Dhara Rail Projects
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 31 Dec 2025 | ₹16.5 | +13.10% | ₹12,500 | ₹142.5 | ₹16,500 |
| 30 Dec 2025 | ₹16.5 | +13.10% | ₹12,500 | ₹142.5 | ₹16,500 |
| 29 Dec 2025 | ₹14 | +11.11% | ₹10,600 | ₹140 | ₹14,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 23 Dec 2025 – 26 Dec 2025
- Listing date
- 31 Dec 2025
- Face value
- ₹10 per share
- Issue price
- ₹126 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹50.2 Cr
- Market cap at offer price
- ₹190 Cr
- Promoter holding
- 98.33% → 72.36% pre-issue → post-issue
- ISIN
- INE2HJL01019
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- Gala No.O, 196-K, Girgaum Gaiwadi, Girgaum, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 11,33,000 | — | — |
| Market maker | 2,04,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹126
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,26,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,52,000 |
| S-HNI (max) | 7 | 7,000 | ₹8,82,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,08,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹126 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.88 | 9.37 |
| P/E (×) | 21.43 | 13.45 |
| Price to book (×) | 10.85 | — |
| Market cap | — | ₹190 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 50.66%
- ROCE
- 25.59%
- Debt / equity
- 1.66
- PAT margin
- 14.67%
- EBITDA margin
- 11.88%
- NAV per share
- ₹11.61
- Price to book
- 10.85
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Dhara Rail Projects
The supplied pages are a Business Standard newspaper notice dated 22 December 2025 of proceedings before the National Company Law Tribunal, Mumbai Bench (C.P.(CAA)/257/MB/2025 in C.A.(CAA)/244/MB/2025), under Sections 230 to 232 of the Companies Act, 2013, relating to the 'Scheme of Amalgamation of Anand Engineering Limited with MA Multi-Infra Development Private Limited and their respective shareholders'. Both petitioner companies share a registered office at 106-107, Bajaj Bhavan, 10th Floor, Jamnalal Bajaj Marg, 226, Nariman Point, Mumbai - 400021. Anand Engineering Limited (incorporated under the Companies Act, 1956; CIN: U45201MH2006PLC452294) is named the First Petitioner Company, and MA Multi-Infra Development Private Limited (incorporated under the Companies Act, 1956; CIN: U45100MH2012PTC233816) is named the Second Petitioner Company. Page 3 failed to parse and yielded no usable text. The document does not state what products or services the companies provide, how they earn revenue, who their directors or promoters are, any shareholding percentages, any revenue figures, or anything about a public offer; therefore no business model, industries, leadership, promoters, segments, objects of issue, or issue structure can be extracted from the text provided.
Company Analysis
from DRHPThis document is not an IPO offer document: it is an NCLT (Mumbai Bench) notice concerning a proposed scheme of amalgamation of Anand Engineering Limited into MA Multi-Infra Development Private Limited, two Mumbai-based petitioner companies whose actual lines of business are not described anywhere in the provided text.
The supplied pages are a Business Standard newspaper notice dated 22 December 2025 of proceedings before the National Company Law Tribunal, Mumbai Bench (C.P.(CAA)/257/MB/2025 in C.A.(CAA)/244/MB/2025), under Sections 230 to 232 of the Companies Act, 2013, relating to the 'Scheme of Amalgamation of Anand Engineering Limited with MA Multi-Infra Development Private Limited and their respective shareholders'. Both petitioner companies share a registered office at 106-107, Bajaj Bhavan, 10th Floor, Jamnalal Bajaj Marg, 226, Nariman Point, Mumbai - 400021. Anand Engineering Limited (incorporated under the Companies Act, 1956; CIN: U45201MH2006PLC452294) is named the First Petitioner Company, and MA Multi-Infra Development Private Limited (incorporated under the Companies Act, 1956; CIN: U45100MH2012PTC233816) is named the Second Petitioner Company. Page 3 failed to parse and yielded no usable text. The document does not state what products or services the companies provide, how they earn revenue, who their directors or promoters are, any shareholding percentages, any revenue figures, or anything about a public offer; therefore no business model, industries, leadership, promoters, segments, objects of issue, or issue structure can be extracted from the text provided.
Issue Structure
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.