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Swastika Infra IPOLISTED
Swastika Infra Limited is an EPC company specializing in power transmission and distribution infrastructure, undertaking turnkey projects including substations, cabling, electrification and renewable energy systems.
Listing price
₹200
Listing gain
+8.11%
Current
₹200
Listed
30 Sept 26
Opens
23 Sept 26Closes
25 Sept 26Allotment
28 Sept 26Refund
29 Sept 26Demat
29 Sept 26Listing
30 Sept 26Overview
Price band
₹175-185
Lot size
81 shares
Min. investment
₹14,985
Issue size
₹160.88 Cr
86.96 L shares
Fresh issue
₹128.5 Cr
69.46 L shares
Offer for sale
₹32.38 Cr
17.50 L shares
Face value
₹10 / share
Issue type
Book Built Issue
Listing at
NSE, BSE
Reservation
| Category | Shares offered | % of issue |
|---|---|---|
| Anchor Investor | 26,08,782 | 30% |
| QIB | 17,39,191 | 20% |
| NII (HNI) | 13,04,392 | 15% |
| B-HNI | 8,69,595 | 10% |
| S-HNI | 4,34,797 | 3% |
| Individual | 30,43,581 | 35% |
| Total | 86,95,946 | 100% |
Lot size & investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 81 | ₹14,985 |
| Retail (Max) | 13 | 1,053 | ₹1,94,805 |
| S-HNI (Min) | 14 | 1,134 | ₹2,09,790 |
| S-HNI (Max) | 66 | 5,346 | ₹9,89,010 |
| B-HNI (Min) | 67 | 5,427 | ₹10,03,995 |
Listing performance
NSE/BSE: SWASTIKAINListing gain
+8.11%
Gain per retail lot
₹1,215
Latest vs issue
—
GMP was
₹7 (+3.78%)
Issue price
GMP estimate
Listing price
Latest price appears here during market hours.
Swastika Infra Live GMP
Not enough GMP history yet to draw a trend.
Subscription
11 Oct, 12:56 pmOversubscribed 7.91 times · 1,36,440 applications
Total applications
1,36,440
Total bid amount
₹891 Cr
Category breakdown
| Category | Shares offered | Shares bid | Times | Bid amount |
|---|---|---|---|---|
| QIB | — | — | 3.31x | ₹106 Cr |
| NII (HNI) | — | — | 19.35x | ₹467 Cr |
| B-HNI | — | — | 20.92x | ₹337 Cr |
| S-HNI | — | — | 16.20x | ₹130 Cr |
| Retail | — | — | 5.64x | ₹318 Cr |
| Total | — | — | 7.91x | ₹891 Cr |
Financials
(₹ in crores)
Key performance indicators
As of 31 Mar 2026ROE
35.44%
PAT Margin
8.23%
ROCE
25.76%
EBITDA Margin
14.07%
Debt to Equity Ratio
0.73
Price to Book Value
3.21
RoNW
35.44%
Valuation vs listed peers
EPS Pre IPO
₹15.7
EPS Post IPO
₹12.14
P/E Pre IPO
11.78
P/E Post IPO
15.24
Price-to-earnings
| Company | P/E | P/B | RoNW | Face value |
|---|---|---|---|---|
| Rajesh Power Services Limited | 10.1 | — | — | — |
| Vikran Engineering Limited | 14.6 | — | — | — |
Peer median P/E 12.3× · Ratios as disclosed in the offer document.
Buzz AI analysis
From this IPO's filings and market data · educational, not investment advice
Revenue growth FY24 → FY26
+139.2%
Profit growth FY24 → FY26
+196.4%
P/E vs peer median
15.2× vs 12.3×
- PAT margin 8.2% and ROCE 25.8%.
- Priced above its listed-peer median P/E.
Strengths & risks
- Strong Order Book with ₹2,03,665 lakh of ongoing projects.
- Execution Experience with 18,579.47 km of distribution lines completed.
- Government Clients including major power utilities.
- Diversified Projects across government and World Bank-funded works.
- Wide EPC Scope covering T&D and renewable energy projects.
Buzz score · Neutral
From GMP, subscription and issue size
Objects of the issue
| Purpose | Amount (₹ Cr) |
|---|---|
| Funding of incremental working capital requirements of the Company. | 90 |
| General Corporate Purposes. | - |
Company & documents
Swastika Infra Limited is an engineering, procurement and construction (EPC) company specializing in power transmission and distribution (T&D) infrastructure projects, offering turnkey solutions for the supply, erection, installation, testing and commissioning of power infrastructure. Its business comprises EPC Power Projects and Sale of Products.
Under its EPC business, the Company undertakes underground cabling, substations, rural and urban electrification, street lighting and renewable energy projects, including solar parks, power evacuation systems, transmission lines and related electrical works.
As of July 31, 2026, the Company had completed 36 EPC Power Projects across six states, covering 18,579.47 km of distribution lines. Its order book included 18 ongoing projects with an aggregate order value of ₹2,03,665 lakh. The Company has executed projects for government power utilities including WBSEDCL, MGVCL, APDCL, GED, HPSEBL, UHBVN, JVVNL, UPCL, AVVNL, RSDCL, MSEDCL and RRVPNL.
The Company has been executing EPC Power Projects since 2012, expanding from trading electrical items such as wires and cables to larger and more complex power infrastructure projects.
In addition to EPC activities, the Company trades power cables and other electrical products. In Fiscal 2026, EPC Power Projects contributed around 97% of revenue, while Sale of Products contributed about 3%.
As of July 31, 2026, the Company had 182 full-time employees, including 65 engineers and technicians.
Registrar
MUFG Intime India Pvt. Ltd.
Phone: 022-49186000
Email: swastikainfra.ipo@in.mpms.mufg.com
Web: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
Company contact
Swastika Infra Ltd.
Plot no.14 &15, First Floor, Gajraj Apartment, Motilalatal Road, Opposite Hotel Neelam, Jaipur, Rajasthan, 302001
Phone: +91 9116135709
Email: cs@swastikainfra.com
Book running lead managers
- Srujan Alpha Capital Advisors LLP
- PhillipCapital India Pvt. Ltd.
Promoters
- Babulal Gupta
- Vinay Gupta
- Ruchira Gupta
- Biren Parnami
- Manoj Modi
- Vatsalya Gupta