---
title: "Dhara Rail Projects Ltd (DHARARAIL) — Share Price, Financials & Analysis"
symbol: "DHARARAIL"
company: "Dhara Rail Projects Ltd"
canonical: "https://tapetide.com/stocks/DHARARAIL"
isin: "INE2HJL01019"
nse_symbol: "DHARARAIL"
sector: "Commercial Services"
industry: "Diversified Services"
market_cap_cr: 214.19
generated_at: "2026-09-13T18:36:49.819Z"
---

# Dhara Rail Projects Ltd (DHARARAIL)

Canonical page: https://tapetide.com/stocks/DHARARAIL

## Company

- **NSE Symbol:** DHARARAIL
- **ISIN:** INE2HJL01019
- **Sector:** Commercial Services
- **Industry:** Diversified Services
- **Macro Sector:** Services
- **Stock Type:** EQUITY
- **Listed Since:** 2025-12-31
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** drppl.com

## About

Incorporated in 2010, Dhara Rail Projects Ltd provides various services like annual maintenance contracts, and repair services for railway rolling stock systems.[1]

## Latest Price

- **Price:** ₹149
- **Change:** +6 (+4.2%)
- **Open:** ₹142
- **Day High:** ₹150.15
- **Day Low:** ₹142
- **Previous Close:** ₹143
- **Volume:** 19000
- **As Of:** 2026-09-11T09:59:27+00:00

## Key Fundamentals

Observed at 2026-09-11T04:34:17.436588Z.

- **Market Cap:** ₹214.19 Cr
- **Classification:** SME
- **P/E (reported):** 14
- **Book Value:** ₹48.82
- **Price to Book:** 2.93
- **Dividend Yield:** 0%
- **ROE:** 20.97%
- **ROCE:** 28.98%
- **Debt to Equity:** 0.18
- **Revenue (yearly):** ₹58.3 Cr
- **Net Income:** ₹15.4 Cr
- **EBITDA:** ₹21.5 Cr
- **52-Week High:** ₹172.5
- **52-Week Low:** ₹90.05
- **RSI (14):** 51.71

## Key Insights

### Strengths

- Company has reduced debt.
- Company has a good return on equity (ROE) track record: 3 Years ROE 35.9%
- Promoter holding has increased by 2.20% over last quarter.

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend
- Company has high debtors of 175 days.
- Working capital days have increased from -44.3 days to 159 days

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | -47.89% | -262.07% | -130.92% |
| ebitda margin growth | 107.19% | 208.79% | — |
| net income growth | 140.63% | 164% | — |
| revenue growth | 21.46% | 29% | — |
| roce | -54.94% | -52.78% | — |
| roe | -57.33% | 38.93% | — |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- |
| Sales | 27 | 28 | 28 |
| Expenses | 24 | 19 | 18 |
| Operating Profit | 3 | 10 | 10 |
| OPM % | 10 | 34 | 36 |
| Other Income | 1 | 0 | 1 |
| Interest | 0 | 1 | 0 |
| Depreciation | 0 | 0 | 0 |
| Profit before tax | 4 | 10 | 11 |
| Tax % | 24 | 26 | 24 |
| Net Profit | 3 | 7 | 8 |
| EPS in Rs | 299 | 6.36 | 5.56 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- |
| Sales | 27 | 31 | 44 | 57 |
| Expenses | 26 | 30 | 39 | 37 |
| Operating Profit | 1 | 1 | 5 | 20 |
| OPM % | 2.8 | 4.2 | 11 | 35 |
| Other Income | 1 | 3 | 4 | 2 |
| Interest | 0 | 0 | 0 | 1 |
| Depreciation | 0 | 0 | 0 | 0 |
| Profit before tax | 1 | 4 | 8 | 21 |
| Tax % | 28 | 25 | 24 | 25 |
| Net Profit | 1 | 3 | 6 | 15 |
| EPS in Rs | 106 | 297 | 635 | 10.24 |
| Dividend Payout % | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- |
| Equity Capital | 0.1 | 0.1 | 0.1 | 15 |
| Reserves | 3 | 6 | 13 | 59 |
| Borrowings | 23 | 28 | 21 | 13 |
| Other Liabilities | 8 | 13 | 12 | 12 |
| Total Liabilities | 34 | 47 | 46 | 99 |
| Fixed Assets | 0 | 0 | 0 | 0 |
| CWIP | 0 | 0 | 0 | 0 |
| Investments | 14 | 14 | 0 | 0 |
| Other Assets | 20 | 33 | 46 | 99 |
| Total Assets | 34 | 47 | 46 | 99 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- |
| Cash from Operating Activity | -2 | -2 | -5 | -7 |
| Cash from Investing Activity | -2 | -6 | 17 | 5 |
| Cash from Financing Activity | 6 | 5 | -7 | 36 |
| Net Cash Flow | 3 | -2 | 5 | 34 |
| Free Cash Flow | -2 | -2 | -5 | -7 |
| CFO/OP | -168 | -86 | -54 | -12 |

