Smart Market Insights
Swastika Infra IPO Details: Key Dates, Price Band & Investment Overview
By Wealthova | Last Updated: September 21, 2026
Swastika Infra Limited, an established player in the engineering and construction sector, is gearing up to make its primary market debut with an upcoming ₹160.88 Crore mainboard IPO. Operating as a premier infrastructure provider, the company focuses on executing complex turn-key projects, including underground cabling, gas-insulated (GIS) and air-insulated (AIS) substations, rural and urban electrification, and large-scale renewable energy works. Operating a highly scalable, asset-light business model supported by centralized procurement, Swastika Infra provides critical infrastructure services across multiple Indian states and has built a proven execution track record with government utilities. The subscription window for this book-built issue opens on September 23, 2026, and closes on September 25, 2026. The price band is set between ₹175 to ₹185 per equity share. The ₹160.88 Crore offering is a combination of a Fresh Issue of ₹128.50 Crore (69.46 lakh shares) and an Offer for Sale (OFS) of ₹32.38 Crore (17.50 lakh shares). The company plans to utilize the fresh capital primarily to fund ₹90.00 Crore toward incremental working capital requirements, allowing them to execute larger infrastructure tenders, with the remainder allocated for general corporate purposes. Set to list on both the BSE and NSE platforms, market participants are closely watching this visible, infrastructure-driven enterprise, backed by a robust FY26 total income of ₹505.57 Crore and a net profit of ₹41.43 Crore. Below, we break down the financial health, industry risk factors, and our honest Smart Market Insights to help you decide if you should subscribe to this issue!
Swastika Infra IPO Details
Quick IPO Factsheet
September 23, 2026
September 25, 2026
₹175 to ₹185
(Book Built)81 Shares
(Min. 1 Lot for Retail)₹160.88 Cr
(86.96 Lakh Shares)₹128.50 Cr
(+ ₹32.38 Cr OFS)35.00% Allocation
₹10 Base
Mainboard (BSE & NSE)
Swastika Infra IPO Timeline
Deep-Dive Corporate Profile: What Does Swastika Infra Limited Do?
Swastika Infra Limited is a specialized Engineering, Procurement, and Construction (EPC) enterprise that executes complex, large-scale infrastructure projects across India. Operating primarily in the power transmission, distribution, and renewable energy sectors, the company partners with major state and central government utilities to build the backbone of India's modernized grid.
The company’s execution capabilities are structured around several high-barrier infrastructure verticals:
- Substation Construction & Commissioning: Swastika Infra specializes in building both legacy Air-Insulated Substations (AIS) and highly technical, space-saving Gas-Insulated Substations (GIS). These are critical nodes for high-voltage power transmission across state grids.
- Underground Cabling & Transmission Lines: The company handles the end-to-end laying of extra-high voltage (EHV) underground cables and the erection of overhead transmission lines, specifically targeting urban modernization projects where overhead wires are being decommissioned.
- Rural & Urban Electrification: Acting as a primary contractor for government modernization schemes, the company executes turn-key electrification projects to upgrade grid resilience, reduce transmission losses, and expand power access.
- Renewable Energy Infrastructure: Aligning with India's green energy transition, Swastika Infra executes specialized civil and electrical EPC works for large-scale solar parks and renewable energy evacuation grids.
By maintaining an asset-light business model with centralized procurement and a heavy reliance on specialized engineering talent rather than owning massive heavy-machinery fleets, Swastika Infra achieves scalable growth and maintains agility when bidding for multi-state government tenders.
Why is the Company Raising Funds? (Objects of the Issue)
The Swastika Infra IPO is a ₹160.88 Crore mainboard offering, structured as a mix of a ₹128.50 Crore Fresh Issue and a ₹32.38 Crore Offer for Sale (OFS). The net proceeds strictly from the fresh issue component will be deployed toward the following strategic objectives:
- Funding Incremental Working Capital (₹90.00 Crore): The EPC and infrastructure sector is notoriously working-capital intensive. Government utility projects require significant upfront cash for raw materials (cables, transformers, steel) and performance bank guarantees, while milestone-based payments often result in stretched receivable cycles. Injecting ₹90.00 Crore directly into working capital will expand the company's financial headroom, allowing it to concurrently bid for and execute larger, higher-margin mega-tenders without straining its balance sheet.
