Swastika Infra IPO – Company Analysis
Swastika Infra IPO is a mainboard issue of Rs. 160.88 Cr (0.86 crore shares) by Swastika Infra Limited, incorporated in 2019, which is an engineering, procurement, and construction (EPC) firm that focuses on power transmission and distribution (T&D) infrastructure projects.
The company offers turnkey EPC solutions for electricity infrastructure supply, erection, installation, testing, and commissioning. Underground cabling, building Gas Insulated Substations (GIS), Air Insulated Substations (AIS), and Grid Substations, electrification of rural and urban regions, street lighting, and renewable energy projects are among its primary areas of activity. Power transformers, circuit breakers, ring main units, and other electrical infrastructure needed for power distribution are installed as part of its projects.
WBSEDCL, MGVCL, APDCL, GED, HPSEBL, UHBVN, JVVNL, UPCL, AVVNL, RSDCL, MSEDCL, and RRVPNL are among the government utilities for whom the company has completed projects. 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.
Swastika Infra IPO Details
The Swastika Infra IPO date is from Sep 23 to Sep 25, with IPO allotment on Sep 28, refund initiation on Sep 29, 2026. Swastika Infra IPO listing date is Sep 30, 2026. Swastika Infra IPO price is Rs. 175 to Rs. 185.
|
Event |
Date |
|
IPO Open Date |
September 23, 2026 |
|
IPO Close Date |
September 25, 2026 |
|
IPO Allotment Date |
September 28, 2026 |
|
Refunds / Credit of Shares |
September 29, 2026 |
|
IPO Listing Date |
September 30, 2026 |
|
Issue Type |
Book Built Issue |
|
IPO Price Band |
Rs. 175 to Rs. 185 |
|
Minimum Investment (Retail) |
Rs. 14,985 (81 Shares) |
|
Listing At |
BSE, NSE |
If you want to apply for the IPO, click to open a Demat Account.
Industry Overview
Company Financial
(Amount in Cr)
|
Period |
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 & Surplus |
129.60 |
52.27 |
24.82 |
|
Total Borrowing |
114.64 |
111.02 |
43.82 |
Swastika Infra Business Model
Swastika Infra Limited is an Engineering, Procurement and Construction (EPC) company focused on power Transmission & Distribution (T&D) infrastructure projects.
Two main verticals:
- EPC Power Projects (≈ 97% of revenue)
- Sale of Products (trading of electrical items/cables) – small portion (≈ 3%)
How the Company Earns Money
- Primary revenue source – EPC Power Projects (Turnkey basis)
- The company bids for and executes turnkey contracts for government utilities and public sector entities. Scope includes:
- Underground cabling (HT/LT lines up to 33 kV)
- Construction of substations (GIS / AIS / Grid Sub-stations)
- Rural and urban electrification works
- Street lighting systems
- Renewable energy infrastructure (solar parks, power evacuation systems, solar plants, etc.).
Revenue Bifurcation
The Objective of the Issue
- Funding of incremental working capital requirements of the Company. ~ Rs. 128.09 Cr.
- General Corporate Purposes.
Swastika Infra IPO Valuation
|
KPI |
As on March 31, 2026 |
|
ROE |
35.44% |
|
ROCE |
25.76% |
|
Debt/Equity |
0.73 |
|
RoNW |
35.44% |
|
PAT Margin |
8.23% |
|
EBITDA Margin |
14.07% |
Swastika Infra IPO Allotment Status
Investors can check Swastika Infra IPO allotment status using the registrar MUFG Intime India Pvt. Ltd. or using the BSE website- BSE IPO allotment status.
IPO 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.
IPO Weaknesses
-
The majority of the company's income comes from projects that are granted or undertaken by government utilities. Contracts may be foreclosed, terminated, reorganized, or renegotiated as a result of unfavorable changes in governmental regulations, which could have a significant impact on its operations and business.
-
There are some large-scale projects in the company's current order book. Any obstacle or delay in carrying out these initiatives could have a negative impact on its financial situation.
-
The company's financial performance depends on timely execution of certain of the large-scale projects in its order book. Its financial position could be negatively impacted by any major delay or obstacle affecting these projects.
Swastika Infra IPO GMP
The Swastika Infra IPO GMP today is Rs. 3 as of 18 Sep 2026, while writing this information.
IPO Review: Subscribe or Avoid?
Swastika Infra is an asset-light EPC company focused on power T&D projects with a strong government client base, healthy margins (EBITDA 14.07%, PAT 8.23%) and solid return ratios (ROE/RoNW 35.44%). The issue primarily funds working capital needs amid a growing order book.
Before making any decision to subscribe or avoid, you should consult your SEBI-registered financial advisor.
Swastika Infra IPO News
Swastika Infra IPO Allotment Status
Other Mainboard IPOs 2026
Lalithaa Jewellery Share Price
The Lalithaa Jewellery share price is Rs. 260 as of 24 August 2026 at 13:53 pm while writing this information.
Skyways Air Services IPO GMP
Skyways Air Services IPO GMP is Rs. 30, showing a gain/loss of 21.74% as of 24 Aug 2026.
Tempsens Instruments IPO
Tempsens Instruments IPO was open from 20-24 August 2026.
Augmont Enterprises IPO GMP
Augmont Enterprises IPO GMP is Rs. 380, showing a gain/loss of 48.22% as of 24 August 2026.
Symbiotec Pharmalab IPO GMP
Symbiotec Pharmalab IPO GMP is Rs. 395, showing a gain/loss of 39.98% as of 24 August 2026.
Finowings IPO Analysis
Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO.
You must consult your financial advisor before making any financial decisions.
To Apply for the IPO, Click Here.
Click Here To Stay Updated With The Upcoming IPOs.
DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.
