Dhariwal Buildtech IPO

The Dhariwal Buildtech IPO is a 100% book-built issue, and the issuer company has fixed a price band of Rs 45 per share. The total offer size is an estimated ₹950 crore, which is entirely a fresh issue of shares with the face value of ₹10 per equity share. 

The price range, the opening and closing dates are kept confidential by the company and will be released before the listing date of the IPO. The shares are intended to be listed on the BSE and the NSE. SBI Capital Markets Ltd. and HDFC Bank Ltd. are the Book Running Lead Managers (BRLM) to the issue, while MUFG Intime India Private Limited will be the Registrar to the Issue.

Company Background

Dhariwal Buildtech Ltd. was incorporated on May 2, 2016, under the name of SKC Infra Projects Ltd., but in 2018, it was renamed as Dhariwal Buildtech Limited, which mirrored its expanding Business Prospects and to grab the bigger ventures in the infrastructure Domain. The headquarters of Dhariwal Buildtech is in Hisar, Haryana. From its incorporation to now, this company has expanded from a local contractor to an expert infrastructure enterprise.

Dhariwal Buildtech is now a well-established player in the civil construction industry and specialises in the all-important area of transport infrastructure. It has grown from subcontractor to the government's prime contractor for large projects in several Indian States.

Operations & Product Range

Major operational activities of this company are Engineering, Procurement and Construction (EPC) services and projects under the Hybrid Annuity Model (HAM). Dhariwal Buildtech Ltd. is well recognised for its broad civil works such as national and state highways, flyovers and bridges.

They are also known for being very specialized in complicated engineering cases. For example, the company won a prestigious project of building the Shinkun La Pass tunnel in Ladakh and another prestigious project at the Zoji La Tunnel, both of which are likely to be among the highest-altitude highway tunnels in the world. They also provide material handling services, viz., transportation of pond ash for power plants, which adds to their core construction business.

Facilities & Capacity

To meet the needs of the growing project pipeline, Dhariwal Buildtech Ltd. maintains an extensive fleet of machinery and a highly trained workforce. As of March 31, 2025, the company owned an equipment fleet of more than 1307 units, including excavators, loaders, and specialized paving machines. Their in-house capability allows them to have more control over the project's timelines and quality when executing the project.

The enormous number of operations performed by the company is illustrated in their Order Book, which was estimated to have been at ₹ 4767 Crore on Mar. 31, 2025. The substantial increase in their order book compared to previous years demonstrates a clear picture of revenues for the medium term. At present, the company is engaged with 27 ongoing projects and operates in 10 different states.

Brands & Market Presence

Dhariwal Buildtech Ltd. has developed a pan-India presence in regions such as Northern India, Central India, and Northeast India. While the corporate office is located in Haryana, the company's operations are now in 13 different states across India.

The company's current market presence is attributable to its long-lasting relationships with the public sector and government entities, which provide over 96% of the company's order book. Dhariwal Buildtech Ltd. established itself as a high-quality contractor because of its ability to complete projects on time, evidenced by the completion of a key bridge on the Shillong Bypass 79 days early in 2023. Furthermore, they have received several important certifications, such as ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018.

Revenue Streams & Business Model

Some primary revenue streams & business model for the Dhariwal Buildtech Ltd. 

• Roads and Highways Construction of national highways, state highways and rural roads under the PMGSY (Pradhan Mantri Gram Sadak Yojana) scheme.
• Bridge and tunnel engineering, like complex civil structures, includes bridges, railway over-bridges (ROBs), and high-altitude tunnels, such as the prestigious Shinkula Tunnel Project.
• Hybrid Annuity Model (HAM) Projects (the company receives payments in installments from the government, providing long-term revenue visibility)
• Diversified civil infrastructure, including irrigation systems, railways, and rural infrastructure development across 10 Indian states.
• Government Contracting (B2G), as over 96% of the company’s order book is tied to government-owned entities and departments, ensuring a reliable stream of payments and lower non-recovery risks.

Management & Shareholding

Promoters & Shareholding 

Dhariwal Buildtech Ltd. is led by a group of promoters, including Chet Ram Dhariwal, Aditya Dhariwal and other members of the Dhariwal family. Chet Ram Dhariwal serves as the Chairman and Managing Director, bringing over 20+ years (over two decades) of experience from his tenure with the Engineering Wing of the Haryana Panchayati Raj department. Aditya Dhariwal serves as the CEO. Before the Dhariwal Buildtech IPO, the promoter group held a 99.63% stake in the company, which will be diluted following the fresh issue of shares.

Board & Key Management

The board & key management of Dhariwal Buildtech Ltd. consists of a combination of executive directors and independent directors to ensure a balanced approach to governance. The independent directors are Madan Kishore Sharma, Kamlesh Sekhon and Ajay Sharma. Gaurav Batra acts as the CS/Compliance Officer to support the management team.