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Dhara Rail Projects Limited, incorporated in 2010 and ISO 9001:2015 certified, specializes in executing contractual railway projects and providing maintenance services for the Indian Railways. Its offerings include Annual Maintenance Contracts (AMC) and repair services for a wide range of rolling stock, including modern Vande Bharat trains, covering systems like train lighting, power cars, and HVAC. The company also undertakes Supply, Installation, Testing, and Commissioning (SITC) of electrical equipment. It secures contracts either through direct competitive bidding or via pre-bid arrangements with OEMs and is managed by its experienced promoters, Tejas Lalit Mehta and Jagruti Tejas Mehta.
Dec 23, 2025
Dec 26, 2025
Dec 31, 2025
SME
Closed
—
50.2 Cr
0 Cr
₹120 - ₹126
1000
The net proceeds from the issue are intended to be utilized for the following objectives:
Repayment and/or pre-payment of certain borrowings availed by the company, amounting to ₹7.00 crores, which will help reduce outstanding debt and debt servicing costs.
Funding the working capital requirements of the company to the extent of ₹30.50 crores to support its expanding operations, fund inventories, trade receivables, and arrange for Earnest Money Deposits (EMD) and Performance Guarantees for future projects.
Financing general corporate purposes, which may include meeting operating expenses, strengthening business development, and covering unforeseen exigencies, with the amount not exceeding 15% of the gross proceeds or ₹10 crores, whichever is lower.
21.43
5.88
67.85%
25.59%
50.66%
—
14.67%
11.88%
10.85
Holds a diversified and strong order book of 60 ongoing projects worth ₹14,378.01 lakhs across various railway zones in India.
Established long-term relationship with Indian Railways, leading to geographical expansion and reduced dependency on any single zone.
ISO 9001:2015 certification ensures assured quality services, leading to repeat business and a strong reputation.
Led by an experienced senior management team, including promoters with over 20 years of industry experience.
High working capital requirements to fund operations, including performance guarantees and inventory.
Significant dependence on a single client, the Ministry of Railways, for a majority of its revenue.
Operations in a highly competitive and fragmented industry, requiring continuous effort to maintain market position.
Concentration of ownership among promoters may impact corporate governance and decision-making processes.
Growing Indian railway sector, the fourth-largest globally, with substantial government investment and support.
Increasing government focus on infrastructure development, including dedicated freight corridors and high-speed trains like Vande Bharat.
Potential to expand business through Public Private Partnership (PPP) models in railway projects.
Opportunity to participate in the manufacturing and export of 'Made in India' trains to global markets.
Adverse changes in government policies, budgetary allocations, or regulations related to the railway sector.
Macroeconomic slowdown, inflation, and political instability impacting infrastructure spending and project timelines.
Legal and regulatory uncertainties, including changes in tax laws, which could impact financial performance.
Geopolitical tensions, civil unrest, or terrorist attacks could disrupt operations and affect market stability.
