Swastika Infra Limited is a Jaipur-based engineering, procurement and construction (EPC) company focused primarily on power distribution infrastructure projects. The Swastika Infra IPO is scheduled to open from 23 September to 25 September 2026, with a price band of ₹175 to ₹185 per equity share. The issue comprises a fresh issue of 69,45,946 shares aggregating up to ₹128.50 crore and an offer for sale of 17,50,000 shares. SEBI recorded the company's Red Herring Prospectus filing on 17 September 2026.
The company executes power EPC projects involving underground cabling, electrification, substations, feeder lines and related electrical infrastructure. Its FY2026 financial performance showed substantial growth in revenue and profit, while an order book of approximately ₹2,036.65 crore as of July 2026 provides a sizeable execution pipeline. At the same time, the business is working-capital intensive and has significant exposure to government utilities, project execution, receivables, bank guarantees and competitive bidding.
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Table of Contents
- Swastika Infra IPO Details
- About Swastika Infra
- What Does Swastika Infra Do?
- Swastika Infra Business Model
- Swastika Infra Order Book and Projects
- Swastika Infra Financial Performance
- Profitability and Key Financial Ratios
- Swastika Infra IPO Valuation
- How Will Swastika Infra Use the IPO Funds?
- Strengths of Swastika Infra
- Risks Associated With Swastika Infra
- Swastika Infra IPO: Promoters and Selling Shareholders
- Swastika Infra IPO Timeline
- Swastika Infra IPO: What Investors Should Track
- Swastika Infra IPO Analysis: Key Takeaways
- Swastika Infra IPO FAQs
The Swastika Infra IPO is a book-built issue comprising both a fresh issue and an offer for sale. The fresh issue will provide funds to the company, primarily for working-capital requirements, whereas the proceeds from the OFS will be received by the selling shareholders.
| Particular |
Details |
| Company |
Swastika Infra Limited |
| IPO type |
Book-built issue |
| IPO dates |
23 September to 25 September 2026 |
| Anchor investor bidding |
22 September 2026 |
| Price band |
₹175 to ₹185 per share |
| Face value |
₹10 per share |
| Fresh issue |
69,45,946 shares |
| Fresh issue size |
Up to ₹128.50 crore |
| Offer for Sale |
17,50,000 shares |
| Total issue size |
Approximately ₹160.88 crore |
| Lot size |
81 shares |
| Minimum retail investment |
₹14,985 |
| Maximum retail application |
₹1,94,805 |
| QIB reservation |
50% |
| NII reservation |
15% |
| Retail reservation |
35% |
| Proposed listing |
NSE and BSE |
| Registrar |
MUFG Intime India Private Limited |
| Book-running lead managers |
Srujan Alpha Capital Advisors LLP and PhillipCapital (India) Private Limited |
The IPO is scheduled to open on 23 September and close on 25 September 2026. The basis of allotment is expected on 28 September, followed by refund or unblocking and credit of shares on 29 September. The proposed listing date is 30 September 2026.
Investors can apply for a minimum of 81 shares. At the upper end of the price band, one lot requires ₹14,985. Retail applications can go up to 13 lots, or 1,053 shares, corresponding to an application value of ₹1,94,805.
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Get all the latest updates on the Swastika Infra IPO, including price band, issue size, lot size, subscription dates, and listing details.
Swastika Infra Limited was incorporated in 2019 and is headquartered in Jaipur, Rajasthan. The company is engaged mainly in EPC electrification work, including underground cabling, rural and urban electrification, construction of substations, feeder lines and associated electrical infrastructure. It also undertakes trading of electrical products.
The company's DRHP states that the business originated from a partnership firm established in 1969 before being converted into Swastika Infra Private Limited in 2019. It was subsequently converted into a public limited company in January 2025.
Swastika Infra's operations are concentrated around the power infrastructure value chain. Its stated capabilities cover transmission, distribution and power evacuation-related infrastructure, including underground cabling, substations, feeder segregation and related electrical works.
The company has stated that it has more than 15 years of experience in the power engineering and infrastructure sector, although the current legal entity was incorporated in 2019. Its business materials also report more than 40 completed projects across multiple states.
