Dhariwal Buildtech IPO
Dhariwal Buildtech Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue only. SEBI issued its observations on 15 December 2025, so the company can open the IPO any time up to 15 December 2026. The draft proposes a fresh issue only of up to ₹950 crore, with no offer for sale. In FY25 the company made a profit of ₹160.59 crore on revenue of ₹1,152.98 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI observations issued15 Dec 2025
- SEBI received draft
- 29 Sep 2025
- Type of issue
- Fresh issue only
- Lead manager
- SBI Capital Markets Limited
- Must open by
- 15 Dec 202612 months from observations
- Price band and dates
- Not announced
Where it stands
Dhariwal Buildtech IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI29 Sep 2025
- SEBI reviewDone
- SEBI observations15 Dec 2025
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has issued its final observations, which in practice is the go-ahead. The company can now file a red herring prospectus and open the IPO within 12 months.
DRHP at a glance
Dhariwal Buildtech DRHP at a glance
Draft red herring prospectus, 27 Sep 2025What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 279) and Basis for Issue Price (p. 169)Dhariwal Buildtech builds roads, highways, state highways, rural roads, bridges, railway over bridges, tunnels, railways and irrigation works, mostly for government bodies through competitive bids.
Its order book was ₹4,766.10 crore on 31 March 2025, across 10 states, and government projects were 98.89% of it. It was incorporated in 2016 and is based in Hisar, Haryana.
The offer
DRHP cover page and The Issue (p. 68)| Fresh issue | Up to ₹950 croreMoney goes to the company |
| Shares before the IPO | 9,51,31,800 |
| Pre-IPO placement | Up to ₹190 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | SBI Capital Markets Limited and HDFC Bank Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Chet Ram Dhariwal, Aditya Dhariwal, Chet Ram Dhariwal HUF, Saroj Dhariwal, Navita, Deepak Dhariwal and Mohinder Singh Dhariwal |
What the company plans to do with the money
DRHP, Objects of the Issue (p. 98 to 99), read with the corrigendum dated Dec 2025| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Repaying or prepaying certain borrowings | 174.23 | 18.3% |
| Investing in two highway subsidiaries to repay their borrowings | 300.00 | 31.6% |
| Construction equipment | 203.00 | 21.4% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹950 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts.
Financials
DRHP, Summary of Financial Information (p. 70 to 74) and Basis for Issue Price, KPIs (p. 169 to 174), ₹ crore| ₹ crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 618.51 | 921.12 | 1,152.98 |
| EBITDA | 105.29 | 169.44 | 246.57 |
| EBITDA margin | 17.02% | 18.39% | 21.39% |
| Profit after tax | 64.39 | 110.15 | 160.59 |
| Diluted EPS (₹) | 7.91 | 11.94 | 16.91 |
| Net worth | 137.60 | 257 | 416.52 |
| Cash from operations | 66.19 | 31.11 | -301.84 |
| Return on net worth | 46.79% | 42.86% | 38.56% |
| Net debt | -20.49 | -5.22 | 378.29 |
| Order book | 2,244.03 | 2,487.95 | 4,766.10 |
Restated consolidated figures. Net worth is total equity. Negative net debt means cash exceeded borrowings. Revenue grew about 36.5% a year from FY23 to FY25 (our calculation).
Listed peers named in the draft
DRHP, Basis for Issue Price (p. 170 to 171). Peer prices as of 26 Sep 2025 on BSE.The P/E for Dhariwal is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Dhariwal Buildtech (FY25) | 16.91 | Set with the price band | 38.56% |
| Ceigall India | 17.04 | 15.39x | 15.54% |
| G R Infraprojects | 104.81 | 11.93x | 11.94% |
| H.G. Infra Engineering | 77.55 | 12.13x | NA |
| J. Kumar Infraprojects | 51.70 | 12.09x | 13.01% |
| KNR Constructions | 35.62 | 5.56x | NA |
| PNC Infratech | 31.79 | 9.35x | NA |
Risks the draft lists first
DRHP, Risk Factors (p. 28 to 33)- Competitive bidding98.86% of FY25 revenue came from contracts won through bids. (Risk factor 1, p. 28)
- Government workGovernment projects were 98.89% of the order book on 31 March 2025. (Risk factor 2, p. 30)
- Negative cash flowCash flow from operations was negative in FY25 and may be again. (Risk factor 3, p. 31)
- Roads and bridgesMost revenue comes from roads, highways, railway over bridges and tunnels. (Risk factor 4, p. 31)
- Capital needsThe business needs a lot of capital and access to financing. (Risk factor 5, p. 32)
- Order bookActual income may be much lower than the order book suggests. (Risk factor 6, p. 33)
Documents
Dhariwal Buildtech DRHP and documents
SEBI filings- Draft red herring prospectus, dated 27 Sep 2025, on SEBI since 7 Oct 2025
- Addendum to the DRHP, on SEBI since 11 Dec 2025
The DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Dhariwal Buildtech IPO FAQs
When will the Dhariwal Buildtech IPO open?
The date is not announced. SEBI issued observations on 15 December 2025, and SEBI rules require the IPO to open within 12 months of that date, so by 15 December 2026 (our calculation). The company announces the dates in its red herring prospectus and price band notice.
Has SEBI approved the Dhariwal Buildtech IPO?
Yes. SEBI issued its final observations on 15 December 2025 (SEBI processing status archive, April 2025 to March 2026). SEBI does not "approve" an IPO as such; its observations let the company go ahead.
What is the Dhariwal Buildtech IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Dhariwal Buildtech IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Dhariwal Buildtech IPO?
SBI Capital Markets Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Dhariwal Buildtech do with the IPO money?
According to the DRHP, the fresh issue money goes to repaying or prepaying certain borrowings (₹174.23 crore), investing in two highway subsidiaries to repay their borrowings (₹300.00 crore), construction equipment (₹203.00 crore), and the rest to general corporate purposes.
What does Dhariwal Buildtech do?
Dhariwal Buildtech builds roads, highways, state highways, rural roads, bridges, railway over bridges, tunnels, railways and irrigation works, mostly for government bodies through competitive bids.
Where can I read the Dhariwal Buildtech DRHP?
On SEBI's website, where the draft red herring prospectus was published on 7 October 2025. The draft is dated 27 September 2025 and runs to 572 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 27 September 2025. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.