Swastika Infra IPO is a book-built mainboard issue of approximately ₹160.88 crore. The IPO comprises a fresh issue of 69,45,946 equity shares aggregating to approximately ₹128.50 crore and an offer for sale of 17,50,000 equity shares aggregating to approximately ₹32.38 crore. The equity shares have a face value of ₹10 each.
The Swastika Infra IPO price band has been fixed at ₹175 to ₹185 per share. The IPO will open for subscription on September 23, 2026 and close on September 25, 2026. The basis of allotment is expected on September 28, refunds are scheduled for September 29 and shares are expected to be credited to demat accounts on September 29. The tentative listing date is September 30, 2026 on BSE and NSE.
The lot size is 81 shares. At the upper price band of ₹185, retail investors need ₹14,985 for one lot. The company is engaged in engineering, procurement and construction activities, with a focus on power transmission and distribution infrastructure projects.
As of July 31, 2026, Swastika Infra had executed 36 EPC power projects across six states, covering 18,579.47 km of distribution lines. Its ongoing portfolio consisted of 18 projects with an aggregate order value of approximately ₹2,036.65 crore, including ₹916.55 crore of balance work.
Table of Contents
Swastika Infra IPO Details Information
| Particular | Details |
|---|---|
| IPO Name | Swastika Infra IPO |
| Company Name | Swastika Infra Limited |
| IPO Type | Book Build Issue |
| IPO Category | Mainboard |
| Face Value | ₹10 per share |
| Price Band | ₹175 to ₹185 per share |
| Issue Size | ₹160.88 Crore |
| Fresh Issue | ₹128.50 Crore |
| Offer for Sale | ₹32.38 Crore |
| IPO Open Date | September 23, 2026 |
| IPO Close Date | September 25, 2026 |
| Anchor Investor Bidding | September 22, 2026 |
| Basis of Allotment | September 28, 2026 |
| Refund Initiation | September 29, 2026 |
| Shares Credited to Demat Account | September 29, 2026 |
| Listing Date | September 30, 2026 |
| Listing Exchange | BSE and NSE |
| Lot Size | 81 Shares |
| Registrar | MUFG Intime India Private Limited |
| Book Running Lead Managers | Srujan Alpha Capital Advisors LLP, PhillipCapital (India) Private Limited |
Swastika Infra IPO combines a fresh issue with an offer for sale. The fresh issue proceeds are intended primarily for the company’s working-capital requirements, while the OFS component represents shares offered by existing shareholders.
The issue has been structured as a mainboard book-built IPO with listing proposed on both BSE and NSE.
Swastika Infra IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | September 22, 2026 |
| IPO Opening Date | September 23, 2026 |
| IPO Closing Date | September 25, 2026 |
| Basis of Allotment | September 28, 2026 |
| Refund Initiation | September 29, 2026 |
| Shares Credited to Demat Account | September 29, 2026 |
| Listing Date | September 30, 2026 |
The Swastika Infra IPO bidding period is scheduled for three days from September 23 to September 25, 2026. After the issue closes, the basis of allotment is expected to be finalised on September 28. Refund processing and demat credit are scheduled for September 29, followed by the proposed stock-exchange listing on September 30.
Swastika Infra IPO Reservation
| Investor Category | Reservation |
|---|---|
| QIB | Not more than 50% of the Offer |
| NII | Not less than 15% of the Offer |
| RII | Not less than 35% of the Offer |
The reservation structure provides for up to 50% of the offer for Qualified Institutional Buyers, at least 15% for Non-Institutional Investors and at least 35% for Retail Individual Investors.
The final allocation can vary within the applicable IPO rules depending on the subscription received in each category.
Swastika Infra IPO Lot Size
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | 81 | ₹14,985 |
| Retail Maximum | 1,053 | ₹1,94,805 |
| S-HNI Minimum | 1,134 | ₹2,09,790 |
The minimum Swastika Infra IPO application consists of 81 shares. At the upper price band of ₹185, one retail lot requires an investment of ₹14,985.
Retail investors can apply for up to 13 lots, equivalent to 1,053 shares, requiring ₹1,94,805 at the upper price band. The minimum S-HNI application is 1,134 shares.