Swastika Infra's business can broadly be divided into power EPC projects and electrical-product trading. EPC projects form the core of its operations.
Power EPC
Swastika Infra undertakes turnkey power distribution projects involving the procurement, supply, installation, testing and commissioning of electrical infrastructure.
Its project activities include:
- Underground cabling
- Rural and urban electrification
- Feeder lines
- Grid substations
- Gas-insulated substations
- Air-insulated substations
- Power evacuation infrastructure
- Street-lighting and associated electrical works
- Testing and commissioning of electrical infrastructure
The company typically procures the equipment and materials required for a project and executes the installation and commissioning according to the contractual requirements.
Electrical Products Trading
Swastika Infra also trades electrical products. However, EPC remains the principal business activity.
Its restated financial information showed EPC revenue of ₹188.28 crore out of ₹209.58 crore of operating revenue in FY2024, indicating the dominance of EPC operations in the company's revenue mix.
Swastika Infra generally undertakes contracts awarded by government utilities and other public-sector-related entities. This makes its business model substantially different from a consumer-facing infrastructure company.
Revenue depends on securing contracts, executing projects according to contractual requirements and receiving payments based on project milestones and contractual terms.
Three characteristics are particularly important when analysing the business model.
1. Order-book driven revenue
The company's future revenue depends significantly on the execution of projects already secured. A larger order book can provide greater revenue visibility, but the order value itself does not represent realised revenue or profit.
2. High working-capital requirements
EPC projects require the company to fund several expenses before receiving the full contract value. Working capital can be tied up in inventory, trade receivables, retention money, bank guarantees, security deposits and project mobilisation.
3. Government-client exposure
Swastika Infra has historically been heavily dependent on government utilities. Its DRHP stated that government utilities accounted for 93.87% of operating revenue in the six months ended September 2024 and 89.84% in FY2024. It also stated that 100% of the order book as of February 2025 comprised projects awarded by government utilities.
This concentration means project awards, execution schedules and payment cycles can be influenced by government utility spending, project approvals and contractual processes.
The order book is an important metric for evaluating an EPC company because it represents projects that have been awarded but still require execution.
As of July 2026, Swastika Infra had 18 ongoing EPC power projects with an order book of approximately ₹2,036.65 crore. The unexecuted portion of these projects was approximately ₹916.55 crore.
| Order-book metric |
July 2026 |
| Ongoing EPC power projects |
18 |
| Order book |
₹2,036.65 crore |
| Unexecuted order book |
₹916.55 crore |
The company's project portfolio includes work for state electricity distribution companies and electricity departments. Its disclosed project references include entities such as AVVNL, HPSEBL, MGVCL, RRVPNL, RSDCL, WBSEDCL and the Goa Electricity Department.
The distinction between total order-book value and unexecuted order-book value is important. The unexecuted portion is more directly relevant to the work that remains to be completed.
A large order book can provide revenue visibility, but it does not guarantee future profit. Execution costs, project timelines, working-capital requirements, payment schedules, contractual conditions and changes in input costs can influence the eventual profitability of these projects.
Swastika Infra has reported significant growth in revenue and profit over the last three financial years. The company's financial performance improved considerably between FY2024 and FY2026, with both revenue and PAT increasing during the period.
FY2024 Financial Performance
In FY2024, Swastika Infra reported revenue from operations of ₹209.58 crore and PAT of ₹13.66 crore in its statutory financial statements. The restated financial information disclosed in the IPO documents reported total income of ₹211.33 crore and PAT of ₹13.98 crore.
| FY2024 Metric |
Amount |
| Revenue from operations |
₹209.58 crore |
| Total income |
₹211.33 crore |
| PAT |
₹13.66 crore |
FY2025 Financial Performance
Swastika Infra's financial performance improved substantially in FY2025. Revenue from operations increased to ₹350.76 crore, while total income stood at ₹352.56 crore. PAT also increased to ₹27.41 crore.
| FY2025 Metric |
Amount |
| Revenue from operations |
₹350.76 crore |
| Total income |
₹352.56 crore |
| PAT |
₹27.41 crore |
FY2026 Financial Performance
The company reported further growth in FY2026. Total income increased to approximately ₹505.6 crore, while revenue from EPC projects stood at approximately ₹487.8 crore. PAT increased to approximately ₹41.4 crore.
| FY2026 Metric |
Amount |
| Total income |
₹505.6 crore |
| Revenue from EPC projects |
₹487.8 crore |
| PAT |
₹41.4 crore |
According to the latest reported figures, FY2026 total income increased by approximately 43.4% year on year, while PAT grew by around 51%. EPC revenue increased by approximately 43.9% during the same period.
