Investors looking for chances in the railway infrastructure sector are interested in the Dhara Rail Projects ltd. IPO. The IPO starts on December 23, 2025, and ends on December 26, 2025. On December 31, 2025, shares will be available on the NSE Emerge platform. The issue size is ₹50.20 crore, and there is no offer for sale; this is a brand-new issue. The price range is between ₹120 and ₹126 per share, and the face value is ₹10. The minimum investment is ₹126,000 because the lot size is 1,000 shares. It’s registrar name is Bigshareonline.
Dhara Rail Projects Ltd. IPO Date
| Event | Date |
|---|---|
| IPO Open | December 23, 2025 |
| IPO Close | December 26, 2025 |
| Basis of Allotment | December 29, 2025 |
| Refunds Initiated | December 30, 2025 |
| Shares Credited to Demat | December 30, 2025 |
| Listing Date | December 31, 2025 |
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Issue Size and Market Lot Details
| Category | Shares Offered | % of Issue | Investment (₹) |
|---|---|---|---|
| Anchor Investors | 11,33,000 | 28.44% | 14.27 crore |
| Qualified Institutional | 7,56,000 | 18.98% | 9.53 crore |
| Non-Institutional | 5,67,000 | 14.23% | 7.14 crore |
| Retail Individual | 13,24,000 | 33.23% | 16.68 crore |
| Market Maker | 2,04,000 | 5.12% | 2.57 crore |
| Total | 39,84,000 | 100% | 50.20 crore |
DRPL RHP and DRHP File
| RHP File | View |
| DRHP File | View |
Dhara Rail Projects IPO GMP (Grey Market Premium)
As of December 23, 2025, the Dhara Rail Projects IPO GMP is ₹14, indicating 11% premium over the cut-off price in the grey market. This suggests somewhat active investor sentiment and small listing gain expectations for the IPO at current levels.
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Check Dhara Rail Projects IPO Allotment
IPO Allotment link: click here
Anchor Investors List
| Anchor Investor | Shares Allotted | Amount (₹ crore) | % Allocated |
|---|---|---|---|
| Sanshi Fund-I | 4,00,000 | 5.04 | 10.04% |
| India Max Investment Fund Ltd. | 2,39,000 | 3.01 | 6.00% |
| Finavenue Capital Trust | 94,000 | 1.18 | 2.36% |
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Merchant Bankers and Registrar
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Merchant Banker: Hem Securities Limited​
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Registrar: Bigshare Services Private Limited
Promoters Holding Pattern
| Particular | Pre-Issue Shares | % Share | Post-Issue Shares | % Share |
|---|---|---|---|---|
| Promoter Holding | 1,11,00,000 | 100% | 1,50,84,000 | 72.35% |
Dhara Rail Projects Ltd. Company Information
Dhara Rail Projects Limited is a Mumbai-based firm that was founded in 2010 and focuses on railway infrastructure and services. The company is ISO 9001:2015 certified and has a great record for completing railway projects on time and on budget. These projects include annual maintenance contracts, repairs, and specialized servicing of railway rolling stock systems. It provides maintenance for train lighting equipment, power car systems, HVAC, and overhead equipment repair vehicles. This makes it a crucial role in supporting India’s modern railway operations, including innovative trains like Vande Bharat.
The company mostly works on a business-to-government (B2G) basis, servicing the Ministry of Railways and working with original equipment manufacturers (OEMs) through competitive tenders and pre-bid arrangements. Indian Railways is the backbone of Dhara Rail Projects’ operations, and the company has built long-term connections with them. Its value proposition is based on its technical knowledge, ability to follow the rules, and proven track record of completing important railway infrastructure projects on time and at a high standard, which ensures steady growth and operational excellence.
Dhara Rail Projects Limited is regarded for having experienced management and a robust order book. The company is led by promoters who have been in the industry for more than 20 years. The company’s concentration on contemporary rolling stock and following the rules has made it a unique service partner in the railway sector. It has strong financial performance and is committed to keeping high standards in all of its activities.
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Company Financial Statements
| Year | Revenue (₹ crore) | Expenses (₹ crore) |
|---|---|---|
| FY 2023 | 26.60 | 25.92 |
| FY 2024 | 31.47 | 30.26 |
| FY 2025 | 44.48 | 39.44 |
| H1 FY 2026 | 28.37 | 19.32 |
The company has shown steady revenue growth over the last three years, with improved profitability in FY 2025.
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Valuation and Peer Comparison
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Pre-IPO Market Cap: ₹190.06 crore​
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Peer Comparison Table:
| Company Name | Sector | Market Cap (₹ crore) | P/E Ratio | Revenue Growth (3Y) |
|---|---|---|---|---|
| Dhara Rail Projects | Railway Infra | 190.06 | N/A | 67.2% |
| IRB Infrastructure | Infrastructure | 3,500 | 20.5 | 5.4% |
| IRFC | Railway Finance | 8,200 | 12.3 | 12.1% |
IPO Review and Expert’s View
The Dhara Rail Projects IPO offers a focused play on railway infrastructure with a small issue size and a GMP of 11%(on 23rd December 2025, 09:16 pm India Time zone). The promoters’ strong holding post-IPO ensures stability, and the company’s financials show healthy growth. However, subdued GMP and limited institutional interest may indicate cautious market sentiment. Investors should consider the sector outlook and the company’s growth trajectory before investing.
Dhara Rail Projects Limited Office Address
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Registered Office Address:
Gala No. O, 196-K, Girgaum Gaiwadi, Girgaum, Mumbai, Maharashtra 400004, India.​ -
Contact Details:
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Phone: +91-22-23865040
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Email:Â cs@drppl.com
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Website:Â https://drppl.com
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Registrar: Bigshare Services Private Limited
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Address:
Office No. S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri (East), Mumbai, Maharashtra 400093, India.​ -
Contact Details:
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Phone: 022-6263 8200 (Toll Free), 022-6263 8280, 022-6263 8300
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Email:Â info@bigshareonline.com
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Website:Â https://www.bigshareonline.com
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Mr. Nadim Abbas M G is an Intermediate Chartered Accountant with a strong background in Information Technology. He combines his expertise in IT with a deep understanding of the stock market, making him a valuable resource for both financial and technical insights. With hands-on experience in accounting, IT systems, and stock market analysis, Nadim excels in bridging the gap between finance and technology, offering strategic advice and expert guidance in both domains.
