DHARARAIL
Dhara Rail Projects financials
- Market cap
- ₹225 Cr
- Sector
- Services
What Dhara Rail Projects Limited does
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)
Quarterly results
| Line item | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|
| Revenue | 27 | 28 | 28 |
| EBITDA | 3 | 10 | 10 |
| Net profit | 3 | 7 | 8 |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −0.4% YTD
YTD: ₹149.65 on 1 Jan 2026 → ₹149. High ₹169 (9 Jun 2026), low ₹90.05 (30 Mar 2026).
Balance sheet
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹11 Cr | ₹15 Cr |
| Reserves | ₹3 Cr | ₹6 Cr | ₹9 Cr | ₹58 Cr |
| Borrowings | ₹23 Cr | ₹27 Cr | ₹21 Cr | ₹11 Cr |
| Other liabilities | ₹8 Cr | ₹13 Cr | ₹20 Cr | ₹12 Cr |
| Total liabilities | ₹34 Cr | ₹46 Cr | ₹62 Cr | ₹97 Cr |
| Fixed assets | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹14 Cr | ₹14 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹20 Cr | ₹32 Cr | ₹61 Cr | ₹96 Cr |
| Total assets | ₹34 Cr | ₹46 Cr | ₹62 Cr | ₹97 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Dec 2025, promoters added +2.20 pp while FIIs trimmed −1.35 pp. The shareholder count shrank 32% to 634.
- Promoters
- 74.6%
- FIIs
- 1.1%
- DIIs
- 8.4%
- Public
- 15.9%
Since Dec 2025
- Promoters +2.20 pp
- FIIs −1.35 pp
- Public −0.44 pp
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.
- Medha Family Office LLP +2.20 pp 2.20% held
- Finavenue Capital Trust - Finavenue Growth Fund AIF newly disclosed 1.76% held
- Market Maker Unclassified newly disclosed 1.49% held
- Tattvam AIF Trust - Aanjay Ageless AIF Fund AIF newly disclosed 1.31% held
- NBFCs registered with RBI 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 |
|---|---|---|
| Tejas Lalit Mehta | 36.79% | unchanged |
| Jagruti Tejas Mehta | 28.20% | unchanged |
| Dhara Tejas Mehta | 3.68% | unchanged |
| Megha Tejas Mehta | 3.68% | unchanged |
| Sanshi Fund-I AIF | 2.65% | unchanged |
| Medha Family Office LLP | 2.20% | +2.20 pp |
| Finavenue Capital Trust - Finavenue Growth Fund AIF | 1.76% | newly disclosed |
| Market Maker Unclassified | 1.49% | newly disclosed |
| Tattvam AIF Trust - Aanjay Ageless AIF Fund AIF | 1.31% | newly disclosed |
| India Max Investment Fund Limited FPI fund | 1.13% | −0.53 pp |
| NBFCs registered with RBI NBFC / DFI | 0.55% | newly disclosed |
| Tejas Lalit Mehta Huf | 0.00% | unchanged |
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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