Dhara Rail Projects Limited (DHARARAIL)
DHARARAIL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the DHARARAIL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 95.36%. That is close to its usual level. Turnover was only ₹1 lakh, so a handful of trades can move this figure. Volume was 0.1 times its average, well below normal.
Delivery in the last 5 sessions: 100.0% · 77.8% · 81.8% · 91.7% · 100.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Dhara Rail Projects Limited has secured a domestic work order worth ₹74,57,144.52 (inclusive of GST) from the Eastern Railway's Sealdah Division. The scope involves the provision of EFT & BCT in LHB Non-AC Coaches at CP & SDAH Coaching Depot. The contract is slated for execution over an execution period of 6 months. This domestic contract does not involve any related-party transactions.
- Secured order amounting to ₹74,57,144.52 (Rupees Seventy-Four Lakh Fifty-Seven Thousand One Hundred and Forty-Four and Fifty-Two Paise) including GST
- Awarded by Sealdah Division, Eastern Railway (DRM Office, Kolkata)
- Execution timeline set at 6 Months
- Scope covers Provision of EFT & BCT in LHB Non-AC Coaches in CP & SDAH Coaching Depot
Dhara Rail Projects Limited has secured a domestic work order worth ₹3.66 crore (including GST) from Lumding Division-Electrical, Indian Railways. The contract encompasses various modification works in LHB coaches across coaching depots including AGTL, SCL, GHY, KYQ, and NGC. The specified execution timeframe for the project is 6 months. This order win adds to the company's near-term order book in the railway maintenance segment.
- Received domestic work order valued at ₹3,65,78,570.01 (including GST)
- Execution timeline set for 6 Months
- Awarded by Lumding Division-Electrical Sr. DEE/LMG Office, Assam
- Scope covers modification work in LHB coaches across 5 coaching depots (AGTL, SCL, GHY, KYQ, NGC)
Dhara Rail Projects Limited has scheduled its 16th Annual General Meeting (AGM) for Monday, September 28, 2026, at 12:00 PM IST via video conferencing. Remote e-voting for shareholders is set to take place between September 25, 2026, and September 27, 2026, based on the record/cut-off date of August 28, 2026. Key agenda items include adopting the FY26 audited standalone and consolidated financial statements, re-appointing director Mrs. Jagruti Tejas Mehta, and appointing secretarial auditors for a 5-year tenure. The company confirmed that no dividend has been proposed or distributed for the financial year.
- 16th AGM scheduled for September 28, 2026, at 12:00 PM IST via VC/OAVM
- Remote e-voting window opens September 25, 2026, and concludes September 27, 2026
- Proposed appointment of secretarial auditor M/s. Murtuza Mandorwala and Associates for a 5-year tenure up to the 21st AGM
- CSR spend for FY26 reported at ₹6.50 lakhs versus a required ₹6.36 lakhs
- No dividend proposed or paid for FY26
Dhara Rail Projects Limited has scheduled its 16th Annual General Meeting (AGM) for Monday, September 28, 2026, at 12:00 PM IST via Video Conferencing. The board fixed Monday, September 21, 2026, as the cut-off date to determine voting eligibility for shareholders. Remote e-voting will run from September 25 to September 27, 2026. The board also approved the FY2025-26 Annual Report and recommended the re-appointment of Director Mrs. Jagruti Tejas Mehta, subject to shareholder approval.
- 16th Annual General Meeting to be held on September 28, 2026, at 12:00 PM IST via VC/OAVM
- Cut-off date for AGM voting eligibility fixed as September 21, 2026
- Remote e-voting window open from September 25, 2026, to September 27, 2026 (9:00 AM to 5:00 PM)
- Cut-off date for dispatching Notice and FY2025-26 Annual Report fixed as August 28, 2026
- Re-appointment of Mrs. Jagruti Tejas Mehta as Director retiring by rotation approved for shareholder consideration
Dhara Rail Projects Limited has announced the outcome of its Board Meeting held on September 1, 2026. The Board approved the Notice and Annual Report for the 16th Annual General Meeting (AGM), scheduled for September 28, 2026, via Video Conferencing. The cut-off date to determine voting eligibility has been set as September 21, 2026, with remote e-voting active from September 25 to September 27, 2026. Additionally, the Board approved the re-appointment of director Mrs. Jagruti Tejas Mehta, who is retiring by rotation.
- 16th Annual General Meeting scheduled for Monday, September 28, 2026, at 12:00 PM via VC/OAVM
- Record/Cut-off date for AGM voting eligibility fixed for Monday, September 21, 2026
- Remote e-voting window open from September 25, 2026, to September 27, 2026
- Re-appointment of Mrs. Jagruti Tejas Mehta (DIN: 02783659) approved subject to shareholder vote
Dhara Rail Projects Limited has received a domestic work order valued at ₹10,08,64,683.15 (inclusive of GST) from Eastern Railway's Liluah C&W Workshop. The contract entails coach alterations in the electrical system for 658 3-Tier LHB coaches. The project execution timeline is scheduled across a period of 36 months.
