IPO Overview
Swastika Infra Limited is a Jaipur-based Engineering, Procurement and Construction (EPC) company specialising in power transmission and distribution (T&D) infrastructure projects. While the company was incorporated in August 2019, its operational roots trace back to 1969 — bringing over five decades of legacy experience in the power infrastructure sector. The company provides end-to-end turnkey solutions for power T&D projects, including underground cabling, substation construction (GIS/AIS/GSS), rural and urban electrification, street lighting, and renewable energy infrastructure works. It follows an asset-light business model, relying on third-party contractors and leased equipment while retaining in-house project management and engineering expertise.
The company is now launching its Mainboard IPO on BSE and NSE. The ₹160.88 crore issue opens on 23 September 2026 and closes on 25 September 2026, with listing scheduled for 30 September 2026. The issue is split into a ₹128.50 crore fresh issue and a ₹32.38 crore Offer for Sale (OFS). The price band is set at ₹175 to ₹185 per share, with a lot size of 81 shares and a minimum retail investment of approximately ₹14,985.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Investor Date | 22 September 2026 |
| IPO Open Date | 23 September 2026 |
| IPO Close Date | 25 September 2026 |
| Allotment Date | 28 September 2026 (Expected) |
| Refund Initiation | 29 September 2026 |
| Credit to Demat | 29 September 2026 |
| Listing Date | 30 September 2026 (Tentative) |
| Price Band | ₹175 – ₹185 per share |
| Face Value | ₹10 per share |
| Lot Size | 81 shares |
| Minimum Investment (Retail) | ₹14,985 (approx) |
| Issue Size | ₹160.88 crore |
| Fresh Issue | ₹128.50 crore |
| Offer For Sale (OFS) | ₹32.38 crore |
Note: The company had completed a pre-IPO placement of 24,24,242 equity shares at ₹165 per share aggregating to ₹40 crore. Accordingly, the fresh issue size was reduced from the originally proposed ₹200 crore.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
OFS / Selling Shareholders
The OFS component of ₹32.38 crore involves selling by the promoters and existing shareholders. The promoters of the company are Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi, and Vatsalya Gupta. The proceeds from the OFS will go to the selling shareholders and not to the company.
Objects of the Issue (Fund Utilization)
The company plans to use the net fresh issue proceeds primarily for working capital requirements, with the remainder earmarked for general corporate purposes.
- Incremental working capital requirements — ₹128.09 crore (majority of fresh issue)
- General corporate purposes — remaining proceeds
Note: A significant portion — approximately ₹145 crore of the total ₹160.88 crore issue — is directed towards working capital. This reflects the capital-intensive nature of EPC project execution, where large amounts of cash are blocked in unbilled work and retention money.
Lead Managers & Registrar
- Book Running Lead Manager: Srujan Alpha Capital Advisors LLP
- Registrar to the Issue: MUFG Intime India Pvt. Ltd.
Promoters & Management
The company is promoted by Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi, and Vatsalya Gupta. The promoter group brings multi-decade experience in executing government-backed power infrastructure and distribution projects. The company’s legacy dates to 1969 through the predecessor entity, with formal corporate incorporation completed in August 2019 before transitioning the business fully into the current company structure.
Company Details
Swastika Infra Limited is an EPC contractor for power distribution infrastructure, operating primarily on a turnkey project basis. Its services cover underground cabling, substations, rural and urban electrification, street lighting, and renewable energy infrastructure. As of July 31, 2026, the company had executed 36 EPC Power Projects across six states, involving 18,579.47 km of distribution lines and an aggregate contract value of ₹764.67 crore. EPC work contributes 97% of revenue from operations in FY26, while product sales (trading of power cables and electrical equipment) account for the remaining 3%.
Sectors Served:
- Power Transmission & Distribution (T&D) Infrastructure
- Rural & Urban Electrification
- Renewable Energy (Solar Parks & Power Evacuation)
- Street Lighting Infrastructure
Key Services / Capabilities:
- Underground cabling and overhead line installation
- Gas Insulated Substations (GIS) and Air Insulated Substations (AIS) construction
- Rural electrification under government schemes (RDSS, DDUGJY)
- Renewable energy infrastructure and solar park connections
- End-to-end project management — design, supply, installation, testing, and commissioning
Customers:
- Primarily government utilities and public-sector entities — WBSEDCL, MGVCL, AVVNL, RRVPNL, MSEDCL
Order Book (as of July 31, 2026):
- 18 ongoing projects | Aggregate project value: ₹2,036.65 crore | Unexecuted order book: ₹916.55 crore — representing over 4x FY26 revenue, providing strong multi-year visibility.
Financial Snapshot
| Period | Total Income (₹ Cr) | PAT (₹ Cr) | PAT Margin |
| FY24 | ₹211.33 | ₹13.98 | 6.67% |
| FY25 | ₹352.60 | ₹27.45 | 7.82% |
| FY26 | ₹505.57 | ₹41.43 | 8.23% |
Key Financial Metrics
- Revenue from operations grew at a CAGR of approximately 55%, rising from ₹209.58 crore in FY24 to ₹503.57 crore in FY26. Net profit (PAT) grew at a CAGR of 72.13%, increasing from ₹13.98 crore in FY24 to ₹41.43 crore in FY26.
- ROE: 35.44% | ROCE: 25.76% | Debt/Equity: 0.73x
- P/E (Post-IPO, FY26 earnings): ~15.25x | P/E (FY25 basis): ~23.01x
- Average EPS (3-year): ₹12.49 | Average RoNW (3-year): 37.65%
- Total borrowings stood at ₹114.64 crore as of March 31, 2026, up from ₹43.82 crore in FY24 — reflecting rising working capital debt on the back of rapid revenue growth.
- Contingent Liabilities: ₹272.68 crore as of March 31, 2026 — primarily bank guarantees issued to government clients.
Company Strengths
- Explosive growth trajectory — revenue CAGR of 55% and PAT CAGR of 72% over FY24 to FY26, reflecting strong execution capability
- Massive unexecuted order book of ₹916.55 crore (as of July 2026) — over 4x FY26 revenues — providing strong multi-year revenue visibility
- Long operational legacy since 1969 through the predecessor entity — trusted by major state electricity utilities and government agencies
- Operates in a high-growth sector — India’s ongoing investments in power grid modernisation, rural electrification, and renewable energy integration create sustained demand
- Asset-light business model — relies on third-party contractors and leased equipment, keeping fixed cost base low
- Diversified geographical presence across nine Indian states, with exposure to multiple segments including T&D, solar, substations, and street lighting
Key Risks & Challenges
- Negative operating cash flows: The company recorded negative operating cash flows in each of FY24, FY25, and FY26 — a significant red flag for an EPC company dependent on working capital
- High customer concentration: Top five customers contributed 96.87% of revenue from operations in FY26 — any project delay or contract loss from a key utility can severely impact revenue
- Rising debt: Total borrowings more than doubled from ₹43.82 crore in FY24 to ₹114.64 crore in FY26, and the entire fresh issue is largely directed at funding working capital rather than capacity expansion
- Contingent liabilities: ₹272.68 crore in bank guarantees as of March 2026 — invocation of these guarantees could severely impact the financial condition
- Project execution delays: The company experienced delays of 6 to 12 months in most projects during the last three fiscal years due to client-side issues such as delayed site handovers and government approvals
- Regulatory non-compliance history: The company has a history of delayed statutory filings and pending adjudication proceedings before the Registrar of Companies, Jaipur — posing reputational and penalty risks
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
