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Swastika Infra IPO

Swastika Infra IPO

Engineering - Construction
open
₹14,175Min. investment
  1. Pre-apply
    21 Sep
  2. Bid start
    23 Sep
  3. Bid end
    25 Sep
  4. Allotment
    28 Sep
  5. Release of funds
    29 Sep
  6. Demat transfer
    29 Sep
  7. Listing
    30 Sep

Swastika Infra Limited IPO Details

SectorEngineering - Construction
Price range₹175 – ₹185
IPO type
Regular
Lot size81 shares
Issue size₹161Cr
Red Herring Prospectus
Read
Market Cap
₹631.2CrLower than sector avg
RevenueApr 2025 - Mar 2026
₹503.5CrLower than sector avg
Growth rate3Y CAGR
55.01%Higher than sector avg

Swastika Infra Limited IPO Overview

Swastika Infra IPO date

Swastika Infra IPO will open for subscription on September 23, 2026, and the closing date for the IPO is September 25, 2026. After this, investors are expected to be updated about the allotment status on September 28, 2026.

Investors who have been allotted shares can expect them to be credited to their demat account on September 29, 2026. The shares will be listed on NSE and BSE on Wednesday, September 30, 2026.

Swastika Infra IPO price band

Swastika Infra IPO is a combination of fresh issue and offer-for-sale. The IPO price band has been set between ₹175 and ₹185 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹129 crore and an offer for sale of ₹32 crore. Swastika Infra IPO listing price will be determined on September 30, 2026. The listing price is the price at which a company’s shares debut on the stock exchanges.

Swastika Infra IPO lot size

Swastika Infra IPO details have been declared. The minimum lot size for an application is 81 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹161 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹503.5Cr
This sector
₹2,186.73Cr
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3Y growth
Strong 3-year growth shows consistent progress and potential
This IPO
55.01%
This sector
0.03%
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PAT
Higher PAT means strong profitability and efficient cost management
This IPO
₹41.42Cr
This sector
₹107.3Cr
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Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹631.2Cr
This sector
₹5,580.04Cr
Compare with companies
P/E ratio
Lower ratio usually means stock is undervalued
This IPO
11.78
This sector
39.87
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D/E ratio
Lower ratio usually means fewer liabilities
This IPO
0.73
This sector
1.33
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Objectives

Working capital requirement
69.70%
General corporate purposes
30.20%

Strength and Weakness

Execution track record

The company has executed a total of 36 projects worth ₹764.67 crore and laid down 18,579.47 km of distribution lines, which has enabled the company to be eligible for executing larger and complex tenders.

Visibility in order book

Work-in-progress was recorded at ₹916.55 crore, comprising 18 projects as of July 31, 2026, as against ₹687.44 crore as of FY26. This gives it execution visibility depending on the schedule and realisation of the orders.

Government-backed infrastructure

The company has a portfolio of customers in government utilities, along with several completed and pending projects that have central/state or World Bank backing.

Increasing market size

India's power EPC market is expected to grow at 8.80% CAGR during 2024-2030, with the growth in transmission higher at 11.58%. Entry of the company into transmission and renewable evacuation projects makes it possible to operate outside distribution EPC projects.

Scalability through asset lightness

Use of lease financing and outsourcing of erection activities reduces fixed asset ownership while allowing scalability based on project needs.

