Dhara Rail Projects IPO Listing at 19% Premium at ₹150 Per Share

Posted by : sachet | Wed Dec 31 2025

Dhara Rail Projects IPO listing: The Dhara Rail Projects IPO was subscribed 111.90 times at the time of its closing. In this subscription, qualified institutional buyers (QIBs) received 71.30 times, and non-institutional investors (NIIs) received 199.41 times. The retail quota of the issue was subscribed to 33.23%. Before delving deeper into the topic, go through the details of the Dhara Rail Projects IPO.

Table of Contents

Dhara Rail Projects IPO

It is a bookbuilding IPO of ₹50.20 crore, an entirely fresh issue of 0.40 crore shares. The issue will be listed on NSE and SME on its tentative listing date, 31st December 2025. The Dhara Rail Projects IPO date is fixed between 23rd December 2025 and 26th December 2025. The face value of Dhara Rail Projects shares stands at ₹10 per share, and the IPO Issue price band is set at ₹120 to ₹126 per share

IPO Allotment Date	29th December 2025
IPO Open Date	23rd December 2025
IPO Close Date	26th December 2025
Refund Initiation	30th December 2025
Issue Size	39,84,000 shares(agg. up to ₹50 Cr)
Face Value	₹10 per share
Lot Size	1,000 Shares
Issue Price	₹120 to ₹126 per share
Issue Type	Bookbuilding IPO
Listing At	NSE SME
Listing Date	31st December 2025

Dhara Rail Projects IPO Listing

On the NSE & SME platforms, Dhara Rail Projects shares are listed at ₹150 per share, reflecting a 20% premium to the issue price of ₹126 per share.

About the Dhara Rail Projects IPO

Dhara Rail Projects was established in 2010. Dhara Rail Projects Ltd is an ISO 9001:2015-certified company providing various services, such as 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.

Dhara Rail Projects Limited Financials

The company’s financial analysis is essential before applying for Dhara Rail Projects Limited’s IPO. Refer to the table to learn about Vidya Wires Limited’s financial information.

Year Ended	30th Sep 2025 (in cr.)	31st March 2025 (in cr.)	31st March 2024	31st March 2023
Assets	61.73	46.24	47.29	33.98
Revenue	28.83	48.00	34.23	27.39
Profit After Tax	7.06	6.53	2.97	1.06
EBITDA	9.60	5.28	1.33	0.75
Net Worth	19.95	12.89	6.36	3.39
Reserves and Surplus	8.85	12.79	6.26	3.29
Total Borrowings	21.29	21.33	28.17	22.74

Explanation

Dhara Rail Projects Limited’s revenue increased by 40% from ₹34.23 crores in March 2024 to ₹48.00 crores in March 2025. Moreover, the company’s PAT increased by 120% from ₹2.97 crores in March 2024 to ₹6.53 crores in March 2025.