Dhariwal Buildtech IPO

About Dhariwal Buildtech IPO

The IPO of Dhariwal Buildtech comprises a fresh issue and an offer for sale. The fresh issue aggregates up to ₹950 crores. There’s no offer for sale in this IPO. The total issue aggregates up to ₹950 crores. It’s a 100% book-built issue.

Dhariwal Buildtech IPO opens on [XX] and closes on [YY]. The allotment of shares will take place on [TBA]. The credit of shares to the demat account will take place on [TBA]. The initiation of refunds will take place on [TBA]. The listing of shares will take place on [TBA].

Dhariwal Buildtech is an infrastructure construction company specialising in the construction of roads, highways, state highways, PMGSY roads, bridges, railway over bridges as well as tunnels, railways, irrigation, rural infrastructure and other civil works. According to the CRISIL Report, it’s one of the leading and fastest growing road engineering, procurement and construction companies (EPC) with a revenue CAGR of 36.53% between fiscal 2023 and 2025.

Objectives of Dhariwal Buildtech IPO

The company proposes to utilise the IPO proceeds for:

• Repayment or prepayment of all or a portion of certain outstanding borrowings
  
• Investment in its material subsidiaries for repayment or prepayment
  
• Funding capital expenditure for purchase of construction equipment
  
• General corporate purposes
  

Industry Outlook

The construction industry in India is expected to grow steadily at an annual rate of 6-8% between fiscal years 2026 and 2030. This growth will be mainly driven by increased spending on infrastructure projects such as roads and railways, supported by both central and state government investments.

In fiscal year 2025, construction capital expenditure rose by 7% compared to the previous year, reaching ₹12.7 lakh crores. This increase aligns with the government’s emphasis on infrastructure development, as seen in the rising budget allocations.

Dhariwal Buildtech Company Information

Dhariwal Buildtech is an infrastructure construction company specialising in the construction of roads, highways, state highways, PMGSY roads, bridges, railway over bridges as well as tunnels, railways, irrigation, rural infrastructure and other civil works.

According to the CRISIL Report, it’s one of the leading and fastest growing road engineering, procurement and construction companies (EPC) with a revenue CAGR of 36.53% between fiscal 2023 and 2025. The company’s efficient business model, strategic equipment base and commitment to operational excellence positions it as a trusted partner in India’s infrastructure development.

Strengths of Dhariwal Buildtech

• One of the leading and fastest growing companies in the road engineering, procurement and construction segment
• Well established track record of efficient and timely delivery of projects
• Pan-India presence with a healthy order book of projects and diversified client base
• Experienced promoters and qualified management team with strong human resource practices
• Efficient business model backed by in-house capabilities, skilled workforce and advanced machinery

Risks of Dhariwal Buildtech

• Financial condition would be materially and adversely affected if the company fails to obtain new contracts or its current contracts are terminated
• Business significantly depends on projects awarded by government-owned entities and departments, which subjects it to a variety of risks
• History of negative cash flow in the past
• Business and financial condition would be materially and adversely affected if there are any adverse developments in roads, highways, railways over bridges and tunnel business sectors
• Capital intensive business and insufficient cash flows could adversely affect results of operations
• Order book may not be representative of future results and actual income may be significantly less than the estimates reflected in its order book
• Business is relatively concentrated in north, east and central region of India and any adverse development in these regions may adversely affect business
• Inability to collect receivables due from customers, in a timely manner, or at all, which may adversely affect business, financial condition, results of operations and cash flows
• Premature termination of projects could adversely affect business, financial condition and result of operations
• Projects are exposed to various implementation and other risks, including risks of time and cost overruns and termination of contracts

Anchor Investor Bidding Date

TBA

IPO Registrar and Book Running Lead Managers

• IPO Registrar: MUFG Intime India
• Book Running Lead Managers: SBI Capital Markets and HDFC Bank

Dhariwal Buildtech Business Model

Dhariwal Buildtech is into infrastructure construction specialising in the construction of roads, highways, state highways, PMGSY roads, bridges, railway over bridges as well as tunnels, railways, irrigation, rural infrastructure and other civil works. The company has a consistent track record of executing numerous intricate and unique projects across India.

Dhariwal Buildtech Growth Trajectory

The revenue from operations of Dhariwal Buildtech increased from ₹618.511 crores in FY 23 to ₹1152.980 crores in FY 25. The company’s EBITDA margin recorded a growth from 17.02% in FY 23 to 21.39% in FY 25. The company’s PAT margin increased 10.41% in FY 23 to 13.93% in FY 25. An established track record of efficient and timely delivery of projects has helped the company grow over the years.

Dhariwal Buildtech Market Position

As of March 31, 2025, the company had 27 ongoing projects spread across India, wherein the clientele comprises various government-owned entities and departments within the specific states. As on March 31, 2025, the company had an order book of ₹4766.998 crores with projects spread across 10 states. Since the commencement of business in 2017, until as of March 31, 2025, the company has completed over 29 projects across 8 states.

How to Check Allotment Status of Dhariwal Buildtech IPO?

1. Visit the Registrar’s Website

• Visit the website of MUFG Intime India
• Choose ‘Public Issues’ from Investor Services dropdown
• Choose the name of the company from ‘Select Company’ dropdown
• Enter any of these - PAN Number, Application Number, DP/Client ID, Account Number / IFSC
• Click on Submit to check the status

2. Check on the National Stock Exchange Website

The National Stock Exchange (NSE) website has an IPO bid verification module. You can use it to check the allotment status of Dhariwal Buildtech IPO. Go to the NSE website and find the ‘Invest’ tab. Click on ‘Verify IPO Bids’ under ‘Resources & Tools’.

On the NSE IPO bid verification page, enter:

• Company name from dropdown
  
• Application number
  
• PAN
  

Then click ‘Submit’ to know the allotment status.

3. Check on BSE Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the ‘Investors’ tab. Under ‘Investors’, click on ‘IPO’. This will take you to the IPO allotment status page. On the BSE IPO page, follow these steps:

• Select ‘Equity’ from the dropdown menu
  
• Choose ‘Dhariwal Buildtech’ in the next dropdown
  
• Enter your application number
  
• Enter your PAN
  
• Click ‘Search’ to know allotment status
  

How to Apply for the Dhariwal Buildtech IPO?

To apply for this IPO:

• Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Specify IPO details: Enter the number of lots and the price you wish to apply for.
  
• Enter UPI ID: After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Mandate Notification: Your UPI app will receive a mandate notification to block funds.
  
• Approve Request: Your funds will be blocked once you approve the mandate request on your UPI.