Dhara Rail Projects Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
Participate in the Dhara Rail Projects Ltd IPO with full transparency. Review issue details, company fundamentals, and financial performance, and apply securely through Alice Blue.
IPO Snapshot
Key metrics and details at a glance.
Price Band
₹126
Per ShareLot Size
1000 Shares
Minimum Investment
₹1,26,000
Issue Size
₹50.2 Cr
Face Value
₹10
Per ShareIPO Type
Book Building - SME
Retail Quota
35.03%
QIB Quota
49.97%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Dhara Rail Projects Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
98.33%
Promoter Holding (Post-Issue)
72.36%
Issue Type
Book Building - SME
ISIN
INE2HJL01019
About the Company
Incorporated in 2010, the company is an ISO 9001:2015 certified company, engaged in the business of executing various types of contractual railway projects and related services which includes Annual Maintenance Contracts (AMC) and repair services for a wide range of railway rolling stock systems. Its services include annual maintenance and repair of train lighting equipment across all rolling stock categories, including the latest Vande Bharat trains, along with annual maintenance and repair for Overhead Equipment (OHE) maintenance vehicles (Tower Wagons), Power Car equipment and HVAC systems. In addition to maintenance services, the company undertakes the Supply, Installation, Testing, and Commissioning (SITC) of various electrical equipment across all types of rolling stock. The Company provides services to the Ministry of Railways, Government of India, either through directly awarded contracts secured via competitive tendering or through pre-bid arrangements with various OEM's.
Industry Overview
India has the fourth-largest railway system in the world, following the US, Russia, and China. The railway sector has seen some rapid developments, investments, and support from the Government in the recent past. As of March 2025, Indian Railways operates more than 13,000 passenger trains, including 4,111 Mail and Express trains, 3,313 Passenger trains, and 5,774 Suburban trains. The Indian Railways earned total revenue of Rs. 2.70 lakh crore (US$ 31.57 billion) by the end of FY25.
Company History
The Company was originally incorporated as Private Limited Company in the name of "Dhara Rail Projects Private Limited" under the Companies Act, 1956 vide Certificate of Incorporation dated April 05, 2010 issued by the Registrar of Companies, Maharashtra, Mumbai ("RoC"). Thereafter, pursuant to the Business Takeover Agreement dated July 21, 2010, the Company took over the business of the proprietorship concern, Dhara Industries. Thereafter, the Company was converted into a public limited company, pursuant to a special resolution passed by its Shareholders at the Extra Ordinary General Meeting held on August 09, 2025 and consequently, the name of the Company was changed from "Dhara Rail Projects Private Limited" to "Dhara Rail Projects Limited" vide a fresh Certificate of Incorporation consequent upon Conversion to public company dated August 25, 2025 issued to the Company by the Registrar of Companies, Central Processing Centre, Manesar. The corporate identification number of the Company is U74210MH2010PLC201669.
Products & Services
- The company is engaged in the business of executing various types of contractual railway projects and related services which includes Annual Maintenance Contracts (AMC) and repair services for a wide range of railway rolling stock systems.
Growth Strategy
- Continue to focus on operational efficiency.
- Focus on consistently meeting quality standards.
- Expanding its Geographical Footprints.
- Maintaining cordial relationship with its Suppliers and Clients.
Customer Base
Wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY23 to FY25.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offer of 39,84,000 equity shares of face value of Rs.10/- each (the "Equity Shares") of Dhara Rail Projects Limited ("the Company" or "the Issuer") at an issue price of Rs. 120-Rs.126/- per equity share (including a share premium of Rs. 110- Rs.116/- per equity share) for cash, aggregating up to Rs. 47.81- Rs.50.20 crores ("Public Issue") out of which 2,04,000 equity shares of face value of Rs.10/- each, at an issue price of Rs. 120-Rs.126/- per equity share for cash, aggregating Rs. 2.45- Rs.2.57 crores will be reserved for subscription by the market maker to the issue (the "Market Maker Reservation Portion"). The public issue less market maker reservation portion i.e. issue of 37,80,000 equity shares of face value of Rs.10/- each, at an issue price of Rs. 120-Rs.126/- per equity share for cash, aggregating Rs. 45.36-Rs.47.63 crores is herein after referred to as the "Net Issue". The public issue and net issue will constitute 26.41% and 25.06% respectively of the post- issue paid-up equity share capital of the company. The floor price is 12.6 times of the face value of the equity shares. Bids can be made for a minimum of 2000 equity shares and in multiples of 1000 equity shares thereafter.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Diversified Order Book of projects across India.
- Revenue from multiple geographies.
- Assured Quality Services.
- Experienced Senior Management.
- Its business and revenue are substantially dependent on the Ministry of Railways, Government of India. Any adverse change in policy of the Ministry of Railways may lead to the company contracts being foreclosed, terminated, restructured or renegotiated, which may has a material effect on its business and results of operations.
- The company industry is labour intensive and its business operations may be materially adversely affected by strikes, work stoppages or increased wage demands by the company employees or those of its suppliers.
- Currently, The company delivering its goods and services to Indian Railways across various zones. Any adverse developments impacting the company operations in these zones could negatively affect its revenue and overall financial performance.
- the company's conduct all the company operations from its registered office and corporate office located in Mumbai, Maharashtra. Any materially adverse social, political, or economic developments, including civil disruptions in the state, may adversely impact the company business operations.
- The company has significant working capital requirements. If its experience insufficient cash flows from the company operations or are unable to borrow to meet its working capital requirements, it may materially and adversely affect the company business, cash flows and results of operations.