Dhara Rail Projects lists at 10% premium on NSE SME
Dhara Rail Projects made its debut on the NSE SME, with gray market trends indicating an expected listing at around ₹138 per share—a 10% premium over its ₹126 issue price.
The IPO drew huge interest, being oversubscribed nearly 112 times.
IPO numbers and financials
The IPO raised ₹50.2 crore from new shares and another ₹14.28 crore from anchor investors before launch.
Minimum investment was pretty steep at ₹2.52 lakh (2,000 shares).
In FY25, revenue hit ₹48 crore (up 40% year-on-year), with profits doubling to ₹6.53 crore.
What does Dhara Rail Projects do?
Started in 2010 and going public this December, Dhara Rail Projects handles maintenance and repair for railway coaches—think lighting, HVAC systems, power cars—plus installs electrical gear for trains through Railway tenders and OEMs.
Where's the money going?
Funds will cover working capital (₹30.5 crore), pay off debt (₹7 crore), and general expenses (₹12.7 crore).
Promoters Tejas Lalit Mehta, Jagruti Tejas Mehta, and Dhara Tejas Mehta are at the helm as the company rides this wave of investor enthusiasm.