Swastika Infra IPO Review: Price Band, Dates, Lot Size, Financials and RisksSwastika Infra IPO Review: Price Band, Dates, Lot Size, Financials and Risks

The Swastika Infra IPO opens on September 23 and closes on September 25, 2026. Swastika Infra Limited is a Rajasthan-based Engineering, Procurement, and Construction (EPC) company specializing in power distribution infrastructure projects and the sale of electrical products. The company is raising ₹160.88 crore through a fresh issue of ₹128.5 crore and an offer for sale of ₹32.38 crore by five selling shareholders. 

IPO Snapshot

Event	Date
IPO Opens	September 23, 2026
IPO Closes	September 25, 2026
Allotment Date	September 28, 2026
Refund	September 29, 2026
Shares Credited to Demat	September 29, 2026
Listing Date (BSE, NSE)	September 30, 2026

Price Band and Lot Size

Detail	Value
Price Band	₹175 to ₹185 per share
Face Value	₹10 per share
Lot Size	81 shares
Minimum Investment	₹14,175 to ₹14,985
Retail Maximum	13 lots, or 1,053 shares (₹1,94,805)
Fresh Issue	₹128.5 crore (69,45,946 shares)
Offer for Sale	₹32.38 crore (17,50,000 shares)
Total Issue Size	₹160.88 crore
Listing	BSE and NSE

Promoter shareholding will decline from 76.51% pre-issue to 57.41% post-issue due to dilution from the fresh issue and part-exit via the offer for sale. The IPO size was reduced from the originally filed DRHP figure of a ₹200 crore fresh issue and OFS of 19.2 lakh shares, following the SEBI approval received in August 2025.

What Does Swastika Infra Actually Do

Swastika Infra Limited, incorporated in August 2019, is an EPC company specializing in power distribution infrastructure projects and the sale of electrical products. The company provides end-to-end turnkey solutions covering procurement, supply, erection, installation, testing, and commissioning of power infrastructure. Its scope of work includes underground cabling for high-voltage and low-voltage power cables, construction of substations including Gas Insulated Substations (GIS) and Air Insulated Substations (AIS), rural and urban electrification projects under government schemes, and installation of street lighting systems.

The company also trades electrical products, including power cables and other electrical items, as a secondary business segment, while its primary focus remains EPC power projects.

The company began executing EPC power projects in Rajasthan in 2012 and has since expanded its footprint to Assam, Uttarakhand, West Bengal, Goa, Haryana, Himachal Pradesh and Gujarat. As of February 28, 2025, it had a 14-year track record, having completed 34 EPC power projects across four Indian states, covering 8,519.50 circuit kilometres (CKM) of distribution lines, with a total contract value of ₹604.10 crore.

As of July 2026, the company had 18 ongoing EPC power projects with an order book of ₹2,036.65 crore, of which the uncompleted portion was worth ₹916.55 crore. Notable projects include system strengthening works for Jaipur JCC Circle under Jaipur Discom, rural electrification works in Dausa and Sikar districts, and supply, erection, testing, and commissioning of SCADA-compatible equipment in Jaipur City Circle.

The company is promoted by Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi and Vatsalya Gupta. As of February 28, 2025, the company had 104 full-time employees.

The Money Numbers

Metric	FY22	FY23	FY24
Total Income (₹ Crore)	59.54	154.32	211.33
Profit After Tax (₹ Crore)	2.95	10.25	13.98
Total Assets (₹ Crore)	81.69	97.96	143.26
Net Worth (₹ Crore)	20.57	35.59	49.57

All numbers are taken from the company’s official IPO document (RHP) and cross-checked with trusted sources.

Total income grew from ₹59.54 crore in FY22 to ₹211.33 crore in FY24, up 255% over two years. Profit after tax surged from ₹2.95 crore in FY22 to ₹13.98 crore in FY24, up 374%. Total assets increased from ₹81.69 crore to ₹143.26 crore, while net worth more than doubled from ₹20.57 crore to ₹49.57 crore over the same period.

For FY24, the company reported RoNW of 32.84%, ROCE of 25.15%, EBITDA margin of 11.31%, and a debt-to-equity ratio of 0.88, having deleveraged significantly from 1.74 in FY22. NAV stood at ₹20.03 per share, and basic EPS was ₹5.65 in FY24. Updated FY26 ratios were not fully disclosed in public sources at the time of writing; investors should refer to the RHP financial statements directly for the latest ratios.

Objects of the Issue

Purpose	Amount (₹ Crore)
Funding of incremental working capital requirements of the Company	128.50 (approx., net of issue expenses)
General corporate purposes	Balance amount
Total identified objects	128.50

Strengths

• Strong revenue growth, with total income rising from ₹59.54 crore in FY22 to ₹211.33 crore in FY24, up 255% over two years.
• Robust profitability growth, with PAT surging from ₹2.95 crore in FY22 to ₹13.98 crore in FY24, up 374%.
• Long track record of 14 years executing EPC power projects across multiple states.
• Healthy order book of ₹2,036.65 crore as of July 2026 across 18 ongoing projects, providing revenue visibility.
• Asset-light and scalable business model.
• Significant deleveraging, with debt-to-equity improving from 1.74 in FY22 to 0.88 in FY24.
• Strong return ratios historically, including RoNW of 32.84% and ROCE of 25.15% in FY24.
• Experienced promoter and management team with government EPC execution expertise.
• Presence across eight Indian states, reducing dependence on any single geography.

Risks

• The company’s expansion and revenue depend heavily on government infrastructure spending and tender cycles.
• Geographic concentration in a limited number of states, despite recent expansion.
• Execution risk typical of power infrastructure EPC projects, including delays and cost overruns.
• The offer for sale component means a portion of proceeds will go to selling shareholders and not toward the company’s growth.
• Updated FY26 return ratios (ROE, ROCE, debt-to-equity, NAV, EPS) were not fully disclosed in public sources at the time of writing; only FY24 ratios are confirmed.
• Promoter shareholding will decline from 76.51% to 57.41% post-issue.
• The IPO size was reduced from the original DRHP filing, which may reflect a more cautious fundraising approach amid market conditions.
• The EPC power sector is competitive, with dependence on timely government payments and project approvals.
• PAT margin stood at a modest 6.67% in FY24.

How to Apply

You can apply through Alice Blue by selecting your investor category, choosing the number of lots, and submitting your bid between September 23 and September 25.

If you do not want to track subscription numbers throughout the bidding window, Alice Blue’s IPO feature can apply on your behalf. Choose your category and lot size, confirm your UPI ID, and set a subscription trigger, such as below 1x, between 1x and 5x, or above 5x. The system tracks Swastika Infra’s live subscription numbers and submits the application once the selected condition is met. You then receive a UPI payment request to approve. Funds are not deducted until shares are allotted.

Frequently Asked Questions