The increase in revenue and profit reflects a substantial expansion in the company's business scale. However, revenue growth needs to be assessed alongside operating cash flow and working-capital requirements, particularly because EPC projects can require significant capital before payments are received.
Swastika Infra has remained profitable across the financial periods disclosed in its IPO documents. Its FY2024 financials show an EBITDA margin of 11.31% and a PAT margin of 6.67%, along with healthy return ratios.
| FY2024 Metric |
Reported Figure |
| EBITDA |
₹23.71 crore |
| EBITDA margin |
11.31% |
| PAT |
₹13.98 crore |
| PAT margin |
6.67% |
| Return on Net Worth |
32.84% |
| ROCE |
25.15% |
| Debt-equity ratio |
0.88x |
These figures are based on the restated financial information disclosed in the IPO documentation.
The profitability figures should be considered alongside the company's working-capital cycle. An EPC company can report accounting profits while still facing cash-flow pressure if receivables, retention money, inventory and bank guarantees absorb a substantial amount of capital.
Working Capital Is Particularly Important
Working capital is an important consideration in the Swastika Infra IPO because the company's EPC business requires substantial funds for project execution.
As of September 2024, the company's net working-capital requirement was approximately ₹89.21 crore, equivalent to about 90% of its revenue from operations for that six-month period.
The IPO documents also highlighted requirements relating to bank guarantees, performance and security deposits, letters of credit, inventory, trade receivables, retention money, unbilled revenue and project mobilisation.
This explains why a significant portion of the fresh issue proceeds is intended to support working capital rather than long-term capital expenditure.
The Swastika Infra IPO price band has been fixed at ₹175 to ₹185 per equity share. At the upper end of the price band, the implied equity valuation is approximately ₹631.2 crore based on the post-issue share capital disclosed for the offer.
| Valuation metric |
₹175 price |
₹185 price |
| Implied market capitalisation |
~₹596.6 crore |
~₹631.2 crore |
| Face value |
₹10 |
₹10 |
| Price to face value |
17.5x |
18.5x |
Using FY2026 PAT of approximately ₹41.4 crore, the indicative post-issue P/E at ₹185 works out to around 15.2x. This is a calculation based on the disclosed issue structure and FY2026 profit rather than a company-stated forward valuation.
The valuation should be considered alongside the company's growth, order book, margins, working-capital requirements and dependence on government utilities.
The company's DRHP identified Rajesh Power Services Limited as a listed peer for valuation benchmarking and discussed other companies operating in the power EPC industry.
Peer comparisons should be interpreted carefully because EPC companies can differ in scale, project mix, margins, debt levels, order-book composition and working-capital cycles.
Swastika Infra IPO GMP
Grey market premium, or GMP, is an unofficial pre-listing indicator and is not part of the company's official IPO pricing process or SEBI disclosures.
As of the available pre-issue information, no official GMP figure is provided by SEBI or Swastika Infra. Any GMP quoted by unofficial market sources can change and should not be treated as a guarantee of the listing price.
The primary objective of the fresh issue is to strengthen the company's working-capital position.
The IPO documents identify working-capital requirements as the principal use of the fresh issue proceeds, with the remaining amount intended for general corporate purposes.
The working-capital requirement can arise from:
- Margin money for bank guarantees
- Performance and security deposits
- Letters of credit
- Inventory and project materials
- Trade receivables
- Retention money
- Unbilled revenue
- Project mobilisation
The earlier DRHP had estimated up to ₹145 crore towards incremental working capital. The current fresh issue has subsequently been reduced to ₹128.50 crore.
The OFS component works differently. The ₹32.38 crore of proceeds represented by the 17.50 lakh shares at the upper price band will go to the selling shareholders rather than to Swastika Infra.
Therefore, only the fresh issue directly increases the company's capital available for business purposes.
