Swastika Infra IPO Review: Key Details, Company Overview and Financials

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.

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.

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.

For detailed information on the company'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.

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Company Overview

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.

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.

Read on for the complete Swastika Infra IPO details, including price band, lot size, listing timeline and the company's financial track record.

IPO Details

Particulars	Details
IPO Date	23 to 25 September 2026
Allotment	Mon, 28 September 2026
Listing Date	Wed, 30 September 2026 (tentative)
Face Value	Rs 10 per share
Price Band	Rs 175 to Rs 185
Lot Size	81 Shares
Issue Type	Bookbuilding IPO
Sale Type	Fresh Issue cum Offer for Sale
Total Issue Size	Aggregating up to Rs 160.88 Cr
Fresh Issue	Aggregating up to Rs 128.50 Cr
Offer for Sale	Aggregating up to Rs 32.38 Cr
Listing Exchange	BSE, NSE

(Compiled from the RHP/DRHP and market updates)

Industry Context

• India'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.
• EPC contractors handling turnkey T&D projects, from underground cabling to substation construction, benefit from the broader trend of utilities and government agencies outsourcing project execution to specialised players.
• 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.
• 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.
• T&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.

Business Strengths

Here are the key strengths investors evaluating the Swastika Infra IPO should weigh:

• A sizeable order book of Rs 2,036.65 crore across 18 ongoing EPC power projects as of July 2026, providing meaningful revenue visibility.
• 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.
• A diversified turnkey EPC offering spanning underground cabling, substations, electrification schemes and street lighting, alongside electrical products trading.
• Healthy return ratios, with ROE and RoNW at 35.44 percent and ROCE at 25.76 percent.

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Business Risks

Alongside these strengths, the Swastika Infra IPO also carries the following business risks:

• The company's debt-to-equity ratio of 0.73 indicates meaningful borrowings relative to its equity base, typical of a working-capital-intensive EPC business.
• The business 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 provide funds to the company.
• EPC projects carry execution risk, including potential delays, cost overruns and right-of-way or regulatory clearance issues.

Financial Performance

The Swastika Infra IPO comes after a period of strong growth. The company'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.

Swastika Infra Ltd. – Financials (Rs in Lakh)

Particulars	Fiscal 2026
Total Income	50,560.00
EPC Revenue	48,780.00
Profit After Tax (PAT)	4,140.00
PAT Margin (%)	8.19% (computed)
Debt-to-Equity Ratio	0.73

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.

Key Ratios and Metrics

The table below summarises the key ratios and metrics relevant to the Swastika Infra IPO as of the latest reported period.

These ratios offer a quick snapshot of how the Swastika Infra IPO is priced relative to the company's profitability and net worth.

KPI (Mar 31, 2026)	Value
Return on Equity (ROE) / RoNW	35.44%
Return on Capital Employed (ROCE)	25.76%
Debt-to-Equity Ratio	0.73
EBITDA Margin	14.07%
PAT Margin	8.23%
Pre-Issue EPS	Rs 15.70
Pre-Issue P/E	11.78x
Price to Book Value	3.21x

Objects of the Offer

The company proposes to utilise the net proceeds from the Swastika Infra IPO towards the following objects.

• Funding incremental working capital requirements of the company (Rs 90.00 Cr)
• General corporate purposes

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Conclusion

Here is the bottom line on the Swastika Infra IPO.

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.

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.

Overall, investors weighing the Swastika Infra IPO should evaluate the company'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.

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.

FAQs

What are the Swastika Infra IPO dates, and when will it list?

Ans. 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.

What is the price band and minimum investment for the Swastika Infra IPO?

Ans. 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.

What does Swastika Infra Limited actually do?

Ans. 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.

How large is Swastika Infra's order book?

Ans. 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.

How will Swastika Infra use the proceeds from its fresh issue?

Ans. 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.

What are the key strengths highlighted for the Swastika Infra IPO?

Ans. 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.

What are the main risks or concerns flagged for the Swastika Infra IPO?

Ans. The company'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.

Who are the lead managers and registrar for the Swastika Infra IPO?

Ans. 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' demat accounts.

Is the Swastika Infra IPO a good investment?

Ans. 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.