1. IPO Snapshot
| Particular | Details |
|---|
| Company Name | Swastika Infra Limited |
| IPO Type | Fresh Issue and Offer for Sale |
| Fresh Issue | ₹12,850.00 lakhs |
| Offer for Sale | 17,50,000 shares |
| Face Value | ₹10 per Equity Share |
| Price Band | ₹175–₹185 per Equity Share |
| Lot Size | 81 Equity Shares; bids thereafter in multiples of 81 |
| Opening Date | September 23, 2026 |
| Closing Date | September 25, 2026 |
| Basis of Allotment | On or before September 28, 2026 |
| Listing | BSE and NSE; BSE is Designated Stock Exchange |
| Listing Date | On or before September 30, 2026 |
| Registrar | MUFG Intime India Private Limited |
| Lead Managers | Srujan Alpha Capital Advisors LLP; PhillipCapital (India) Private Limited |
2. IPO Details
| Particular | At Floor Price ₹175 | At Cap Price ₹185 |
|---|
| Fresh Issue Shares | 73,42,857 | 69,45,946 |
| Fresh Issue Amount | ₹12,850.00 lakhs | ₹12,850.00 lakhs |
| OFS Shares | 17,50,000 | 17,50,000 |
| OFS Value | ₹3,062.50 lakhs | ₹3,237.50 lakhs |
| Total Offer Shares | 90,92,857 | 86,95,946 |
| Total Offer Value | ₹15,912.50 lakhs | ₹16,087.50 lakhs |
| Pre-Issue Shares | 2,71,74,242 | 2,71,74,242 |
| Post-Offer Shares | 3,45,17,099 | 3,41,20,188 |
| Post-Offer Market Capitalisation | ₹60,404.92 lakhs | ₹63,122.35 lakhs |
3. Issue Reservation
| Category | Reservation / Allocation |
|---|
| QIB | Not more than 50% of the Offer |
| Non-Institutional Bidders | Not less than 15% of the Offer |
| Retail Individual Bidders | Not less than 35% of the Offer |
| Anchor Investors | Up to 60% of the QIB Portion; 40% of Anchor Investor Portion reserved as specified for domestic Mutual Funds, Life Insurance Companies and Pension Funds |
| Employee / Shareholder | Not separately disclosed as a reservation category in the attached finalized advertisement |
4. IPO Lot Size
| Application | Lots | Shares | Amount at ₹175 | Amount at ₹185 |
|---|
| Retail (Min) | 1 | 81 | ₹14,175 | ₹14,985 |
| Retail (Max) | 13 | 1,053 | ₹1,84,275 | ₹1,94,805 |
| S-HNI (Min) | 14 | 1,134 | ₹1,98,450 | ₹2,09,790 |
| S-HNI (Max) | 66 | 5,346 | ₹9,35,550 | ₹9,89,010 |
| B-HNI (Min) | 67 | 5,427 | ₹9,49,725 | ₹10,03,995 |
5. About the Company
Swastika Infra Limited states that it is an engineering, procurement and construction company specializing in Power Transmission and Distribution infrastructure projects. Its EPC scope covers procurement, supply, erection, installation, testing and commissioning of power infrastructure on a turnkey basis.
The business traces its origin to the partnership firm “Swastika Electricals & Fertilizers,” constituted on October 23, 1969. The firm was reconstituted on February 1, 2019, converted into Swastika Infra Private Limited on August 6, 2019, and subsequently converted into a public limited company as Swastika Infra Limited with a fresh certificate of incorporation dated January 27, 2025.
The RHP describes activities including underground cabling, rural and urban electrification, substation construction and associated feeder lines, street-lighting projects, renewable-energy works and trading of electrical products. Revenue from EPC Power Projects was ₹48,782.30 lakhs in Fiscal 2026, representing 97% of revenue from operations; sale of products contributed ₹1,575.02 lakhs, or 3%.
The Company states that it has completed 36 projects and was executing 18 projects as of July 31, 2026. It reported 18,579.47 km of distribution lines laid. Its geographical presence described in the RHP includes Rajasthan, Assam, Uttarakhand, West Bengal, Goa, Haryana, Himachal Pradesh, Gujarat and Maharashtra.
The Order Book was ₹91,655 lakhs as of July 31, 2026. The RHP identifies government utilities and public-sector entities among its clients and states that several projects are funded by government agencies or multilateral institutions. The business also uses third-party contractors for portions of erection work and describes its operating model as asset-light.
