Dhara Rail Projects Limited
IPO Details
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₹10(7.94%)
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Dhara Rail Projects Limited's successfully completed its Initial Public Offering and commenced trading on Dec 31, 2025 at the NSE exchange. The company raised 39,84,000 Shares through this public offering, comprising 39,84,000 Shares in fresh capital.
The IPO was priced within the band of ₹120 to ₹126, with minimum application lots of 1000 shares. The offering attracted significant investor interest during its subscription period from Dec 23, 2025 to Dec 26, 2025.
Share allotment was finalized on Dec 29, 2025, distributing equity to successful applicants. The stock's subsequent listing marked a significant milestone in the company's corporate history, providing public market liquidity to shareholders.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
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.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
- Strong and Well-Diversified Order Book – Confirmed orders spread across multiple locations provide better revenue visibility and business stability.
- Pan-India Operational Presence – Revenue generated from different regions reduces reliance on any single geography and lowers regional risk.
- Certified Quality and Regulatory Compliance – ISO-certified and railway-approved services strengthen trust, improve credibility, and support repeat contracts.
- Heavy Reliance on Ministry of Railways – Any change in railway policies, tender norms, or procurement plans may directly impact order flow and revenue.
- Labour-Intensive Business Operations – Labour shortages, strikes, or rising wage costs can disrupt project execution and pressure profit margins.
- Supplier Concentration Exposure – Dependence on a limited number of suppliers in specific regions may affect timely material availability and service delivery.
- Tejas Lalit Mehta
- Jagruti Tejas Mehta
- Dhara Tejas Mehta
Dhara Rail Projects Limited
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