Dhara Rail Projects share price & results
- Mar 2026
- Mar 2026
Railway rolling-stock maintenance contractor providing AMC, repair and SITC services for Indian Railways' lighting, HVAC, power car and Vande Bharat coach systems.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 28.0 | +3.7% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | 36.0 | +26.0 pts YoY | Operating profit / revenue | Quarter to Mar 2026 | For the quarter; a change is in percentage points. |
| Net profit | 8.0 | +166.7% YoY | Quarterly, as filed | Quarter to Mar 2026 | Profit after tax as filed. |
| Return on equity | +3.2 pts | Trailing twelve months | TTM · period unavailable | Not in the analysed materials. No older figure is substituted. | |
| Free cash flow margin | -12.35 | −0.9 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | −12.4 pts | Trailing twelve months | TTM · period unavailable | Not in the analysed materials. No older figure is substituted. |
Price
Performance −13.1% YTD
YTD: ₹149.65 on 1 Jan 2026 → ₹130. High ₹169 (9 Jun 2026), low ₹90.05 (30 Mar 2026).
- Previous close
- ₹125
- Market cap
- ₹213 Cr
- 52-week range
- ₹90.05 – ₹169
- Price to earnings (FY ending Mar 2026)
- 14.20×
- Return on equity (FY ending Mar 2026)
- 34.44%
Overview
- Symbol
- NSE:DHARARAIL
- Sector
- Services
- Exchange
- NSE
- Currency
- INR
What Dhara Rail Projects Limited does
Based on the company's own presentations, annual report and earnings calls.
Dhara Rail Projects Limited (DRPL), incorporated in 2010, is an ISO 9001:2015-certified company engaged in contractual railway projects and allied services for Indian Railways. It provides Annual Maintenance Contracts (AMC), repair and maintenance, inspection, periodic servicing and SITC (Supply, Installation, Testing & Commissioning) services for rolling-stock electrical and mechanical systems, including train lighting equipment, Vande Bharat coaches, OHE maintenance vehicles/tower wagons, power car equipment and HVAC systems. DRPL serves the Ministry of Railways through directly awarded competitive-tender contracts and pre-bid arrangements with OEMs, with a pan-India presence across Railway Zones.
Segments
- Annual Maintenance Contracts (AMC)
- Repair & Maintenance / Inspection / Periodic Servicing
- SITC (Supply, Installation, Testing & Commissioning)
- Passenger coach outsourcing support
- Railway Zones covered
- 17
- Ongoing/concurrent projects
- 60+
- Workforce deployed nationally
- 1,300+ (Mar 2026), up from 440+ (Mar 2025)
- Quality certification
- ISO 9001:2015 certified; components RITES/third-party inspected
- Service/product lines
- 10+ (train lighting, Vande Bharat rolling stock, OHE maintenance vehicles/tower wagons, power car equipment, HVAC systems, tower wagon engines/DG sets, Cummins engine repair & maintenance, troubleshooting & calibration, passenger coach outsourcing support, mobile charging points)
- New contracts secured
- 2 orders in May 2026 (Cummins engine/tower wagon maintenance – Lumding Division; train lighting coach maintenance – Tirupati)
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 4 fiscal years held (Mar 2023 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +167% (quarter to mar 2026 against mar 2025).
| Line item | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|
| Sales | 27 | 28 | 28 |
| Expenses | 24 | 19 | 18 |
| Operating profit | 3 | 10 | 10 |
| Operating margin | 10.0% | 34.0% | 36.0% |
| Other income | 1 | 0 | 1 |
| Interest | 0 | 1 | 0 |
| Depreciation | 0 | 0 | 0 |
| Profit before tax | 4 | 10 | 11 |
| Tax rate | 24.0% | 26.0% | 24.0% |
| Net profit | 3 | 7 | 8 |
| EPS (₹ per share) | 299 | 6.36 | 5.56 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 11 | 15 |
| Reserves | 2 | 3 | 6 | 13 | 9 | 59 |
| Borrowings | 16 | 23 | 28 | 21 | 21 | 13 |
| Other liabilities | 8 | 8 | 13 | 12 | 20 | 12 |
| Total liabilities | 26 | 34 | 47 | 46 | 62 | 99 |
| Fixed assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 9 | 14 | 14 | 0 | 0 | 0 |
| Other assets | 17 | 20 | 33 | 46 | 61 | 99 |
| Total assets | 26 | 34 | 47 | 46 | 62 | 99 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Cash from operations | -2 | -2 | -5 | -7 |
| Cash from investing | -2 | -6 | 17 | 5 |
| Cash from financing | 6 | 5 | -7 | 36 |
| Net cash flow | 3 | -2 | 5 | 34 |
| Free cash flow | -2 | -2 | -5 | -7 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Debtor days | 94 | 65 | 68 | 172 | 175 |
| Inventory days | 4 | 25 | 208 | 37 | 303 |
| Days payable | 173 | 153 | 232 | 142 | 230 |
| Cash conversion cycle | -75 | -63 | 44 | 67 | 248 |
| Working capital days | 56 | -247 | -244 | -48 | 159 |
| Return on capital employed | — | — | 8.0% | 18.0% | 35.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Ownership
Who owns it
Promoters hold 74.56% as of Mar 2026; institutions cut 1.76 pts since Dec 2025.
- Promoters 74.56%
- Foreign institutions 1.13%
- Domestic institutions 8.43%
- Public 15.88%
Who bought this quarter
since Dec 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- newly disclosed 2.20% held
- AIF newly disclosed 1.76% held
- Unclassified newly disclosed 1.49% held
- AIF newly disclosed 1.31% held
- NBFC / DFI newly disclosed 0.55% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Dhara Rail Projects Limited above SEBI's 1% disclosure line, and what changed since Dec 2025.
| Holder | Stake | Change |
|---|---|---|
| 36.79% | unchanged | |
| 28.20% | unchanged | |
| 3.68% | unchanged | |
| 3.68% | unchanged | |
| AIF | 2.65% | unchanged |
| 2.20% | newly disclosed | |
| AIF | 1.76% | newly disclosed |
| Unclassified | 1.49% | newly disclosed |
| AIF | 1.31% | newly disclosed |
| FPI fund | 1.13% | −0.53 pp |
| NBFC / DFI | 0.55% | newly disclosed |
| — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
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