6. Restated Financial Information
| Particulars (₹ lakhs, except EPS) | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from Operations | 50,357.32 | 35,075.82 | 20,957.53 |
| Other Income | 199.57 | 184.52 | 175.92 |
| Total Income | 50,556.89 | 35,260.34 | 21,133.44 |
| Profit Before Tax | 5,533.54 | 3,701.97 | 1,882.95 |
| Tax Expense | 1,390.73 | 957.41 | 484.75 |
| Profit for the Year | 4,142.80 | 2,744.55 | 1,398.21 |
| Total Comprehensive Income | 4,141.89 | 2,744.79 | 1,397.94 |
| Basic & Diluted EPS (₹) | 15.70 | 11.09 | 5.65 |
| Net Worth / Total Equity | 15,677.82 | 7,701.73 | 4,956.95 |
| Equity Share Capital | 2,717.42 | 2,475.00 | 2,475.00 |
| Other Equity | 12,960.40 | 5,226.73 | 2,481.95 |
| Long-term Borrowings | 254.76 | 22.46 | 36.77 |
| Current Borrowings | 11,209.25 | 11,079.39 | 4,345.02 |
| Total Assets | 41,223.93 | 25,853.98 | 14,325.89 |
| Total Liabilities | 25,546.11 | 18,152.25 | 9,368.94 |
| Finance Cost | 1,689.86 | 817.96 | 602.93 |
| Depreciation & Amortisation | 63.59 | 58.07 | 66.50 |
| CFO | (965.21) | (7,653.52) | (334.25) |
| CFI | (1,632.62) | 1,415.35 | (2,274.14) |
| CFF | 2,713.91 | 6,069.99 | 1,650.16 |
| Cash & Cash Equivalents, closing | 166.77 | 50.70 | 218.90 |
| Trade Receivables | 11,497.62 | 7,130.56 | 3,142.64 |
7. Key Performance Indicators
| KPI | FY2026 | FY2025 | FY2024 |
|---|
| Total Income (₹ lakhs) | 50,556.89 | 35,260.34 | 21,133.44 |
| Revenue from EPC Contracts (₹ lakhs) | 48,782.30 | 33,904.31 | 18,827.89 |
| Current Ratio (times) | 1.55 | 1.39 | 1.47 |
| EBITDA (₹ lakhs) | 7,084.55 | 4,388.76 | 2,370.96 |
| EBITDA Margin | 14.07% | 12.51% | 11.31% |
| Net Profit (₹ lakhs) | 4,142.80 | 2,744.55 | 1,398.21 |
| Net Profit Margin | 8.23% | 7.82% | 6.67% |
| Return on Net Worth | 35.44% | 43.36% | 32.84% |
| Return on Capital Employed | 25.76% | 23.14% | 25.15% |
| Debt-Equity Ratio | 0.73 | 1.44 | 0.88 |
| Order Book (₹ lakhs) | 68,743.52 | 65,022.73 | 39,139.13 |
| Order Book / Revenue from Operations | 1.41 | 1.92 | 2.08 |
8. IPO Valuation
| Metric | Disclosure |
|---|
| Price Band | ₹175–₹185 |
| Basic EPS FY2026 | ₹15.70 |
| Diluted EPS FY2026 | ₹15.70 |
| P/E at ₹175 | 11.15x |
| P/E at ₹185 | 11.78x |
| Industry P/E – Highest | 14.6x; Vikran Engineering Limited |
| Industry P/E – Lowest | 10.1x; Rajesh Power Services Limited |
| Industry P/E – Average | 12.35x |
| Weighted Average RoNW | 37.65% |
| NAV FY2026 | ₹57.69 |
| NAV after Offer – Floor | ₹82.65 |
| NAV after Offer – Cap | ₹83.61 |
| WACA of Primary Issuance | ₹165; Floor Price = 1.06x WACA; Cap Price = 1.12x WACA |
9. Peer Comparison
| Company | CMP* | EPS Basic | EPS Diluted | P/E | RoNW | NAV/share | Face Value |
|---|
| Swastika Infra Limited | [●] | 15.7 | 15.7 | [●] | 35.4% | 57.7 | 10.00 |
| Rajesh Power Services Limited | 804 | 79.5 | 79.5 | 10.1 | 35.3% | 225.6 | 10.00 |
| Vikran Engineering Limited | 59.2 | 4.1 | 4.1 | 14.6 | 7.4% | 48.0 | 1.00 |
10. Shareholding & Capital Structure
Shareholding
| Category / Shareholder | Pre-Offer Shares | % of Pre-Offer Capital | Post-Offer Shares at ₹175 | Post-Offer % at ₹175 | Post-Offer Shares at ₹185 | Post-Offer % at ₹185 |
|---|
| Babulal Gupta | 7,42,500 | 2.73% | 7,42,500 | 2.15% | 7,42,500 | 2.18% |
| Vinay Gupta | 70,27,500 | 25.86% | 67,54,000 | 19.57% | 67,54,000 | 19.79% |
| Ruchira Gupta | 51,00,000 | 18.77% | 48,26,500 | 13.98% | 48,26,500 | 14.15% |
| Biren Parnami | 39,60,000 | 14.57% | 36,32,000 | 10.52% | 36,32,000 | 10.64% |
| Manoj Modi | 39,60,000 | 14.57% | 36,32,000 | 10.52% | 36,32,000 | 10.64% |
| Promoters & Promoter Group | 2,07,90,000 | 76.51% | 1,95,87,000 | 56.74% | 1,95,87,000 | 57.40% |
| Public | 63,84,242 | 23.49% | 1,49,30,099 | 43.26% | 1,45,33,188 | 42.60% |
| Total | 2,71,74,242 | 100.00% | 3,45,17,099 | 100.00% | 3,41,20,188 | 100.00% |
