Dhara Rail Projects Limited IPO

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Business Overview

The Company specializes in execution, maintenance, and servicing of railway rolling stock systems and associated electrical equipment. Its operations span Supply, Installation, Testing and Commissioning (SITC) of electrical systems and Annual Maintenance Contracts (AMCs) for various railway assets. Dhara Rail Projects primarily serves the Ministry of Railways, Government of India, through contracts awarded via competitive tendering or through pre-bid arrangements with leading OEMs.

Key Services and Capabilities

Dhara Rail Projects undertakes a wide range of railway-related services, including:

i) Annual Maintenance Contracts and repair services for train lighting equipment across all rolling stock categories, including Vande Bharat trains
ii) Maintenance and repair of Overhead Equipment (OHE) maintenance vehicles (Tower Wagons)
iii) Annual maintenance and repair of Power Car equipment
iv) Maintenance of HVAC systems used in railway coaches
v) SITC of electrical equipment across all types of rolling stock
vi) Outsourced services for passenger coaches, including en-route operations and troubleshooting

Project Execution and Business Development

The Company actively tracks upcoming railway projects through official railway authority websites, government procurement portals, national newspapers, the GeM Portal, and the Indian Railways E-Procurement System (IREPS). After evaluating project scope, timelines, technical requirements, and eligibility criteria, it participates in tenders to secure contracts for predefined periods, often extending up to three years.

Competitive Strengths

i) Diversified Order Book: Presence across multiple railway projects and service contracts across India, providing revenue visibility.
ii) Strong Relationship with Indian Railways: Long-standing association through direct contracts and OEM partnerships.
iii) Assured Quality Services: ISO-certified processes ensuring reliability, safety, and timely execution.
iv) Experienced Management Team: Deep domain expertise, strong client relationships, and effective decision-making capabilities.

Objects of the Dhara Rail Projects Limited IPO:

Company intends to utilize the proceeds of the Issue towards the following objects: 1. Repayment and/or pre-payment, in full or part, of borrowing (₹70 cr) 2. Working Capital Requirements (₹30.5 cr) 3. General Corporate Purpose
DRHP of Dhara Rail Projects Limited IPO
RHP of Dhara Rail Projects Limited IPO

Dhara Rail Projects Limited IPO Details:

Open Date: Dec 23 2025
Close Date: Dec 26 2025
Total Shares: 39,84,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 50.20 Cr.
Lot Size: 1000 Shares
Issue Price: ₹ 120-126 Per Equity Share
Listing At: NSE Emerge
Listing Date: Dec 31 2025

Promoters And Management:

1. Mr. Tejas Lalit Mehta is the Promoter, Chairman, and Managing Director of the Company and has been on the Board since incorporation. He passed his Higher Secondary Certificate from Mithibai College, Mumbai, in 1992 and has over 24 years of experience across multiple industries, including more than 20 years in railway contract projects. He oversees overall business operations, strategy, production, finance, and compliance. 2. Ms. Jagruti Tejas Mehta is the Promoter and Whole-Time Director of the Company and has been a Board member since incorporation. She completed Bachelor of Commerce (Second Year) in 1993 and has 24 years of experience in railway contract projects. She is responsible for general business and administrative functions and supports strategic decision-making. 3. Ms. Dhara Tejas Mehta is the Promoter and Non-Executive Director of the Company. She holds an MBBS degree from Pravara Institute of Medical Sciences, Maharashtra, and was appointed to the Board on September 12, 2025. She has around five years of experience in the field of medicine and surgery.

Financials of Dhara Rail Projects Limited IPO:

Particulars 6M FY2025-26 FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 28.36 44.48 31.46 26.6
EBITDA (Cr) 9.59 5.28 1.33 0.74
EBITDA Margins 33.82% 11.88% 4.23% 2.8%
PAT (Cr) 7.06 6.52 2.96 1.06
PAT Margins 24.90% 14.67% 9.43% 4.00%
ROCE 24.33% 26% 11.73% 5.71%
D/E ratio 1.07 1.66 4.43 6.71
Operating Cash Flows (Cr) 2.41 -4,97 -2.03 -1.56

Comparison With Peers:

According to RHP their is no listed Peers Existed in Same business Segment.

Lead Manager of Dhara Rail Projects Limited IPO:

  1. Hem Securities Limited

Registrar of Dhara Rail Projects Limited IPO:

  1. Bigshare Services Private Limited

Discussion on Dhara Rail Projects Limited IPO:

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