Is Dhara Rail Projects Ltd (DHARARAIL) a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Dhara Rail Projects Ltd is a below average quality company .

Is Dhara Rail Projects Ltd (DHARARAIL) undervalued or overvalued?

The key valuation ratios of Dhara Rail Projects Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone .

What is Dhara Rail Projects Ltd (DHARARAIL) share price return in the past 10 years?

Data is not available for this company

Is Dhara Rail Projects Ltd (DHARARAIL) a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Dhara Rail Projects Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

What is the share price of Dhara Rail Projects Ltd (DHARARAIL)?

Company share prices are keep on changing according to the market conditions. The current trading price of Dhara Rail Projects Ltd (DHARARAIL) on 01-Jan-1970 05:30:00 at 05:30 is .

What is the market cap of Dhara Rail Projects Ltd (DHARARAIL)?

Market capitalization is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 01-Jan-1970 at 05:30, the market cap of Dhara Rail Projects stood at Rs. 173.47 Cr.

What is the P/E ratio of Dhara Rail Projects?

The latest standalone P/E ratio of Dhara Rail Projects as of 01-Jan-1970 is 27.56.

What is the P/B ratio of Dhara Rail Projects Ltd (DHARARAIL)?

The latest standalone P/B ratio of Dhara Rail Projects Ltd (DHARARAIL) as of 01-Jan-1970 is 6.29.

What is the 52-week high and low of Dhara Rail Projects Ltd (DHARARAIL)?

The 52-week high of Dhara Rail Projects Ltd (DHARARAIL) is Rs. 0.00 and the 52-week low is Rs. 0.00.

What is the TTM revenue of Dhara Rail Projects Ltd (DHARARAIL)?

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Dhara Rail Projects is Rs. 43.70 (Cr.).

Dhara Rail Projects Ltd (DHARARAIL) Share Analysis – Quality, Valuation Zone & Price Trend & DeciZen Rating

Name: Dhara Rail Projects Ltd (DHARARAIL)
Brand: Dhara Rail Projects

10 Year X-Ray :

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

	Mar'23	Mar'24	Mar'25	TTM
ROCE % ⓘ	6.2%	12.7%	25.3%	-
Value Creation Index ⓘ	-0.6	-0.1	0.8	-
Growth Parameters ⓘ Growth Parameters Colour Code Guide ⓘ
Sales ⓘ	26.2	31.4	43.7	44
Sales YoY Gr.	-	20.1%	39%	-
Adj EPS ⓘ	0.9	1.5	4.3	4.2
YoY Gr.	-	59.6%	184%	-
BVPS (₹) ⓘ	3.2	5.7	11.4	18.3
Adj Net Profit ⓘ	1.1	1.7	4.7	6
Cash Flow from Ops. ⓘ	0.6	-0.5	-5.1	-
Debt/CF from Ops. ⓘ	41	-58.9	-4	-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	NA	NA	NA	39%
Adj EPS ⓘ	NA	NA	NA	184%
BVPSⓘ	NA	NA	NA	99.7%
Share Price	-	-	-	-

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

	Mar'23	Mar'24	Mar'25	TTM
Return on Equity % ⓘ	29.8	33.9	49.9	28.1
Op. Profit Mgn % ⓘ	3.2	3.9	11.5	NAN
Net Profit Mgn % ⓘ	4	5.3	10.8	14.4
Debt to Equity ⓘ	6.5	4.3	1.6	-
Working Cap Days ⓘ	0	258	290	0
Cash Conv. Cycle ⓘ	0	20	70	0

Recent Performance Summary

Debt to equity has declined versus last 3 years average to 1.61

Return on Equity has declined versus last 3 years average to 28.10%

Sales growth has been subdued in last 3 years 0.00%

Net Profit has been subdued in last 3 years 0.00%

Sales growth is not so good in last 4 quarters at 0.00%

	Standalone	Consolidated
TTM EPS (₹)	4.2	4.3
TTM Sales (₹ Cr.)	43.7	44.5
BVPS (₹) ⓘ	18.3	18.5
Reserves (₹ Cr.) ⓘ	13	13
P/BV ⓘ	6.29	6.22
PE ⓘ	27.56	26.57

From the Market
52 Week Low / High (₹)	0.00 / 0.00
All Time Low / High (₹)	- / -
Market Cap (₹ Cr.)	173
Equity (₹ Cr.)	15.1
Face Value (₹)	10
Industry PE ⓘ	30.6

PARTICULARS	Mar'23	Mar'24	Mar'25
Sales	26	31	44
Operating Expenses ⓘ +	25	30	39
Manufacturing Costs	1	2	5
Material Costs	15	16	21
Employee Cost	9	11	11
Other Costs ⓘ	1	1	2
Operating Profit ⓘ	1	1	5
Operating Profit Margin (%)	3.2%	3.9%	11.5%
Other Income ⓘ +	1	3	3
Exceptional Items ⓘ	0	0	0
Interest ⓘ	0	0	0
Depreciation ⓘ	0	0	0
Profit Before Tax ⓘ	2	4	8
Tax ⓘ	0	1	2
Profit After Tax	1	3	6
PAT Margin (%)	4.5%	8.9%	14.4%
Adjusted EPS (₹)	1.1	2.5	5.7
Dividend Payout Ratio (%)	0%	0%	0%

