Dhara Rail Projects IPO Subscription Day 1

Posted by : sachet | Tue Dec 23 2025

Here, the Dhara Rail Projects IPO launched on 23rd December 2025. Bidding for the issue will close today, 31st December 2025. The primary aim of the Dhara Rail Projects IPO is to raise ₹50.20 crores from the market. Also, the Dhara Rail Projects IPO has received an impressive level of subscription, indicating that the shares will be listed at an impeccable premium. Scroll down to check the Dhara Rail Projects IPO subscription and details.

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Dhara Rail Projects IPO Details

IPO Open Date	23rd December 2025
Face Value	₹10 per share
Price Band	₹120 to ₹126 per share
Lot Size	1,000 Shares
Issue Type	Bookbuilding Issue
Listing At	NSE & SME
IPO Close Date	26th December 2025
Listing Date	31st December 2025

The price band for Riddhi Display Equipment’s IPO has been set at ₹120 to ₹126 per share, and a total of 39,84,000 shares are being issued. Let’s segregate the share quota fixed for different categories of investors.

Investor Categories	Shares Offered	Shares Percentage
Market Maker Shares Offered	2,04,000	5.12%
QIB shares offered	18,89,000	47.41%
NII (HNI) Shares Offered	5,67,000	14.23%
Retail Shares Offered	13,24,000	33.23%
Total Shares Offered	39,84,000	100.00%

Dhara Rail Projects IPO Subscription Status

As of now, the Dhara Rail Projects IPO has been subscribed to 2.43 times. Of these, 1.39 times are subscribed by retail investors, 2.06 times by non-institutional investors, and 4.55 times by QII (Qualified Institutional Investors).

The healthy subscription status indicates that investors are expecting higher returns at the time of Dhara Rail Projects’ IPO listing on 31st December 2025. Dhara Rail Projects also has a positive outlook behind the fresh issue of 0.40 crore shares, which will raise around Rs 50.20 crores.

Dhara Rail Projects IPO GMP Today

We know that higher subscription levels drive grey-market premiums for IPOs. Let’s explore the Dhara Rail Projects IPO GMP for 23rd December 2025.

The grey market premium for this IPO has surged to 11.90% or Rs 15.00 per share. It indicates that the estimated listing price per share is Rs 141.00. Numerous factors played a pivotal role in this jump in the GMP of Riddhi Display Equipment’s IPO. These include higher subscription rates, favourable market sentiment, and investors’ positive attitude towards IPOs.

GMP DATE	IPO Price	GMP Price	Estimated Listing Price	Estimated Gain
23-12-2025	₹126.00	₹15.00	₹141.00	11.90%
22-12-2025	₹126.00	₹12.00	₹138.00	9.52%
21-12-2025	₹126.00	₹8.00	₹134.00	6.35%
20-12-2025	₹126.00	₹0.00	₹126.00	0.00%
19-12-2025	₹126.00	₹0.00	₹126.00	0.00%
18-12-2025	₹126.00	₹0.00	₹126.00	0.00%
17-12-2025	₹126.00	₹0.00	₹126.00	0.00%
16-12-2025	₹126.00	₹0.00	₹126.00	0.00%
15-12-2025	₹126.00	₹0.00	₹126.00	0.00%

About Dhara Rail Projects Ltd.

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 the Dhara Rail Projects IPO. Look at the table to learn about Dhara Rail Projects Limited’s financials.

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.

Technical Indicators

Several technical indicators are available to assess a company’s potential to deliver returns. Use the parameters mentioned below to analyse the technical aspects of the Dhara Rail Projects IPO.

Key Indicators	Value
PE Ratio (Price-to-Earnings)	21.43
EPS (Earnings Per Share)	5.88
RoNW	50.66%
ROCE	25.59%
ROE	67.85%
EBITDA Margin	11.88%
Price to Book Value	10.85
Market Capitalisation	₹190.06 Cr

Dhara Rail Projects IPO Listing Expectations

Dhara Rail Projects IPO Highlights: IPO allotment is still pending, as the bid will close today. However, given the current GMP or market sentiment, it is reasonable to expect higher listing gains for the share. A jump of 11.90% in Yash Highlight GMP suggests the estimated listing price per share will be around Rs 141.

It will provide higher listing gains to investors who applied for this IPO. Also, the financial fundamentals of this business made it the experts’ top long-term recommendation.

Dhara Rail Projects IPO Dates

IPO Open Date	23rd December 2025
IPO Close Date	26th December 2025
Allotment	29th December 2025
Refund Date	30th December 2025
IPO Listing Date	31st December 2025

Note: IPO GMP is volatile and depends on market sentiment. Hence, one should conduct their research before investing in it.