- General Corporate Purposes: The remaining fresh issue proceeds will be utilized to cover standard public issue expenses, upgrade internal project management technologies, and provide a liquidity buffer for general corporate contingencies and unforeseen project cost escalations.
- Offer for Sale (OFS) Payout: The ₹32.38 Crore raised via the OFS component will go directly to the existing promoter group and selling shareholders diluting their stake. These funds will not enter the company's balance sheet.
₹90.00 Crore is earmarked to fund the substantial incremental working capital requirements necessary for executing long-cycle EPC government projects and securing performance bank guarantees.
Approximately ₹38.50 Crore (the balance of the fresh issue) is allocated to cover standard public issue expenses and provide a liquidity buffer for unforeseen project contingencies.
₹32.38 Crore represents the Offer for Sale (OFS) component, providing a partial liquidity exit for existing selling shareholders. These funds will not be injected into the company's balance sheet.
Company Financials
| 📅 Period Ended | 📈 Total Income | 💼 Net Worth | 💰 PAT | 🏦 Assets |
|---|---|---|---|---|
| FY 2024 | ₹211.33 | ₹49.57 | ₹13.98 | ₹143.26 |
| FY 2025 | ₹352.60 | ₹77.02 | ₹27.45 | ₹258.54 |
| FY 2026 | ₹505.57 | ₹156.78 | ₹41.43 | ₹412.24 |
Swastika Infra IPO Key Performance Indicators (KPIs)
| Financial KPI (FY26)* | Value |
|---|---|
| Return on Net Worth (RoNW) | 35.44% (FY26) |
| Return on Capital Employed (ROCE) | 25.76% (FY26) |
| EBITDA Margin | 14.07% (FY26) |
| PAT Margin | 8.23% (FY26) |
| Debt to Equity Ratio | 0.73x (FY26) |
| Earnings Per Share (EPS) | ₹15.70 (Pre-IPO) | ₹12.14 (Post-IPO) |
| Price/Earning (P/E) Ratio | 11.78x (Pre-IPO) | 15.24x (Post-IPO) |
| Net Asset Value (NAV) | ₹57.69 (Pre-IPO) |
| Price to Book (P/B) | 3.21x (At Upper Band) |
Promoters & Shareholding Pattern
| Shareholder Category | Pre-IPO Holding | Post-IPO Holding |
|---|---|---|
| Promoter & Promoter Group | 76.51% | 57.41% |
| Public / Institutional / Others | 23.49% | 42.59% |
Swastika Infra Limited enters the public market backed by its core promoters: Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi, and Vatsalya Gupta. Prior to the IPO, the promoters and promoter group collectively held a 76.51% equity stake, alongside a 23.49% public holding. The ₹160.88 Crore mainboard issue features a ₹32.38 Crore Offer for Sale (OFS), through which key promoters (including Vinay Gupta, Ruchira Gupta, Biren Parnami, and Manoj Modi) and other shareholders are offloading a portion of their shares. Following the fresh equity dilution and the OFS, the promoter holding will reduce to 57.41% post-issue. While they are taking some liquidity off the table, the promoters will comfortably retain majority control of the company.
Industry Peer Comparison
| Company Name | EPS (₹) | P/E Ratio (Post-IPO) | RoNW (%) |
|---|---|---|---|
| Swastika Infra Ltd (IPO) | 12.14 | 15.24x | 35.44% |
| KEC International Ltd | 13.56 | 68.32x | 9.21% |
| Kalpataru Projects International Ltd | 31.78 | 36.45x | 9.56% |
| Bajaj Electricals Ltd (EPC Segment) | 11.43 | 76.10x | 7.81% |
IPO Strengths & Key Risks
Smart Market Insights
Swastika Infra Limited enters the mainboard market with a compelling growth trajectory in the power transmission, distribution, and grid modernization Engineering, Procurement, and Construction (EPC) space. The company has carved out a profitable niche executing specialized turn-key contracts—including high-barrier Gas-Insulated Substations (GIS), extra-high voltage underground cabling, rural/urban electrification, and renewable energy grid integration. Financially, top-line performance has surged over 139% across two years, expanding from ₹211.33 Crore in FY24 to ₹505.57 Crore in FY26, while net profit grew nearly threefold to ₹41.43 Crore. Unlike commodity-type construction contractors operating on razor-thin cushions, Swastika Infra commands superior operational efficiency, posting an FY26 EBITDA margin of 14.07% and a PAT margin of 8.23%[cite: 3]. Furthermore, the deployment of ₹90.00 Crore from fresh issue proceeds directly into incremental working capital provides immediate balance sheet liquidity to furnish bank guarantees and bid for larger state and central tenders.
