The Dhara Rail Projects IPO opened to an impressive response on its first day of bidding, drawing strong investor participation across all categories. By 5 PM on December 23, 2025, the public issue had been subscribed more than 2.54 times, signaling solid enthusiasm in the grey market and among retail investors.
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Dhara Rail Projects IPO Subscription Status
According to the latest exchange data, the Qualified Institutional Buyers (QIB) portion of the Dhara Rail Projects IPO saw remarkable demand, oversubscribed by nearly 4.55 times. Non-Institutional Investors (NIIs) subscribed around 2.35 times, while the Retail Individual Investors (RII) segment recorded a subscription of 1.47 times.
In total, the company received bids for approximately 67.19 lakh equity shares against 26.47 lakh shares offered. The day-one momentum suggests that investors are optimistic about the company’s long-term partnership with Indian Railways and its expanding service portfolio.
About Dhara Rail Projects
Dhara Rail Projects specializes in providing maintenance and electrical solutions to the Indian Railways. The company handles Annual Maintenance Contracts (AMC) and on-demand repair services for critical train systems such as interior and emergency lighting, wiring modules, and battery backup setups—ensuring the smooth performance of trains across India.
Its service list includes AMC and repair tasks for Vande Bharat lighting systems, OHE maintenance vehicles (Tower Wagons), HVAC and Power Car equipment, and electrical installations. The firm also supports outsourced coach operations and troubleshooting services. As of August 2025, Dhara Rail Projects employs nearly 849 skilled professionals and collaborates closely with the Ministry of Railways for project execution and development.
Financial Highlights
In the fiscal year 2025, Dhara Rail Projects reported stellar growth. Revenue rose to ₹48.00 crore, up from ₹34.23 crore in 2024. The company’s profit nearly doubled, from ₹2.97 crore in FY24 to ₹6.53 crore in FY25. The strong year-over-year performance underlines its efficient operations and rising order book, strengthening investor confidence during its IPO phase.
Dhara Rail Projects IPO GMP Today
Investors tracking the Dhara Rail Projects IPO GMP have noted a steady buzz in the grey market. As of December 23, 2025, the Grey Market Premium stood at ₹12, indicating that shares were trading at ₹138, compared to the issue price of ₹126. This premium shows strong sentiment and could reflect optimism in the company’s future growth trajectory.
Analysts believe that the sustained rise in the live IPO GMP today highlights investors’ trust in Dhara Rail’s technological expertise and its consistent government-backed contracts.
What’s Next for Investors
With robust subscription numbers and a firm grey market trend, the Dhara Rail Projects IPO is catching the attention of both retail and institutional players. If the momentum continues through the next bidding sessions, the stock could make a strong listing debut once it hits the exchanges.
Investors eyeing short-term gains may look at the ongoing Dhara Rail Projects IPO GMP as a key indicator of sentiment—while long-term investors may find its financial stability and growing association with Indian Railways an appealing aspect of the company’s fundamentals.
