Swastika Infra Limited IPO: price band, dates, issue size, financials, valuation metrics, and key risks

Swastika Infra Limited is set to launch a mainboard IPO (initial public offering) with a price band of ₹175 to ₹185 per share. The issue opens on 23 Sep 2026 and closes on 25 Sep 2026, with listing scheduled for 30 Sep 2026. The IPO size is ₹160.88 crore, comprising a ₹128.50 crore fresh issue (proceeds to the company) and a ₹32.38 crore offer for sale or OFS (proceeds to selling shareholders). The lot size is 81 shares.

What Swastika Infra does

Swastika Infra Limited operates as an engineering, procurement and construction (EPC) contractor focused on power transmission and distribution infrastructure. In an EPC model, the contractor is responsible for engineering, procurement of materials, and construction/execution on a turnkey basis.

As described in the offer, the company executes projects that include:

• Underground and overhead distribution lines up to 33 kV (kilovolt)
• Gas-insulated switchgear (GIS) and air-insulated switchgear (AIS) substations
• Rural and urban electrification
• Street-lighting works
• Renewable-energy electrical works

The company was incorporated in 2019, and traces its origins to the earlier partnership firm Swastika Electricals & Fertilizers. It transitioned from trading electrical goods to electrical EPC execution in 2012.

The company’s stated positioning is linked to power-distribution modernisation programmes in India, including RDSS (Revamped Distribution Sector Scheme). It also indicates a planned diversification into power transmission and renewable-energy evacuation works. Execution is described as largely asset-light; where tender qualification requires it, the company indicates it may participate through project-specific joint ventures led by the company.

Milestones and footprint expansion

The disclosed milestones indicate a progression from smaller EPC work to larger government-utility projects over time, along with expansion beyond Rajasthan into multiple states.

The timeline highlights a first EPC project win in 2012, followed by larger orders from Jaipur Vidyut Vitran Nigam Limited (JVVNL) and subsequent geographic expansion into states including Assam, Uttarakhand, West Bengal, Goa, Gujarat, and Himachal Pradesh.

For FY2026, the company’s milestones note entry into the power transmission and renewable energy evacuation segment and an award of its largest single distribution order from Ajmer Vidyut Vitran Nigam Limited (AVVNL), as cited in the timeline.

While the offer narrative references an active order book, the provided context does not specify the order book size or its client and project concentration. For an EPC contractor, order book quality and execution timelines typically influence the pace at which awarded work converts into billing and cash collection.

IPO structure, reservation, and what the fresh issue is for

The IPO includes two components:

• Fresh issue: ₹128.50 crore, where proceeds accrue to Swastika Infra Limited.
• OFS: ₹32.38 crore, where proceeds accrue to the selling shareholders.

The company states that net proceeds from the fresh issue are proposed to be used primarily for funding incremental working capital requirements and for general corporate purposes. The proposed allocation disclosed includes ₹90.00 crore earmarked for incremental working capital. The context also notes general corporate purposes, without a specified amount in the provided details.

The offer description links working capital strengthening to improving bidding capacity for larger projects, including government- and multilateral-funded projects. In power EPC contracting, working capital requirements are typically shaped by project mobilisation, procurement and subcontracting outflows, and the timing of bill certification and receipt from customers.

Reservation across investor categories is disclosed as 50% for Qualified Institutional Buyers (QIB), 15% for Non-Institutional Investors (NII), and 35% for Retail Individual Investors (RII). The anchor framework indicates that up to 60% of the QIB portion may be allocated to anchor investors, with a stated domestic mutual fund reservation within the anchor book.

As of 21 Sep 2026, the IPO is marked as upcoming; bidding data is expected to update once the issue opens on 23 Sep 2026.

Financial trajectory through FY2026

Across FY2024 to FY2026, Swastika Infra Limited reports growth in total revenue, profit after tax (PAT), and total assets, with reported PAT margin increasing over the period. FY2026 PAT margin is stated at 8.23%.

The offer also reports an EBITDA margin (EBITDA stated as a margin percentage) of 14.07%. Return ratios disclosed include return on equity (ROE) of 35.44% and return on capital employed (ROCE) of 25.76%, alongside a debt-to-equity ratio of 0.73.

For an EPC contractor executing utility and government-linked projects, reported margins and the balance sheet can move with project mix and the timing of execution and customer payments. The company also highlights, as a monitoring consideration, working-capital strain driven by receivables, retention money, and cash flow relative to the scale of projects executed.

Valuation markers and grey market premium trend

At the IPO price context provided, Swastika Infra Limited discloses earnings per share (EPS) of ₹15.70 and a pre-IPO price-to-earnings (P/E) multiple of 11.78 times. It also discloses a price-to-book multiple of 3.21 times. These are presented alongside operating and return metrics such as EBITDA margin, PAT margin, ROE, and ROCE.

The grey market premium (GMP) observations available in the provided context show GMP in the ₹3 to ₹5 range against a referenced issue price of ₹185 across 18 Sep 2026 to 21 Sep 2026. GMP is an unofficial indicator and can change; it is not the same as exchange-reported subscription data and is not a listing outcome.

Key risks and monitoring points

The risk discussion in the provided context highlights the following:

Dependence on government utilities. Revenue is described as heavily linked to government utilities, where policy shifts or slower payments can affect cash flow and delay project execution.

Project concentration. The context notes that top projects can form a large share of the order book, and a delay or cost overrun in a large project can affect profits and working capital needs.

Related-party transactions. The context flags related-party transactions as a governance consideration, creating potential conflicts that require scrutiny from minority shareholders.

Monitoring points (stated as practical checks investors may track):

• Working-capital intensity should be tracked through receivables, retention money, and cash conversion as execution scales.
• Client concentration should be monitored through the share of revenue and project exposure to key government utilities.
• Execution timelines should be monitored through progress and completion of large-value projects relative to stated schedules.
• Participation in larger tenders should be monitored for the company’s qualification approach, including the use of joint ventures where required, and delivery outcomes once awarded.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (21 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.