About Swastika Infra Limited

Swastika Infra is an engineering, procurement and construction (EPC) company focused on power transmission and distribution (T&D) infrastructure. The company executes power infrastructure projects on a turnkey basis and handles the entire project cycle, including procurement, construction, testing and commissioning. The business initially operated as a trader of electrical products and entered the power distribution sector in 2012.
Swastika Infra operates through two business verticals: EPC power projects and sale of products. EPC power projects contributed ₹487.82 crore, or 97% of revenue, in FY26, while product sales contributed ₹15.75 crore, or 3% of revenue from operations. The company's EPC business covers underground cabling, construction of GIS/AIS/GSS substations, rural and urban electrification, street lighting and renewable energy projects. It provides turnkey services covering design, sourcing, erection, testing and commissioning of distribution lines up to 33 KV.
As of July 31, 2026, the company had 15 years of project-execution experience, had laid 18,579.47 km of distribution lines and had completed 36 projects across six states with an aggregate contract value of ₹764.6 crore. It was executing 18 projects across six states, with an aggregate awarded value of ₹2,036.65 crore and balance work of ₹916.55 crore. The balance order book was approximately 1.82 times FY26 revenue from operations. The order book-to-revenue from operations ratio stood at 1.41 times in FY26, compared with 1.92 times in FY25 and 2.08 times in FY24.
Government utilities and public-sector entities form the principal client base, including WBSEDCL, MGVCL, APDCL, GED, HPSEBL, UHBVN, JVVNL, UPCL, AVVNL, RSDCL, MSEDCL and RRVPNL. Completed projects were funded by central and state governments, the World Bank and other government agencies. As of July 31, 2026, Central Government-funded projects accounted for ₹578.83 crore of the ongoing project value, while World Bank-funded projects accounted for ₹719.05 crore. State government-funded projects stood at ₹410.14 crore, while projects funded through internal resources/borrowings stood at ₹328.63 crore.
Swastika Infra started its first EPC project in Rajasthan in 2012 and subsequently expanded its operations to Assam, Uttarakhand, West Bengal, Goa, Haryana, Himachal Pradesh, Gujarat and Maharashtra. As of July 31, 2026, Rajasthan accounted for the largest share of the ongoing order book at 60.4%, with ₹553.97 crore spread across six projects. West Bengal accounted for 15.8%, with ₹145.48 crore across 3 projects, while Himachal Pradesh accounted for 10.4%, with ₹95.42 crore across 1 project.
India’s power EPC market is estimated to expand from ₹1,18,556 crore in 2024 to ₹1,96,682 crore by 2030, representing an 8.80% CAGR. Transmission EPC is projected to grow at 11.58%, from ₹51,585 crore to ₹99,545 crore, while distribution EPC is projected to grow at 6.39%, from ₹66,970 crore to ₹97,137 crore. The revamped distribution sector scheme carries an outlay of ₹3,03,758 crore, including an estimated central grant of ₹97,631 crore, and targets reduction of AT&C losses to 12-15%. Spending priorities include prepaid and system metering, distribution-infrastructure strengthening and network modernisation. India is targeting 500 GW of non-fossil-fuel capacity by 2030, requiring supporting evacuation systems, transmission assets, substations and grid-modernisation work.
Swastika participates in distribution, transmission and substation projects, placing its disclosed capabilities across both principal industry segments. Its RRVPNL transmission orders and distribution-focused execution history provide direct operating exposure to this projected investment cycle. The company’s underground cabling, feeder separation, transformer upgrades, HVDS implementation and smart-grid execution correspond with these programme requirements. Its ₹340.10 crore AVVNL Sikar project also demonstrates participation in RDSS-linked distribution work.
The company has expanded beyond conventional distribution through a ₹158.12 crore RSDCL power-evacuation order, four RRVPNL orders aggregating ₹170.51 crore and a ₹64.20 crore WBSEDCL solar project. These awards provide issuer-specific exposure to renewable integration and transmission spending, although timely execution and working-capital availability remain important.
Now, Swastika Infra is launching its initial public offering (IPO), which consists of a fresh issue of ₹129 crore and an offer for sale of ₹32 crore. The total issue size of the IPO is ₹161 crore. Its shares will be listed on the NSE and BSE.

How to apply for Swastika Infra IPO?

If you are interested in this investment opportunity but unsure how to apply for a Swastika Infra IPO, follow these steps.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Swastika Infra IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Swastika Infra IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

Frequently asked questions

Investors can apply for the Swastika Infra IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Swastika Infra IPO is 161 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Ipo opens on 23 Sep 2026, 10:00 AM