Swastika Infra Shares List at 8.11% Premium at ₹200 on BSE and NSE

Swastika Infra shares made their stock market debut on September 30, 2026, listing at ₹200 per share on both the BSE and NSE, compared with the IPO issue price of ₹185 per share. The listing represented a premium of 8.11% over the issue price.

The listing followed the company's IPO, which was open for subscription from September 23 to September 25, 2026. The issue was subscribed 7.60 times overall, with the NII portion subscribed 18.50 times, Individual Investors 5.39 times and the QIB portion, excluding anchors, 3.22 times. The IPO price band was fixed at ₹175 to ₹185 per share.

Swastika Infra is an engineering, procurement and construction (EPC) company focused on power transmission and distribution infrastructure. Its activities include underground cabling, substations, rural and urban electrification, street-lighting systems and renewable energy works.

Swastika Infra IPO Listing Details

Swastika Infra's IPO was a ₹160.87 crore book-built issue, comprising a fresh issue of approximately ₹128.50 crore and an offer for sale of approximately ₹32.37 crore. The company offered up to 86,95,946 equity shares at the final issue price of ₹185 per share.

The IPO opened on September 23 and closed on September 25, 2026. The price band was ₹175 to ₹185 per share, with a lot size of 81 shares. The issue received an overall subscription of 7.60 times at the close of bidding.

The NII category recorded the highest subscription at 18.50 times, while Individual Investors subscribed 5.39 times and QIBs, excluding anchors, subscribed 3.22 times.

On September 30, Swastika Infra shares opened at ₹200 on the BSE and NSE, ₹15 above the ₹185 issue price. This translated into a listing premium of 8.11%.

- Issue Price: ₹185 per share
- BSE Listing Price: ₹200 per share
- NSE Listing Price: ₹200 per share
- Listing Premium: 8.11%
- Overall Subscription: 7.60 times
- Fresh Issue: Approximately ₹128.50 crore
- Offer for Sale: Approximately ₹32.37 crore
- Price Band: ₹175 to ₹185 per share
- IPO Open Date: September 23, 2026
- IPO Close Date: September 25, 2026
- Listing Date: September 30, 2026
- Exchange: BSE and NSE

First-Day Trading Performance

Listing Price: Swastika Infra share price listed at ₹200 apiece on both the BSE and NSE. Against the final issue price of ₹185, the stock opened ₹15 higher, translating into a listing premium of 8.11%.

The IPO had received an overall subscription of 7.60 times by the close of bidding on September 25. Demand was highest from NIIs at 18.50 times, followed by Individual Investors at 5.39 times and QIBs, excluding anchors, at 3.22 times.

Growth Drivers and Challenges

Growth Drivers

Power Infrastructure Portfolio: Swastika Infra undertakes EPC projects across power transmission and distribution infrastructure, including underground cabling, substations, electrification and associated infrastructure.

Order Book: As of July 31, 2026, the company was executing 18 EPC power projects across six states with an aggregate project value of ₹2,036.65 crore. Its unexecuted order book stood at ₹916.55 crore.

Project Execution Track Record: As of the RHP date, Swastika Infra had completed 36 power distribution infrastructure projects across six states, providing an established operating base in the power EPC segment.

Government and PSU Customers: The company's customers primarily comprise government utilities and public-sector entities operating in power infrastructure.

Financial Performance: Revenue from operations increased to approximately ₹503.6 crore in FY26, from ₹350.8 crore in FY25, while profit after tax increased to approximately ₹41.4 crore from ₹27.4 crore.

Challenges

Customer Concentration: The company's top five customers accounted for 96.87% of FY26 revenue, while its top ten customers contributed 99.58%, resulting in a high degree of customer concentration.

Project Concentration: The top five projects represented 69.72% of the company's order book as of July 31, 2026, making execution of major projects important to its operating performance.

Working Capital Requirements: EPC activities require significant working capital, and funding incremental working-capital requirements is one of the principal objectives of the IPO's fresh issue proceeds.

Operating Cash Flow: The company recorded negative operating cash flows in FY24, FY25 and FY26, reflecting the working-capital intensity of its operations.

Execution Risks: Infrastructure EPC projects can be affected by factors such as site handover, approvals, drawings, payment schedules and project execution timelines, which can influence costs and completion schedules.

Utilisation of IPO Proceeds

Swastika Infra's IPO comprised a fresh issue of approximately ₹128.50 crore and an offer for sale of approximately ₹32.37 crore. As the OFS represents a sale of existing shares by selling shareholders, those proceeds do not accrue to the company.

The company plans to use a substantial portion of the net proceeds from the fresh issue to fund incremental working-capital requirements, with the balance allocated towards general corporate purposes.

The principal uses of the fresh issue proceeds are:
- Funding incremental working-capital requirements
- General corporate purposes

Business and IPO Overview

Swastika Infra is an EPC company specialising in power transmission and distribution infrastructure projects. It undertakes projects on a turnkey basis, including supply, erection, installation, testing and commissioning of power infrastructure.

Its capabilities cover underground cabling, gas-insulated and air-insulated substations, grid substations, rural and urban electrification, street-lighting systems and renewable energy works. The company's customers primarily include government utilities and public-sector entities.

As of July 31, 2026, Swastika Infra was executing 18 EPC power projects across six states. These projects had an aggregate value of ₹2,036.65 crore, while the company's unexecuted order book stood at ₹916.55 crore. It had also completed 36 power distribution infrastructure projects across six states as of the RHP date.

For FY26, the company reported revenue from operations of approximately ₹503.6 crore and profit after tax of approximately ₹41.4 crore, compared with revenue of ₹350.8 crore and PAT of ₹27.4 crore in FY25.

The IPO was a book-built issue with a price band of ₹175 to ₹185 per share. The issue comprised a fresh issue of approximately ₹128.50 crore and an OFS of approximately ₹32.37 crore, taking the overall issue size to approximately ₹160.87 crore.
The IPO received an overall subscription of 7.60 times by the end of bidding on September 25, with the NII

category subscribed 18.50 times, Individual Investors 5.39 times and QIBs, excluding anchors, 3.22 times.
Swastika Infra subsequently debuted on September 30 at ₹200 per share on both the BSE and NSE, representing an 8.11% premium over the ₹185 issue price.