Kalpraj Dharamshi family has made his Union budget bet on Railway Capex

On January 16, 2026, two NSE bulk deal disclosures went largely unnoticed, but they showed something interesting: about ₹22 crore was quietly deployed into KERNEX Microsystems between ₹1,350 and ₹1,395.The purchases were made by members of the Dharamshi family, associated with **Kalpraj Dharamshi**, a long-time value investor with more than three decades of market experience. What makes this worth discussing is not the size alone, but the profile of the investor. Kalpraj Dharamshi has been active in Indian equities since the late 1980s, has lived through every major crash from 1992 to 2020, and is known for a low-frequency, valuation-driven approach rather than momentum or thematic trades. He later institutionalised this approach through **ValueQuest Investment Advisors**, but his public appearances and commentary remain rare, which is why bulk deal data is often the only way such moves become visible. KERNEX operates in railway signaling and safety systems, supplying technology to Indian Railways. It’s not a flashy business, but it sits in a niche with high entry barriers and long project cycles. The timing is also worth noting. The entry happens just ahead of the Union Budget on February 1, where railway capex announcements are often a key focus, and before Q3 results expected in February, which should provide clarity on order book and execution. Posting this here mainly because such quiet bulk deals by long-term investors are easy to miss, and they tend to be more informative than louder narratives built after prices move.