IPO
UHM Vacation IPO Details
Last Updated on June 3, 2026 UHM Vacation Ltd. IPO Incorporated in 2009, UHM Vacation Ltd is a B2B travel and tourism aggregator that offers a wide range of travel
June 3, 2026
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Dhara Rail Projects Ltd. IPO
Incorporated in 2010, Dhara Rail Projects Ltd is an ISO 9001:2015 certified company, providing various services like annual maintenance contracts, and repair services for railway rolling stock systems.
The company mainly works with the Ministry of Railways, Government of India, by participating in tenders or collaborating with OEMs
Key services:
- AMC and repairs of train lighting systems across all types of trains, including Vande Bharat.
- AMC and repairs for Overhead Equipment (OHE) maintenance vehicles (Tower Wagons).
- AMC and repairs of Power Car equipment and HVAC systems in trains.
- Supply, Installation, Testing, and Commissioning (SITC) of electrical equipment for all types of rolling stock.
- Outsourced services for coach operations and troubleshooting.
Competitive Strengths:
- Diversified order book of projects across India: Rs 14,409.81 lakhs as on Sep 29, 2025.
- Revenue from multiple geographies
- Assured quality services
- Experienced senior management
Dhara Rail Projects Ltd. Financial (Restated Consolidated)
Dhara Rail Projects Ltd.’s revenue increased by 40% and profit after tax (PAT) rose by 120% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 61.73 | 46.24 | 47.29 | 33.98 |
| Total Income | 28.83 | 48.00 | 34.23 | 27.39 |
| Profit After Tax | 7.06 | 6.53 | 2.97 | 1.06 |
| EBITDA | 9.60 | 5.28 | 1.33 | 0.75 |
| NET Worth | 19.95 | 12.89 | 6.36 | 3.39 |
| Reserves and Surplus | 8.85 | 12.79 | 6.26 | 3.29 |
| Total Borrowing | 21.29 | 21.33 | 28.17 | 22.74 |
| Amount in ₹ Crore | ||||
Key Performance Indicator (KPI)
KPI as of Mon, Mar 31, 2025.
| KPI | Values |
|---|---|
| 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 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 5.88 | 9.37 |
| P/E (x) | 21.43 | 13.45 |
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Estimated Amt (₹ Cr.) |
|---|---|---|
| 1 | Repayment and/or pre-payment, in full or part, of borrowing availed by our Company | 7.00 |
| 2 | To Meet Working Capital Requirements of our Company | 30.50 |
| 3 | General Corporate Purpose |
Dhara Rail Projects IPO Details
| IPO Date | 23 to 26 Dec, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | ₹120 to ₹126 |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh Capital |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 39,84,000 shares (agg. up to ₹50 Cr) |
| Reserved for Market Maker |
2,04,000 shares
(agg. up to ₹3 Cr) |
| Net Offered to Public | 37,80,000 shares (agg. up to ₹48 Cr) |
| Share Holding Pre Issue | 1,11,00,000 shares |
| Share Holding Post Issue | 1,50,84,000 shares |
Dhara Rail Projects IPO Promoter Holding
Tejas Lalit Mehta, Jagruti Tejas Mehta & Dhara Tejas Mehta are the company promoters.
| Share Holding Pre Issue | 98.33% |
| Share Holding Post Issue | 72.86% |
SHARIAH SCREENING for - Dhara Rail Projects Ltd. IPO
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BUSINESS SCREEN
FINANCIAL RATIOS
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