About Swastika Infra Limited
Swastika Infra Limited is an engineering, procurement and construction company focused on power transmission and distribution infrastructure. The company provides turnkey EPC solutions covering procurement, supply, erection, installation, testing and commissioning of electrical infrastructure.
Its project activities include underground cabling, construction of substations, rural and urban electrification and street-lighting projects. The company has also expanded its capabilities into power transmission and renewable-energy evacuation projects.
Swastika Infra was incorporated in August 2019 and has its registered office in Jaipur, Rajasthan. Its business has expanded beyond its initial geographical markets through projects across multiple Indian states.
Business Operations
Swastika Infra’s principal business is EPC execution for power transmission and distribution infrastructure. Its scope includes underground high-voltage and low-voltage cabling, installation of electrical equipment, construction of substations and electrification projects.
The company works on turnkey projects where its responsibilities can extend from procurement and installation to testing and commissioning. Its activities also cover Gas Insulated Substations and Air Insulated Substations.
The company has executed projects for rural and urban electrification, distribution networks, feeder lines and street-lighting systems. It has expanded into transmission and renewable-energy evacuation, increasing the range of infrastructure projects it can undertake.
As of July 31, 2026, the company had completed 36 EPC power projects across six states. These projects covered approximately 18,579.47 km of distribution lines and had an aggregate contract value of ₹764.67 crore.
The company’s ongoing portfolio consisted of 18 projects with an aggregate order value of approximately ₹2,036.65 crore. The balance work within these projects was approximately ₹916.55 crore.
Industry Overview
India’s electricity transmission and distribution infrastructure requires continuing investment because of increasing electricity demand, grid expansion, electrification and renewable-energy integration.
Government-led power infrastructure programmes and the development of renewable-energy capacity create opportunities for EPC contractors involved in substations, distribution lines, underground cabling and power evacuation.
The transition towards renewable energy also requires additional transmission infrastructure to connect generation projects with consumption centres. Solar parks and other renewable projects therefore create opportunities for associated evacuation and grid infrastructure.
The EPC industry remains competitive, with companies competing on technical capability, pricing, execution capacity, working capital availability and project experience. Delays in project execution, changes in material prices and delays in customer payments can affect profitability and cash flows.
Business Strategy
Swastika Infra’s business strategy includes expanding its presence in power transmission and distribution projects and participating in larger infrastructure opportunities.
The company has expanded geographically through projects in several states and has entered additional areas such as power transmission and renewable-energy evacuation.
A significant part of its current strategy is supported by its order book. The ongoing project portfolio provides visibility of future execution, although the conversion of the order book into revenue depends on timely project execution and customer payments.
The company also follows an asset-light execution approach for several project activities by using third-party contractors and leased project-specific equipment while retaining project management and engineering control.
Swastika Infra IPO Financial Information
Swastika Infra has reported substantial growth in revenue and profitability over the three financial years ended March 31, 2026.
Total income increased from ₹211.33 crore in FY2024 to ₹352.60 crore in FY2025 and ₹505.57 crore in FY2026. Profit after tax increased from ₹13.98 crore in FY2024 to ₹27.45 crore in FY2025 and ₹41.43 crore in FY2026.
EBITDA increased from ₹23.71 crore in FY2024 to ₹43.89 crore in FY2025 and ₹70.85 crore in FY2026. Net worth increased significantly to ₹156.78 crore in FY2026.
Total borrowings were ₹114.64 crore in FY2026 compared with ₹111.02 crore in FY2025 and ₹43.82 crore in FY2024.
Swastika Infra Financial Summary
| Particular | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Assets | ₹412.24 Cr | ₹258.54 Cr | ₹143.26 Cr |
| Total Income | ₹505.57 Cr | ₹352.60 Cr | ₹211.33 Cr |
| Profit After Tax | ₹41.43 Cr | ₹27.45 Cr | ₹13.98 Cr |
| EBITDA | ₹70.85 Cr | ₹43.89 Cr | ₹23.71 Cr |
| Net Worth | ₹156.78 Cr | ₹77.02 Cr | ₹49.57 Cr |
| Reserves & Surplus | ₹129.60 Cr | ₹52.27 Cr | ₹24.82 Cr |
| Total Borrowings | ₹114.64 Cr | ₹111.02 Cr | ₹43.82 Cr |
The company’s total income increased by approximately 43% between FY2025 and FY2026. PAT increased by approximately 51% during the same period.
