Dhara Rail Projects Limited is an engineering and services company primarily engaged in executing railway electrical and maintenance contracts for Indian Railways. The company earns revenue through direct railway contracts and pre-bid arrangements with OEMs. Its services include installation, testing, commissioning, operations, and maintenance of electrical systems in railway coaches and rolling stock, including modern trains like Vande Bharat.

The Company is led by Promoter, i.e., Tejas Lalit Mehta, Jagruti Tejas Mehta & Dhara Tejas Mehta

The Revenues from operations for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were â‚¹ 2,882.54 Lakh, ₹ 4,799.83 Lakh, â‚¹ 3,422.79 Lakh, and ₹ 2,739.34 Lakh, The EBITDA for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were â‚¹ 959.56 Lakh, ₹ 528.47 Lakh, ₹ 133.07 Lakh, and ₹ 74.52 Lakh, The Profit after Tax for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were were â‚¹ 706.36 Lakh, ₹ 652.78 Lakh, â‚¹296.78 Lakh, and ₹ 106.42 Lakh, respectively. This indicates a steady growth in financial performance.

The Company Key Performance Indicates the pre-issue EPS of â‚¹5.88 and post-issue EPS of ₹4.33 for FY25. The pre-issue P/E ratio is 21.43x,while the post-issue P/E ratio is 29.12x against the Industry P/E ratio is NAx The company's ROE for FY25 is 67.85% and RoNW is 50.66% The Annualised EPS is ₹ 9.37x and P/E is 13.45x. These metrics suggest that the IPO is Fully priced.

The Grey Market Premium (GMP) of Dhara Rail Projects showing listing gains of 0%.Given the company's financial performance and the valuation of the IPO, we recommend  Investors to Avoid to the Dhara Rail Projects Limited IPO for Listing gain or Long Term Purposes.