Swastika Infra IPO
Swastika Infra IPO is a book-building public issue with a total issue size of approximately ₹160.88 crore.
The issue consists of a fresh issue of approximately 69.46 lakh equity shares aggregating to around ₹128.50 crore and an offer for sale of 17.50 lakh shares aggregating to approximately ₹32.38 crore.
The IPO will open for subscription on 23 September 2026 and close on 25 September 2026. Swastika Infra shares are proposed to be listed on both NSE and BSE.
Swastika Infra IPO Details
Swastika Infra Limited is coming to the primary market with a ₹160.88 crore public issue. The IPO combines a fresh issue of shares with an offer for sale by existing shareholders.
The fresh issue comprises approximately 69.46 lakh shares aggregating to around ₹128.50 crore. The company proposes to use a portion of the fresh issue proceeds towards funding its working capital requirements and general corporate purposes.
The offer for sale comprises approximately 17.50 lakh shares aggregating to around ₹32.38 crore. The proceeds from the OFS will go to the respective selling shareholders.
The Swastika Infra IPO price band has been fixed at ₹175 to ₹185 per share. Investors can apply for a minimum of 81 shares and thereafter in multiples of the specified lot size.
At the upper price band of ₹185 per share, one retail investor needs ₹14,985 to apply for one lot.
Swastika Infra IPO Details
| Particulars | Details |
|---|---|
| IPO Open Date | 23 September 2026 |
| IPO Close Date | 25 September 2026 |
| IPO Size | ₹160.88 Crore |
| Price Band | ₹175 to ₹185 per share |
| Face Value | ₹10 per share |
| Lot Size | 81 Shares |
| Issue Type | Book Building |
| Issue Structure | Fresh Issue + Offer for Sale |
| Listing Exchange | NSE and BSE |
| Market Cap at Upper Band | ₹631.22 Crore |
| Expected Allotment | 28 September 2026 |
| Refund / Unblocking | 29 September 2026 |
| Demat Credit | 29 September 2026 |
| Tentative Listing Date | 30 September 2026 |
Swastika Infra IPO Issue Size
| Issue Component | Shares | Approx. Amount |
|---|---|---|
| Total Issue | 86,95,946 | ₹160.88 Cr |
| Fresh Issue | 69,45,946 | ₹128.50 Cr |
| Offer for Sale | 17,50,000 | ₹32.38 Cr |
Swastika Infra IPO Timeline
| Event | Date |
|---|---|
| IPO Opens | Wednesday, 23 September 2026 |
| IPO Closes | Friday, 25 September 2026 |
| Allotment | Monday, 28 September 2026 |
| Refund / Unblocking | Tuesday, 29 September 2026 |
| Shares Credited to Demat | Tuesday, 29 September 2026 |
| Listing | Wednesday, 30 September 2026 |
Swastika Infra IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% of the Offer |
| Retail Individual Investors | Not less than 35% of the Offer |
| Non-Institutional Investors (NII) | Not less than 15% of the Offer |
Swastika Infra IPO Lot Size
Investors can bid for a minimum of 81 shares and thereafter in multiples of 81 shares.
| Investor Category | Lots | Shares | Investment at ₹185 |
|---|---|---|---|
| Retail Minimum | 1 | 81 | ₹14,985 |
| Retail Maximum | 13 | 1,053 | ₹1,94,805 |
| S-HNI Minimum | 14 | 1,134 | ₹2,09,790 |
| S-HNI Maximum | 66 | 5,346 | ₹9,89,010 |
| B-HNI Minimum | 67 | 5,427 | ₹10,03,995 |
About Swastika Infra Ltd.
Incorporated in August 2019, Swastika Infra Limited is an engineering, procurement and construction (EPC) company focused on power transmission and distribution infrastructure projects.
The company provides turnkey EPC solutions covering the supply, erection, installation, testing and commissioning of power infrastructure.
Its areas of work include underground cabling, Gas Insulated Substations (GIS), Air Insulated Substations (AIS), grid substations, rural and urban electrification, street lighting and renewable energy projects.
Swastika Infra also undertakes the installation of power transformers, circuit breakers, ring main units and other electrical infrastructure required for power distribution.
As of 31 July 2026, the company had completed 36 EPC Power Projects across six Indian states, covering approximately 18,579.47 km of distribution lines with an aggregate contract value of approximately ₹76,467 lakh.
As of the same date, the company had 18 ongoing EPC Power Projects across six states with an aggregate order value of approximately ₹2,03,665 lakh.
The company has executed projects for government utilities including WBSEDCL, MGVCL, APDCL, GED, HPSEBL, UHBVN, JVVNL, UPCL, AVVNL, RSDCL, MSEDCL and RRVPNL.
Swastika Infra follows an asset-light business model, with erection work generally assigned to third-party contractors while its centralized procurement team supplies construction materials and electrical equipment.
As of 31 July 2026, the company had 182 full-time employees, including 65 engineers and technicians and 52 project execution supervisors and others.
Swastika Infra Business Strengths
- Experienced promoters and management team.
- Asset-light EPC business model supported by centralized procurement.
- Established execution track record across multiple Indian states.
- Strong order book supporting future project execution.
- Experience in power transmission and distribution infrastructure.
- Established relationships with government utilities.
- Diversified capabilities across power distribution, transmission and renewable energy projects.
- In-house project management and engineering capabilities.
