Swastika Infra IPO
Bookbuilding IPO | ₹161.00 Cr | Listing at BSE, NSE
Closed
IPO Open
Wed, Sep 23, 2026
IPO Close
Fri, Sep 25, 2026
Price Band
₹175.00 to ₹185.00
Market Cap (Pre-IPO)
₹631.22 Cr
IPO Details
| IPO Date | Sep 23, 2026 to Sep 25, 2026 |
| Listing Date | Tentative: Sep 30, 2026 |
| Face Value | ₹10.00 per share |
| Price Band | ₹175.00 to ₹185.00 |
| Lot Size | 81 Shares (Minimum: ₹14,985.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹161.00 Crores |
| Total Shares Offered | 8,695,946 shares |
| Fresh Issue | 6,945,946 shares |
| Offer For Sale | 1,750,000 shares |
Swastika Infra IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII Shares Offered | Not less than 15% of the Offer |
Swastika Infra IPO Lot Size
Investors can bid for a minimum of 81 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 81 | ₹14,985 |
| Retail (Max) | 13 | 1,053 | ₹194,805 |
| S-HNI (Min) | 14 | 1,134 | ₹209,790 |
| S-HNI (Max) | 66 | 5,346 | ₹989,010 |
| B-HNI (Min) | 67 | 5,427 | ₹1,003,995 |
Swastika Infra Financial Information (Restated Consolidated)
Swastika Infra Ltd.'s revenue increased by 43% and profit after tax (PAT) rose by 51% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| 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 and Surplus | 129.60 | 52.27 | 24.82 |
| Total Borrowing | 114.64 | 111.02 | 43.82 |
Amount in ₹ Cr
Key Performance Indicators
As of Tuesday, March 31, 2026| KPI | Values |
|---|---|
| ROE (Return on Equity) | 35.44% |
| ROCE (Return on Capital Employed) | 25.76% |
| Debt/Equity | 0.73 |
| RoNW (Return on Net Worth) | 35.44% |
| PAT Margin (Profit After Tax Margin) | 8.23% |
| EBITDA Margin | 14.07% |
| Price to Book Value | 3.21 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 15.25 | 12.14 |
| P/E (x) | 12.14 | 15.24 |
Company Overview
Swastika Infra Limited – Company Overview
- Incorporated in August 2019, Swastika Infra Limited is an engineering, procurement and construction (EPC) company specializing in power transmission and distribution (T&D) infrastructure projects.
- The Company provides turnkey EPC solutions covering the supply, erection, installation, testing and commissioning of power infrastructure.
- Its key areas of work include underground cabling, construction of Gas Insulated Substations (GIS), Air Insulated Substations (AIS) and Grid Substations, rural and urban electrification, street lighting and renewable energy works.
- The Company's projects involve installation of power transformers, circuit breakers, ring main units and other electrical infrastructure required for power distribution.
- As of July 31, 2026, the Company had completed 36 EPC Power Projects across six Indian states, covering 18,579.47 km of distribution lines with an aggregate contract value of ₹76,467 lakh.
- Its order book comprised 18 ongoing EPC Power Projects across six states with an aggregate order value of ₹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. A significant portion of its projects are funded by the World Bank or supported by the Ministry of Power, Government of India.
- The Company follows an asset-light business model, with erection work typically assigned to third-party contractors, while its centralized procurement team supplies construction materials and electrical equipment.
- Its in-house project engineers and managers oversee project execution, quality, design specifications and timelines. The Company has a dedicated team of 65 engineers and technicians across electrical, mechanical and civil disciplines.
- As of July 31, 2026, the Company had 182 full-time employees, including 65 Engineers & Technicians and 52 Project Execution Supervisors & Others.
Company Strengths
- Experienced promoters and management team.
- Asset-light business model with centralized procurement.
- Scalable business model supported by a strong order book.
- Proven execution track record across multiple Indian states.
- Established track record with government utilities and infrastructure clients.
- Strong project management and execution capabilities in EPC Power Projects.
- Diversified capabilities across power distribution, transmission and renewable energy.
Use of Proceeds
| 1) | Funding of incremental working capital requirements of the Company. | 90.00 |
| 2) | General Corporate Purposes | |
| Total | 90.00 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Swastika Infra IPO Peer Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Swastika Infra Ltd. | 15.70 | 15.70 | 57.70 | - | 35.40 | - | - |
| Rajesh Power Services Ltd. | 79.50 | 79.50 | 225.60 | 10.10 | 35.30 | 3.57 | Consolidated |
| Vikran Engineering Ltd. | 4.10 | 4.10 | 48.00 | 14.60 | 7.40 | 1.23 | Consolidated |
Quick Info
| Sector | Infrastructure |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹631.22 Cr |
Important Dates
| IPO Open | Sep 23, 2026 |
| IPO Close | Sep 25, 2026 |
| Allotment Date | Sep 28, 2026 |
| Credit to Demat | Sep 29, 2026 |
| Listing Date | Tentative: Sep 30, 2026 |
Lead Manager(s)
Srujan Alpha Capital Advisors LLP
Registrar
Description
- IPO Type: Book build issue aggregating to ₹160.88 crores.
- Issue Structure: The issue is a combination of a fresh issue of 69.46 lakh shares aggregating to ₹128.50 crores and an offer for sale of 17.50 lakh shares aggregating to ₹32.38 crores.
- IPO Dates: The issue opens for subscription on September 23, 2026 and closes on September 25, 2026.
- Allotment Date: The allotment is expected to be finalized on September 28, 2026.
- Listing Details: The shares are proposed to be listed on NSE and BSE on September 30, 2026.
- Retail Investment Requirement: Minimum 1 lot (81 shares) amounting to approximately ₹14,985 at the upper price band.
- Issue Price Band: ₹175 to ₹185 per equity share.
- Lot Size: 81 shares per lot.
This IPO offers investors an opportunity to participate in the company through a combination of a fresh issue of shares and an offer for sale by existing shareholders.