- Secured contract worth ₹10,08,64,683.15 (inclusive of GST)
- Scope covers electrical alteration in 658 3-Tier LHB coaches
- Execution timeline set at 36 months
- Awarded by Dy. Chief Mechanical Engineer/Elect, Liluah C&W Workshop, Eastern Railway
Dhara Rail Projects Limited has announced the mutual short-closure of its work order dated February 13, 2026, with South Eastern Railway. The contract pertained to escorting, operation, and troubleshooting of Power Cars and LSLRDs at SRC, SHM, and PDPK coaching depots. The short-closure is effective from August 23, 2026, under Clause 7.1 of the General Conditions of Contract (GCC). The company has stated that the termination carries no material financial or reputational impact.
- Work order dated February 13, 2026 short-closed effective August 23, 2026
- Contract scope covered operation and troubleshooting at SRC, SHM & PDPK coaching depots under South Eastern Railway
- Termination executed mutually under Clause 7.1 of the General Conditions of Contract (GCC)
- Management states no material financial or reputational impact on the company
Dhara Rail Projects Limited has secured a domestic work order worth Rs. 9,16,41,852.48 (inclusive of GST) from Southern Railway's Thiruvananthapuram Division. The contract entails outsourcing of AC coach electrical attendants (ACCEA) for escorting, operation, and troubleshooting of AC plants across base depots. The contract execution tenure is 24 months. The transaction does not involve any promoter interest or related-party exposure.
- Secured contract valued at Rs. 9,16,41,852.48 (inclusive of GST)
- Contract duration spans 24 months (2 years)
- Awarded by Sr. Divisional Electrical Engineer, Southern Railway (Thiruvananthapuram)
- Scope covers operation and troubleshooting of AC plants in train coaches
Financial Performance
Revenue Growth by Segment
The company secured a new work order of INR 4.54 Cr (including GST) for the railway maintenance segment, representing a significant contract win for the Pune Division. Specific YoY percentage growth for this segment is not disclosed in available documents.
Geographic Revenue Split
100% of the newly announced revenue is domestic, specifically from the Pune Division of Central Railway in Maharashtra, India.
Operational Drivers
Raw Materials
Not disclosed in available documents; however, service delivery likely requires AC spare parts and monitoring equipment.
Strategic Growth
Growth Strategy
The company is focusing on the outsourcing model of Indian Railways, specifically targeting en-route maintenance contracts like the INR 4.54 Cr Pune Division order to build a steady 2-year revenue stream. This strategy leverages technical expertise to secure multi-year government contracts.
Products & Services
ACCEA (AC Coach En-route Attention) services, including en-route monitoring and attention of AC coaches for mail and express trains.
Brand Portfolio
Dhara Rail Projects Limited.
New Products/Services
ACCEA services for Pune Division, contributing INR 4.54 Cr over 24 months.
Market Expansion
Expansion into the Pune Division of Central Railway for a 2-year period starting December 2025.
External Factors
Industry Trends
The Indian Railway sector is increasingly outsourcing non-core technical activities like AC maintenance to private players to improve operational efficiency. This trend allows companies like DHARARAIL to secure multi-year service contracts.
Competitive Landscape
Competes with other domestic engineering and maintenance firms for Indian Railway tenders.
Competitive Moat
The company benefits from technical qualification requirements for railway tenders; however, the moat is limited by the competitive bidding process for government contracts.
Macro Economic Sensitivity
Highly sensitive to Indian Railways' infrastructure spending and privatization/outsourcing policies.
Consumer Behavior
Increased passenger demand for AC travel in mail/express trains drives the need for reliable en-route AC maintenance services.
Geopolitical Risks
Low, as the current contract is domestic (Central Railway Pune).
Regulatory & Governance
Industry Regulations
Must comply with Central Railway maintenance standards and safety protocols for en-route monitoring of mail/express trains.
Taxation Policy Impact
The contract value of INR 4.54 Cr includes GST. Specific corporate tax rates are not disclosed.
Risk Analysis
Key Uncertainties
Contractual performance risks; failure to meet en-route monitoring standards could lead to financial penalties or loss of the INR 4.54 Cr contract.
Geographic Concentration Risk
100% of the disclosed project revenue is concentrated in the Pune Division, Central Railway.
Technology Obsolescence Risk
Shift towards newer LHB coaches or integrated climate control systems may require updated technical expertise.
Credit & Counterparty Risk
Counterparty is the Government of India (Central Railway), which typically carries low default risk but may have payment processing cycles.
