Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Dhara Rail ProjectsNSE:DHARARAIL -4.13%11 Piotroski F-Score is 7 as of Jul. 30, 2026, which is at its 10-year median of 7.00. GuruFocus rates NSE:DHARARAIL with a GF Score™ of 11/100. The stock has 3 warning signs investors should review. Among 978 Transportation companies, Dhara Rail Projects ranks better than 86.61% on this metric.
Good Sign:
Piotroski F-Score is 7, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Dhara Rail Projects has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Dhara Rail Projects's Piotroski F-Score or its related term are showing as below:
NSE:DHARARAIL'
s Piotroski F-Score Range Over the Past 10 Years
Min: 7 Med: 7 Max: 7
Current: 7
During the past 3 years, the highest Piotroski F-Score of Dhara Rail Projects was 7. The lowest was 7. And the median was 7.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Dhara Rail Projects Piotroski F-Score Related Terms
Dhara Rail Projects Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Dhara Rail Projects's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Dhara Rail Projects Piotroski F-Score Chart
Dhara Rail Projects Annual Data
Trend
Mar23
Mar24
Mar25
Piotroski F-Score
N/A
N/A
7.00
Dhara Rail Projects Semi-Annual Data
Mar23
Mar24
Mar25
Sep25
Piotroski F-Score
N/A
N/A
7.00
0.00
NSE:DHARARAIL vs UNP, CSX, NSC: Piotroski F-Score Comparison
For the Railroads subindustry, Dhara Rail Projects's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Dhara Rail Projects Piotroski F-Score vs Transportation Industry
For the Transportation industry and Industrials sector, Dhara Rail Projects's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Dhara Rail Projects's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Dhara Rail Projects's current Net Income (TTM) was 65.3.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Dhara Rail Projects's return on assets of this year was 0.13804815. Dhara Rail Projects's return on assets of last year was 0.08735015.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Dhara Rail Projects's gearing of this year was 0. Dhara Rail Projects's gearing of last year was 0.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Dhara Rail Projects's current ratio of this year was 0.98269632. Dhara Rail Projects's current ratio of last year was 0.51256603.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Dhara Rail Projects's number of shares in issue this year was 15.084. Dhara Rail Projects's number of shares in issue last year was 15.084.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Dhara Rail Projects's gross margin of this year was 0.18145319. Dhara Rail Projects's gross margin of last year was 0.08034498.
==> This year's gross margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Dhara Rail Projects's asset turnover of this year was 0.94073983. Dhara Rail Projects's asset turnover of last year was 0.91358581.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
=
Que. 1
+
Que. 2
+
Que. 3
+
Que. 4
+
Que. 5
+
Que. 6
+
Que. 7
+
Que. 8
+
Que. 9
=
1
+
0
+
1
+
0
+
1
+
1
+
1
+
1
+
1
=
7
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Dhara Rail Projects has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Dhara Rail Projects (NSE:DHARARAIL) has a Piotroski F-Score of 7 as of Jul. 30, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Dhara Rail Projects and its competitors. This is near median its historical median of 7.00. Over the past decade, Dhara Rail Projects' Piotroski F-Score has ranged from 7.00 to 7.00. According to the industry distribution chart, Dhara Rail Projects ranks #131 out of 978 companies in the Transportation industry, placing it in the top 13.4%.
Is Dhara Rail Projects' Piotroski F-Score too high?
Dhara Rail Projects' current Piotroski F-Score of 7 is near median its 10-year median of 7.00. Over the past 10 years, this metric has ranged from a low of 7.00 to a high of 7.00. The Transportation industry median Piotroski F-Score is 6.00. Dhara Rail Projects' value of 7 is 16.7% above this industry median. Based on the distribution chart, Dhara Rail Projects ranks #131 out of 978 companies in the Transportation industry, which is in the top quartile — a strong position relative to peers. Overall, Dhara Rail Projects has a GF Score™ of 11/100, reflecting its overall financial health beyond just this single metric.
How does Dhara Rail Projects' Piotroski F-Score compare to UNP and CSX?
According to the Transportation industry distribution chart, Dhara Rail Projects ranks #131 out of 978 companies for Piotroski F-Score. This places Dhara Rail Projects in the top 13% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 6.00. Dhara Rail Projects' value of 7 is 16.7% above this benchmark. Historically, Dhara Rail Projects' own Piotroski F-Score has ranged from 7.00 to 7.00 over the past decade. While the company's 10-year median is 7.00 vs. the industry median of 6.00, Dhara Rail Projects has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a Transportation company?
The median Piotroski F-Score among Transportation companies is 6.00, based on 978 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Dhara Rail Projects's current Piotroski F-Score of 7 is 16.7% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Dhara Rail Projects and its competitors. For the Transportation industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Dhara Rail Projects's current Piotroski F-Score is 7, which is near median its own 10-year median of 7.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Dhara Rail Projects stock overvalued right now?
Dhara Rail Projects (NSE:DHARARAIL) has a current Piotroski F-Score of 7. The current Piotroski F-Score is 7, which is near median its 10-year median of 7.00 and 16.7% above the Transportation industry median of 6.00. Dhara Rail Projects' overall GF Score™ is 11/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Dhara Rail Projects (NSE:DHARARAIL), the current Piotroski F-Score is 7 as of Jul. 30, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Dhara Rail Projects Ltd is engaged in the business of executing various types of contractual railway projects and related services which include Annual Maintenance Contracts (AMC) and repair services for a wide range of railway rolling stock systems. Its services include annual maintenance and repair of train lighting equipment across all rolling stock categories, along with annual maintenance and repair for Overhead Equipment (OHE) maintenance vehicles (Tower Wagons), Power Car equipment and HVAC systems. The company generates revenue in the form of contractual Income from Railways Projects.
11GF Score
Get the complete analysis for NSE:DHARARAIL
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
NSE:DHARARAIL has been successfully added to your 
