Swastika Infra IPO
Swastika Infra IPO Details
-
Open Date
23 Sep 2026
-
Close Date
25 Sep 2026
- IPO Price Range
₹ 175 to ₹185
- IPO Size
₹ 160.88 Cr
Swastika Infra IPO Timeline
Last Updated: 20 September 2026 5:41 AM by 5paisa
Swastika Infra Limited is an engineering, procurement and construction company specialising in power transmission and distribution infrastructure projects. The Company undertakes turnkey EPC work covering the supply, erection, installation, testing and commissioning of power infrastructure. Its capabilities include underground cabling, construction of gas-insulated, air-insulated and grid substations, rural and urban electrification, street-lighting systems and renewable energy works.
As of the RHP date, Swastika Infra had completed 36 power distribution infrastructure projects across six states and was executing 18 EPC Power Projects across six states. As of July 31, 2026, these ongoing projects carried an aggregate project value of ₹2,036.65 crore, with an unexecuted order book of ₹916.55 crore. The Company's customers primarily include government utilities and public-sector entities.
Established in: 1969 as predecessor partnership; incorporated as Swastika Infra Private Limited in 2019
Managing Director: Vinay Gupta
Peers:
| Metric | Swastika Infra Limited | Rajesh Power Services Limited |
|---|---|---|
| Face Value (₹) | 10 | 10 |
| Sales/Revenue – FY26 (₹ Cr) | 503.57 | 1,627.94 |
| PAT – FY26 (₹ Cr) | 41.43 | 143.20 |
| EPS (₹) | 15.70 | 79.52 |
| P/E | 11.15x–11.78x* | 9.56x** |
| RoNW (%) | 35.44% | 35.26% |
| CMP (₹) | – | 759.90** |
Swastika Infra Objectives
1. Funding incremental working capital requirements of the Company – up to ₹90 crore
2. General corporate purposes
The Company had previously completed a pre-IPO placement of 24,24,242 equity shares at ₹165 per share, aggregating to ₹40 crore. Net proceeds of ₹38.09 crore from the pre-IPO placement were utilised towards working capital requirements, reducing the amount proposed to be deployed towards this object through the IPO.
Swastika Infra IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹160.88 Cr |
| Offer For Sale | ₹32.38 Cr |
| Fresh Issue | ₹128.50 Cr |
Swastika Infra IPO Lot Size
| Application | Lots | 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 |
| S-HNI (Max) | 66 | 5,346 | 9,89,010 |
| B-HNI (Min) | 67 | 5,427 | 10,03,995 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Revenue | 211.33 | 352.60 | 505.56 |
| EBITDA | 23.71 | 43.89 | 70.85 |
| PAT | 13.98 | 27.45 | 41.43 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Total Assets | 49.57 | 77.02 | 156.78 |
| Share Capital | 24.75 | 24.75 | 27.17 |
| Total Liabilities | 43.82 | 111.02 | 114.64 |
| Particulars (In ₹Crores.) | FY24 | FY25 | FY26 |
| Net Cash Generated From / (used in) Operating Activities | -3.34 | -76.54 | -9.65 |
| Net Cash Generated From / (used in) Investing Activities | -22.74 | 14.15 | -16.33 |
| Net Cash Generated From / (used in) Financing Activities | 16.50 | 60.70 | 27.14 |
Strengths
1. Swastika Infra has established project management and execution capabilities in power distribution EPC projects, with 36 completed projects and 18 ongoing projects as of the RHP date.
2. Its turnkey capabilities cover several areas of power infrastructure, including underground cabling, substations, electrification, street lighting and renewable energy works.
3. Revenue, EBITDA and PAT expanded between FY24 and FY26, alongside an improvement in EBITDA and net profit margins.
4. The Company's asset-light operating model and experienced management team support its ability to undertake projects across different states.
Weaknesses
1. Revenue is highly concentrated among a limited number of customers. The top five customers contributed 96.87% of revenue from operations in FY26.
2. Swastika Infra recorded negative operating cash flows in each of FY24, FY25 and FY26.
3. EPC operations carry substantial working capital requirements, reflected in the use of a large portion of the fresh issue proceeds for incremental working capital.
4. Total borrowings stood at ₹114.64 crore as of March 31, 2026, compared with ₹43.82 crore as of March 31, 2024.
Opportunities
1. Rising electricity demand and continued investment in India's transmission and distribution infrastructure may expand the addressable market for power EPC companies.
