Date23 Dec 2025

Close Date26 Dec 2025

Allotment29 Dec 2025

Listing Date31 Dec 2025

ExchangeNSE SME

UPI Deadline2025-12-26