Swastika Infra IPO

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.

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: