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15 Days Price Change

Dhara Rail Projects IPO

Closing In

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Profile
Issue Size 35.92 Cr
Profile
Price Range 120  to  126 per share
Profile
Min Investment ₹126
Profile
Lot Size 1
Profile
Face Value ₹10
Profile
Draft Prospectus
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Profile
  • Basic Info
  • IPO Tentative Timetable
  • IPO Lot Size
  • Subscription Status
  • Financials
  • Profit & Loss
  • Balance Sheet
  • Cash Flow
  • Ratios
  • Growth Rates
  • Other info

Overview

Incorporated in 2010, we are 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. Our 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, we undertake the Supply, Installation, Testing, and Commissioning (SITC) of various electrical equipment across all types of rolling stock. We provide 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. Read More

Basic Info

Face Value 10 per share

Price 120  to  126 per share

P/E (x) 21.4

Sales( Cr.) 44

PAT( Cr.) 7

EPS 5.9

Draft Prospectus

Exchange NSE-SME

Promoter

Company Promoters

Tejas Lalit Mehta Jagruti Tejas Mehta Dhara Tejas Mehta

Pre Issue Share Holding 98.33%

Post Issue Share Holding 72.35%

Listing Details:

Listing Price: 150

Listing Gain: 16%

Current Price: 127.5

Gain On Issue: 127.5 | 0%

GMP: 16.5

GMP %: 13.1 %

IPO Tentative Timetable

Opening Date Dec 23, 2025
Closing Date Dec 26, 2025
Allotment Dec 29, 2025
Refund Dec 30, 2025
Delivery of Shares Dec 30, 2025
Listing Date Dec 31, 2025

IPO Lot Size

Application Lots Shares Amount
Retail (Min) 1 2000 252,000
Retail (Max) -- -- --
S-HNI (Min) 1 2000 252,000
S-HNI (Max) 3 6000 756,000
B-HNI (Min) 4 8000 1,008,000

Objective of the Issue

1. Repayment and/or pre-payment, in full or part, of borrowing availed by our Company. 2. To Meet Working Capital Requirements of our Company 3. General Corporate Purpose

Issue

Category Nos Bid Bid (x)
QIB 0 53906000 0x
NII 0 113277000 0x
Retail 0 129300000 0x
EMP 0 0 0x
Total 0 296483000 0x

Net Sales (in cr.)

Total Income (in cr.)

Operating Profit (in cr.)

Net Profit (in cr.)

Shareholder Funds (in cr.)

Total Assets (in cr.)

Dhara Rail Projects Profit & Loss

#(Fig in Cr.) Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 27 31 44
Other Income 1 3 4
Total Income 27 34 48
Total Expenditure 26 30 39
Operating Profit 2 4 9
Interest 0 0 0
Depreciation 0 0 0
Exceptional Income / Expenses 0 0 0
Profit Before Tax 1 4 9
Provision for Tax 0 1 2
Profit After Tax 1 3 7
Adjustments 0 0 0
Profit After Adjustments 1 3 7
Adjusted Earnings Per Share 1 2.7 5.9

Dhara Rail Projects Balance Sheet

#(Fig in Cr.) Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 3 6 13
Minority's Interest 0 0 0
Borrowings 0 0 0
Other Non-Current Liabilities 0 0 0
Total Current Liabilities 30 41 33
Total Liabilities 34 47 46
Fixed Assets 0 0 0
Other Non-Current Assets 14 26 14
Total Current Assets 20 21 32
Total Assets 34 47 46

Dhara Rail Projects Cash Flow

#(Fig in Cr.) Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 0 3 1
Cash Flow from Operating Activities -2 -2 -5
Cash Flow from Investing Activities -2 -6 17
Cash Flow from Financing Activities 6 5 -7
Net Cash Inflow / Outflow 3 -2 5
Closing Cash & Cash Equivalent 3 1 5

Dhara Rail Projects Ratios

# Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 0.96 2.67 5.88
CEPS(Rs) 1 2.71 5.92
DPS(Rs) 0 0 0
Book NAV/Share(Rs) 3.05 5.73 11.61
Core EBITDA Margin(%) 2.8 4.23 11.88
EBIT Margin(%) 5.61 12.87 19.68
Pre Tax Margin(%) 5.55 12.62 19.24
PAT Margin (%) 4 9.43 14.67
Cash Profit Margin (%) 4.17 9.56 14.77
ROA(%) 3.14 7.32 13.99
ROE(%) 31.39 60.89 67.84
ROCE(%) 5.71 13.36 25.48
Receivable days 65.14 61.6 110.17
Inventory Days 14.3 58.96 46.15
Payable days 153.43 188.47 158.91
PER(x) 0 0 0
Price/Book(x) 0 0 0
Dividend Yield(%) 0 0 0
EV/Net Sales(x) 0.75 0.88 0.36
EV/Core EBITDA(x) 12.91 6.74 1.84
Net Sales Growth(%) 0 18.3 41.36
EBIT Growth(%) 0 171.42 116.13
PAT Growth(%) 0 178.88 119.95
EPS Growth(%) 0 178.88 119.95
Debt/Equity(x) 6.71 4.43 1.66
Current Ratio(x) 0.65 0.51 0.98
Quick Ratio(x) 0.62 0.29 0.92
Interest Cover(x) 91.01 49.89 44.2
Total Debt/Mcap(x) 0 0 0

Sihora Industries Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 42% 0% 0% 0%
Operating Profit CAGR 125% 0% 0% 0%
PAT CAGR 133% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR NA% NA% NA% NA%
ROE Average 68% 53% 53% 53%
ROCE Average 25% 15% 15% 15%

Company Contact Information

Dhara Rail Projects Ltd.

Suraj Bohra

+91-22-23865040

cs@drppl.com

Gala No. O, 196- K Girgaum Gaiwadi

IPO Lead Manager(s)

Dhara Rail Projects Ltd.

Hem Securities Ltd.

Registrar Info

Dhara Rail Projects Ltd.

Bigshare Services Pvt Ltd

G 10 Left Wing Amruta Village , Opp: Yashoda Hospital,Raj Bhavan Road,Somajiguda,Hyderabad

Frequently Asked Questions

All You Need To Know About IPO

When you leave without vesting, generally unvested ESOPs are cancelled. Vested ESOPs usually can be exercised after you depart, often within 3 to 6 months, depending on the company's ESOP plan.

For companies listed on a stock exchange, you can sell the shares any time after you exercise the ESOP option and the shares are in your demat account. If the company is unlisted or otherwise a startup, you can only sell the shares if and when the company announces a buyback or has a process for secondary sales.

Whenever you exercised your options to hold shares, you entered into a market risk situation, and if the valuation of the company drops, so do the shares.

Yes. ESOPs are valuable to the employer in that the employer is able to retain the best talent, align employee interests with company goals, and preserve cash while rewarding performance.

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