Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
Dhara Rail Projects Ltd. (DHARARAIL)
SME CapInfra stocks · SME cap · NSE
Dhara Rail Projects Ltd. (DRPL) is an ISO 9001-2015 certified company providing contractual railway projects and allied services for Indian Railways. Services include AMC, repair, maintenance, inspection, and SITC for rolling stock electrical and mechanical systems, including Vande Bharat coaches and OHE vehicles.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result01 Jun, 08:18 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
38BearishSMA20 -2.6% / mo · MACD − · sector -2.7pp vs Nifty 500 (3M)
Stock trend: 40
Sector RS: 35
Sector 3M: -8.3% vs Nifty 500 -5.6%
Infra FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
DHARARAILD candles · FIT view+18.5%Latest close ₹135.00 on 2026-10-16
Daily history is available from 2025-12-31; the requested 1Y window is partially covered.
Bar
+0.0%
RSI
44
MACD hist
-0.94
52W pos
55%
2026-10-16O ₹135.00H ₹135.00L ₹135.00C ₹135.00Vol 1,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
DHARARAILNifty InfraNifty 500
- DHARARAIL
- +0.4%
- Nifty 500
- -4.2%
- Nifty Infra
- -6.5%
- Vs Nifty 500
- +4.5 pp
Chart stats
16 Oct 2026- From 52W high
- -21.7%
- 52W range position
- 55%
- ATR (14)
- 3.7%
- Volume vs 20D
- 0.10x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹121.6 - ₹155
₹172.5
₹90.1 - ₹172.5
₹5
Latest completed session
20-session average
46.4% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · UNDERVALUED71
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bearish38
Price trend and sector-relative-strength timing.
Valuation
Legacy model+42.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence71
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹28 Cr | NDF | +0.0% |
| EBITDA | ₹10 Cr | NDF | +0.0% |
| Operating margin | 36.0% | NDF | +200 bps |
| PAT | ₹8 Cr | NDF | +14.3% |
| PAT margin | 28.6% | NDF | +357 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 13.20
- P/B
- 2.77
- EV/EBITDA
- 10.85
- Market Cap
- 204.00Cr
Profitability
- ROE
- 35.70%
- ROCE
- 35.50%
- ROA
- 15.15%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 28.28%
- EPS 5Y
- 146.62%
- Revenue 3Y
- 29.00%
- EPS 3Y
- 164.00%
Balance Sheet
- Debt/Equity
- 0.18
- Interest Coverage
- 20.00×
- Altman Z
- 7.24
- Book Value
- 48.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -7.00 Cr
- EPS TTM
- 10.24
Shareholding
- Promoter Hold
- 74.56%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 55%
Financial History
Updated 18/10/2026
Revenue
₹ CrLatest: 28.0+0.0% vs prev
Net Profit
₹ CrLatest: 8.0+14.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 44.
- SMA20 falling (~2.6% over last month) — short-term momentum negative.
- RSI(14) at 44 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 22% off 52W high · 50% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
74
RS percentile
Stage 2 UptrendNew S2
1M return
-9.4%
3M return
-5.7%
6M return
+21.6%
1Y return
-
RS 1D
+1
RS 20D
+2
Sector rank
#16
Industry rank
-
Stage evidence
- Price is 2.6% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +2.1%.
50-DMA
price below
200-DMA
unavailable
S2 entered
15 Oct 2026
S2 age
2 trading sessions
Sector
lagging
Industry
unranked
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
188 observations
16 Oct 2026Value 91.88-0.40%
RS vs Nifty 50092
Valuation & peers
U-Score 71 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 71 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation16/30
Growth25/25
Quality20/20
Balance Sheet10/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-3
Raw sum
71
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
71/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 42.9%.
- Growth contributes 25/25 to the score.
- Quality contributes 20/20 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Valuation is weaker at 16/30; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
13.2
PB
2.8
EV/EBITDA
10.8
ROE
35.7%
ROCE
35.5%
FCF Yield
—
Debt/Equity
0.2
MoS
+42.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
71
Previous: 71
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+42.9%
Previous: +46.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
69
69
69
69
72
72
72
71
71
71
71
71
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹106.04
-27.3% MoS
Growth-justified P/E
23.1
Growth-justified Value
₹236.54
+42.9% MoS
PEG
0.09
Comparable companies
Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
BCPL
Small
BCPL Railway Infrastructure Limited
Railway Infrastructure
match 149
18
13.6
6.8%
-28%
OVERVALUED
E2ERAIL
SME
E To E Transportation Infrastructure Ltd.
