Swastika Infra IPO is a ₹160.88 crore book-built issue comprising a fresh issue of 69.46 lakh shares worth ₹128.50 crore and an offer for sale of 17.50 lakh shares aggregating to ₹32.38 crore. The IPO will be open for subscription from September 23 to September 25, 2026. The allotment is expected to be finalized on September 28, 2026, followed by a tentative listing on September 30, 2026, on both NSE and BSE.
The price band has been fixed at ₹175 to ₹185 per share, with a lot size of 81 shares. At the upper price band, retail investors will need a minimum investment of ₹14,985 for one lot. Srujan Alpha Capital Advisors LLP is the book-running lead manager, while MUFG Intime India Pvt. Ltd. is the registrar to the issue. Investors can refer to the Swastika Infra IPO Red Herring Prospectus (RHP) for detailed information about the company and the offer.
Company Overview
Incorporated in August 2019, Swastika Infra Limited is an engineering, procurement and construction (EPC) company focused on power transmission and distribution (T&D) infrastructure. It provides turnkey solutions covering the supply, erection, installation, testing and commissioning of electrical infrastructure. Its project portfolio includes underground cabling, Gas Insulated Substations (GIS), Air Insulated Substations (AIS), grid substations, rural and urban electrification, street lighting and renewable energy projects. The Company also undertakes the installation of power transformers, circuit breakers, ring main units and other equipment used in power distribution networks.
As of July 31, 2026, Swastika Infra 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 included 18 ongoing EPC power projects across six states, representing an aggregate order value of ₹2,03,665 lakh. The Company has executed projects for government utilities such as WBSEDCL, MGVCL, APDCL, GED, HPSEBL, UHBVN, JVVNL, UPCL, AVVNL, RSDCL, MSEDCL and RRVPNL. Several of these projects are funded by the World Bank or supported by the Ministry of Power, Government of India.
Swastika Infra operates an asset-light model, under which erection activities are generally carried out by third-party contractors, while its centralized procurement team manages the supply of construction materials and electrical equipment. Its in-house project engineers and managers supervise execution, quality standards, design requirements and project timelines.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 23 to 25 Sep, 2026 |
| Allotment | Mon, Sep 28, 2026 |
| Listing Date | Wed, Sep 30, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹175 to ₹185 per share |
| Lot Size | 81 Shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh capital cum OFS |
| Total Issue Size | 86,95,946 shares (agg. up to ₹161 Cr) |
| Fresh Issue | 69,45,946 shares (agg. up to ₹129 Cr) |
| Offer for Sale | 17,50,000 shares of ₹10 (agg. up to ₹32 Cr) |
| Shareholding Pre-Issue | 2,71,74,242 shares |
| Shareholding Post-Issue | 3,41,20,188 shares |
| Listing Exchange | BSE, NSE |
(Compiled from RHP and market updates)
Industry Context
- India’s power EPC sector is supported by rising electricity demand, industrialisation, urbanisation and continued investment in generation, transmission and distribution infrastructure.
- India’s power EPC market is projected to grow at a CAGR of 8.80% between 2024 and 2030, according to the Mordor Intelligence report cited in the RHP.
- Power transmission EPC is projected to grow at 11.58% CAGR between 2024 and 2030, driven by network expansion, renewable integration and planned transmission investments.
- Power distribution EPC is projected to grow at 6.39% CAGR during 2024–2030, supported by distribution-system upgrades, smart metering and efforts to reduce technical and commercial losses.
- Government initiatives such as the Green Energy Corridor and Revamped Distribution Sector Scheme are supporting grid modernisation, renewable integration and expansion of transmission and distribution infrastructure.
Business Strengths
- Swastika Infra has completed 36 EPC power projects across six states, covering 18,579.47 km of distribution lines and demonstrating strong experience in transmission and distribution infrastructure project execution capabilities successfully.
- Swastika Infra had 18 ongoing EPC power projects across six states with an aggregate order value of ₹2,03,665 lakh as of July 31, 2026, while expanding into transmission and renewable energy projects.
- Swastika Infra follows an asset-light model by leasing project-specific equipment, helping limit fixed-asset investment while providing flexibility to scale operations according to varying project requirements efficiently and economically across projects.
