Swastika Infra IPO

The Swastika Infra mainboard IPO runs from 23 Sept 2026 to 25 Sept 2026, offered at a price band of ₹175–185 per share, and is set to list on NSE and BSE. The company is looking to raise ₹160.88 crore through the offer. Retail investors bid in lots of 81 shares, a minimum application of ₹14,985.

Issue structure

The offer combines a fresh issue of ₹128.5 crore with an offer for sale (OFS) of ₹32.38 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward funding of incremental working capital requirements of the company (₹90 crore), alongside general corporate purposes.

Financials

In FY2026, Swastika Infra reported revenue of ₹505.57 crore and a net profit of ₹41.43 crore. Revenue grew from ₹211.33 crore in FY2024 to ₹505.57 crore in FY2026 (+139.0%). Net worth stood at ₹156.78 crore at the end of FY2026. At the upper band, that puts the issue at roughly 11.8× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 15.24× post-issue earnings and 3.21× book value, against a return on net worth of 35.44% and a debt-to-equity ratio of 0.73. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Rajesh Power Services Ltd. and Vikran Engineering Ltd., with a median peer P/E of about 12.4×. The issue's own post-issue P/E works out to 15.24×.

Promoters

The promoters of the company are <p>Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi, Vatsalya Gupta</p>. Promoter holding stands at 76.51% before the issue and comes down to 57.41% after listing.

Grey market premium (GMP)

In the unofficial grey market, Swastika Infra shares are quoted at a premium of ₹7 implying an expected listing around ₹192, about +3.8% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

Subscription

The Swastika Infra IPO was subscribed 7.91 times overall. The strongest demand came from non-institutional investors (NII) at 19.35 times, with qualified institutional buyers (QIB) at 3.31× and retail investors at 5.64×.

Listing performance

Swastika Infra listed on 30 Sept 2026 at ₹200, a premium of +8.1% over the issue price of ₹185.

What to weigh

When evaluating the Swastika Infra IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Swastika Infra

Incorporated in August 2019, Swastika Infra Limited is an Engineering, Procurement, and Construction (EPC) company specializing in power distribution infrastructure projects (EPC Power Projects) and the sale of electrical products. Business Verticals: EPC Power Projects: The company provides end-to-end turnkey solutions covering procurement, supply, erection, installation, testing, and commissioning of power infrastructure. The scope of work includes: Underground cabling work &ndash; Laying, installation, and commissioning of high-voltage/low-voltage power cables to enhance efficiency and reduce power losses. Construction of substations &ndash; Execution of Gas Insulated Substations (GIS) and Air Insulated Substations (AIS), including installation of power transformers, circuit breakers, and ring main units. Rural and urban electrification projects &ndash; Expanding electricity access in underserved regions by implementing distribution networks, service connections, and feeder lines under government schemes. Installation of street lighting systems &ndash; Enhancing urban and rural infrastructure through public lighting projects. Sale of Products: The company is engaged in the trading of electrical products, including the procurement and sale of power cables and other electrical items. While the primary focus is on EPC projects, this segment remains part of its operations. Projects &amp; Presence: Completed Projects: Since 2012, the company has completed 34 EPC Power Projects across four Indian states, covering 8,519.50 circuit kilometres (CKM) with a total contract value of ₹60,410 Lakhs. Ongoing Projects: As of February 28, 2025, The company has 12 ongoing EPC Power Projects across five Indian states with an aggregate order value of Rs 1,47,815 Lakhs. Notable Projects: System Strengthening Works of Jaipur JCC Circle under Jaipur Discom in Rajasthan. Supply contract for rural electrification work in Dausa District. Rural electrification works in Sikar under Ajmer Discom, Rajasthan. Supply, erection, testing &amp; commissioning of SCADA-compatible equipment in Jaipur City Circle (Divisions III, IV, and V). Operations &amp; Workforce: As of February 28, 2025, the company had 104 full-time employees.