Swastika Infra
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 3.22×
- Big non-institutionalbNII · above ₹10 lakh
- 20.00×
- Small non-institutionalsNII · ₹2–10 lakh
- 15.27×
- Retail individualRII · up to ₹2 lakh
- 5.00×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 13 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 30 Sep 2026 | ₹7 | — | ₹400 | ₹192 | ₹567 |
| 29 Sep 2026 | ₹7 | — | ₹400 | ₹192 | ₹567 |
| 28 Sep 2026 | ₹6 | — | ₹400 | ₹191 | ₹486 |
| 27 Sep 2026 | ₹6.50 | — | ₹400 | ₹191.50 | ₹526.50 |
| 26 Sep 2026 | ₹6 | — | ₹400 | ₹191 | ₹486 |
| 25 Sep 2026 | ₹4.50 | — | ₹300 | ₹189.50 | ₹364.50 |
| 24 Sep 2026 | ₹9 | — | ₹600 | ₹194 | ₹729 |
| 23 Sep 2026 | ₹9.50 | — | ₹600 | ₹194.50 | ₹769.50 |
| 22 Sep 2026 | ₹8 | — | ₹500 | ₹193 | ₹648 |
| 21 Sep 2026 | ₹8 | — | ₹500 | ₹193 | ₹648 |
| 20 Sep 2026 | ₹3 | — | ₹200 | ₹188 | ₹243 |
| 19 Sep 2026 | ₹3 | — | ₹200 | ₹188 | ₹243 |
| 18 Sep 2026 | ₹5 | — | ₹300 | ₹190 | ₹405 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 17,39,191 | 57,55,941 | ₹106 Cr | 3.31× |
| Non-institutional | 13,04,392 | 2,52,33,525 | ₹467 Cr | 19.35× |
| Big non-institutionalwithin NII | 8,69,595 | 1,81,89,522 | ₹337 Cr | 20.92× |
| Small non-institutionalwithin NII | 4,34,797 | 70,44,003 | ₹130 Cr | 16.20× |
| Retail individual | 30,43,581 | 1,71,60,822 | ₹317 Cr | 5.64× |
| Total | 60,87,164 | 4,81,50,288 | ₹891 Cr | 7.91× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 25 Sept, 05:10 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 23 Sep 2026 – 25 Sep 2026
- Listing date
- 30 Sep 2026
- Face value
- ₹10 per share
- Price band
- ₹175 – ₹185
- Lot size
- 81 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹161 Cr
- Fresh issue
- ₹129 Cr 69,45,945 shares
- Offer for sale
- ₹32.38 Cr 17,50,000 shares
- Market cap at offer price
- ₹631 Cr
- Promoter holding
- 76.51% → 57.41% pre-issue → post-issue
- ISIN
- INE1QJA01015
- CIN
- U51909RJ2019PLC065892
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Srujan Alpha Capital Advisors LLP
- Registered office
- Plot no.14 &15, First Floor, Gajraj Apartment, Motilal Atal Road, Opposite Hotel Neelam, Jaipur – 302 001, Rajasthan, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 17,88,572 | 28.23% | 28.23% |
| Anchor investor · within QIB | 26,08,782 | — | 41.18% |
| NII (HNI) | 13,63,929 | 21.53% | 21.53% |
| bNII > ₹10L · within NII | 9,09,286 | — | 14.35% |
| sNII < ₹10L · within NII | 4,54,643 | — | 7.18% |
| Retail (RII) | 31,82,500 | 50.24% | 50.24% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 63,35,001 | — | 100.00% |
Net offer to the public of 63,35,001 shares, out of a total issue of 63,35,001. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 81 shares per lot, in multiples, at ₹185
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 81 | ₹14,985 |
| Retail (max) | 13 | 1,053 | ₹1,94,805 |
| S-HNI (min) | 14 | 1,134 | ₹2,09,790 |
| S-HNI (max) | 66 | 5,346 | ₹9,89,010 |
| B-HNI (min) | 67 | 5,427 | ₹10,03,995 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹185 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 15.70 | 12.14 |
| P/E (×) | 11.78 | 15.24 |
| Price to book (×) | 3.21 | — |
| Market cap | — | ₹631 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 35.44%
- ROCE
- 31.00%
- Debt / equity
- 0.73
- PAT margin
- 8.23%
- EBITDA margin
- 14.07%
- NAV per share
- ₹57.69
- Price to book
- 3.21
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 505.57 | 352.6 | 211.33 |
| Revenue from operations | 503.57 | 350.76 | 209.58 |
| Other income | 2 | 1.85 | 1.76 |
| Total expenses | 450.23 | 315.58 | 192.5 |
| Operating profit | 55.34 | 37.02 | 18.83 |
| Operating margin | 10.95% | 10.50% | 8.91% |
| Profit before tax | 55.34 | 37.02 | 18.83 |
| Profit after tax | 41.43 | 27.45 | 13.98 |
| PAT margin | 8.19% | 7.79% | 6.62% |
| Balance sheet | |||
| Total assets | 412.24 | 258.54 | 143.26 |
