DHARA RAIL PROJECTS LIMITED

23 Dec 2025 - 26 Dec 2025 Individual Category SME NSE

Min Investment

₹252000

Price Band

₹120-₹126

Issue Size

₹35.92 Cr

Lot Size

1000 (per lot)

IPO Dates
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23 Dec 2025

Open Date

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26 Dec 2025

Close Date

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29 Dec 2025

Allotment Date

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31 Dec 2025

Listing Date

Know Before Investing

Strengths icon

  • Over a decade of experience in railway maintenance and electrical services.
  • ISO 9001:2015 certified with strong quality and compliance systems.
  • Established relationships with Indian Railways and OEM partners.
  • Capability to service modern rolling stock, including Vande Bharat trains.
  • Promoter-led management with deep industry expertise.

Weaknesses icon

  • High dependence on Indian Railways for a significant portion of revenue.
  • Exposure to changes in government policies and railway budget allocations.
  • High working capital needs and dependence on timely receivables.
  • A competitive tendering environment may impact profit margins.
  • Non-compliance with quality or safety norms could affect future contracts.

About Dhara Rail Projects Limited

Dhara Rail Projects Limited was incorporated in April 2010 and is an ISO 9001:2015 certified company. It was originally formed as a private limited company and later converted into a public limited company in August 2025. The company is promoted by Mr Tejas Lalit Mehta, Mrs Jagruti Tejas Mehta, and Ms Dhara Tejas Mehta. The company operates in the Indian railway infrastructure and services sector. It is engaged in executing contractual railway projects and providing specialised maintenance and repair services. Its operations include annual maintenance contracts and repair services for railway rolling stock systems, train lighting equipment, overhead equipment maintenance vehicles, power car equipment, and HVAC systems. It also undertakes supply, installation, testing, and commissioning of electrical equipment for various railway applications. Dhara Rail Projects primarily serves the Ministry of Railways, Government of India, through competitive tenders and collaborations with original equipment manufacturers. Its business model focuses on long-term service contracts, technical expertise, and compliance-driven execution. The company’s strengths lie in its experienced management, established relationships with Indian Railways, and the capability to service modern rolling stock, including advanced train systems.

IPO Objectives

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

Company Promoters

Dhara Tejas Mehta

Jagruti Tejas Mehta

Tejas Lalit Mehta

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