Swastika Infra IPO Objects of the Issue
The company proposes to utilise the net proceeds from the fresh issue towards funding incremental working capital requirements and general corporate purposes.
| Use of Funds | Amount |
|---|---|
| Funding of Incremental Working Capital Requirements | ₹90.00 Crore |
| General Corporate Purposes | Balance Amount |
| Total Identified Uses | ₹90.00 Crore |
Swastika Infra Financial Performance
Swastika Infra reported growth in its recent financial performance. Revenue increased by approximately 43% between FY2025 and FY2026, while profit after tax increased by approximately 51%.
| Particulars (₹ Crore) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Assets | 412.24 | 258.54 | 143.26 |
| Total Income | 505.57 | 352.60 | 211.33 |
| Profit After Tax | 41.43 | 27.45 | 13.98 |
| EBITDA | 70.85 | 43.89 | 23.71 |
| Net Worth | 156.78 | 77.02 | 49.57 |
| Reserves & Surplus | 129.60 | 52.27 | 24.82 |
| Total Borrowings | 114.64 | 111.02 | 43.82 |
Note: Financial figures are presented in ₹ crore as reported in the company’s restated financial information.
Swastika Infra IPO Key Performance Indicators
| KPI | 31 March 2026 |
|---|---|
| ROE | 35.44% |
| ROCE | 25.76% |
| Debt / Equity | 0.73 |
| RoNW | 35.44% |
| PAT Margin | 8.23% |
| EBITDA Margin | 14.07% |
| NAV | ₹57.69 |
| Price to Book Value | 3.21x |
Swastika Infra IPO Valuation
At the upper IPO price of ₹185 per share, Swastika Infra has an estimated post-issue market capitalization of approximately ₹631.22 crore.
Investors can evaluate the IPO valuation by comparing the issue price with the company’s earnings, book value, profitability, order book and other listed companies operating in the EPC and infrastructure sectors.
| Valuation Metric | Pre-IPO | Post-IPO |
|---|---|---|
| EPS | ₹15.70 | ₹12.14 |
| P/E | 11.78x | 15.24x |
| Market Capitalisation | ₹502.72 Cr | ₹631.22 Cr |
Swastika Infra Shareholding Pattern
| Category | Pre-IPO | Post-IPO |
|---|---|---|
| Promoter & Promoter Group | 76.51% | 57.41% |
| Public | 23.49% | 42.59% |
| Total | 100% | 100% |
Company Promoters: Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi and Vatsalya Gupta.
Swastika Infra IPO Offer for Sale
The OFS portion consists of approximately 17.50 lakh shares aggregating to around ₹32.38 crore. The proceeds from the OFS will be received by the respective selling shareholders rather than the company.
| Selling Shareholder | Category | Shares Offered | Amount |
|---|---|---|---|
| Vinay Gupta | Promoter | 2,73,500 | ₹5.06 Cr |
| Ruchira Gupta | Promoter | 2,73,500 | ₹5.06 Cr |
| Biren Parnami | Promoter | 3,28,000 | ₹6.07 Cr |
| Manoj Modi | Promoter | 3,28,000 | ₹6.07 Cr |
| Ishaan Bhartia | Other | 2,73,500 | ₹5.06 Cr |
| Total OFS | 17,50,000 | ₹32.38 Cr |
Swastika Infra IPO Pros and Cons
Potential Positives
- Established EPC experience in power transmission and distribution.
- Strong order book across multiple Indian states.
- Track record of executing projects for government utilities.
- Asset-light business model with centralized procurement.
- Revenue and PAT growth in FY2026 compared with FY2025.
- Diversified exposure across power distribution, transmission and renewable energy projects.
Key Risks
- EPC businesses are dependent on timely project execution and working capital availability.
- A significant portion of projects is connected with government utilities and infrastructure spending.
- The company operates in a competitive EPC and infrastructure market.
- Total borrowings increased compared with FY2025.
- Project delays, cost increases or changes in government infrastructure spending can affect financial performance.
- Investors should review the company’s RHP for detailed risk factors before applying.
Swastika Infra IPO Registrar & Lead Managers
IPO Registrar: MUFG Intime India Pvt. Ltd.
Book Running Lead Managers:
- Srujan Alpha Capital Advisors LLP
- PhillipCapital India Pvt. Ltd.
Swastika Infra Ltd. Contact Details
Registered Office:
Plot No. 14 & 15, First Floor, Gajraj Apartment,
Motilalatal Road,
Opposite Hotel Neelam,
Jaipur, Rajasthan – 302001
Phone: +91 9116135709
Email: cs@swastikainfra.com
Swastika Infra IPO Quick Summary
Swastika Infra IPO is a book-building public issue of approximately ₹160.88 crore. The IPO opens on 23 September 2026 and closes on 25 September 2026.
The IPO price band is fixed at ₹175 to ₹185 per share, while the minimum lot size is 81 shares. At the upper price band, one retail lot requires an investment of ₹14,985.
The issue includes a fresh issue of approximately ₹128.50 crore and an offer for sale of approximately ₹32.38 crore.
Swastika Infra is an EPC company focused on power transmission and distribution infrastructure, including underground cabling, substations, electrification, street lighting and renewable energy projects.
As of July 2026, the company had completed 36 EPC Power Projects across six states and had 18 ongoing EPC Power Projects with an aggregate order value of approximately ₹2,03,665 lakh.
The company proposes to use the identified fresh issue proceeds towards incremental working capital requirements and general corporate purposes.
Swastika Infra IPO FAQs
Disclaimer
This Swastika Infra IPO information is provided solely for educational and informational purposes. IPO investments are subject to market risks, and actual listing performance may differ from expectations. Investors should carefully review the company’s RHP, financial statements, risk factors and other official disclosures before making any investment decision. TradingMinds does not provide investment advice or guarantee IPO listing gains.