Net worth more than doubled from ₹77.02 crore in FY2025 to ₹156.78 crore in FY2026. Total assets also increased from ₹258.54 crore to ₹412.24 crore.
The company reported FY2026 revenue of approximately ₹503.57 crore from operations and total income of ₹505.57 crore. This reflects the company’s continued expansion in EPC activities.
Swastika Infra IPO Key Performance Indicators (KPIs)
| KPI | March 31, 2026 |
|---|---|
| ROE | 35.44% |
| ROCE | 25.76% |
| Debt / Equity | 0.73 |
| RoNW | 35.44% |
| PAT Margin | 8.23% |
| EBITDA Margin | 14.07% |
| Price to Book Value | 3.21 |
| NAV | ₹57.69 |
Swastika Infra reported ROE and RoNW of 35.44% for FY2026, while ROCE stood at 25.76%. The EBITDA margin was 14.07% and PAT margin was 8.23%.
The FY2026 NAV was ₹57.69 per share. The reported debt-to-equity ratio was 0.73.
At the upper price band of ₹185, the reported pre-IPO P/E is approximately 11.78 times based on FY2026 earnings, while the post-issue P/E is approximately 15.24 times after considering the expected dilution.
Objects of the Swastika Infra IPO
The company proposes to utilise the net proceeds from the fresh issue for the following purposes:
- Funding incremental working-capital requirements of the company.
- General corporate purposes.
The principal identified use of the fresh issue proceeds is funding incremental working-capital requirements. The company operates in a project-based EPC industry where procurement, subcontracting, execution and receivables can create substantial working-capital requirements.
The fresh issue is therefore intended to strengthen the company’s financial resources for executing and expanding its business. The remaining amount is proposed to be used for general corporate purposes, subject to applicable limits.
Swastika Infra IPO Listing Performance
| Particular | Value |
|---|---|
| Listing Exchange | BSE and NSE |
| Listing Date | September 30, 2026 (Tentative) |
| Issue Price | ₹175 to ₹185 |
| Listing Price | To Be Updated |
| Listing Gain | To Be Updated |
| Listing Gain (%) | To Be Updated |
Swastika Infra has not yet commenced stock-exchange trading as of the current pre-IPO period. The tentative listing date is September 30, 2026.
The actual listing price, opening price and listing gain will be available only after the shares begin trading on BSE and NSE.
The unofficial grey market premium was reported around ₹3 in recent pre-IPO updates. GMP is an unofficial market indicator and can change before listing; it should not be treated as a guaranteed listing price or return.
Swastika Infra IPO Subscription Status
The Swastika Infra IPO is scheduled to open for public subscription on September 23, 2026. Therefore, final category-wise subscription figures are not available before the bidding period begins.
Live subscription data will become available during the three-day issue period and will reflect bids received from QIB, NII and retail investors.
Swastika Infra IPO Subscription
| Investor Category | Subscription |
|---|---|
| QIB | To Be Updated |
| NII | To Be Updated |
| RII | To Be Updated |
| Employee Category | To Be Updated |
| Total Subscription | To Be Updated |
The Swastika Infra IPO subscription figures will be updated after bidding begins. The final subscription level will depend on the number of applications and shares bid for by investors in each category.
Swastika Infra IPO Review
Swastika Infra IPO is a mainboard book-built issue of approximately ₹160.88 crore, consisting of a fresh issue of approximately ₹128.50 crore and an OFS of approximately ₹32.38 crore.
The company operates in the power infrastructure EPC segment and provides turnkey services covering procurement, installation, testing and commissioning. Its business includes underground cabling, substations, electrification, street lighting and renewable-energy infrastructure.
One of the important features of the company is its order book. As of July 31, 2026, its ongoing project portfolio had an aggregate order value of approximately ₹2,036.65 crore, with ₹916.55 crore of balance work. The company had executed 36 EPC power projects across six states.
Financial performance has also improved over the reported period. Total income increased from ₹211.33 crore in FY2024 to ₹505.57 crore in FY2026, while PAT increased from ₹13.98 crore to ₹41.43 crore.
The company’s FY2026 ROE and RoNW were reported at 35.44%, with ROCE of 25.76%. EBITDA margin stood at 14.07% and PAT margin at 8.23%.