A candid, institutional-grade evaluation highlights standard operational sensitivities inherent to the EPC industry. Most notably, the company depends heavily on contracts from state power utilities and DISCOMs, many of which face structural cash flow constraints. This dependency exposes Swastika Infra to bureaucratic clearance delays, deferred milestone certifications, and stretched receivable collection cycles. In addition, execution of fixed-price or capped-escalation contracts leaves operating margins exposed to sudden spikes in raw materials like copper, aluminum, and steel. Investors should also observe that out of the ₹160.88 Crore issue, ₹32.38 Crore is an Offer for Sale (OFS) where key promoters (including Vinay Gupta, Ruchira Gupta, Biren Parnami, and Manoj Modi) are offloading shares, resulting in promoter holding diluting from 76.51% pre-IPO to 57.41% post-IPO[cite: 4].
On the valuation and capital efficiency front, the issue leaves considerable money on the table for incoming investors. At the upper price band of ₹185 per equity share (Face Value ₹10), Swastika Infra commands a post-issue market capitalization of ₹631.22 Crore[cite: 3], translating to a reasonable post-issue Price-to-Earnings (P/E) multiple of 15.24x (based on post-IPO EPS of ₹12.14)[cite: 3] and a Price-to-Book (P/B) ratio of 3.21x against an NAV of ₹57.69[cite: 3]. In comparison to larger listed peers like KEC International (68.32x P/E) and Kalpataru Projects (36.45x P/E), Swastika trades at a noticeable discount despite delivering superior capital returns—including an extraordinary Return on Net Worth (RoNW) of 35.44% and an ROCE of 25.76%, supported by a healthy Debt-to-Equity ratio of 0.73x[cite: 3]. With an accessible retail ticket size of ₹14,985 (1 lot / 81 shares) and a balanced 35% retail allocation, we assign a SUBSCRIBE rating for investors looking for a high-return, reasonably valued play on India’s national power grid transformation.
Disclaimer: The information provided above is for educational and informational purposes only and does not constitute financial advice. Initial Public Offerings (IPOs) carry market risks, and equity investments are subject to broader market fluctuations. Wealthova is not a SEBI-registered investment advisor. Always consult with a certified financial planner and conduct your own due diligence before locking up capital in any public issue.
Swastika Infra IPO Key Contacts & Advisors
| Role / Entity | Contact & Details |
|---|---|
| 📋 IPO Registrar |
MUFG Intime India Pvt.Ltd.
Phone: 022-49186000
Email: swastikainfra.ipo@in.mpms.mufg.com
|
| 🏢 Company Contact |
Swastika Infra Ltd.
Plot no.14 & 15, First Floor, Gajraj Apartment, Motilalatal Road, Opposite Hotel Neelam, Jaipur, Rajasthan, 302001
Phone: +91 9116135709
Email: cs@swastikainfra.com
|
| 💼 Merchant Bankers |
Book Running Lead Managers
|
Frequently Asked Questions (FAQs)
What are the opening and closing dates for the Swastika Infra IPO?
What is the minimum lot size and investment required for retail investors?
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- Wealthova (Recommended): Check directly on the Wealthova IPO Allotment Status Hub using your PAN number or Application Number for instant verification.
- Official Registrar Portal: Visit the official allotment page of MUFG Intime India Pvt.Ltd.
- Stock Exchange Portal: Verify directly on the official BSE or NSE IPO allotment verification page.