31 Mar 2023
Assets33.98
Total Income27.39
EBITDA0.75
Profit After Tax1.06
NET Worth3.39
Reserves and Surplus3.29
Total Borrowing22.74
At a glance
Updated 2026-08-24The shares listed at ₹150.00, a 19.05% move from the issue price. Dhara Rail Projects is a SME IPO with an issue size of ₹50.20 crore, proposed for listing on NSE SME. The offer opens on 23rd Dec 2025 and closes on 26th Dec 2025. The issue structure includes a fresh issue of ₹47.63 crore. The current listing schedule points to 31st Dec 2025.
Issue details
Listing atNSE SME
Issue typeBook Build Issue
Issue size₹50.20 Cr
Fresh issue₹47.63 Cr
Face value₹10
Price band₹120.00–₹126.00
Allotment29th Dec 2025
Listing31st Dec 2025
Listing performance
Full performance ↗Issue price₹126.00
Listing price₹150.00
Current price—
Listing gain19.05%
Current return—
Price progressionIssue → Listing → Current
Grey market
GMP page ↗Latest GMP₹16.50
GMP / upper price13.10%
Est. listing₹142.50
GMP is unofficial sentiment data, not an exchange price.
Timeline
Opens23rd Dec 2025
Closes26th Dec 2025
Allotment29th Dec 2025
Refund30th Dec 2025
Demat30th Dec 2025
Listing31st Dec 2025
Subscription demand
Full bidding ↗Total111.90×
Lot size
| Investor | Lots | Shares | Amount |
|---|---|---|---|
| Minimum Bid | 1 | 2000 | ₹252,000 |
Company
Incorporated2010
Use of proceeds
| Object | Amount |
|---|---|
| Repayment and/or pre-payment, in full or part, of borrowing availed by Company | ₹7.00 Cr |
| To Meet Working Capital Requirements of Company | ₹30.50 Cr |
| General Corporate Purposes | ₹6.87 Cr |
| Issue Expenses | ₹5.83 Cr |
| Total | ₹50.20 Cr |
Financials
Full financials ↗31 Mar 2024
Assets47.29
Total Income34.23
EBITDA1.33
Profit After Tax2.97
NET Worth6.36
Reserves and Surplus6.26
Total Borrowing28.17
31 Mar 2025
Assets46.24
Total Income48.00
EBITDA5.28
Profit After Tax6.53
NET Worth12.89
Reserves and Surplus12.79
Total Borrowing21.33
30 Sep 2025
Assets61.73
Total Income28.83
EBITDA9.60
Profit After Tax7.06
NET Worth19.95
Reserves and Surplus8.85
Total Borrowing21.29
Trend chart₹ crore
KPIs
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 67.85% |
| ROCE | 25.59% |
| Debt / Equity | 1.66% |
| RoNW | 50.66% |
| PAT Margin | 14.67% |
| EBITDA Margin | 11.88% |
| Price to Book Value | 10.85 |
Valuation & shareholding
Pre-IPO EPS5.88
Post-IPO EPS9.37
Pre-IPO P/E21.43
Post-IPO P/E13.45
Promoter holding pre98.33%
Promoter holding post72.36%
Market cap₹190.06 Cr.
Issue expenses
| Expense | Amount |
|---|---|
| Repayment and/or pre-payment, in full or part, of borrowing availed by Company | ₹7.00 Cr |
| To Meet Working Capital Requirements of Company | ₹30.50 Cr |
| General Corporate Purposes | ₹6.87 Cr |
| Issue Expenses | ₹5.83 Cr |
| Total | ₹50.20 Cr |
Registrar & lead managers
Registrar
Bigshare Services Pvt.Ltd.Lead managers
- Hem Securities Ltd.
Offer documents
Data is reconciled from multiple public IPO sources. Official exchange filings and offer documents remain the source of truth. Last verified 2026-08-24.