It is long winded, but do able.

You need another machine up and running with some form of Windows on it (OS
not critical, but makes it easier).
You need a stack of floppies (obviously and 25 minimum).
Some compression software.
A boot disk with at least DOS 6 and no later then 7 and with some form of
command line decompression tool.
A lot of patience.

You have probably figured out what I am going to say next, but just in case:
Place your Win95 cd in the drive of the working machine and load up explorer
(if it autoruns just close the window). Right-click (or left depending on
your mouse orientation) on the folder "win95" and click "add to zip". Tell
Winzip (or whatever software you use) to create the zip file on the floppy
and it should automatically configured itself for disk-spanning. Double
check it has. Also make sure it is set to maximum compression. Insert the
first floppy and tell it to go. Make first hot drink. Remove the disk and
replace when it asks with a new one. Label the first. Make sure you label
all disk in the order they go in, it is a nightmare otherwise.
When you have a nice stack of floppies about 20cm high goto the OSless
machine and insert your boot disk. Boot the machine and check for a valid
partition. now format the partition and make it bootable (format c:/s). Copy
the decompression tool off the floppy onto the partition and restart. Insert
the first floppy of that nice stack and instruct PC to decompress
appropriate zip file. After a while it should ask for the second disk and so
forth. Make second hot drink some time around now.
Once it is all unpacked onto the partition you can just chage directories
and run setup.exe. Voila! Setup in motion.

Longwinded as hell, but when i did it I had to install Win3.11 to get a copy
of Winzip to unpack (I had no DOS decompression software) and then delete
Win3.11 and install Win95 after. It took a long time.

Hope that helps.

--
Matthew Mills
www.mrmills.co.uk