The deceased has been identified as Pankaj Bihari, who worked at a local liquor shop, they said.
Pankaj was allegedly stabbed by four of his friends at a dinner party last night, who later threw his body on the tracks in the wee hours today, in-charge of Hatod police station here, B L Meena said.
Police suspect old enmity behind the murder.
The body has been sent for postmortem and the victim's relatives living in Jharkhand were informed, Meena said.
There are about ten criminal cases, including that of murder, attempt to murder, dacoity and extortion registered against Pankaj under various police stations in Indore, Additional SP (HQ) Vinay Prakash Pal said.