In Progress
Valuation
Market Cap
₹631.22 Cr
P/E Ratio
11.78x
P/B Ratio
3.21x
Swastika Infra IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
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Business Overview
Swastika Infra Limited is an engineering, procurement and construction (EPC) company specializing in power transmission and distribution infrastructure projects. It offers turnkey solutions spanning supply, erection, installation, testing and commissioning, including underground cabling, substations (Gas/Air Insulated and Grid Sub-Stations), rural and urban electrification, street lighting, and renewable energy works. Originally a partnership firm established in 1969 and converted into a company in 2019, it has a fifteen-year track record executing EPC power projects across six Indian states. Its client base includes government utilities such as WBSEDCL, MGVCL, APDCL, JVVNL, AVVNL and RRVPNL, with several projects funded by the World Bank and the Ministry of Power, Government of India.
Lots & IPO Size
Swastika Infra IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 81 | ₹14,985 |
| Retail (Max) | 13 | 1,053 | ₹1,94,805 |
| S-HNI (Min) | 14 | 1,134 | ₹2,09,790 |
| S-HNI (Max) | 66 | 5,346 | ₹9,89,010 |
| B-HNI (Min) | 67 | 5,427 | ₹10,03,995 |
Category Reservation
QIB 50%
NII 15%
Ret 35%
Employee
₹0.00
Shareholder
₹0.00
Swastika Infra IPO Size
Total
₹161 Cr
Fresh Issue
₹129 Cr
(0.69 Cr
Shares)
Offer For Sale
₹32 Cr
(0.18 Cr
Shares)
Promoters₹22 Cr
Others₹10 Cr
Objects of the Issue
Funding incremental working capital requirements of our Company
General Corporate Purposes & Issue Expenses
Total
Key Risk Factors
Revenue is heavily concentrated in projects awarded by government utilities (96.87% of FY2026 revenue from operations); adverse changes in government policies could lead to contracts being foreclosed, terminated, restructured or renegotiated.
Key Risk Factors
Revenue is heavily concentrated in projects awarded by government utilities (96.87% of FY2026 revenue from operations); adverse changes in government policies could lead to contracts being foreclosed, terminated, restructured or renegotiated.
The order book is concentrated in a small number of large-scale projects; the top 5 projects constitute 69.72% of the total order book as of July 31, 2026. Delay or impediment to these projects may adversely affect the Company's financial position.
The Company enters into related party transactions in the ordinary course of business (3.96% of FY2026 revenue from operations); such transactions could involve conflicts of interest and may not always be in the best interests of minority shareholders.
The Company's long-term credit rating was downgraded by CARE Ratings from CARE BB;Stable to CARE BB-;Stable in Fiscal 2022. Although since upgraded to CRISIL BBB+/Stable, there is no assurance ratings will not be downgraded again in future.
Access to capital at attractive costs depends on the Company's credit ratings; in the past certain credit rating agencies classified the Company as 'Issuer Not Cooperating' due to non-renewal of rating mandates, which could restrict future access to financing.
EPC power projects are awarded through competitive bidding upon satisfying prescribed qualification criteria; the Company won only 29% of bids by value in Fiscal 2026, and inability to win new projects or premature termination of awarded contracts could adversely affect the business.
The Company has not yet registered its brand/logo trademark in its own name (application pending); inability to adequately protect its intellectual property could harm the value of its brand and services.
Ongoing projects are exposed to implementation risks including cost overruns, delays (historically ranging 6-12 months), equipment failure, and sub-contractor non-performance, which could materially affect results of operations.
The Company has sustained negative cash flows from operating activities in each of Fiscal 2026, Fiscal 2025 and Fiscal 2024 (Rs(965.21) Lakhs, Rs(7,653.52) Lakhs and Rs(334.25) Lakhs respectively), and may continue to do so in the future.
The business is subject to seasonal variations, such as slower work progress during the monsoon season, which could affect the Company's ability to accurately forecast project schedules and thereby impact cash flows and results of operations.
