Dhariwal Buildtech Files Draft Papers for ₹950 Crore IPO Amid Rapid Two-Year Revenue Surge

Mumbai, 29 September 2025: Dhariwal Buildtech Limited, a Haryana-based infrastructure and engineering, procurement, and construction (EPC) firm, has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for a proposed ₹950 crore Initial Public Offering (IPO). The public issue will comprise a 100% fresh issue of equity shares, with no offer-for-sale component.

Incorporated in 2016 and renamed Dhariwal Buildtech in 2018, the company is promoted by Chet Ram Dhariwal, Aditya Dhariwal, Mohinder Singh Dhariwal, and family members. The firm has emerged as one of India’s fastest-growing infrastructure players, executing projects under both government and private contracts, focusing on scalable EPC and HAM models.

Dhariwal Buildtech Posts 86% Revenue Growth in FY23-FY25, Profit Jumps 2.5x

The company has demonstrated robust financial performance over the past two years, with revenue from operations rising from ₹6,185.11 million in FY23 to ₹11,529.80 million in FY25, reflecting an 86% growth. Total income increased from ₹6,201.91 million to ₹11,585.31 million, while profit before tax surged from ₹860.71 million to ₹1,876.62 million.

Net profit expanded from ₹643.88 million to ₹1,605.90 million, and earnings per share (EPS) rose from ₹7.91 to ₹16.91, indicating strong operational leverage and cost efficiencies. Total assets also climbed sharply from ₹2,867.24 million in FY23 to ₹10,534.16 million in FY25, highlighting significant business expansion and scale-up in project execution capabilities.

Dhariwal Buildtech IPO Structure: Fresh Equity Issue With Pre-IPO Placement of Up to ₹190 Crore

The proposed IPO is structured as a fresh issue of equity shares at a face value of ₹10 each, with the possibility of a pre-IPO placement of up to ₹190 crore (20% of issue size).

Employee reservations will be allocated as per the details in the final Red Herring Prospectus. The issue is planned for listing on BSE and NSE, with SBI Capital Markets and HDFC Bank appointed as book-running lead managers and MUFG Intime India Pvt Ltd as the registrar.

Dhariwal Buildtech Surge in Infrastructure Orders and HAM Projects Drives Company Expansion

Dhariwal Buildtech, formerly SKC Infra Projects, operates across highways, expressways, flyovers, bridges, and tunnels and executes Hybrid Annuity Model (HAM) projects nationwide. The spike in revenue and profits has been driven by the rapid scaling of EPC contracts, increasing project awards, and effective cost management, which has enabled the company to expand its asset base more than 3.5 times in two years.

Dhariwal Buildtech’s DRHP filing highlights strong financial momentum and rapid operational scale-up, with revenues and profits expanding significantly over two years. The proposed fresh equity issue is intended to support working capital, business expansion, and general corporate purposes, positioning the company to manage growth and project execution efficiently across India’s infrastructure sector.

REF: https://nsearchives.nseindia.com/corporate/Registration_28092025095436_DhariwalBuildtechLimitedDRHP.pdf

Disclaimer: At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.

If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.

Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations