Swastika Infra Limited is preparing to enter the mainboard IPO market with a public issue of approximately ₹160.88 crore. The Jaipur-based company operates as an Engineering, Procurement and Construction (EPC) player focused primarily on power transmission and distribution infrastructure. Its projects include underground cabling, substations, overhead transmission and distribution lines, rural and urban electrification, feeder segregation and related power infrastructure works. The company has also undertaken renewable-energy power evacuation and grid-connectivity projects. The Swastika Infra IPO will open for subscription on September 23, 2026 and close on September 25, 2026. The price band has been fixed at ₹175 to ₹185 per equity share.
Swastika Infra IPO Details
| Particulars | Details |
|---|---|
| IPO Type | Mainboard, Book Built |
| IPO Open Date | September 23, 2026 |
| IPO Close Date | September 25, 2026 |
| Price Band | ₹175–₹185 per share |
| Face Value | ₹10 per share |
| Total Issue Size | ₹160.88 crore |
| Fresh Issue | 69,45,946 shares, up to ₹128.50 crore |
| Offer for Sale | 17,50,000 shares, up to ₹32.38 crore |
| Lot Size | 81 shares |
| Minimum Investment | ₹14,985 |
| Listing | BSE & NSE |
| Anchor Investor Bidding | September 22, 2026 |
| Allotment | September 28, 2026 |
| Refund/Demat | September 29, 2026 |
| Expected Listing | September 30, 2026 |
| QIB | Not more than 50% |
| NII | Not less than 15% |
| Retail | Not less than 35% |
| Lead Managers | Srujan Alpha Capital Advisors, PhillipCapital India |
| Registrar | MUFG Intime India |
The current issue structure represents a reduction from the company’s earlier proposed IPO. The draft papers had contemplated a ₹200 crore fresh issue along with a larger OFS, whereas the final offer comprises a fresh issue of 69.46 lakh shares and an OFS of 17.50 lakh shares. At the upper price band, the company is seeking a valuation of approximately ₹631 crore.
About Swastika Infra
Swastika Infra traces its business history to Swastika Electricals & Fertilizers, which was originally constituted as a partnership in 1969. The business was subsequently converted into Swastika Infra Private Limited in 2019 and became a public limited company in January 2025. The company’s registered office is in Jaipur, Rajasthan.
The company’s core business is power EPC. It provides turnkey services covering procurement, supply, installation, testing and commissioning of power infrastructure. Its work includes underground high-voltage and low-voltage cabling, construction and installation of substations, transformers and related equipment, overhead lines, feeder segregation, service connections and electrification projects. The company also undertakes lighting and grid-related infrastructure projects.
Also Read: Adroit Industries (India) IPO Details: Price Band, Dates, Financials, GMP and Key Risks
Swastika Infra’s own website highlights transmission, distribution and renewable-energy infrastructure as its principal service areas. Its project portfolio includes work for state electricity utilities and government-linked organisations across several states. Completed and ongoing projects include underground cabling, grid substations, GIS substations, feeder segregation and overhead-line projects.
Order Book and Project Pipeline
The order book is an important component of the Swastika Infra IPO story because EPC companies depend on successfully converting awarded projects into revenue through execution.
As of July 2026, Swastika Infra had 18 ongoing EPC power projects with an aggregate order value of approximately ₹2,036.65 crore. The uncompleted portion of these projects was around ₹916.55 crore. This provides a significant project pipeline relative to the company’s FY26 revenue, although the eventual revenue recognition depends on execution schedules, project milestones, approvals and working-capital availability.
The company has historically worked on projects involving underground cabling, substations and electrification. Its website lists projects across Rajasthan, Himachal Pradesh, Gujarat, West Bengal, Goa, Assam and other regions, reflecting an expansion beyond its home state.
Also Read: Elevate Campuses IPO Details: Price Band, Dates, Financials, GMP and Key Risks
Swastika Infra Financial Performance
Swastika Infra has reported substantial growth in revenue and profitability over the past few years. Its FY25 annual report showed revenue from operations of ₹350.76 crore and total income of ₹352.56 crore, compared with revenue from operations of ₹209.58 crore and total income of ₹211.29 crore in FY24. Profit after tax increased from approximately ₹13.66 crore in FY24 to ₹27.41 crore in FY25.
The company continued its growth in FY26. According to the latest IPO disclosures, total income increased 43.4% year-on-year to approximately ₹505.6 crore, while profit increased 51% to ₹41.4 crore. Revenue from EPC projects rose 43.9% to ₹487.8 crore during FY26.
| Financial Year | Total Income | PAT |
|---|---|---|
| FY24 | ₹211.29 crore | ₹13.66 crore |
| FY25 | ₹352.56 crore | ₹27.41 crore |
| FY26 | ₹505.60 crore | ₹41.40 crore |
The financial trend shows strong top-line expansion between FY24 and FY26, accompanied by higher profitability. However, EPC businesses can experience fluctuations in margins and cash flows because revenue recognition depends on project execution while procurement, labour, guarantees and working-capital requirements can occur ahead of collections.
Use of IPO Proceeds
The majority of the fresh issue proceeds will be used to fund the company’s incremental working-capital requirements. The remaining amount is intended for general corporate purposes. Unlike the fresh issue, proceeds from the OFS will go to the existing selling shareholders and will not provide additional capital to Swastika Infra.
Also Read: ArMee Infotech IPO Details: Price Band, Dates, Financials, GMP and Key Risks
Working capital is particularly important for the company’s business because EPC projects require expenditure on materials, subcontracting, labour and other project activities before the company receives the corresponding customer payments. Additional working capital from the IPO could therefore support the execution of the company’s growing project pipeline.
Swastika Infra IPO GMP
The grey market premium, or GMP, is an unofficial indicator of market sentiment and is not regulated by SEBI. As of September 18, current tracking sources were showing GMP around ₹0. Since the IPO has not yet opened, the grey-market figure can change materially during the subscription period and should not be treated as an indication of the actual listing price.
Investors should therefore focus on the company’s earnings, order book, working-capital requirements, debt position, valuation and project execution rather than relying solely on GMP.
Key Risks
One of the key risks for Swastika Infra is its dependence on the EPC project cycle. Revenue depends on winning contracts and executing them within the required timelines. Delays caused by approvals, land availability, utility coordination, weather, material availability or other project-level issues can affect revenue recognition and profitability.
Also Read: Varmora Granito IPO Details: Price Band, Dates, Financials, GMP and Key Risks
Working capital is another important factor. Large EPC projects require the company to fund procurement and execution before receiving milestone-based payments. A rapid increase in the order book can therefore increase the requirement for working capital. If collections are delayed, cash flows can come under pressure even when accounting revenue and profits remain positive.
The company also operates in a competitive infrastructure market where contracts are generally awarded through tendering and bidding processes. Price competition can affect project margins, while unsuccessful bids can reduce future order inflow. The company itself has highlighted competitive bidding as an important part of its project-acquisition process.
Another factor is the concentration of the business around power infrastructure projects and government or utility-linked customers. Changes in government spending, tender schedules, infrastructure policies or project awards can affect the pace of new business. The company’s expansion into multiple states can reduce geographical dependence, but it also increases execution complexity.
The company also has exposure to the availability and pricing of electrical equipment, cables and other project materials. Changes in input costs or delays from suppliers can affect project economics. EPC contracts and performance requirements can further expose the company to contractual penalties or additional costs if projects are delayed.
Also Read: A-One Steels India IPO Details: Price Band, Dates, Financials, GMP and Key Risks
What Investors Should Watch
For the Swastika Infra IPO, investors can track the pace at which the existing order book is converted into revenue, the company’s ability to secure new power EPC contracts and the level of working capital required to support its expansion. The ₹2,036.65 crore ongoing-project order book reported for July 2026 provides visibility, but execution remains an important variable.
The company’s profitability trend is another area to monitor. FY26 total income and PAT increased significantly, but investors should assess whether margins and cash generation remain sustainable as the company executes larger projects. The use of IPO proceeds toward working capital also makes operating cash flow and receivables important metrics to follow after listing.
At the upper price band of ₹185, the issue values the company at approximately ₹631 crore. Investors should compare this valuation with the company’s FY26 earnings, net worth, order book and the valuation of comparable listed EPC and power-infrastructure companies before making an investment decision.
The Swastika Infra IPO opens on September 23, 2026 and closes on September 25, 2026. Allotment is expected on September 28, refunds and demat credit on September 29, and listing on September 30, subject to completion of the IPO process.
Also Read: National Stock Exchange of India IPO Details: Price Band, Dates, Financials, GMP and Key Risks
Disclaimer: This article is for informational and educational purposes only and should not be considered investment advice. IPO investments involve market risks, including the possible loss of capital. Investors should read the official RHP and related documents carefully and evaluate the company’s financials, valuation, business risks and their own investment objectives before making any investment decision.