| Current assets | 391.18 | 251.23 | 136.71 |
| Current liabilities | 251.97 | 180.69 | 92.72 |
| Total liabilities | 255.46 | 181.52 | 93.69 |
| Net worth | 156.78 | 77.02 | 49.57 |
| Current ratio | 1.55× | 1.39× | 1.47× |
| Return on equity | 26.43% | 35.64% | 28.20% |
| Cash flow | |||
| Operating cash flow | -9.65 | -76.54 | -3.34 |
| Investing cash flow | -16.33 | 14.15 | -22.74 |
| Financing cash flow | 27.14 | 60.7 | 16.5 |
| Net cash flow | 1.16 | -1.68 | -9.58 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Offer for Sale —
The Offer for Sale comprises up to a specified number of equity shares by Selling Shareholders. The company will not receive any proceeds from the Offer for Sale; each Selling Shareholder is entitled to proceeds net of their share of offer-related expenses and taxes.
2 Funding Incremental Working Capital Requirements ₹90 Cr
The company intends to utilize a specified amount in lakhs from the Net Proceeds to fund incremental working capital requirements in Fiscal 2027, which is expected to increase revenue, profitability, and help achieve proposed business plan targets.
3 General Corporate Purposes —
The company proposes to deploy the balance Net Proceeds towards general corporate purposes, including strategic initiatives, growth opportunities, marketing capabilities, capital expenditure, and business development, subject to not exceeding a specified percentage of gross proceeds.
4 Fresh Issue – Gross Proceeds ₹129 Cr
The company proposes to raise funds through the Fresh Issue, with gross proceeds aggregating up to a specified amount in lakhs, reduced from the original size following a Pre-IPO Placement, to fund the stated objects of the offer.
2 of 4 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Swastika Infra
Swastika Infra Limited is an EPC Power Projects company established through the conversion of the partnership firm M/s Swastika Electricals & Fertilizers (established in 1969). The company provides comprehensive turnkey solutions for power infrastructure, including supply, erection, installation, testing, and commissioning. Its scope of work spans underground cabling, construction of substations (Gas Insulated, Air Insulated, and Grid), rural and urban electrification, street lighting systems, and renewable energy works. As of July 31, 2026, the company had 36 successfully completed projects across six Indian states and 18 ongoing EPC Power Projects with an aggregate order value of ₹2,03,665 Lakhs. The company primarily serves government utilities and public sector entities funded by the World Bank or backed by India's Ministry of Power, generating 97% of revenue from EPC Power Projects and 3% from sales of products.
Management
Babulal Gupta
Director
Vinay Gupta
MD
Ruchira Gupta
Director
Madhvi Sharma
Director
Ajay Gupta
Director
Dileep Kumar Jain
Director
Biren Parnami
CFO
Shipra Gandhi
Director of Operations
Manoj Modi
COO
Vatsalya Gupta
VP of Sales
Sanjay Mathur
VP of Marketing
Gaurav Kumar Sharma
Director of HR
Hemant Sharma
Director of Operations
CA Madhuri Maheshwari
CFO
Strengths
As stated in the offer document
Strong Project Management and Execution Capabilities with Focus on EPC Power Projects for Government Clients
The company has 15 years of experience in the Power EPC sector, having successfully completed 36 projects and executing 18 ongoing projects across 6 Indian states, with 18,579.47 KM of distribution lines laid and a total completed contract value of ₹76,467 Lakhs as of July 31, 2026.
Scalable Business Model with Strategic Growth Initiatives
The company's Order Book has grown to ₹91,655 Lakhs as of July 31, 2026, with an order book-to-revenue ratio of 1.41x for Fiscal 2026, reflecting expansion from a ₹60 Lakhs first contract to a single order worth ₹34,010 Lakhs, alongside new orders in renewable energy and transmission segments totalling ₹39,283.70 Lakhs.
