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 ₹ 167 Cr.
- Current Price ₹ 111
- High / Low ₹ 158 / 90.0
- Stock P/E 36.4
- 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 |
| Free Cash Flow | -5.61 | 0.56 | -0.49 | -5.15 |
| CFO/OP | 277% | 67% | 33% | -58% |
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% |
Insights
In beta| Jan 2026 | |
|---|---|
| Order Duration - Central Railway AMC Years |
|
| Single Order Value INR |
Documents
Announcements
-
Trading Window
26 March 2026 - Trading window closed from April 1, 2026 until 48 hours after FY2026 audited results.
-
Awarding of order(s)/contract(s)
25 March 2026 - Rs.1.01 crore order to supply double inlet blowers for LHB non-AC coaches to East Central Railway; 18 months.
-
Outcome of Board Meeting
2 March 2026 - Board appointed secretarial auditor Murtuza Mandorwala & Associates and internal auditor H.B. Purohit & Co. for FY2025-26.
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Change in Auditors
2 March 2026 - Board appointed M/s Murtuza Mandorwala as secretarial auditor and M/s H.B. Purohit as internal auditor for FY2025-26.
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Change in Auditors
2 March 2026 - Board on 2 Mar 2026 appointed Murtuza Mandorwala (secretarial auditor) and H.B. Purohit & Co. (internal auditor) for FY2025-26.
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.