New Delhi, 31 December (H.S.): Dhara Rail Projects, a railway infrastructure specialist, debuted robustly on the NSE SME platform on Wednesday, listing at 150 rupees—a 19 percent premium over its 126-rupee IPO price—and climbing to 155 rupees by 10:30 a.m., delivering early investors a 29-rupee or 23.02 percent gain amid buoyant buying with no trading halts or technical accidents disrupting the session.

The 50.20 crore rupee IPO, open from 23-26 December, garnered robust 5.71 times overall subscription: QIBs at 7.88 times, NIIs at 7.84 times, and retail at 3.56 times, issuing 56,54,400 equity shares of 10 rupees face value for debt repayment, working capital, and corporate purposes. No mishaps accompanied the smooth listing process.

Explosive Financial Trajectory

The company's Draft Red Herring Prospectus to SEBI revealed accelerating profitability: net profit surged from 4.18 crore rupees in FY23 to 9.38 crore in FY24 and 18.37 crore in FY25, with H1 FY26 (April-September 2025) already yielding 12.81 crore rupees. Revenue compounded at over 12 percent CAGR to 332.12 crore rupees by FY25, reaching 168.56 crore in H1 FY26, though debt escalated to 107.25 crore rupees by September end.

Reserves and surplus ballooned from 23.74 crore in FY23 to 133.12 crore in FY24, dipped to 51.49 crore in FY25, and stood at 50.80 crore by H1 FY26, underscoring operational scaling sans financial irregularities.

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Hindusthan Samachar / Jun Sarkar