{"id":257852,"date":"2026-09-21T09:09:34","date_gmt":"2026-09-21T03:39:34","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=257852"},"modified":"2026-09-21T09:09:34","modified_gmt":"2026-09-21T03:39:34","slug":"swastika-infra-initial-public-offering-review","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/swastika-infra-initial-public-offering-review\/","title":{"rendered":"Swastika Infra IPO Review: Key Details, Company Overview and Financials"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Swastika Infra IPO price band Rs 175 to Rs 185. Opens 23 Sep, closes 25 Sep 2026. Issue size Rs 160.88 Cr. Lists 30 Sep on BSE, NSE.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">The Swastika Infra IPO is a Rs 160.88 crore bookbuilding issue priced between Rs 175 and Rs 185 per share, open for bidding from 23 to 25 September 2026. The Rajasthan based power transmission and distribution EPC company combines a Rs 128.50 crore fresh issue with a Rs 32.38 crore offer for sale. Shares are proposed to list on BSE and NSE around 30 September 2026, on the back of FY26 revenue growth of around 43 percent and profit growth of around 51 percent.<\/p>\n<\/p><\/div>\n<p>The Swastika Infra IPO is a bookbuilding issue of Rs 160.88 crore, comprising a fresh issue of shares worth Rs 128.50 crore and an offer for sale of shares worth Rs 32.38 crore. The IPO will open for subscription on 23 September 2026 and close on 25 September 2026. The allotment is expected to be finalised on 28 September 2026, while the shares are proposed to list on both BSE and NSE around 30 September 2026.<\/p>\n<p>The Swastika Infra IPO price band is set at Rs 175 to Rs 185 per share, with a lot size of 81 shares. Retail investors must apply for a minimum of 81 shares, requiring an investment of Rs 14,985 at the upper price band.<\/p>\n<p>Srujan Alpha Capital Advisors LLP and PhillipCapital (India) Pvt. Ltd. are the book-running lead managers for the Swastika Infra IPO, while MUFG Intime India Pvt. Ltd. is the registrar to the issue.<\/p>\n<p>For detailed information on the company&#8217;s business, financials, risk factors and the proposed utilisation of proceeds, investors should refer to the Swastika Infra IPO Red Herring Prospectus (RHP) before making an investment decision.<\/p>\n<p style=\"margin-top:24px;\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/swastika-infra-initial-public-offering-review\/#Company_Overview\" title=\"Company Overview\">Company Overview<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/swastika-infra-initial-public-offering-review\/#IPO_Details\" title=\"IPO Details\">IPO Details<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/swastika-infra-initial-public-offering-review\/#Industry_Context\" title=\"Industry Context\">Industry Context<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/swastika-infra-initial-public-offering-review\/#Business_Strengths\" title=\"Business Strengths\">Business Strengths<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/swastika-infra-initial-public-offering-review\/#Business_Risks\" title=\"Business Risks\">Business Risks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/swastika-infra-initial-public-offering-review\/#Financial_Performance\" title=\"Financial Performance\">Financial Performance<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/swastika-infra-initial-public-offering-review\/#Swastika_Infra_Ltd_%E2%80%93_Financials_Rs_in_Lakh\" title=\"Swastika Infra Ltd. &#8211; Financials (Rs in Lakh)\">Swastika Infra Ltd. &#8211; Financials (Rs in Lakh)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/swastika-infra-initial-public-offering-review\/#Key_Ratios_and_Metrics\" title=\"Key Ratios and Metrics\">Key Ratios and Metrics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/swastika-infra-initial-public-offering-review\/#Objects_of_the_Offer\" title=\"Objects of the Offer\">Objects of the Offer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/swastika-infra-initial-public-offering-review\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/swastika-infra-initial-public-offering-review\/#FAQs\" title=\"FAQs\">FAQs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/swastika-infra-initial-public-offering-review\/#What_are_the_Swastika_Infra_IPO_dates_and_when_will_it_list\" title=\"What are the Swastika Infra IPO dates, and when will it list?\">What are the Swastika Infra IPO dates, and when will it list?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/swastika-infra-initial-public-offering-review\/#What_is_the_price_band_and_minimum_investment_for_the_Swastika_Infra_IPO\" title=\"What is the price band and minimum investment for the Swastika Infra IPO?\">What is the price band and minimum investment for the Swastika Infra IPO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/swastika-infra-initial-public-offering-review\/#What_does_Swastika_Infra_Limited_actually_do\" title=\"What does Swastika Infra Limited actually do?