At the same time, the business is working-capital intensive and total borrowings stood at ₹114.64 crore in FY2026. EPC companies can also face execution delays, customer-payment delays, material-price changes and tender-related competition.
The fresh issue proceeds are primarily intended to support incremental working-capital requirements. This is relevant to the company’s expansion because larger EPC projects can require considerable expenditure before the company receives corresponding customer payments.
The IPO’s valuation at the upper price band represents a reported pre-issue P/E of approximately 11.78 times and post-issue P/E of approximately 15.24 times based on FY2026 earnings. Investors should consider the company’s financial performance, order book, working-capital requirements, debt position, project execution and valuation when evaluating the issue.
The GMP reported before the issue is unofficial and has varied across market sources. Recent reports indicated GMP around ₹3. It can change rapidly and does not guarantee the actual listing price.
Swastika Infra IPO Strengths
- Focused business model in power transmission and distribution EPC infrastructure.
- Experience in turnkey power infrastructure projects.
- Executed 36 EPC power projects across six states as of July 31, 2026.
- Executed projects covering approximately 18,579.47 km of distribution lines.
- Ongoing projects had aggregate order value of approximately ₹2,036.65 crore.
- Balance work in the ongoing portfolio was approximately ₹916.55 crore.
- Expansion into power transmission and renewable-energy evacuation.
- Total income increased to ₹505.57 crore in FY2026.
- PAT increased to ₹41.43 crore in FY2026.
- FY2026 EBITDA increased to ₹70.85 crore.
- FY2026 ROE and RoNW were reported at 35.44%.
- FY2026 ROCE was reported at 25.76%.
- Fresh IPO proceeds are intended to strengthen working capital for business expansion.
Swastika Infra IPO Risk Factors
- The company operates in a competitive EPC infrastructure industry.
- Project awards can depend on competitive bidding and tender conditions.
- EPC projects can be affected by execution delays.
- Delays in customer payments can increase working-capital requirements.
- The company requires substantial working capital to execute projects.
- Total borrowings stood at ₹114.64 crore as of FY2026.
- Changes in raw-material and project-input costs can affect project margins.
- Government and utility-sector spending can influence project opportunities.
- A significant part of future growth depends on successful execution of the existing order book.
- The company is expanding into transmission and renewable-energy evacuation projects, which may involve additional execution and regulatory requirements.
- The OFS component does not provide proceeds to the company.
- GMP is unofficial and may not reflect the actual listing price.
- Future financial performance may differ from historical growth rates.
Swastika Infra IPO Promoters
The promoters of Swastika Infra Limited include Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi and Vatsalya Gupta.
The promoter group has been associated with the company’s business and the wider power-infrastructure activities connected with the promoters.
Swastika Infra IPO Promoters Details
| Promoter | Designation |
|---|---|
| Babulal Gupta | Director |
| Vinay Gupta | Managing Director |
| Ruchira Gupta | Whole-Time Director |
| Biren Parnami | Chief Financial Officer |
| Manoj Modi | Promoter |
| Vatsalya Gupta | Promoter |
The company’s board and management include members of the promoter group along with independent directors. Vinay Gupta serves as Managing Director, while Ruchira Gupta serves as Whole-Time Director.
Babulal Gupta is a director of the company. Biren Parnami is identified as the Chief Financial Officer, while Arti Bansal is identified as the Company Secretary and Compliance Officer.
Swastika Infra IPO Management Team
| Name | Designation |
|---|---|
| Babulal Gupta | Director |
| Vinay Gupta | Managing Director |
| Ruchira Gupta | Whole-Time Director |
| Dileep Kumar Jain | Independent Director |
| Ajay Gupta | Independent Director |
| Madhvi Sharma | Independent Director |
| Biren Parnami | Chief Financial Officer |
| Arti Bansal | Company Secretary & Compliance Officer |
The management team combines promoter-led business experience with independent directors and key managerial personnel.
The company’s management structure supports its EPC operations, financial management, compliance and corporate governance functions.
