Dhariwal Buildtech IPO Details
Dhariwal Buildtech Limited filed its draft red herring prospectus with SEBI on 29 Nov 2025 and Sebi Approval received on 15 Dec 2025 for an issue of about ₹950.00 Cr. Price band, lot size and issue dates are announced only after SEBI observations and the RHP filing.
Last updated
- Stage
- SEBI Approved
- DRHP filed
- 29 Nov 2025
- SEBI Approval
- 15 Dec 2025
- Issue size
- ₹950.00 Cr
- Board
- Mainboard
- Price band
- TBA
Dhariwal Buildtech IPO status
Dhariwal Buildtech Limited filed its draft red herring prospectus (DRHP) with SEBI on and SEBI Approval received on . The issue can open only after SEBI issues its observations and the company files the RHP with the price band.
| DRHP filed | 29 Nov 2025 |
|---|---|
| Days since filing | 336 |
| SEBI observation | 15 Dec 2025 |
| Price band | TBA |
| Issue dates | TBA |
Share reservation by category
| Category | Shares Details |
|---|---|
| Qualified Institutions | Not More Than 50% of the Net Issue |
| Retail Investors | Not Less Than 35% of the Net Issue |
| Non-Institutional | Not Less Than 15% of the Net Issue |
Dhariwal Buildtech Limited financials
Between 31 Mar 2024 and 31 Mar 2025, Income rose from ₹925.65 Cr to ₹1,158.53 Cr, and profit after tax rose from ₹110.15 Cr to ₹160.59 Cr. The PAT margin for 31 Mar 2025 was 13.86%.
| Period ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 1,053.42 | 604.43 | 286.72 |
| Total Income | 1,158.53 | 925.65 | 620.19 |
| Profit After Tax | 160.59 | 110.15 | 64.39 |
| Net Worth | 416.52 | 257.00 | 137.60 |
| Total Borrowings | 484.09 | 161.17 | 75.68 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|
| ROE % | 38.56 | 42.86 | 46.79 |
| ROCE % | 24.64 | 36.62 | 42.79 |
| Debt / Equity | 1.16 | 0.63 | 0.55 |
| RoNW % | 38.56 | 42.86 | 46.79 |
| Pat Margin % | 13.93 | 11.96 | 10.41 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Dhariwal Buildtech Ltd | 10 | — | 16.91 | 16.91 | 38.56% | 43.78 |
| Ceigall India Ltd | 5 | 15.39 | 17.04 | 17.04 | 15.54% | 105.84 |
| G R Infraprojects Ltd. | 5 | 11.93 | 104.88 | 104.81 | 11.94% | 878.97 |
| H.G. Infra Engineering Ltd. | 10 | 12.13 | 77.55 | 77.55 | 0.00% | 452.62 |
| J. Kumar Infraprojects Ltd. | 5 | 12.09 | 51.70 | 51.70 | 13.01% | 397.42 |
| KNR Constructions Ltd. | 2 | 5.56 | 35.62 | 35.62 | 0.00% | 161.47 |
| PNC Infratech Ltd. | 2 | 9.35 | 31.79 | 31.79 | 0.00% | 233.45 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Repayment or prepayment of all or a portion of certain outstanding borrowings availed by our Company | 174.23 |
| 2 | Investment in our Material Subsidiaries for repayment or prepayment of all or a portion of certain of its outstanding borrowings | 300.00 |
| 3 | Funding capital expenditure for purchase of construction equipment by our Company | 203.00 |
| 4 | General corporate purposes | — |
| Total | 677.23 |
About Dhariwal Buildtech Limited
Incorporated in 2016, Dhariwal Buildtech Limited is an infrastructure construction company engaged in the development of roads, highways, state highways, Pradhan Mantri Gram Sadak Yojana (PMGSY) roads, bridges, railway overbridges, tunnels, railway infrastructure, irrigation systems, rural infrastructure, and other civil engineering projects.
As of March 31, 2025, the company had 27 ongoing projects across India. Its clientele primarily comprises government-owned entities and state government departments, reflecting its focus on public infrastructure development.
Project Portfolio:
Engineering, Procurement, and Construction (EPC) Projects
Hybrid Annuity Model (HAM) Projects
As of March 31, 2025, Dhariwal Buildtech Limited had a workforce of 1,090 permanent employees, supporting its execution capabilities across various infrastructure projects.
Promoters
- Chet Ram Dhariwal
- Aditya Dhariwal
- Chet Ram Dhariwal HUF
- Saroj Dhariwal
- Navita
- Deepak Dhariwal
- Mohinder Singh Dhariwal
Contact details
Dhariwal Buildtech Ltd.
DSS 72P, Sector - 15AP,
Hisar, Haryana, 125001
Phone: 01662-453059
Email: compliance@dhariwalbuildtech.com
Website: https://www.dhariwalbuildtech.com/
Dhariwal Buildtech IPO FAQs
- Has Dhariwal Buildtech IPO filed for an IPO?
- Dhariwal Buildtech Limited filed its draft red herring prospectus (DRHP) with SEBI on 29 Nov 2025.
- When will the Dhariwal Buildtech IPO open?
- Issue dates are announced after SEBI observations and the RHP filing. They are not available yet.
- What is the Dhariwal Buildtech IPO price band?
- The price band is announced a few days before the issue opens. It is not available yet.
- What is the Dhariwal Buildtech IPO size?
- The DRHP proposes an issue of about ₹950.00 Crore. The final size can change in the RHP.
Details are from the draft prospectus and can change in the final RHP. This is not investment advice.