Swastika Infra has several business and financial factors that could support its growth and project execution, including:
1. Established presence in power EPC
Swastika Infra has a track record of executing power distribution infrastructure projects across multiple states. Its project portfolio covers underground cabling, substations, feeder lines and electrification projects.
2. Large order book relative to FY2026 income
The order book of approximately ₹2,036.65 crore as of July 2026 is substantially larger than FY2026 total income of approximately ₹505.6 crore. This provides a sizeable project pipeline, although actual revenue conversion depends on execution and contractual conditions.
3. Revenue and profit growth
The company's reported scale has increased significantly. Revenue from operations rose from ₹209.58 crore in FY2024 to ₹350.76 crore in FY2025, while FY2026 total income increased further to approximately ₹505.6 crore. PAT also increased from ₹27.41 crore in FY2025 to approximately ₹41.4 crore in FY2026.
4. Fresh capital focused on working capital
The fresh issue is primarily intended to address incremental working-capital requirements. Additional liquidity can support project execution and the company's ability to manage the funding requirements associated with EPC contracts.
An assessment of the Swastika Infra IPO also requires consideration of the risks disclosed in its IPO documents. These risks are particularly relevant because the company's growth depends on project execution and the efficient management of working capital.
1. High dependence on government utilities
Government utilities have historically accounted for a substantial proportion of the company's revenue. The DRHP stated that government utilities contributed 93.87% of operating revenue in H1 FY2025 and 89.84% in FY2024. It also stated that the entire order book as of February 2025 comprised projects awarded by government utilities.
Changes in government spending, project approvals, funding availability, contractual arrangements or payment schedules could therefore affect the company's operations.
2. Working-capital-intensive business
EPC contracts require funds to be deployed before the company receives the full value of completed projects. Bank guarantees, security deposits, retention money, inventory and receivables can lock up capital.
Higher project execution without a corresponding improvement in collections could increase the company's financing requirements.
3. Receivables and payment-cycle risk
Delayed collection of receivables can affect cash flows even when revenue and accounting profit continue to grow.
The company's DRHP highlighted trade receivables that had remained outstanding beyond six months from their respective due dates.
For this reason, receivable days, operating cash flow and net working capital are important metrics to monitor after listing.
4. Project execution risk
EPC projects can be affected by site handover issues, approvals, drawings, payment delays and other factors.
The company's IPO documents noted that some projects had experienced delays, including delays ranging from six to twelve months in certain cases.
Execution delays can affect revenue recognition, working-capital requirements and project profitability.
5. Competitive industry
Power distribution EPC is competitive, with several contractors bidding for government and utility projects.
The company's DRHP highlighted competition for contracts and the possibility of price pressure. Aggressive bidding can affect margins if project costs rise after contracts have been secured.
6. Bank guarantees and contingent liabilities
Power EPC contracts commonly require performance and financial guarantees.
The company disclosed bank guarantees of approximately ₹112.25 crore as of September 2024. Invocation of guarantees following a contractual default could affect cash flows and financial condition.
7. Raw-material and input-cost exposure
Power EPC projects require electrical equipment and other materials whose prices can fluctuate.
If contractual arrangements do not adequately compensate for input-cost increases, higher material costs can put pressure on project margins.
8. Dependence on successful order execution
A large order book does not automatically translate into revenue, profit or cash flow.
Investors should therefore monitor:
- Order inflows
- Order-book growth
- Order-book execution
- EBITDA margin
- Receivable days
- Operating cash flow
- Working-capital days
- Debt and finance costs
The Swastika Infra IPO includes an OFS of 17.50 lakh shares from existing shareholders, including promoters.
Following the issue, the overall promoter-group holding is expected to decline from approximately 76.51% to 57.41%.
The reduction in promoter holding needs to be considered separately from the fresh issue because the OFS proceeds are received by the selling shareholders, while the fresh issue proceeds are received by the company.
The relevant factors for investors include the remaining promoter ownership, the post-issue capital structure and the disclosed purpose of the share sale.
