Swastika Infra IPO
UpcomingMainboardOpens 23 September 2026Closes 25 September 2026
Incorporated in August 2019 (with business roots dating back to 1969 as Swastika Electricals & Fertilizers), Swastika Infra Limited is an Engineering, Procurement, and Construction (EPC) company specializing in power…
Incorporated in August 2019 (with business roots dating back to 1969 as Swastika Electricals & Fertilizers), Swastika Infra Limited is an Engineering, Procurement, and Construction (EPC) company specializing in power transmission and distribution infrastructure projects (EPC Power Projects) on a turnkey basis, as well as the trading of electrical products. The company provides end-to-end execution covering underground cabling, construction of Gas Insulated Substations (GIS) and Air Insulated Substations (AIS), rural and urban electrification under government schemes (such as RDSS), SCADA automation, and street lighting systems. As of July 31, 2026, the company had completed 34 EPC projects and held an active order book of ₹916.55 Crore across 18 ongoing projects in six Indian states.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
23 Sept 2026
IPO Closes
25 Sept 2026
Allotment
28 Sept 2026
Listing
30 Sept 2026
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 23 September 2026 |
| IPO Close Date | 25 September 2026 |
| Allotment Date | 28 September 2026 |
| Listing Date | 30 September 2026 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,985 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,94,805 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,09,790 |
SHNI (Max)Below ₹10,00,000 | 66 | ₹9,89,010 |
BHNIAbove ₹10,00,000 | 67 | ₹10,03,995 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 50.00% |
| NII (Non-Institutional Investor) | 15.00% |
| SHNI (Small Non-Institutional Investor) | 5.00% |
| BHNI (Big Non-Institutional Investor) | 10.00% |
| Retail | 35.00% |
| Total | 100.00% |
IPO Objectives
- Funding incremental working capital requirements of the Company (₹90.00 Cr / ₹9,000.00 Lakhs).
- General Corporate Purposes.
Strengths
- Proven execution track record in power distribution with 34 successfully completed EPC projects and 18 ongoing projects across six states.
- Robust, multi-year revenue visibility with an active order book standing at ₹916.55 Crore as of July 31, 2026.
- Turnkey capabilities spanning specialized niche segments including underground cabling, GIS/AIS substations, and solar power evacuation systems.
- Strong financial expansion with Revenue growing 43% to ₹505.57 Cr and PAT rising 51% to ₹41.43 Cr in FY26, alongside a healthy RoNW of 35.44%.
Weaknesses
- High revenue dependence on state-owned DISCOMs and government utilities, accounting for over 96% of total revenue from operations.
- Project concentration risk, with the top two ongoing projects constituting over 41% of the total order book.
- Capital-intensive business model requiring large working capital limits, extensive bank guarantees (₹272.68 Cr outstanding as of March 31, 2026), and retention margins.
- History of negative cash flows from operating activities (-₹9.65 Cr in FY26 and -₹76.54 Cr in FY25) driven by working capital lock-in.
Financial Performance
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets (₹ Cr.) | 412.24 | 258.54 | 143.26 |
| Revenue (₹ Cr.) | 505.57 | 352.6 | 211.33 |
| PAT (₹ Cr.) | 41.43 | 27.45 | 13.98 |
| Net Worth (₹ Cr.) | 156.78 | 77.02 | 49.57 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Swastika Infra | 3.21 | 15.24 | 35.44% | 156.78 |
| Vikran Engineering Ltd. | 1.17 | 16.06 | 7.41% | 1,237 |
| Rajesh Power Services | 3.37 | 9.56 | 35.26% | 263.46 |
Subscription Details
No daily bids available.
No subscription statistics available.
Company Details
- Swastika Infra Limited
- Plot no. 14 & 15, First Floor, Gajraj Apartment, Motilal Atal Road, Opposite Hotel Neelam, Jaipur – 302 001, Rajasthan, India
- +91 91161 35709
- cs@swastikainfra.com
- https://www.swastikainfra.com
Registrar Details
- MUFG Intime India Private Limited
- +91 810 811 4949
- swastikainfra.ipo@in.mpms.mufg.com
- https://in.mpms.mufg.com
Frequently Asked Questions
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Swastika Infra IPO News & Updates
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Sources
We match Swastika Infra IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- MUFG Intime India Private LimitedOfficial site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.