\">What does Swastika Infra Limited actually do?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/swastika-infra-initial-public-offering-review\/#How_large_is_Swastika_Infras_order_book\" title=\"How large is Swastika Infra&#8217;s order book?\">How large is Swastika Infra&#8217;s order book?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/swastika-infra-initial-public-offering-review\/#How_will_Swastika_Infra_use_the_proceeds_from_its_fresh_issue\" title=\"How will Swastika Infra use the proceeds from its fresh issue?\">How will Swastika Infra use the proceeds from its fresh issue?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/swastika-infra-initial-public-offering-review\/#What_are_the_key_strengths_highlighted_for_the_Swastika_Infra_IPO\" title=\"What are the key strengths highlighted for the Swastika Infra IPO?\">What are the key strengths highlighted for the Swastika Infra IPO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/swastika-infra-initial-public-offering-review\/#What_are_the_main_risks_or_concerns_flagged_for_the_Swastika_Infra_IPO\" title=\"What are the main risks or concerns flagged for the Swastika Infra IPO?\">What are the main risks or concerns flagged for the Swastika Infra IPO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/swastika-infra-initial-public-offering-review\/#Who_are_the_lead_managers_and_registrar_for_the_Swastika_Infra_IPO\" title=\"Who are the lead managers and registrar for the Swastika Infra IPO?\">Who are the lead managers and registrar for the Swastika Infra IPO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/univest.in\/blogs-2\/swastika-infra-initial-public-offering-review\/#Is_the_Swastika_Infra_IPO_a_good_investment\" title=\"Is the Swastika Infra IPO a good investment?\">Is the Swastika Infra IPO a good investment?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Company_Overview\"><\/span><strong>Company Overview<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Originally formed as a partnership firm and converted to a private limited company in August 2019 before becoming a public limited company in January 2025, Swastika Infra Limited is an engineering, procurement and construction (EPC) company specialising in power transmission and distribution infrastructure. The company provides turnkey EPC services covering underground cabling, gas and air insulated substations, rural and urban electrification under government schemes, and street lighting, alongside trading in power cables and electrical products.<\/p>\n<p>As of July 2026, Swastika Infra had 18 ongoing EPC power projects with a combined order book of Rs 2,036.65 crore, of which the uncompleted portion stood at Rs 916.55 crore. Its turnkey model handles the entire project lifecycle, from material procurement through erection, installation, testing and commissioning.<\/p>\n<p><em>Read on for the complete Swastika Infra IPO details, including price band, lot size, listing timeline and the company&#8217;s financial track record.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"IPO_Details\"><\/span><strong>IPO Details<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table border=\"1\" cellpadding=\"6\" cellspacing=\"0\" style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"background:#1F4E79;color:#fff;text-align:left;\">Particulars<\/th>\n<th style=\"background:#1F4E79;color:#fff;text-align:left;\">Details<\/th>\n<\/tr>\n<tr>\n<td>IPO Date<\/td>\n<td>23 to 25 September 2026<\/td>\n<\/tr>\n<tr>\n<td>Allotment<\/td>\n<td>Mon, 28 September 2026<\/td>\n<\/tr>\n<tr>\n<td>Listing Date<\/td>\n<td>Wed, 30 September 2026 (tentative)<\/td>\n<\/tr>\n<tr>\n<td>Face Value<\/td>\n<td>Rs 10 per share<\/td>\n<\/tr>\n<tr>\n<td>Price Band<\/td>\n<td>Rs 175 to Rs 185<\/td>\n<\/tr>\n<tr>\n<td>Lot Size<\/td>\n<td>81 Shares<\/td>\n<\/tr>\n<tr>\n<td>Issue Type<\/td>\n<td>Bookbuilding IPO<\/td>\n<\/tr>\n<tr>\n<td>Sale Type<\/td>\n<td>Fresh Issue cum Offer for Sale<\/td>\n<\/tr>\n<tr>\n<td>Total Issue Size<\/td>\n<td>Aggregating up to Rs 160.88 Cr<\/td>\n<\/tr>\n<tr>\n<td>Fresh Issue<\/td>\n<td>Aggregating up to Rs 128.50 Cr<\/td>\n<\/tr>\n<tr>\n<td>Offer for Sale<\/td>\n<td>Aggregating up to Rs 32.38 Cr<\/td>\n<\/tr>\n<tr>\n<td>Listing Exchange<\/td>\n<td>BSE, NSE<\/td>\n<\/tr>\n<\/table>\n<p><em>(Compiled from the RHP\/DRHP and market updates)<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Industry_Context\"><\/span><strong>Industry Context<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>India&#8217;s power transmission and distribution infrastructure sector continues to see substantial investment, driven by grid expansion, renewable energy integration, and government rural and urban electrification programmes.<\/li>\n<li>EPC contractors handling turnkey T&#038;D projects, from underground cabling to substation construction, benefit from the broader trend of utilities and government agencies outsourcing project execution to specialised players.