Dhara Rail Projects SME IPO
Dhara Rail Projects IPO — date, price band, GMP & allotment 2025
Dhara Rail Projects is engaged in rail infrastructure development, including construction, maintenance, and signaling solutions. The IPO proceeds will be used for project expansion and modernization of facilities. With India’s rail sector growth and government investment, Dhara Rail Projects offers investors an opportunity to participate in a strategic transportation infrastructure business.
Stock price
Dhara Rail Projects is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 14 September.
- Open 23 Dec 2025
- Close 26 Dec 2025
- Allotment 29 Dec 2025
- Refund/credit 30 Dec 2025
- Listing 31 Dec 2025
Issue summary
The terms of the offer, as filed.
| IPO Dates | 23 to 26 Dec, 2025 |
|---|---|
| Price Band | ₹120 to 126 |
| Face Value | ₹₹10 |
| Lot Size | 1 Shares |
| Issue Size | ₹₹50 Cr. Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE SME |
| Registrar | Hem Securities Limited |
| Min Investment | ₹ 252 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 1 shares at the ₹126 cut-off. The SME retail application is a fixed 2 lots; HNI starts at 3.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 2 | 2 | ₹252 |
| Retail (max) | 2 | 2 | ₹252 |
| HNI (min) | 3 | 3 | ₹378 |
Three years of numbers
All figures in ₹ crore, as reported in the Dhara Rail Projects offer document.
| Metric | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 61.73 | 46.24 | 47.29 | 33.98 |
| Total Income | 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 Borrowing | 21.29 | 21.33 | 28.17 | 22.74 |
See how this IPO compares — view listing performance of all SME IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Dhara Rail Projects RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Dhara Rail Projects IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Post-Issue |
|---|---|
| EPS (₹) | ₹9.37 |
| P/E Ratio (x) | 13.45 |
| Market Cap at Offer Price (₹ Cr) | ₹94.94 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹₹126 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹44.37 Cr of the issue is earmarked to named objects.
About the company
The company’s business model revolves around securing contracts from government bodies and railway authorities through tenders, and executing them within defined timelines and cost structures. It offers end-to-end services including project planning, procurement, construction, and maintenance support. Promoted by experienced professionals with industry knowledge, Dhara Rail Projects aims to strengthen its order book by maintaining quality standards, timely delivery, and long-term relationships with clients in the infrastructure sector.
Interested in this IPO? Check the live subscription status or browse all upcoming SME IPOs.
+91-22-23865040
The bankers & the filings
Who is running the book, and the documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Hem Securities Ltd.
13 issues handledBest listing: Credent Connect N Care (+90.0%). Weakest: E to E Transportation Infrastructure (0.0%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Dhara Rail Projects?
The current Grey Market Premium is ₹0.
What is the Dhara Rail Projects IPO price band?
₹120 to ₹126, on a face value of ₹₹10.
When is the allotment?
The basis of allotment is 29 December 2025, with listing on 31 December 2025.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — Hem Securities Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every SME and Mainboard issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
