Comparison between Dhara Rail Projects IPO and Emiac Technologies IPO.
Dhara Rail Projects IPO is a SME Bookbuilding IPO proposed to list at NSE SME while Emiac Technologies IPO is a SME Bookbuilding proposed to list at BSE SME.
| Dhara Rail Projects IPO | Emiac Technologies IPO | |
|---|---|---|
| Logo |  |  |
| Issue Category | SME | SME |
| Issue Type | IPO | IPO |
| Process Type | Bookbuilding | Bookbuilding |
| Listing At | NSE SME | BSE SME |
| Lead Managers | Hem Securities Ltd. | Smart Horizon Capital Advisors Pvt.Ltd. |
| Registrar | Bigshare Services Pvt.Ltd. | Bigshare Services Pvt.Ltd. |
| Market Maker | Hem Finlease Pvt.Ltd. | Shreni Shares Ltd. |
| DRHP | DRHP  | DRHP |
| RHP | RHP | RHP |
| Final Prospectus | Final Prospectus | Final Prospectus |
| Anchor Investor | Anchor Investor | Anchor Investor |
| IPO Allotment URL | IPO Allotment URL | IPO Allotment URL |
The total issue size of Dhara Rail Projects IPO is up to ₹47.63 Cr whereas the issue size of the Emiac Technologies IPO is up to ₹30.11 Cr. The final issue price of Dhara Rail Projects IPO is ₹126.00 per share and of Emiac Technologies IPO is ₹98.00 per share.
| Dhara Rail Projects IPO | Emiac Technologies IPO | |
|---|---|---|
| Face Value | ₹10 per share | ₹10 per share |
| Issue Price (Lower) | ₹120.00 per share | ₹93.00 per share |
| Issue Price (Upper) | ₹126.00 per share | ₹98.00 per share |
| Issue Price (Final) | ₹126.00 per share | ₹98.00 per share |
| Discount (Retail) | ||
| Discount (Employee) | ||
| Market Lot Size | 1000 shares | 1200 shares |
| Fresh Issue Size | 37,80,000 shares | 30,72,000 shares |
| Fresh Issue Size (Amount) | up to ₹47.63 Cr | up to ₹30.11 Cr |
| OFS Issue Size | 0 shares | 0 shares |
| OFS Issue Size (Amount) | up to ₹0.00 Cr | up to ₹0.00 Cr |
| Issue Size Total | 37,80,000 shares | 30,72,000 shares |
| Issue Size Total (Amount) | up to ₹47.63 Cr | up to ₹30.11 Cr |
Dhara Rail Projects IPO opens on Dec 23, 2025, while Emiac Technologies IPO opens on Mar 27, 2026. The closing date of Dhara Rail Projects IPO and Emiac Technologies IPO is Dec 26, 2025, and Apr 08, 2026, respectively.
| Dhara Rail Projects IPO | Emiac Technologies IPO | |
|---|---|---|
| Anchor Bid Date | Dec 22, 2025 | Mar 25, 2026 |
| Issue Open | Dec 23, 2025 | Mar 27, 2026 |
| Issue Close | Dec 26, 2025 | Apr 08, 2026 |
| Basis Of Allotment (Tentative) | Dec 29, 2025 | Apr 09, 2026 |
| Initiation of Refunds (Tentative) | Dec 30, 2025 | Apr 10, 2026 |
| Credit of Share (Tentative) | Dec 30, 2025 | Apr 10, 2026 |
| Listing date (Tentative) | Dec 31, 2025 | Apr 13, 2026 |
| Anchor Lockin End date 1 | Jan 28, 2026 | May 08, 2026 |
| Anchor Lockin End date 2 | Mar 29, 2026 | Jul 07, 2026 |
Dhara Rail Projects IPO P/E ratio is 21.43, as compared to Emiac Technologies IPO P/E ratio of 20.91.
| Dhara Rail Projects IPO | Emiac Technologies IPO | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Financials | Company Financials (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.
| Company Financials (Restated)
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Promoter Shareholding (Pre-Issue) | 98.33 | 68 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Promoter Shareholding (Post-Issue) | 72.36 | 50.01 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| P/E Ratio | 21.43 | 20.91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Market Cap | ₹190.06 Cr. | ₹119.98 Cr. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROE | 67.85 | 81.65 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROCE | 25.59 | 63.52 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt/Equity | 1.66 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EPS | ₹5.88 | ₹4.69 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RoNW | 50.66 | 46.74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In the Dhara Rail Projects IPO Retail Individual Investors (RII) are offered 13,24,000 shares while in Emiac Technologies IPO retail investors are offered 13,24,000 shares. Qualified Institutional Buyers (QIB) are offered 7,56,000 shares in Dhara Rail Projects IPO and 6,24,000 shares in Emiac Technologies IPO.
| Dhara Rail Projects IPO | Emiac Technologies IPO | |
|---|---|---|
| Anchor Investor Reservation | 11,33,000 shares | 8,88,000 shares |
| Market Maker Reservation | 2,04,000 shares | 1,68,000 shares |
| QIB | 7,56,000 shares | 6,24,000 shares |
| NII | 5,67,000 shares | 4,68,000 shares |
| RII | 13,24,000 shares | 10,92,000 shares |
| Employee | 0 shares | 0 shares |
| Others | ||
| Total | 37,80,000 shares | 30,72,000 shares |
Dhara Rail Projects IPO subscribed 78.36x in total, whereas Emiac Technologies IPO subscribed 2.29x.
| Dhara Rail Projects IPO | Emiac Technologies IPO | |
|---|---|---|
| QIB (times) | 71.30x | 1.02x |
| NII (times) | 199.41x | 4.96x |
| Big NII (times) | 237.67x | 5.67x |
| Small NII (times) | 122.87x | 3.53x |
| RII (times) | 97.61x | 3.74x |
| Employee (times) | ||
| Other (times) | ||
| Total (times) | 78.36x | 2.29x |