<\/li>\n<li>Underground cabling, which Swastika Infra specialises in, is increasingly preferred in urban and semi-urban areas over overhead lines, as it reduces power losses and improves grid reliability and aesthetics.<\/li>\n<li>Government-led rural and urban electrification schemes provide a steady demand stream for EPC contractors, though order inflow and payment cycles remain closely tied to public budget allocations.<\/li>\n<li>T&#038;D EPC companies are exposed to raw material price volatility, particularly for cables, conductors and transformers, and project execution timelines can be affected by right-of-way and regulatory clearance delays.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Business_Strengths\"><\/span><strong>Business Strengths<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Here are the key strengths investors evaluating the Swastika Infra IPO should weigh:<\/p>\n<ul>\n<li>A sizeable order book of Rs 2,036.65 crore across 18 ongoing EPC power projects as of July 2026, providing meaningful revenue visibility.<\/li>\n<li>Strong FY26 financial growth, with total income up around 43 percent to Rs 505.6 crore and profit after tax up around 51 percent to Rs 41.4 crore.<\/li>\n<li>A diversified turnkey EPC offering spanning underground cabling, substations, electrification schemes and street lighting, alongside electrical products trading.<\/li>\n<li>Healthy return ratios, with ROE and RoNW at 35.44 percent and ROCE at 25.76 percent.<\/li>\n<\/ul>\n<p style=\"margin-top:24px;\"><strong>Screen power transmission and infrastructure EPC stocks on the Univest Screener<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Business_Risks\"><\/span><strong>Business Risks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Alongside these strengths, the Swastika Infra IPO also carries the following business risks:<\/p>\n<ul>\n<li>The company&#8217;s debt-to-equity ratio of 0.73 indicates meaningful borrowings relative to its equity base, typical of a working-capital-intensive EPC business.<\/li>\n<li>The business depends significantly on government electrification and infrastructure tenders, so any slowdown in public capital expenditure could affect future order inflow.<\/li>\n<li>The Rs 32.38 crore offer for sale will not provide funds to the company.<\/li>\n<li>EPC projects carry execution risk, including potential delays, cost overruns and right-of-way or regulatory clearance issues.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Financial_Performance\"><\/span><strong>Financial Performance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Swastika Infra IPO comes after a period of strong growth. The company&#8217;s total income increased by around 43.4 percent to Rs 505.6 crore in the year ended March 2026, while profit after tax rose by around 51 percent to Rs 41.4 crore, with EPC project revenue growing 43.9 percent to Rs 487.8 crore.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Swastika_Infra_Ltd_%E2%80%93_Financials_Rs_in_Lakh\"><\/span><strong>Swastika Infra Ltd. &#8211; Financials (Rs in Lakh)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table border=\"1\" cellpadding=\"6\" cellspacing=\"0\" style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"background:#1F4E79;color:#fff;text-align:left;\">Particulars<\/th>\n<th style=\"background:#1F4E79;color:#fff;text-align:left;\">Fiscal 2026<\/th>\n<\/tr>\n<tr>\n<td>Total Income<\/td>\n<td>50,560.00<\/td>\n<\/tr>\n<tr>\n<td>EPC Revenue<\/td>\n<td>48,780.00<\/td>\n<\/tr>\n<tr>\n<td>Profit After Tax (PAT)<\/td>\n<td>4,140.00<\/td>\n<\/tr>\n<tr>\n<td>PAT Margin (%)<\/td>\n<td>8.19% (computed)<\/td>\n<\/tr>\n<tr>\n<td>Debt-to-Equity Ratio<\/td>\n<td>0.73<\/td>\n<\/tr>\n<\/table>\n<p><em>Amounts in Rs Lakh unless stated otherwise, compiled from published Swastika Infra IPO financial disclosures. PAT margin is computed from disclosed absolute figures. Prior-year (FY25 and FY24) comparative figures were not separately available in the sources used for this review; investors should refer to the RHP for the complete restated financial statements.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Ratios_and_Metrics\"><\/span><strong>Key Ratios and Metrics<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table below summarises the key ratios and metrics relevant to the Swastika Infra IPO as of the latest reported period.<\/p>\n<p><em>These ratios offer a quick snapshot of how the Swastika Infra IPO is priced relative to the company&#8217;s profitability and net worth.