Swastika Infra IPO Registrar Details
| Particular | Details |
|---|---|
| Registrar Name | MUFG Intime India Private Limited |
| Website | MUFG Intime India |
| IPO Allotment Status | To Be Updated |
| Email ID | [email protected] |
| Contact Number | +91 22 4918 6000 |
MUFG Intime India Private Limited is the registrar to the Swastika Infra IPO. The registrar will handle IPO application processing, basis of allotment and related investor services.
Swastika Infra IPO Lead Manager Details
| Particular | Details |
|---|---|
| Lead Managers | Srujan Alpha Capital Advisors LLP; PhillipCapital (India) Private Limited |
Srujan Alpha Capital Advisors LLP and PhillipCapital (India) Private Limited are the book running lead managers for the Swastika Infra IPO.
Swastika Infra Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Swastika Infra Limited |
| Registered Office | Plot No. 14 & 15, First Floor, Gajraj Apartment, Motilal Atal Road, Opposite Neelam Hotel, Jaipur – 302001, Rajasthan |
| Website | www.swastikainfra.com |
| Email ID | [email protected] |
| Contact Number | +91 9116135709 |
The registered office of Swastika Infra Limited is located in Jaipur, Rajasthan. The company provides investor-related contact information through its registered office and investor grievance channels.
How to Check Swastika Infra IPO Allotment Status
Through the Registrar
Investors can check the Swastika Infra IPO allotment status through the official MUFG Intime IPO portal after the basis of allotment is finalised.
- Visit the official MUFG Intime IPO allotment portal.
- Select Swastika Infra IPO from the available issue list.
- Select PAN, Application Number or the applicable search option.
- Enter the required details.
- Submit the information to view the allotment status.
Through BSE
Investors can also check the IPO allotment status through the BSE website once the allotment information is available.
- Visit the official BSE IPO allotment section.
- Select Swastika Infra IPO.
- Enter the PAN or application details.
- Complete the verification process if required.
- Submit the details to check the allotment status.
Swastika Infra IPO Conclusion
Swastika Infra IPO is a mainboard book-built issue of approximately ₹160.88 crore comprising a fresh issue of approximately ₹128.50 crore and an OFS of approximately ₹32.38 crore. The price band is ₹175 to ₹185 per share and the lot size is 81 shares.
The company operates in power transmission and distribution EPC infrastructure and provides turnkey solutions across cabling, substations, electrification, street lighting and related power infrastructure.
Its ongoing order portfolio and expansion into transmission and renewable-energy evacuation provide additional areas of business activity. The company reported total income of ₹505.57 crore and PAT of ₹41.43 crore in FY2026.
The company also reported FY2026 ROE and RoNW of 35.44% and ROCE of 25.76%. However, investors should also consider working-capital requirements, borrowings, competitive bidding, project execution and customer-payment risks.
The IPO is scheduled to open on September 23 and close on September 25, 2026. The tentative allotment date is September 28 and the proposed listing date is September 30, 2026 on BSE and NSE.
The grey market premium is unofficial and can change before listing. It should not be considered a guaranteed indication of the actual listing price or post-listing performance.
Swastika Infra IPO FAQs
What is the Swastika Infra IPO?
Swastika Infra IPO is a mainboard book-built issue of approximately ₹160.88 crore comprising a fresh issue and an offer for sale.
When will Swastika Infra IPO open?
The Swastika Infra IPO will open for subscription on September 23, 2026.
When will Swastika Infra IPO close?
The Swastika Infra IPO will close on September 25, 2026.
What is the Swastika Infra IPO price band?
The Swastika Infra IPO price band is ₹175 to ₹185 per equity share.
What is the Swastika Infra IPO lot size?
The Swastika Infra IPO lot size is 81 shares.
What is the minimum investment required for Swastika Infra IPO?
The minimum retail investment is ₹14,985 for 81 shares at the upper price band of ₹185.
What is the Swastika Infra IPO allotment date?
The tentative Swastika Infra IPO basis of allotment date is September 28, 2026.
What is the Swastika Infra IPO listing date?
The tentative Swastika Infra IPO listing date is September 30, 2026 on BSE and NSE.
Who is the registrar of Swastika Infra IPO?
MUFG Intime India Private Limited is the registrar of the Swastika Infra IPO.
Who are the lead managers of Swastika Infra IPO?
Srujan Alpha Capital Advisors LLP and PhillipCapital (India) Private Limited are the book running lead managers of the Swastika Infra IPO.
