Swastika Infra Limited is an engineering, procurement and construction (EPC) company specializing in power transmission and distribution (T&D) infrastructure projects, offering turnkey solutions for the supply, erection, installation, testing and commissioning of power infrastructure. Its business comprises EPC Power Projects and Sale of Products.
Under its EPC business, the Company undertakes underground cabling, substations, rural and urban electrification, street lighting and renewable energy projects, including solar parks, power evacuation systems, transmission lines and related electrical works.
As of July 31, 2026, the Company had completed 36 EPC Power Projects across six states, covering 18,579.47 km of distribution lines. Its order book included 18 ongoing projects with an aggregate order value of ₹2,03,665 lakh. The Company has executed projects for government power utilities including WBSEDCL, MGVCL, APDCL, GED, HPSEBL, UHBVN, JVVNL, UPCL, AVVNL, RSDCL, MSEDCL and RRVPNL.
The Company has been executing EPC Power Projects since 2012, expanding from trading electrical items such as wires and cables to larger and more complex power infrastructure projects.
In addition to EPC activities, the Company trades power cables and other electrical products. In Fiscal 2026, EPC Power Projects contributed around 97% of revenue, while Sale of Products contributed about 3%.
As of July 31, 2026, the Company had 182 full-time employees, including 65 engineers and technicians.
Swastika Infra IPO – Details
| IPO Opening Date | 23 September 2026 |
| IPO Closing Date | 25 September 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 86,95,946 Shares Worth ₹160.88 Crore Fresh Issue: 69,45,946 Shares Worth ₹128.50 Crore Offer For Sale: 17,50,000 Shares Worth ₹32.38 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹175 – ₹185 per share |
| Market Lot | 81 Shares |
| Min Order | 81 Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Swastika Infra IPO – Date Schedule
| IPO Open Date | 23 September 2026 |
| IPO Close Date | 25 September 2026 |
| Basis of Allotment | 28 September 2026 |
| Initiation of Refund | 29 September 2026 |
| Credit of Shares to Demat Account | 29 September 2026 |
| IPO Listing Date | 30 September 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 25, 2026 |
Swastika Infra IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 81 | ₹14,985 |
| Retail (Max) | 13 | 1053 | ₹1,94,805 |
| S-HNI (Min) | 14 | 1134 | ₹2,09,790 |
| S-HNI (Max) | 66 | 5346 | ₹9,89,010 |
| B-HNI (Min) | 67 | 5427 | ₹10,03,995 |
Competitive Strength
- 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.
Company Promoters
- Babulal Gupta
- Vinay Gupta
- Ruchira Gupta
- Biren Parnami
- Manoj Modi
- Vatsalya Gupta
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹211.33 Cr | ₹192.50 Cr | ₹13.98 Cr | ₹43.82 Cr |
| 31 March 2025 | ₹352.60 Cr | ₹315.58 Cr | ₹27.45 Cr | ₹111.02 Cr |
| 31 March 2026 | ₹505.57 Cr | ₹450.23 Cr | ₹41.43 Cr | ₹114.64 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 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 | 3.21 |
| Pre IPO | Post IPO | |
| EPS (₹) | 15.25 | 12.14 |
| P/E (x) | 12.13 | 15.24 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Funding of incremental working capital requirements of the Company. | ₹128.09 |
| General Corporate Purposes. |
Swastika Infra IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Rajesh Power Services Limited | 10.10 |
| 2 | 1 | Vikran Engineering Limited | 14.60 |
✅Strengths
- Strong Order Book with ₹2,03,665 lakh of ongoing projects.
- Execution Experience with 18,579.47 km of distribution lines completed.
- Government Clients including major power utilities.
- Diversified Projects across government and World Bank-funded works.
- Wide EPC Scope covering T&D and renewable energy projects.
⚠️Risks
- High Competition in the EPC power sector.
- Execution Risks from project delays and cost pressures.
- Government Dependence for a significant portion of projects.
- High Bank Guarantees of ₹27,267.93 lakh.
- Pending Litigations involving certain power utilities.
Swastika Infra IPO Promoter Holding
| Pre Issue Share Holding | 76.51% |
| Post Issue Share Holding | 57.41% |
Swastika Infra IPO Prospectus
Company Contact Information
| Swastika Infra Ltd. Plot no.14 &15, First Floor, Gajraj Apartment, Motilalatal Road, Opposite Hotel Neelam, Jaipur, Rajasthan, 302001 Phone: +91 9116135709 Email: cs@swastikainfra.com Website: https://www.swastikainfra.com/ |
Swastika Infra IPO Registrar
| MUFG Intime India Pvt. Ltd. Phone: 022-49186000 Email: swastikainfra.ipo@in.mpms.mufg.com Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
Swastika Infra IPO Lead Manager(s)
| 1. Srujan Alpha Capital Advisors LLP 2. PhillipCapital India Pvt. Ltd. |
Swastika Infra IPO FAQs
| What is the Swastika Infra IPO? Swastika Infra IPO is a main-board IPO. The issue is priced at ₹175 to ₹185 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Swastika Infra IPO open? The IPO is to open on 23 September 2026 for QIB, NII, and Retail Investors. |
| What is Swastika Infra IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Swastika Infra IPO Size? Swastika Infra IPO size is ₹160.88 Crore. |
| What are the Swastika Infra IPO Minimum and maximum lot sizes for Retail? The minimum bid is 81 Shares with ₹14,985, while the maximum bid is 1053 Shares with ₹1,94,805. |
| What is the Swastika Infra IPO Allotment Date? Swastika Infra IPO allotment date is 28 September 2026. |
| What is the Swastika Infra IPO Listing Date? Swastika Infra IPO listing date is 30 September 2026. The IPO is to be listed on the BSE and the NSE. |