<\/em><\/p>\n<table border=\"1\" cellpadding=\"6\" cellspacing=\"0\" style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"background:#1F4E79;color:#fff;text-align:left;\">KPI (Mar 31, 2026)<\/th>\n<th style=\"background:#1F4E79;color:#fff;text-align:left;\">Value<\/th>\n<\/tr>\n<tr>\n<td>Return on Equity (ROE) \/ RoNW<\/td>\n<td>35.44%<\/td>\n<\/tr>\n<tr>\n<td>Return on Capital Employed (ROCE)<\/td>\n<td>25.76%<\/td>\n<\/tr>\n<tr>\n<td>Debt-to-Equity Ratio<\/td>\n<td>0.73<\/td>\n<\/tr>\n<tr>\n<td>EBITDA Margin<\/td>\n<td>14.07%<\/td>\n<\/tr>\n<tr>\n<td>PAT Margin<\/td>\n<td>8.23%<\/td>\n<\/tr>\n<tr>\n<td>Pre-Issue EPS<\/td>\n<td>Rs 15.70<\/td>\n<\/tr>\n<tr>\n<td>Pre-Issue P\/E<\/td>\n<td>11.78x<\/td>\n<\/tr>\n<tr>\n<td>Price to Book Value<\/td>\n<td>3.21x<\/td>\n<\/tr>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Objects_of_the_Offer\"><\/span><strong>Objects of the Offer<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The company proposes to utilise the net proceeds from the Swastika Infra IPO towards the following objects.<\/p>\n<ul>\n<li>Funding incremental working capital requirements of the company (Rs 90.00 Cr)<\/li>\n<li>General corporate purposes<\/li>\n<\/ul>\n<p style=\"margin-top:24px;\"><em>Download the Univest iOS App or Univest Android App to track the Swastika Infra IPO and get daily stock recommendations.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><em>Here is the bottom line on the Swastika Infra IPO.<\/em><\/p>\n<p>The Swastika Infra IPO reflects a growing power transmission and distribution EPC company with a sizeable order book, strong FY26 financial growth, and healthy return ratios.<\/p>\n<p>However, a meaningful debt-to-equity ratio of 0.73, dependence on government infrastructure tenders, the offer for sale component, and typical EPC execution risk are factors that could affect the investment case for the Swastika Infra IPO.<\/p>\n<p>Overall, investors weighing the Swastika Infra IPO should evaluate the company&#8217;s business model, financial performance, industry outlook, competitive positioning, valuation and risk factors in detail, and carefully review the Red Herring Prospectus (RHP) before making an informed investment decision.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data independently before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/p><\/div>\n<p>Univest does not publish grey market premium figures. Grey market premium is an unofficial and unregulated indicator collected informally outside the stock exchanges. It is not published, verified or endorsed by SEBI, NSE or BSE, can vary widely between trackers, and is not always accurate.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQs\"><\/span><strong>FAQs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_Swastika_Infra_IPO_dates_and_when_will_it_list\"><\/span><strong>What are the Swastika Infra IPO dates, and when will it list?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The Swastika Infra IPO opens for subscription on 23 September 2026 and closes on 25 September 2026. The allotment is expected to be finalised on 28 September 2026, and the shares are tentatively scheduled to list on both BSE and NSE around 30 September 2026.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_price_band_and_minimum_investment_for_the_Swastika_Infra_IPO\"><\/span><strong>What is the price band and minimum investment for the Swastika Infra IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The price band for the Swastika Infra IPO is set at Rs 175 to Rs 185 per equity share, with a lot size of 81 shares. Retail investors must apply for a minimum of one lot, which costs Rs 14,985 at the upper price band.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_does_Swastika_Infra_Limited_actually_do\"><\/span><strong>What does Swastika Infra Limited actually do?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Swastika Infra is an engineering, procurement and construction (EPC) company specialising in power transmission and distribution infrastructure, providing turnkey services covering underground cabling, gas and air insulated substations, rural and urban electrification under government schemes, and street lighting, alongside trading in power cables and electrical products.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_large_is_Swastika_Infras_order_book\"><\/span><strong>How large is Swastika Infra&#8217;s order book?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> As of July 2026, Swastika Infra had 18 ongoing EPC power projects with a combined order book of Rs 2,036.65 crore, of which the uncompleted portion stood at Rs 916.55 crore. This order book provides a meaningful degree of revenue visibility for the company as it continues executing these turnkey power infrastructure projects.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_will_Swastika_Infra_use_the_proceeds_from_its_fresh_issue\"><\/span><strong>How will Swastika Infra use the proceeds from its fresh issue?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The vast majority of the fresh issue proceeds, Rs 90 crore, is earmarked for funding incremental working capital requirements, reflecting the working-capital-intensive nature of EPC project execution. The remaining amount from the fresh issue will go towards general corporate purposes.