Construction projects are susceptible to various unpredictable risks that can significantly impact their success. In countries like India, these risks extend beyond the project itself, affecting the economy, society, and politics. This article utilizes an Interpretive Structural Modelling (ISM) technique to identify and analyse the primary risks associated with metro construction projects in India. The goal is to develop a model that represents the interrelationships among these risks and determine the driving and dependent factors using MICMAC analysis. To determine the particular risks associated with Indian metro rail projects, a comprehensive literature survey and consultations with industry experts were conducted. As a result, nine significant risks were identified, reflecting the challenges faced in the nationwide development of metro rail projects. Through the ISM analysis, two driving factors emerged as having a significant influence on other risks: “Delays in subsequent land acquisition” and “Lack of coordination between construction participants.” These risks were positioned at the ISM model's bottom, indicating their critical role in the risk structure. MICMAC analysis further identified the driving and dependent factors within the risk structure. By utilizing the ISM technique, the interrelationships among the risks were identified and represented in a structured model. The study provides insights for project managers, offers a decision-making tool, and suggests that future research should test and enhance the proposed model alongside a comprehensive risk mitigation strategy.