diff --git a/bin/subst.ml b/bin/subst.ml
index c4d61c63f15..9b8ed04bfda 100644
--- a/bin/subst.ml
+++ b/bin/subst.ml
@@ -332,6 +332,10 @@ let subst vcs =
                  |> Memo.return)
        in
        Some (None, None, Path.Source.Set.to_list files))
+  >>| Option.bind ~f:(fun ((_, _, files) as s) ->
+    match files with
+    | [] -> None
+    | _ :: _ -> Some s)
   >>= Memo.Option.iter ~f:(fun (version, commit, files) ->
     let+ (dune_project : Dune_project.t) =
       (* CR-soon rgrinberg: unify this check with the above version check *)
diff --git a/doc/changes/11204.md b/doc/changes/11204.md
new file mode 100644
index 00000000000..8c4fce1771f
--- /dev/null
+++ b/doc/changes/11204.md
@@ -0,0 +1,2 @@
+- Remove useless error message when running `$ dune subst` in empty projects.
+  (@rgrinberg, #11204, fixes #11200)
diff --git a/test/blackbox-tests/test-cases/github11200.t b/test/blackbox-tests/test-cases/github11200.t
index 11648a1d314..27944c6daff 100644
--- a/test/blackbox-tests/test-cases/github11200.t
+++ b/test/blackbox-tests/test-cases/github11200.t
@@ -2,8 +2,3 @@ Running `dune subst` should succeed in an empty directory.
 Regression test for https://github.com/ocaml/dune/issues/11200
 
   $ dune subst
-  File ".", line 1, characters 0-0:
-  Error: There is no dune-project file in the current directory, please add one
-  with a (name <name>) field in it.
-  Hint: 'dune subst' must be executed from the root of the project.
-  [1]