Strong and Consistent Financial Performance
The company's revenue from operations grew at a CAGR of 55.01% from ₹20,957.53 Lakhs in Fiscal 2024 to ₹50,357.32 Lakhs in Fiscal 2026, with net profit growing at a CAGR of 72.13%, EBITDA margin improving to 14.07%, and ROCE at 25.76% in Fiscal 2026.
Asset-Light Business Model
The company operates under an asset-light model by leasing project-specific assets rather than owning heavy machinery, reflected in a fixed asset turnover ratio of 70.72x, 153.67x, and 78.90x for Fiscals 2026, 2025, and 2024 respectively, enabling lean operations and improved financial flexibility.
Experienced Leadership and Strong Management Team
The company is led by promoters collectively bringing over 50 years of EPC industry experience, supported by 65 engineers and technicians, with a senior management team possessing deep expertise in infrastructure construction, project execution, financial management, and client relations.
Risk factors
As stated in the offer document
Revenue Concentration from Government Utilities
The company derives approximately 96.87% of its revenue from government utility projects (Fiscal 2026), making it highly vulnerable to adverse changes in government policies, budget reallocations, or contract terminations. As of July 31, 2026, 100% of the order book consists of projects awarded by government utilities, exposing the company to payment delays, contract renegotiations, and policy-driven disruptions.
High Client Concentration Risk
The company's top five clients account for 96.87% of revenue in Fiscal 2026, and the top ten clients account for 99.58%, creating significant exposure to individual contract risks and potential revenue volatility. Loss of any major client or failure to secure repeat orders could materially impact business operations and financial performance.
Negative Operating Cash Flows
The company has sustained negative cash flows from operating activities across Fiscal 2024, 2025, and 2026, recording net cash used in operations of ₹334.25 Lakhs, ₹7,653.52 Lakhs, and ₹965.21 Lakhs respectively. Continued negative cash flows could impair the company's ability to meet working capital needs and service debt without external financing.
High Working Capital Requirements and Debt Dependency
The company's net working capital requirement stood at ₹25,563.47 Lakhs (50.76% of revenue) as of March 31, 2026, with total borrowings of ₹12,833.52 Lakhs as of July 31, 2026. The capital-intensive nature of EPC projects, combined with retention clauses and delayed client payments, creates significant liquidity pressure and reliance on external debt financing.
Large Contingent Liabilities from Bank Guarantees
As of March 31, 2026, contingent liabilities totaled ₹27,267.93 Lakhs — approximately 7 times the company's PAT and 164 times its cash and cash equivalents — primarily comprising bank guarantees issued to government clients. Any invocation of these guarantees due to contract defaults could severely impact the company's financial condition and liquidity.
Project Execution and Delay Risks
The company has experienced delays of 6 to 12 months in most projects during the last three fiscal years, attributable to client-side issues such as delayed site handovers, drawing approvals, and payment delays. Such delays expose the company to liquidated damages, contract termination, cost overruns, and reputational damage.
Competitive Bidding and Order Book Uncertainty
The company lost 71%, 80%, and 62% of bids in Fiscal 2026, 2025, and 2024 respectively, highlighting significant competition and uncertainty in securing new contracts. The order book (₹91,655 Lakhs as of July 31, 2026) may not be representative of future revenues due to potential project delays, scope changes, or cancellations.
Subcontractor Dependency and Performance Risk
The company relies on third-party subcontractors for key project activities, with subcontracting costs representing 21.87% of total expenses in Fiscal 2026 (₹9,847.17 Lakhs). Non-performance, delays, or quality failures by subcontractors could result in penalties, cost overruns, and reputational damage for which the company bears primary contractual liability.
Credit Rating Volatility and Capital Access Risk
The company's credit rating was downgraded from CARE BB; Stable to CARE BB-; Stable in Fiscal 2022, and was classified as 'Issuer Not Cooperating' by multiple agencies in prior years. Although the current rating stands at CRISIL BBB+/Stable (April 2026), any future downgrade could increase borrowing costs, trigger loan acceleration clauses, and restrict access to capital markets.
Regulatory Non-Compliance and Secretarial Lapses
The company has a history of delayed statutory filings including forms MGT-14, CHG-1, MSME-1, and e-AOC-4, with delays ranging from 11 to 48 days in Fiscal 2026, and a delayed appointment of a Company Secretary from 2019 to 2021. These non-compliances expose the company to regulatory penalties, fines, and reputational risk, with adjudication proceedings currently pending before the Registrar of Companies, Jaipur.