- Swastika Infra has established relationships with multiple government utilities, while several projects receive World Bank or central-government support, providing access to large infrastructure assignments across multiple Indian geographies and markets.
- Swastika Infra reported revenue growth from ₹20,957.53 lakh in Fiscal 2024 to ₹50,357.32 lakh in Fiscal 2026, alongside improvement in EBITDA and net profit margins during the period overall consistently.
Business Risks
- Revenue remains heavily dependent on government utilities, which accounted for 96.87% of Fiscal 2026 operating revenue; policy changes, budget constraints or payment delays could materially affect business performance.
- The Company’s balance order book stood at ₹91,655 lakh, with the top two projects accounting for 41.83% of this amount, creating concentration and project execution risks.
- The Company depends on government contracts with standardized terms and limited negotiation flexibility, while project delays, claims, counterclaims, cancellations or litigation may adversely affect cash flows and profitability materially overall.
- Swastika Infra relies on third-party contractors and leased project assets for execution activities, creating dependencies around availability, performance, coordination and timely completion across multiple project locations and contracts nationwide overall.
- Power EPC projects face regulatory clearances, skilled-workforce requirements, technological changes and financial constraints among utilities, which can complicate execution and affect project timelines, costs and operating margins materially overall directly
Financial Performance
Swastika Infra Ltd. – Financials (₹ in Lakh)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Total Income | 50,556.89 | 35,260.34 | 21,133.44 |
| EBITDA | 7,084.55 | 4,388.76 | 2,370.96 |
| EBITDA Margin (%) | 14.07% | 12.51% | 11.31% |
| Profit for the Year | 4,142.80 | 2,744.55 | 1,398.21 |
| Profit Margin (%) | 8.23% | 7.82% | 6.67% |
| Return on Capital Employed (ROCE) (%) | 25.76% | 23.14% | 25.15% |
| Return on Net Worth (%) | 35.44% | 43.36% | 32.84% |
(Source: RHP)
Key Ratios & Metrics
| KPI (Mar 31, 2026) | Value |
|---|---|
| Return on Equity (ROE) | 35.44% |
| Return on Capital Employed (ROCE) | 25.76% |
| Debt-to-Equity Ratio | 0.73 |
| Return on Net Worth (RoNW) | 35.44% |
| PAT Margin | 8.23% |
| EBITDA Margin | 14.07% |
| Net Asset Value (NAV per share) | ₹57.69 |
(Source: RHP)
Objects of the Offer
- Working capital: Up to ₹9,000 lakh from the net proceeds of the Fresh Issue will be used to fund the Company’s incremental working capital requirements.
- General corporate purposes: The remaining amount will be used for general corporate requirements, with the final amount to be determined after the Issue Price is finalised. The amount allocated for general corporate purposes will not exceed 25% of the Gross Proceeds.
- Offer for Sale: The proceeds from the Offer for Sale will not be received by the Company. The Selling Shareholders will receive the proceeds from the shares offered by them, after deducting applicable offer-related expenses and taxes.
Conclusion
Swastika Infra has established a presence in the power transmission and distribution EPC segment, with completed projects across six states and an order book of ₹2,03,665 lakh as of July 31, 2026. Its asset-light operating model, experience in government utility projects and focus on power infrastructure provide a foundation for ongoing project execution. However, investors should also consider factors such as dependence on government and utility projects, project execution requirements and the competitive nature of the EPC industry before making an investment decision.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This content is purely for informational purposes only and should not be considered as investment advice or a recommendation. Securities quoted are for illustration purposes only and not recommendatory.Opening of account will not guarantee allotment of shares in IPO. Investors are requested to do their own due diligence before investing in any IPO.
Paytm Money Ltd. SEBI Reg. No. Broking – INZ000240532; Depository Participant – IN – DP – 416 – 2019, Depository Participant Number: CDSL – 12088800. Trading and clearing member of NSE (90165, M52073), BSE (6707), MCX (57525), NCDEX (1315, M51110), and MSEI (85300). SEBI Reg. No. Research Analyst – INH000020086. Regd. Office: 136, 1st Floor, Devika Tower, Nehru Place, Delhi – 110019. For complete Terms & Conditions and Disclaimers visit: https://www.paytmmoney.com/stocks/policies/terms