2. Grid modernisation, renewable energy integration and the need to reduce transmission and distribution losses can create additional project opportunities.
3. Swastika Infra plans to expand its geographical footprint and increase its focus on higher-value EPC Power Projects.
4. Diversification into allied infrastructure sectors could broaden the Company's project portfolio beyond its existing areas of operation.
Threats
1. A significant part of the Company's business comes from government utilities, making project flows susceptible to changes in policies, budgets and tendering activity.
2. Delays, modifications or cancellation of large projects can affect execution schedules, revenue recognition and cash flows. The Company has experienced delays in the completion of most of its projects during the periods disclosed in the RHP.
3. EPC projects are generally awarded through competitive bidding, and failure to secure new contracts may affect future order inflows.
4. Credit ratings influence the Company's ability to access capital at competitive costs, while weak ratings or limited financing availability could affect project execution and working-capital funding.
1. Swastika Infra has an established execution record in power infrastructure, with 36 completed projects and 18 ongoing EPC Power Projects disclosed in the RHP.
2. Revenue increased from ₹209.58 crore in FY24 to ₹503.57 crore in FY26, while PAT rose from ₹13.98 crore to ₹41.43 crore during the same period.
3. The Company's ₹916.55 crore unexecuted order book as of July 31, 2026 provides visibility into its existing project pipeline.
4. Its capabilities span underground cabling, substations, rural and urban electrification, street-lighting systems and renewable energy works, giving it exposure to multiple areas of power infrastructure development.
India's power EPC market is supported by rising electricity consumption, grid modernisation, urbanisation and the expansion of renewable energy capacity. The RHP notes that India's power consumption reached about 1,500 TWh in 2023, while power demand by 2030 has been projected in the range of 2,060–2,699 TWh. Meeting this demand is expected to require continued investment across generation, transmission, distribution and grid infrastructure.
Swastika Infra operates primarily within the transmission and distribution side of this ecosystem. Its capabilities across underground cabling, substations, electrification and associated power infrastructure allow it to participate in several types of EPC projects. The Company has also expanded its presence across states including Assam, Uttarakhand, West Bengal, Goa, Haryana, Himachal Pradesh, Rajasthan and Gujarat.
Its unexecuted order book stood at ₹916.55 crore as of July 31, 2026. Going forward, the Company's stated strategy includes expanding its geographical footprint, pursuing higher-value EPC Power Projects and entering allied infrastructure areas. At the same time, the pace of growth remains dependent on project awards, timely execution, working-capital availability and government infrastructure spending.
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FAQs
Swastika Infra IPO opens on September 23, 2026 and closes on September 25, 2026. The anchor investor bidding date is September 22, 2026.
The Swastika Infra IPO has a total issue size of approximately ₹160.88 crore at the upper end of the price band. This comprises a fresh issue of approximately ₹128.50 crore and an Offer for Sale of approximately ₹32.38 crore.
The price band of the Swastika Infra IPO is fixed at ₹175 to ₹185 per equity share. Each equity share has a face value of ₹10.
To apply for the Swastika Infra IPO, follow the steps given below:
1. Login to your 5paisa demat account and select the issue under the current IPO section.
2. Enter the number of lots and the price at which you wish to apply for the Swastika Infra IPO.
3. Enter your UPI ID and submit your application. Your bid will then be placed with the exchange.
4. Approve the mandate received on your UPI application to block the required funds.
The minimum lot size for the Swastika Infra IPO is 81 shares. At the upper price band of ₹185 per share, the minimum retail investment is ₹14,985.
The basis of allotment for the Swastika Infra IPO is expected to be finalised on September 28, 2026. Refunds or fund unblocking and the credit of shares to demat accounts are scheduled for September 29, 2026.
Swastika Infra shares are tentatively scheduled to list on BSE and NSE on September 30, 2026.
Srujan Alpha Capital Advisors LLP and PhillipCapital (India) Private Limited are the book-running lead managers to the Swastika Infra IPO. MUFG Intime India Private Limited is the registrar to the offer.
Swastika Infra proposes to use up to ₹90 crore of the net fresh-issue proceeds to fund incremental working capital requirements. The remaining proceeds, subject to the limits specified in the offer documents, are proposed to be used for general corporate purposes.