Dhara Rail Projects Ltd
Incorporated in 2010, Dhara Rail Projects Ltd provides various services like annual maintenance contracts, and repair services for railway rolling stock systems.[1]
- Market Cap ₹ 189 Cr.
- Current Price ₹ 125
- High / Low ₹ 158 / 103
- Stock P/E 41.0
- Book Value ₹
- Dividend Yield 0.00 %
- ROCE 18.6 %
- ROE 48.6 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company has a good return on equity (ROE) track record: 3 Years ROE 41.1%
Cons
- Promoter holding has decreased over last quarter: -27.6%
- Company might be capitalizing the interest cost
- Earnings include an other income of Rs.3.43 Cr.
- Company has high debtors of 171 days.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Operating Profit |
| OPM % |
| Interest |
| Depreciation |
| Profit before tax |
| Tax % |
| EPS in Rs |
| Raw PDF |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| 18.25 | 26.15 | 31.43 | 43.70 | |
| 20.27 | 25.31 | 30.20 | 38.66 | |
| Operating Profit | -2.02 | 0.84 | 1.23 | 5.04 |
| OPM % | -11.07% | 3.21% | 3.91% | 11.53% |
| 2.78 | 0.84 | 2.60 | 3.43 | |
| Interest | 0.02 | 0.02 | 0.06 | 0.20 |
| Depreciation | 0.06 | 0.04 | 0.04 | 0.04 |
| Profit before tax | 0.68 | 1.62 | 3.73 | 8.23 |
| Tax % | 33.82% | 27.78% | 24.93% | 23.45% |
| 0.46 | 1.17 | 2.80 | 6.29 | |
| EPS in Rs | 46.00 | 117.00 | 280.00 | 629.00 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 34% |
| TTM: | 39% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 136% |
| TTM: | 191% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 41% |
| Last Year: | 49% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Equity Capital | 0.10 | 0.10 | 0.10 | 0.10 |
| Reserves | 2.25 | 3.42 | 6.22 | 12.51 |
| 16.23 | 22.74 | 27.38 | 20.30 | |
| 7.81 | 7.75 | 12.56 | 11.05 | |
| Total Liabilities | 26.39 | 34.01 | 46.26 | 43.96 |
| 0.16 | 0.12 | 0.11 | 0.10 | |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 9.45 | 14.13 | 14.48 | 0.26 |
| 16.78 | 19.76 | 31.67 | 43.60 | |
| Total Assets | 26.39 | 34.01 | 46.26 | 43.96 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| -5.60 | 0.56 | -0.47 | -5.12 | |
| -3.85 | -0.26 | -5.65 | 16.74 | |
| 8.43 | 0.00 | 4.58 | -7.28 | |
| Net Cash Flow | -1.02 | 0.30 | -1.54 | 4.34 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Debtor Days | 94.40 | 66.30 | 68.29 | 170.81 |
| Inventory Days | 3.56 | 24.45 | 206.12 | 36.92 |
| Days Payable | 173.12 | 146.67 | 229.40 | 129.05 |
| Cash Conversion Cycle | -75.16 | -55.93 | 45.01 | 78.68 |
| Working Capital Days | 56.00 | 51.50 | -242.02 | -44.02 |
| ROCE % | 5.89% | 7.20% | 18.59% |
Documents
Announcements
-
Quarterly Compliance Report on Corporate governance - within 21 days from the end of the quarter
16 January 2026 - Company certifies corporate governance report non-applicability for quarter ended 31 December 2025 (SME-listed).
-
Certificate under SEBI (Depositories and Participants) Regulations, 2018
16 January 2026 - Certificate under SEBI Reg 74(5): not applicable; all shares dematerialised; no rematerialisation requests in quarter ended 31-Dec-2025.
-
Bagging/Receiving of orders/contracts
31 December 2025 - 2-year ACCEA outsourcing work order from Central Railway Pune for Rs.4.54 Crore (including GST) dated 31-12-2025.
-
General Updates
31 December 2025 - Authorized KMPs Tejas Mehta and Shivaraja Devadiga designated to determine materiality, dated 31-Dec-2025.
Annual reports
No data available.
Business Profile[1]
Dhara Rail Projects Limited, is an ISO 9001:2015 certified railway services company engaged in execution of contractual railway projects and allied services for Indian Railways. The company operates primarily in operations, maintenance, repair and SITC (Supply, Installation, Testing & Commissioning) of electrical and mechanical systems used in railway rolling stock.