### Ratios

| Item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- |
| Debtor Days | 65 | 68 | 172 | 175 |
| Inventory Days | 25 | 208 | 37 | 303 |
| Days Payable | 153 | 232 | 142 | 230 |
| Cash Conversion Cycle | -63 | 44 | 67 | 248 |
| Working Capital Days | -247 | -244 | -48 | 159 |
| ROCE % | — | 8 | 18 | 35 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2025 | Dec 2025 | Mar 2026 |
| --- | --- | --- | --- |
| Promoters | 100% | 72.36% | 74.56% |
| FIIs | 0% | 2.48% | 1.13% |
| DIIs | 0% | 8.84% | 8.43% |
| Government | 0% | 0% | 0% |
| Public | 0% | 12.18% | 12.61% |
| Others | 0% | 4.14% | 3.27% |
| No. of Shareholders | 9 | 25 | 634 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Buy
- **Buy / Neutral / Sell:** 8 / 7 / 4

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 143.49 | Buy |
| EMA (10) | 143.66 | Buy |
| SMA (20) | 143.87 | Buy |
| EMA (20) | 142.94 | Buy |
| SMA (50) | 141.05 | Buy |
| EMA (50) | 140.99 | Buy |
| SMA (100) | 136.71 | Buy |
| EMA (100) | 136.75 | Buy |
| SMA (200) | — | Neutral |
| EMA (200) | — | Neutral |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 59.69 | Neutral |
| MACD (12,26,9) | 1.02 | Sell |
| Stochastic (14,3,3) | 60.16 | Neutral |
| ADX (14) | 16.23 | Neutral |
| Williams %R (14) | -14.2 | Sell |
| ATR (14) | 4.34 | Neutral |
| ROC (12) | -0.53 | Sell |
| Stoch RSI (14) | 84.42 | Sell |
| UO (7,14,28) | 55.65 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 Sep - Dhara Rail Projects secured Rs. 3.66 crore domestic coach modification work order, executable in 6 months. | [Awarding of order(s)/contract(s) 9 Sep - Dhara Rail Projects secured Rs. 3.66 crore domestic coach modification work order, executable in 6 months.](https://nsearchives.nseindia.com/corporate/DHARA_09092026152149_Regulation-30_final.pdf) |
| 9 April 2026 - Submitted Regulation 74(5) certificate for quarter ended 31 March 2026; no rematerialisation requests. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 9 April 2026 - Submitted Regulation 74(5) certificate for quarter ended 31 March 2026; no rematerialisation requests.](https://nsearchives.nseindia.com/corporate/DHARA_09042026190301_Regulation_74_5__final.pdf) |
| 9 April 2026 - SDD compliance certificate filed for year ended 31 March 2026; no noncompliance reported. | [Structural Digital Database 9 April 2026 - SDD compliance certificate filed for year ended 31 March 2026; no noncompliance reported.](https://nsearchives.nseindia.com/corporate/DHARA_09042026192244_PCS_Certificate_final.pdf) |
| 9 April 2026 - Non-applicability of corporate governance report for quarter ended 31 March 2026 filed. | [Quarterly Compliance Report on Corporate governance - within 21 days from the end of the quarter 9 April 2026 - Non-applicability of corporate governance report for quarter ended 31 March 2026 filed.](https://nsearchives.nseindia.com/corporate/DHARA_09042026191707_Covering_Letter_final.pdf) |
| 9 April 2026 - Dhara Rail Projects says Regulation 24A secretarial compliance report is not applicable on SME exchange. | [Updates 9 April 2026 - Dhara Rail Projects says Regulation 24A secretarial compliance report is not applicable on SME exchange.](https://nsearchives.nseindia.com/corporate/DHARA_09042026191347_Certificate_Non_Applicability_Reg_24A_final.pdf) |
| 8 May 2026 - Received ₹1.23 crore Railways order for PVC flooring in coaches over 24 months. | [Awarding of order(s)/contract(s) 8 May 2026 - Received ₹1.23 crore Railways order for PVC flooring in coaches over 24 months.](https://nsearchives.nseindia.com/corporate/DHARA_08052026120255_Regulation-30_final.pdf) |
| 7 May 2026 - Dhara Rail Projects won 2-year maintenance order from Eastern Railway worth Rs 3.90 crore including GST. | [Awarding of order(s)/contract(s) 7 May 2026 - Dhara Rail Projects won 2-year maintenance order from Eastern Railway worth Rs 3.90 crore including GST.](https://nsearchives.nseindia.com/corporate/DHARA_07052026115312_Regulation-30_file.pdf) |
| 4 Sep - Newspaper publication confirms dispatch of 16th AGM notice; AGM on 2026-09-28 via VC/OAVM with e-voting. | [Copy of Newspaper Publication 4 Sep - Newspaper publication confirms dispatch of 16th AGM notice; AGM on 2026-09-28 via VC/OAVM with e-voting.](https://nsearchives.nseindia.com/corporate/DHARA_04092026130505_Newspaper_Publication.pdf) |
| 3 Sep - 16th AGM on 28 September 2026 via VC/OAVM; remote e-voting 25-27 September. | [Shareholders meeting 3 Sep - 16th AGM on 28 September 2026 via VC/OAVM; remote e-voting 25-27 September.](https://nsearchives.nseindia.com/corporate/DHARA_03092026192454_Notice_of_AGM_NSE_final.pdf) |
| 29 May 2026 - Dhara Rail Projects won a Rs 4.31 crore two-year railway maintenance order at Tirupati. | [Awarding of order(s)/contract(s) 29 May 2026 - Dhara Rail Projects won a Rs 4.31 crore two-year railway maintenance order at Tirupati.](https://nsearchives.nseindia.com/corporate/DHARA_29052026184910_Regulation-30_final_s.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_31295_DHARARAIL_2025_2026_A_1465663_03092026192018.pdf) |

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Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:36:49.819Z.