Railway Infrastructure
match 117
23
30.7
10.4%
-27%
OVERVALUED
RVNL
Mid
Rail Vikas Nigam Limited
Railway Infrastructure
match 107
14
45.1
9.0%
-615%
OVERVALUED
RITES
Large
RITES Limited
Construction & Engineering
match 68
41
23.1
15.4%
-245%
WATCHLIST
IRCON
Small
Ircon International Limited
Construction & Engineering
match 66
17
19.2
8.2%
-33%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-01T13:48:40.291Z
Management commentary snapshot
DHARARAIL reported a record FY26 with Revenue from Operations up 27.5% YoY to ₹56.74 Cr, EBITDA surging 151.8% to ₹21.52 Cr, and PAT increasing 143.2% to ₹15.44 Cr. EBITDA margin expanded to 37.9% and PAT margin to 27.2%.
Strong FY26 results driven by increased direct contracts with Indian Railways and higher-margin AMC business. The current order book provides good revenue visibility, but working capital management and timely collections from legacy OEM contracts remain key monitorables.
Current business mix
Revenue mix by service type
Latest issuer-disclosed distribution across 2 reported categories.
AMC60.0%
Other services40.0%
Growth engines
Indian Railways Modernisation
Indian Railways modernisation and rising rolling-stock maintenance needs.
Vande Bharat Rollouts
Vande Bharat rollouts increasing technology intensity in coaches and significant opportunities as the fleet matures.
Order Book Visibility
₹184 Cr order book providing medium-term execution visibility.
Shift to Direct Contracts
Strategic shift towards direct bidding with Indian Railways, improving profitability by eliminating OEM revenue sharing.
Capacity and execution
Workforce Expansion
Workforce deployed nationally expanded from 440+ (Mar 2025) to 1,300+ (Mar 2026) to support execution of recurring railway contracts.
Tailwinds
Expanding Rolling Stock Fleet
Expansion of the rolling stock fleet is expected to support long-term growth.
Railway Electrification
99% railway electrification is expected to support long-term growth.
Recurring Maintenance Needs
Recurring maintenance requirements are expected to support long-term growth.
Risk radar
Working Capital Cycle
Working capital cycle and debtor days are key monitorables.
Manpower Availability
Manpower availability across Railway Zones is a key monitorable.
Dependence on Railway Contracts
Dependence on railway-related contracts is a key monitorable.
Quality Standards & Efficiency
Maintaining quality standards and operational efficiency is a key monitorable.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The document explicitly compares FY26 results to FY25 for all key financial metrics (Revenue, EBITDA, PAT, margins, EPS, Net Worth), indicating an annual performance review.
Sector KPIs management disclosed
Order Book
Latest disclosed order book is ₹184 Cr including GST across 17 Railway Zones.
Revenue from Operations
₹56.74 Cr in FY26 vs ₹44.48 Cr in FY25 (+27.5% YoY).
EBITDA Margin
37.9% in FY26 vs 19.2% in FY25.
PAT Margin
27.2% in FY26 vs 14.3% in FY25.
Management forward view
Focus on Direct Business
Management remains focused on expanding direct business with Indian Railways while maintaining disciplined execution.
Cautious Expansion
Management intends to expand cautiously, entering new service areas only after ensuring adequate technical manpower.
Specific Project Focus
The company is not pursuing freight rolling stock, dedicated freight corridors, high-speed rail or station redevelopment projects.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Execution | ₹184 Cr order book across 17 Railway Zones. | Tendering intensity and timely order execution. |
| Working Capital & Debtor Days | Operating cash flow temporarily impacted by delayed collections from legacy OEM contracts. | Improvement in working capital cycle and debtor days as direct contracts increase. |
| Direct Contract Share | Around 95% of the order book comprises direct contracts with Indian Railways. | Maintenance or increase in the share of direct contracts with Indian Railways. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
71Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 66th percentile of the scored universe and 73rd percentile within Infra. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
1 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
66th percentile
overall median 67 · Infra: 73rd pctile, median 64 · SME: 85th pctile, median 64
Evidence depth
Financial-only
1 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
90
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 74.6%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 55.6%.
- ▸ROCE is 35.5%.
Trust risks
- ▸Operating cash flow is negative at ₹-7 Cr.
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Dhara Rail Projects Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2026
Sep 2026 · General Updates 1 Sep - Board approved AGM notice, annual report, director reappointment; AGM on 28 Sept 2026, record date 21 Sept 2026.
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.