Balance sheet of Dhara Rail Projects is strong.
But short term working capital might become an issue for this company.

The net debt of Dhara Rail Projects is decreasing.
Latest net debt of Dhara Rail Projects is ₹10.96 Crs as of Mar-25.
This is less than Mar-24 when it was ₹26.86 Crs.

Yes, profit is increasing.
The profit of Dhara Rail Projects is ₹6.53 Crs for Mar 2025, ₹2.97 Crs for Mar 2024 and ₹1.06 Crs for Mar 2023

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
Dhara Rail Projects latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%

Companies resources are allocated to majorly productive assets like Plant & Machinery and unproductive assets like Cash & Short Term Investments, Capital Work in Progress, Accounts Receivable