The yellow thing on the left is the grease container for a rail flange lubrication system. It’s a common feature alongside the track, hoses connect it to an operating valve mounted on the inside of the rail, which the passing wheels depress.
Theres another fairly common vertically mounted design shown in a thread from 2024, showing the flexible hoses etc:
I was scrolling through my photo library and came across this image I took a few years ago. I couldn't find anything after a quick Google search, so I'm curious at what it is. Thanks!
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I think that what you’re interpreting as ‘serrations’ are the clips holding the rail to the sleeper. The image is highly compressed, they’d look very different from a nearby viewpoint.