Official DOSBox works on Windows 95 with Active Desktop and the SVN still works on 95 as well.
Most unofficial builds of DOSBox do not support lower than XP due to most being built with Visual Studio 2010+
Check my thread for NT3.51+ and 95 (without active desktop) builds
Post 622238
Current posted builds may be hit or miss on NT 3.51 and 9x on some processors due to a bug in mingwrt which I'm still tracking down. I've found a "fix" to compile with the latest mingwrt but I haven't updated the posted builds yet.
Mingw 6.3.0 works with VC6 redist on NT3.51 and 95 on i586+ processors (Haven't tested lower and there's not much point)
Mingw-w64 5.0.2 requires v6.10 msvcrt.dll (from Windows 2000) but works on NT3.51 and 95 on i686 processors