Swastika Infra IPO Live Subscription
Updated as on 25-Sep-2026 19:00:00
| Category | Sub (x) | Offered | Bids | Amount(Cr) |
|---|---|---|---|---|
| QIB | 3.31 | 17,39,191 | 57,55,941 | 106.48 |
| NII | 19.35 | 13,04,392 | 2,52,33,525 | 466.82 |
| bHNI | 20.92 | 8,69,595 | 1,81,89,522 | 336.51 |
| sHNI | 16.20 | 4,34,797 | 70,44,003 | 130.31 |
| Retail | 5.64 | 30,43,581 | 1,71,61,794 | 317.49 |
| Total | 7.91 | 60,87,164 | 4,81,51,260 | 890.80 |
Data is sourced from NSE & BSE and may change. Information is provided on an “AS IS” and “AS AVAILABLE” basis without warranties.
Updated as on 25-Sep-2026 19:00:00
Swastika Infra IPO Details Live GMP
GMP
₹6
Est. Price
₹191
Est. Gain
3.24%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 25 Sep | ₹6 (3.2%) | ₹191 |
| 24 Sep | ₹10 (5.4%) | ₹195 |
| 23 Sep | ₹8 (4.3%) | ₹193 |
| 22 Sep | ₹9 (4.9%) | ₹194 |
| 21 Sep | ₹10 (5.4%) | ₹195 |
| 20 Sep | ₹4 (2.2%) | ₹189 |
| 19 Sep | ₹4 (2.2%) | ₹189 |
| 18 Sep | ₹7 (3.8%) | ₹192 |
Swastika Infra IPO Peer Comparison
(Rs. in crores)
| Particulars | Swastika Infra | Rajesh Power Services | Vikran Engineering |
|---|---|---|---|
| Revenue | 503.57 | 1,627.94 | 1,249.31 |
| PAT | 41.43 | 143.20 | 91.70 |
| EPS (₹) | 15.70 | 79.50 | 4.10 |
| NAV (₹) | 57.69 | 225.60 | 48.00 |
| RONW | 35.44% | 42.68% | 10.76% |
| EBITDA | 14.07% | 12.45% | 15.38% |
| PAT Mrgn | 8.23% | 8.80% | 7.34% |
| PE Ratio | 11.78 | 10.10 | 14.60 |
| Debt to Equity | 0.73 | 0.31 | 0.24 |
- All information pertains to FY 2025-26.
- The PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of August 26, 2026 for Peers
Swastika Infra IPO Financial Performance
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue | 503.57 | 350.76 | 209.58 |
| Profit | 41.43 | 27.45 | 13.98 |
| Net Worth | 156.78 | 77.02 | 49.57 |
| Borrowings | 114.64 | 111.02 | 43.82 |
| Assets | 412.24 | 258.54 | 143.26 |
| NAV (₹) | 57.69 | 31.12 | 20.03 |
| EPS (₹) | 15.70 | 11.09 | 5.65 |
Key Performance Indicators (KPIs)
Debt to Equity
0.73
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Financial Margin Trends
Swastika Infra IPO Financial Statements
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue from Ops | 503.57 | 350.76 | 209.58 |
| Other Income | 2.00 | 1.85 | 1.76 |
| Total Income | 505.57 | 352.60 | 211.33 |
| Cost of Revenue | 393.93 | 284.79 | 160.20 |
| Changes in Inventories | 4.77 | -4.44 | 1.59 |
| Employee Expense | 13.77 | 12.24 | 14.79 |
| Finance Costs | 16.90 | 8.18 | 6.03 |
| Depreciation | 0.64 | 0.58 | 0.67 |
| Other Expenses | 20.24 | 14.22 | 9.23 |
| Total Expenses | 450.23 | 315.58 | 192.50 |
| Profit Before Tax | 55.34 | 37.02 | 18.83 |
| Tax Expense | 13.91 | 9.57 | 4.85 |
| Profit After Tax | 41.43 | 27.45 | 13.98 |
| EPS — Basic (₹) | 15.70 | 11.09 | 5.65 |
| EPS — Diluted (₹) | 15.70 | 11.09 | 5.65 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Equity Share Capital | 27.17 | 24.75 | 24.75 |
| Other Equity | 129.60 | 52.27 | 24.82 |
| Total Equity | 156.78 | 77.02 | 49.57 |
| Total Borrowings | 114.64 | 111.02 | 43.82 |
| Trade Payables | 99.00 | 53.42 | 26.48 |
| Other Liabilities | 41.82 | 17.08 | 23.39 |
| Total Equity & Liab | 412.24 | 258.54 | 143.26 |
| Fixed Assets | 7.12 | 2.29 | 2.68 |
| Trade Receivables | 114.98 | 71.31 | 31.43 |
| Cash & Bank Balances | 31.22 | 19.30 | 35.45 |
| Other Assets | 258.92 | 165.64 | 73.70 |