PARTICULARS	Mar'23	Mar'24	Mar'25
Equity and Liabilities
Shareholders Fund +	4	6	13
Share Capital ⓘ	0	0	0
Reserves ⓘ	3	6	13
Debt +	23	27	20
Long Term Debt	23	0	0
Short Term Debt	0	27	20
Minority Interest	0	0	0
Trade Payables	6	10	7
Others Liabilities ⓘ	2	2	4
Total Liabilities ⓘ	34	46	44
Fixed Assets
Net Fixed Assets ⓘ +	0	0	0
Gross Block	0	0	0
Accumulated Depreciation	0	0	0
CWIP ⓘ	0	0	0
Investments ⓘ	14	14	0
Inventories	1	9	2
Trade Receivables	5	6	20
Cash Equivalents ⓘ	6	1	5
Others Assets ⓘ	8	16	16
Total Assets ⓘ	34	46	44

PARTICULARS	Mar'23	Mar'24	Mar'25
Cash Flow From Operating Activity ⓘ +	1	-0	-5
PBT ⓘ	2	4	8
Adjustment ⓘ	-0	-2	-3
Changes in Working Capital ⓘ	-1	-1	-8
Tax Paid ⓘ	0	-1	-2
Cash Flow From Investing Activity ⓘ +	-0	-6	17
Capex	-0	-0	-0
Net Investments	-5	1	16
Others ⓘ	4	-7	0
Cash Flow From Financing Activity ⓘ +	0	5	-7
Net Proceeds from Shares ⓘ	0	0	0
Net Proceeds from Borrowing ⓘ	0	0	0
Interest Paid ⓘ	0	-0	-0
Dividend Paid ⓘ	0	0	0
Others ⓘ	0	5	-7
Net Cash Flow ⓘ	0	-2	4

PARTICULARS	Mar'23	Mar'24	Mar'25
Ratios
ROE (%)	33.23	57.01	66.47
ROCE (%)	6.22	12.66	25.28
Asset Turnover Ratio	0.77	0.78	0.97
PAT to CFO Conversion(x)	1	-0	-0.83
Working Capital Days
Receivable Days	66	62	110
Inventory Days	14	59	47
Payable Days	147	184	154

About Dhara Rail Projects Ltd

Dhara Rail Projects was originally incorporated as private limited company in the name of ‘Dhara Rail Projects Private Limited’ on April 05, 2010. Thereafter, pursuant to the Business Takeover Agreement dated July 21, 2010, the company took over the business of the proprietorship concern, M/s. Dhara Industries. Thereafter, the company was converted into a public limited company, pursuant to a special resolution passed by the shareholders at the Extra Ordinary General Meeting held on August 09, 2025 and consequently, the name of the company was changed from ‘Dhara Rail Projects Private Limited’ to ‘Dhara Rail Projects Limited’.

The company is, an ISO 9001:2015 certified company, engaged in the business of executing various types of contractual railway projects and related services which includes Annual Maintenance Contracts (AMC) and repair services for a wide range of railway rolling stock systems. Railway projects include supply, installation, testing, and commissioning (SITC) of various electrical equipment across all types of rolling stock and AMC activities involve Annual Maintenance Contracts, repair & maintenance services, inspection and periodic servicing of railway assets such as train lighting equipment, Power car equipment, Tower wagons etc. post its commissioning & installation.

It provides services to the Ministry of Railways, Government of India, either through directly awarded contracts secured via competitive tendering or through pre-bid arrangements with various OEMs.

Business area of the company

The company is engaged in the business of executing various types of contractual railway projects and related services which includes supply, installation, testing, commissioning, operations and Annual Maintenance Contracts (AMC) of power cars, coaches, railway rolling stocks and other electrical & mechanical equipment. It provides services to the Ministry of Railways, Government of India, either through directly awarded contracts secured via competitive tendering or through pre-bid arrangements with various OEMs.

Services of the company

Annual Maintenance Contracts and repair services for train lighting equipment
Annual Maintenance Contracts and repair services for Overhead Equipment maintenance vehicles
Annual Maintenance Contracts and repair services for Power Car equipment
Annual Maintenance Contracts and repair services for Heating, Ventilation and Air Conditioning (HVAC) systems used in rolling stock
Supply, Installation, Testing, and Commissioning (SITC) of various electrical equipment across all types of rolling stock
Various outsourcing services for passenger coaches, covering en route operations and troubleshooting

History and milestones

2010: Incorporation of the company.
2010: Takeover of business of proprietorship firm, M/s. Dhara Industries.
2024: Crossed turnover of Rs 30 crore.
2025: Conversion of the Company from Private Limited to Public Limited Company.

Build a Stress-Tested Portfolio.

Our Sapphire Advisory uses the ABC Concept to ensure you never have to panic during a market correction.

Core Stocks

STABILITY

Booster Stocks

GROWTH

Amplifier Stocks

ASYMMETRY

● Conflict-Free ● SEBI Registered ● 15Y+ Track Record

Name of the IA registered with SEBI:	The Alchemists Ark Pvt. Ltd.
Logo:
Trade/Brand Name of IA:	MoneyWorks4Me Investment Advisers
Brand Logo:
SEBI Registration Number:	INA000013323 Validity – May 16, 2019 – Perpetual
Registration:	Non-Individual
BSE Enlistment No:	1187
Address:	B-101, Signet Corner Building, Balewadi Phata, Baner, Pune, Maharashtra 411045
Compliance officer Details:	Name: Shrikant Jagtap Email: shrikant.jagtap@moneyworks4me.com Telephone: +919860359463 Address: Same as IA
Grievance Officer Details:	Name: Mukta Vaze Email: mukta.vaze@moneyworks4me.com Telephone: +91 98609 19463 Address: Same as IA
Principal Officer Details:	Name: Atharva Bhide Email: atharva.bhide@moneyworks4me.com Telephone: +91 91758 99463 Address: Same as IA
Standard Warning:	Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Disclaimer:	Registration granted by SEBI, enlistment with exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Dhara Rail Projects Ltd (DHARARAIL) Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating