Swastika InfraIPO Review — Financials, Valuation & Peers
A data-only look at the Swastika Infra IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 211.33 | 13.98 | 23.71 | 49.57 | 143.26 | 43.82 | — |
| FY 2025 | 352.6 | 27.45 | 43.89 | 77.02 | 258.54 | 111.02 | — |
| FY 2026 | 505.57 | 41.43 | 70.85 | 156.78 | 412.24 | 114.64 | 15.7 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 11.78x
- P/E (post-issue)
- 15.24x
- RoNW
- 35.44%
- RoE
- 35.44%
- RoCE
- 25.76%
- Debt / Equity
- 0.73
- EPS (pre-issue)
- ₹15.7
- EPS (post-issue)
- ₹12.14
- EBITDA Margin
- 14.07%
- PAT Margin
- 8.23%
- P/BV
- 3.21x
- NAV / share
- ₹57.69
- Market Cap
- ₹631.22 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Swastika Infra | 15.7 | 57.7 | — | 35.4% | — | Restated |
| Rajesh Power Services Ltd. | 79.5 | 225.6 | 10.1x | 35.3% | 3.57x | Consolidated |
| Vikran Engineering Ltd. | 4.1 | 48 | 14.6x | 7.4% | 1.23x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi, Vatsalya Gupta</p>
- Holding (pre-issue)
- 76.51%
- Holding (post-issue)
- 57.41%
- Dilution
- 19.1%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Swastika Infra IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
6 anchor investors participated in the Swastika Infra IPO ahead of the public offer, together allocated ₹48.26 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to SHINE STAR BUILD-CAP PVT.LTD. (₹10 crore), MINERVA VENTURES FUND (₹10 crore) and LONGTHRIVE CAPITAL VCC-TRENDVIEW CAPITAL FUND (₹10 crore). Investor categories represented include Other and FII/FPI. The lock-in on half the anchor shares ends on 27 Oct 2026, with the remainder locked until 26 Dec 2026.
Analyst view tally
ipostation tracks 1 third-party reviewer on the Swastika Infra IPO, including Capital Market. Of the 1 with a stated verdict, 1 says "Neutral". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Swastika Infra operates at an EBITDA margin of 14.07% and a net (PAT) margin of 8.23% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 25.76% and a return on equity (RoE) of 35.44%. At the upper band, the post-issue market capitalisation works out to about ₹631.22 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
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.
Frequently asked questions
- What is the reservation split in the Swastika Infra IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%.
- Who are the promoters of Swastika Infra and what is their holding?
- The promoters are <p>Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi, Vatsalya Gupta</p>. Promoter holding is 76.51% before the issue and 57.41% after listing.
- What is the P/E ratio of the Swastika Infra IPO?
- At the upper price band, the Swastika Infra IPO is valued at 11.78× pre-issue earnings and 15.24× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Swastika Infra IPO?
- The net proceeds go primarily toward funding of incremental working capital requirements of the company, among 2 disclosed objects.