The announced Swastika Infra IPO dates are as follows:
| IPO event |
Date |
| Anchor investor bidding |
22 September 2026 |
| IPO opens |
23 September 2026 |
| IPO closes |
25 September 2026 |
| Basis of allotment |
28 September 2026 |
| Refund/unblocking |
29 September 2026 |
| Credit of shares |
29 September 2026 |
| Proposed listing |
30 September 2026 |
The timetable is based on the announced issue schedule and the company's RHP-related disclosures.
The key factors to monitor after the IPO extend beyond the initial subscription figures and listing performance.
Order-book execution
Swastika Infra has a sizeable order book, but the important operating metric will be the pace at which the company converts secured projects into revenue and cash flow.
Operating cash flow
Accounting profit does not necessarily translate into immediate cash generation in an EPC business. Operating cash flow should therefore be assessed alongside PAT.
Receivables
An increase in receivable days can indicate that more capital is being locked up in projects. Sustained growth in receivables without corresponding cash collections would require close monitoring.
Working-capital requirements
The fresh issue is primarily intended to support working capital. Investors should assess whether working-capital intensity improves as the company grows or whether additional funding requirements continue to increase.
EBITDA margins
Revenue growth accompanied by declining EBITDA margins could indicate pricing pressure, higher input costs or project execution challenges.
Debt and finance costs
Continued reliance on debt or working-capital facilities can increase finance costs and affect profit growth if borrowing requirements rise faster than operating cash generation.
Government-client concentration
The company can reduce concentration risk over time if its project mix becomes more diversified across utilities, states and funding sources. The degree of diversification should therefore be monitored in subsequent financial disclosures.
Swastika Infra is a power distribution EPC company whose financial performance is closely linked to project awards, order-book execution and working-capital management.
The company reported strong growth in FY2026, with total income increasing to approximately ₹505.6 crore and PAT rising to approximately ₹41.4 crore. Revenue from EPC projects stood at approximately ₹487.8 crore. The company also had 18 ongoing EPC power projects with an order book of approximately ₹2,036.65 crore as of July 2026, of which around ₹916.55 crore remained unexecuted.
At the upper IPO price of ₹185, the implied equity valuation is approximately ₹631.2 crore. Based on FY2026 PAT of around ₹41.4 crore, the indicative post-issue P/E is approximately 15.2x.
The business also carries identifiable risks. Historical revenue has been heavily dependent on government utilities, while the EPC model requires significant working capital and exposes the company to receivable delays, bank guarantees, project execution issues, input-cost movements and competitive bidding.
For an investor analysing the Swastika Infra IPO, the key metrics to track are therefore valuation, order-book execution, operating cash flow, working-capital intensity, receivables, margins, debt and customer concentration.
Want to compare Swastika Infra with other recent mainboard issues across infrastructure and EPC sectors? Use this IPO dashboard to track issue structures, pricing, subscription details, and listing information.
1. What is the Swastika Infra IPO price band?
The Swastika Infra IPO price band is ₹175 to ₹185 per equity share, with a face value of ₹10 per share.
2. When will the Swastika Infra IPO open and close?
The IPO is scheduled to open on 23 September 2026 and close on 25 September 2026. The anchor investor bidding date is 22 September 2026.
3. What is the Swastika Infra IPO issue size?
The total issue size is approximately ₹160.88 crore. It comprises a fresh issue of 69,45,946 shares aggregating up to ₹128.50 crore and an OFS of 17,50,000 shares.
4. What is the Swastika Infra IPO lot size and minimum investment?
The lot size is 81 shares. At the upper price band of ₹185 per share, the minimum application requires ₹14,985.
5. What is the Swastika Infra order book?
As of July 2026, Swastika Infra had 18 ongoing EPC power projects with an order book of approximately ₹2,036.65 crore. Around ₹916.55 crore of this order book remained unexecuted.
6. How will Swastika Infra use the IPO proceeds?
The fresh issue proceeds will primarily be used to fund incremental working-capital requirements, with the balance intended for general corporate purposes. The OFS proceeds will go to the selling shareholders.
7. What are the major risks in the Swastika Infra IPO?
Key risks include dependence on government utilities, working-capital intensity, delayed receivables, project execution risk, bank guarantees, competition, input-cost fluctuations and pressure on project margins.
Primary sources: SEBI's Swastika Infra RHP filing and the company's official IPO and financial documents.