About Swastika Infra IPO
Swastika Infra Limited, a Jaipur-based engineering, procurement and construction company in the power transmission and distribution segment, opens its IPO for public subscription from September 23, 2026, to September 25, 2026.
The IPO is a book-built issue of ₹160.88 crore, comprising 86,95,946 equity shares. It is a fresh issue worth ₹128.50 crore and an offer for sale of 17,50,000 shares worth ₹32.38 crore by promoters and two investors.
The Swastika Infra IPO has a price band of ₹175 to ₹185 per equity share of face value ₹10. The anchor book opens for one day on September 22, 2026.
Business Overview of Swastika Infra
Swastika Infra Limited was incorporated in August 2019 and is an EPC company specialising in power transmission and distribution infrastructure projects, alongside trading of electrical products such as power cables.
Key Highlights of this IPO:
| Business Highlights | Key Details |
|---|---|
| Incorporated | August 2019 |
| Business | Turnkey EPC for power transmission and distribution infrastructure, plus electrical product trading |
| EPC Scope | Supply, erection, installation, testing and commissioning of electrical networks |
| Project Types | Underground cabling Gas Insulated Substations Air Insulated Substations Grid substations Rural and urban electrification Street lighting and renewable energy |
| Key Clients |
|
| Operating Model | Asset-light |
| Promoters | Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi and Vatsalya Gupta |
Swastika Infra: IPO Date, Price, and Other Details
Here are the details of the upcoming Swastika Infra IPO:
| Particular | Detail |
|---|---|
| Issue Size | ₹160.88 crore (86,95,946 shares) |
| Offer Type | Book-built issue (fresh capital cum OFS) |
| Fresh Issue | ₹128.50 crore |
| Offer for Sale | 17,50,000 shares (₹32.38 crore) |
| Face Value | ₹10 per equity share |
| Price Band | ₹175 to ₹185 per share |
| Anchor Investor Bidding Date | September 22, 2026 |
| IPO Open Date | September 23, 2026 |
| IPO Close Date | September 25, 2026 |
| Basis of Allotment | September 28, 2026 |
| Listing Date | September 30, 2026 |
| Lot Size | 81 shares |
| Minimum Investment (Retail) | ₹14,985 |
| Book Running Lead Managers | Srujan Alpha Capital Advisors LLP; PhillipCapital (India) Pvt. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Listing Exchanges | BSE, NSE |
Swastika Infra IPO Market Lot
The Swastika Infra IPO minimum market lot is 81 shares with a ₹14,985 application amount.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 81 | ₹14,985 |
| Retail (Max) | 13 | 1,053 | ₹1,94,805 |
| S-HNI (Min) | 14 | 1,134 | ₹2,09,790 |
Swastika Infra IPO Reservation: Who Can Apply?
The Swastika Infra IPO has the following investor category reservation:
| Investor Category | Portion of Offer |
|---|---|
| Qualified Institutional Buyers (QIB) | 50% |
| Retail Individual Investors | 35% |
| Non-Institutional Investors (NII) | 15% |
Strengths and Risks of Swastika Infra IPO
Every business has its strengths and risks, and Swastika Infra follows the same. Here is a brief business analysis (as per RHP) below:
Strengths
- Substantial growth: Total income of Swastika Infra grew from ₹211.33 crore in FY2024 to ₹505.57 crore in FY2026. Also, the PAT (Profit after tax) rose from 51% to ₹41.43 crore in FY2026.
- Strong return ratios: ROE of 35.44% and ROCE of 25.76%.
- Order book visibility: ₹2,036.65 crore across 18 ongoing projects, with ₹916.55 crore still to be executed.
- Government-funded pipeline: Projects funded by state discoms, the Ministry of Power and multilateral institutions including the World Bank.
- Asset-light model: Execution of Swastika Infra projects are seemless, without a heavy owned-asset base or supporting return ratios.
- Net worth doubled: From ₹77.02 crore in FY2025 to ₹156.78 crore in FY2026.
- Sector tailwind: Continued investment in power distribution, grid modernisation and rural electrification.
Risks
- Existing borrowings of ₹114.64 crore.
- Working-capital intensity: Nearly the entire fresh issue is directed at incremental working capital, indicating how much capital the business ties up in receivables and project execution.
- Government counterparty dependence: Revenue rests largely on state discoms and government-funded schemes, where payment cycles are outside the company's control.
- Execution risk: EPC revenue is recognised on execution, and delays in approvals or right of way defer recognition.
- Short operating history: Incorporated in August 2019, with a limited track record across a full infrastructure spending cycle.
- ₹32.38 crore of the issue is a sale by promoters and investors and does not come to the company.
- Cost escalation risk on fixed-price EPC contracts where input costs rise during execution.
Swastika Infra IPO Objectives – How Will the Funds Be Used?
Swastika Infra will utilise the net proceeds of the fresh issue towards:
| # | Issue Objects | Est. Amount (₹ crore) |
|---|---|---|
| 1 | Funding incremental working capital requirements of the Company | 90.00 |
| 2 | General corporate purposes | Balance |
Promoter Shareholding of Swastika Infra
The promoters of Swastika Infra Limited are Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi and Vatsalya Gupta.
| Category | Pre-IPO |
|---|---|
| Promoter and Promoter Group | 76.51% |
| Public | 23.49% |
| Total | 100% |
Financial Performance of Swastika Infra (Restated, ₹ in crores)
Here's the table outlining the financial performance of Swastika Infra Limited from FY 2024 to FY 2026.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Income | 505.57 | 352.60 | 211.33 |
| Total Assets | 412.24 | 258.54 | 143.26 |
| EBITDA | 70.85 | 43.89 | 23.71 |
| Profit After Tax | 41.43 | 27.46 | 13.98 |
| Net Worth | 156.78 | 77.02 | 49.57 |
| Total Borrowing | 114.64 | 111.02 | 43.82 |
Key Performance Indicators of Swastika Infra
Based on the financials available in the RHP, the following key performance metrics of Swastika Infra IPO can be considered.
| KPI | As of FY 2026 |
|---|---|
| Return on Equity (ROE) | 35.44% |
| Return on Capital Employed (ROCE) | 25.76% |
| EBITDA Margin | 14.07% |
| PAT Margin | 8.23% |
| Price to Book Value | 3.21 |
Registrar of Swastika Infra IPO
The Registrar of Swastika Infra IPO is MUFG Intime India Pvt. Ltd.
Phone: 022-49186000
Allotment status: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
Lead Managers of Swastika Infra IPO
Srujan Alpha Capital Advisors LLP and PhillipCapital (India) Pvt. Ltd. are the lead managers to the Swastika Infra IPO.