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_key_strengths_highlighted_for_the_Swastika_Infra_IPO\"><\/span><strong>What are the key strengths highlighted for the Swastika Infra IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Swastika Infra has built a sizeable order book of Rs 2,036.65 crore across 18 ongoing power EPC projects, and the company delivered strong FY26 financial growth, with total income up around 43 percent to Rs 505.6 crore and profit after tax up around 51 percent to Rs 41.4 crore. Its diversified turnkey offering spanning underground cabling, substations and electrification schemes, combined with healthy return ratios of 35.44 percent ROE and 25.76 percent ROCE, support a reasonably strong operating profile.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_main_risks_or_concerns_flagged_for_the_Swastika_Infra_IPO\"><\/span><strong>What are the main risks or concerns flagged for the Swastika Infra IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The company&#8217;s debt-to-equity ratio of 0.73 indicates meaningful borrowings, typical of a working-capital-intensive EPC business, and Swastika Infra depends significantly on government electrification and infrastructure tenders, so any slowdown in public capital expenditure could affect future order inflow. The Rs 32.38 crore offer for sale will not bring in funds for the company, and EPC projects more broadly carry execution risk, including potential delays, cost overruns and regulatory clearance issues.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Who_are_the_lead_managers_and_registrar_for_the_Swastika_Infra_IPO\"><\/span><strong>Who are the lead managers and registrar for the Swastika Infra IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Srujan Alpha Capital Advisors LLP and PhillipCapital (India) Pvt. Ltd. are jointly serving as the book-running lead managers for the Swastika Infra IPO. MUFG Intime India Pvt. Ltd. is the registrar to the issue and will handle the allotment process and crediting of shares to successful applicants&#8217; demat accounts.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_the_Swastika_Infra_IPO_a_good_investment\"><\/span><strong>Is the Swastika Infra IPO a good investment?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Swastika Infra offers exposure to a growing power T&#038;D EPC business with a sizeable order book, strong recent growth and healthy return ratios, which will interest investors comfortable with the infrastructure and power sector. At the same time, meaningful debt levels, dependence on government tenders, and typical EPC execution risks are factors that call for careful evaluation. As always, investors should study the RHP in detail and assess their own risk appetite before applying.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What are the Swastika Infra IPO dates, and when will it list?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The Swastika Infra IPO opens for subscription on 23 September 2026 and closes on 25 September 2026. The allotment is expected to be finalised on 28 September 2026, and the shares are tentatively scheduled to list on both BSE and NSE around 30 September 2026.\"}},{\"@type\":\"Question\",\"name\":\"What is the price band and minimum investment for the Swastika Infra IPO?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The price band for the Swastika Infra IPO is set at Rs 175 to Rs 185 per equity share, with a lot size of 81 shares. 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Ltd. is the registrar to the issue and will handle the allotment process and crediting of shares to successful applicants' demat accounts.\"}},{\"@type\":\"Question\",\"name\":\"Is the Swastika Infra IPO a good investment?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Swastika Infra offers exposure to a growing power T&D EPC business with a sizeable order book, strong recent growth and healthy return ratios, which will interest investors comfortable with the infrastructure and power sector. At the same time, meaningful debt levels, dependence on government tenders, and typical EPC execution risks are factors that call for careful evaluation. As always, investors should study the RHP in detail and assess their own risk appetite before applying.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Swastika Infra IPO is a Rs 160.88 crore bookbuilding issue priced between Rs 175 and Rs 185 per share, open for bidding from 23 to 25 September 2026. The Rajasthan based power transmission and distribution EPC company combines a Rs 128.50 crore fresh issue with a Rs 32.38 cro<\/p>\n","protected":false},"author":29,"featured_media":257851,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1281],"tags":[5351],"class_list":["post-257852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-mainboard-ipo"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["257851"],"rank_math_title":["Swastika Infra IPO 2026: Price and Full Review"],"rank_math_description":["Swastika Infra IPO opens 23 to 25 September 2026 at Rs 175 to Rs 185. 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