Company Analysis
from RHPSwastika Infra Limited is an engineering, procurement and construction (EPC) company specializing in execution of power transmission and distribution (T&D) infrastructure projects across India.
Swastika Infra Limited is an EPC Power Projects company established through the conversion of the partnership firm M/s Swastika Electricals & Fertilizers (established in 1969). The company provides comprehensive turnkey solutions for power infrastructure, including supply, erection, installation, testing, and commissioning. Its scope of work spans underground cabling, construction of substations (Gas Insulated, Air Insulated, and Grid), rural and urban electrification, street lighting systems, and renewable energy works. As of July 31, 2026, the company had 36 successfully completed projects across six Indian states and 18 ongoing EPC Power Projects with an aggregate order value of ₹2,03,665 Lakhs. The company primarily serves government utilities and public sector entities funded by the World Bank or backed by India's Ministry of Power, generating 97% of revenue from EPC Power Projects and 3% from sales of products.
Objects of the Issue
- Funding incremental working capital requirements of our Company Up to ₹9,000.00 Lakhs p.5
- General corporate purposes p.5
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value ₹10 each aggregating up to ₹[●] Lakhs (combination of Fresh Issue and Offer for Sale)
- Fresh Issue
- Up to [●] Equity Shares of face value ₹10 each aggregating up to ₹12,900.00 Lakhs
- Offer for Sale
- Up to 17,50,000 Equity Shares of face value ₹10 each aggregating up to ₹[●] Lakhs
- Price Band
- [●]
- Face Value
- ₹10 per Equity Share
Business Model
The company operates an asset-light EPC business model, earning revenue primarily through execution of turnkey power infrastructure projects for government utilities and public sector entities. Revenue is generated from: (1) EPC Power Projects (97% of revenue) covering underground cabling, substation construction, electrification projects, street lighting installation, and renewable energy works; and (2) Sales of Products (3% of revenue). Projects are awarded through competitive bidding following qualification criteria, typically funded by the World Bank or backed by India's Ministry of Power.
Business Segments
SWOT Analysis
- • Strong project execution capabilities in power T&D infrastructure with government client focus(p.4)
- • Scalable business model with demonstrated financial growth trajectory(p.4)
- • Asset-light operational structure(p.4)
- • Experienced leadership with deep domain expertise in EPC sector(p.4)
- • Pan-India geographic presence across multiple states(p.4)
- • Strong financial performance with improving margins(p.4)
- • Substantial order book providing revenue visibility(p.3)
- • High revenue concentration among top 5 customers (96.87% in FY2026)(p.4)
- • Large project portfolio creates execution and delay risks(p.8)
- • Negative operating cash flows in recent years(p.8)
- • History of project delays across majority of ongoing projects(p.8)
- • Related party transactions with undefined impact assessment(p.8)
- • Past credit rating downgrade and poor access to capital(p.8)
- • Significant debt burden relative to equity(p.7)
- • Substantial growth in India's power demand projections to 2,060-2,699 TWh by 2030(p.4)
- • Government policy backing for energy transition and capacity expansion(p.4)
- • Growth in grid modernization and T&D infrastructure investment(p.4)
- • Expansion into allied infrastructure sectors(p.4)
- • Further expansion of geographical footprint(p.4)
- • Strategic focus on high-value EPC Power Projects(p.4)
- • India positioned as world's third-largest power generation market(p.4)
- • Dependence on government utility contracts with policy change vulnerability(p.8)
- • Competitive bidding process for EPC power project awards(p.8)
- • Seasonal business variations affecting cash flows and operations(p.8)
- • Intellectual property protection risks(p.8)
- • Restricted capital access due to credit rating limitations(p.8)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Babulal Gupta | Promoter | 2.73% | — |
| Vinay Gupta | Promoter | 25.86% | — |
| Ruchira Gupta | Promoter | 18.77% | — |
| Biren Parnami | Promoter | 14.57% | — |
| Manoj Modi | Promoter | 14.57% | — |
| Vatsalya Gupta | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Swastika Infra Ltd. THIS ISSUE | 15.70 | 57.70 | 15.24, computed at the offer price | 3.21, computed at the offer price | 35.40% |
| 79.50 | 225.60 | 10.10 | 3.57 | 35.30% | |
| 4.10 | 48.00 | 14.60 | 1.23 | 7.40% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.