| Total Assets | 412.24 | 258.54 | 143.26 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Cash Flow from Operating Activities | -9.65 | -76.54 | -3.34 |
| Cash Flow from Investing Activities | -16.33 | 14.15 | -22.74 |
| Cash Flow from Financing Activities | 27.14 | 60.70 | 16.50 |
| Net Change in Cash & Equivalents | 1.16 | -1.68 | -9.58 |
| Cash & Equivalents at End of Period | 1.67 | 0.51 | 2.19 |
Contingent Liabilities
| Particulars | Amount (₹ Cr) |
|---|---|
| Bank Guarantees (BG) | 272.68 |
Promoter Holding
Promoter
76.51%
Public
23.49%
Vinay Gupta
25.86%
Ruchira Gupta
18.77%
Biren Parnami
14.57%
Others
17.31%
Management
Vinay Gupta
Age: 55
MD
Remuneration
₹Rs 16.00 Lakhs/month basic (Rs 192 Lakhs p.a.) + commission & perquisites
Education
B.Com (Rajasthan University)
Prior Experience
27+ years in EPC power projects & electrical trading; with the group since 1993
Ruchira Gupta
Age: 54
WTD
Remuneration
₹Rs 14.00 Lakhs/month basic (Rs 168 Lakhs p.a.) + commission & perquisites
Education
B.Sc (University of Rajasthan)
Prior Experience
7+ years experience; oversees the Company's administrative affairs
Biren Parnami
CFO
Remuneration
₹Rs 121.70 Lakhs p.a. (FY2026 salary paid, includes perquisites)
Education
B.Com (Mumbai University)
Prior Experience
~12 years in finance; Senior Manager Finance (2019) to Head of Finance (2022) to CFO (Mar 2025); previously with Parnami Incense Pvt Ltd
Manoj Modi
Age: 46
COO
Remuneration
₹Rs 121.70 Lakhs p.a. (FY2026 salary paid, includes perquisites)
Prior Experience
5+ years in EPC power projects; oversees all Company operations
Registrar & Lead Managers
Registrar
MUFG Intime India
Lead Managers (2)
Company Details
Name: Swastika Infra Limited
Address: Plot no.14 &15, First Floor, Gajraj Apartment Motilalatal Road, Opposite Hotel Neelam, Jaipur – 302 001, Rajasthan, India
Number: +91 9116135709
Email: cs@swastikainfra.com
Website: https://swastikainfra.com
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Frequently Asked Questions (FAQs)
What is Swastika Infra IPO?
Swastika Infra IPO is a Mainboard IPO having an issue size of
₹161 Crs.
Swastika Infra IPO is priced at
₹175 - ₹185 per
share.
The
issue opens on 23 Sep 26
and
closes on 25 Sep 26.
When will Swastika Infra IPO open?
Swastika Infra IPO opens on
23 Sep 26 and closes on
25 Sep 26.
What is the GMP of Swastika Infra IPO?
The estimated Grey Market Premium of Swastika Infra IPO is
₹6 per share (3.24%).
What is the lot size of Swastika Infra IPO?
The minimum lot size of Swastika Infra IPO is
81 shares & the minimum application amount
is
Rs.
14985.
When is the allotment of Swastika Infra IPO?
The allotment date of Swastika Infra IPO is
28 Sep 26.
What is the listing date of Swastika Infra IPO?
The listing date of Swastika Infra IPO is
30 Sep 26.
What is the subscription of Swastika Infra IPO?
Swastika Infra IPO is subscribed
7.60
times.
What is the price band of Swastika Infra IPO?
Swastika Infra IPO is priced at
₹175 - ₹185 per
share.
How to check allotment status of Swastika Infra IPO?
Click the allotment link on Swastika Infra IPO page of IPO360.
How to apply Swastika Infra IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Swastika Infra IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Swastika Infra IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Swastika Infra IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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