Additional Top 10 Shareholders
| Shareholder | Pre-Offer Shares | % of Pre-Offer Capital | Post-Offer Shares at ₹175 | Post-Offer % at ₹175 | Post-Offer Shares at ₹185 | Post-Offer % at ₹185 |
|---|
| Ishaan Bhartia | 19,80,000 | 7.29% | 17,06,500 | 4.94% | 17,06,500 | 5.00% |
| Ishita Bhartia | 19,80,000 | 7.29% | 17,06,500 | 4.94% | 17,06,500 | 5.00% |
| Keshav Sonkhiya | 1,34,143 | 0.49% | 1,34,143 | 0.39% | 1,34,143 | 0.39% |
| Bharat Taparia | 1,21,200 | 0.45% | 1,21,200 | 0.35% | 1,21,200 | 0.36% |
| Pratyay Didwania | 1,21,000 | 0.45% | 1,21,000 | 0.35% | 1,21,000 | 0.35% |
| Nirag Ventures LLP | 60,000 | 0.22% | 60,000 | 0.17% | 60,000 | 0.18% |
| Ashvi Ventures LLP | 60,000 | 0.22% | 60,000 | 0.17% | 60,000 | 0.18% |
| PurpleRock Investments Private Limited | 60,000 | 0.22% | 60,000 | 0.17% | 60,000 | 0.18% |
| Sangita Bhartia | 60,000 | 0.22% | 60,000 | 0.17% | 60,000 | 0.18% |
| Sunas Chandregowda | 60,000 | 0.22% | 60,000 | 0.17% | 60,000 | 0.18% |
| Prasham Mayank Shah | 60,000 | 0.22% | 60,000 | 0.17% | 60,000 | 0.18% |
| Lal Bahadur Singh Chaudhary | 51,000 | 0.19% | 51,000 | 0.15% | 51,000 | 0.15% |
11. Objects of the Issue
| Object | Amount |
|---|
| Funding incremental working capital | Up to ₹9,000.00 lakhs |
| General corporate purposes | [●] in RHP |
12. OFS / Selling Shareholders
| Selling Shareholder | Type | Maximum Shares | WACA/share |
|---|
| Vinay Gupta | Promoter Selling Shareholder | 2,73,500 | ₹4.30 |
| Ruchira Gupta | Promoter Selling Shareholder | 2,73,500 | ₹9.80 |
| Biren Parnami | Promoter Selling Shareholder | 3,28,000 | ₹14.80 |
| Manoj Modi | Promoter Selling Shareholder | 3,28,000 | ₹14.80 |
| Ishaan Bhartia | Other Selling Shareholder | 2,73,500 | ₹14.80 |
| Ishita Bhartia | Other Selling Shareholder | 2,73,500 | ₹14.80 |
13. Key Risks Highlighted in the RHP
| Category | Risk | Potential Impact |
|---|
| Business / Customer concentration | 100% of the Order Book as of July 31, 2026 comprised projects awarded by government utilities; revenue is also concentrated among a limited number of clients. | Adverse changes in government policy, project awards, client relationships, payment timing or contract terms could affect revenue, cash flows and financial condition. |
| Project execution | The Order Book consists of large projects and the Company has experienced project completion delays of six to twelve months during the stated fiscal periods. | Delays, changes in scope, cost increases, liquidated damages, termination or inability to obtain extensions could affect revenues and margins. |
| Working capital / liquidity | The business is working-capital intensive and relies on financing facilities and internal sources. | Higher working-capital needs, delayed client payments or reduced financing availability could affect operations and finance costs. |
| Operating cash flows | The restated cash flow statement shows negative cash flow from operating activities in FY2026, FY2025 and FY2024. | Continued negative operating cash flow could increase dependence on financing and working-capital facilities. |
| Competitive bidding | EPC projects are typically awarded through competitive bidding; the RHP reports bid acceptance rates of 29%, 20% and 38% for FY2026, FY2025 and FY2024. | Changes in qualification criteria, competition, tender delays or inability to submit commercially competitive bids may affect project awards. |
| Sub-contractors / suppliers | The Company relies on third-party contractors for portions of project execution and on raw-material suppliers. | Performance issues, supply disruptions or changes in material availability and prices could affect execution and costs. |
| Bank guarantees / financing | The Company is required to furnish bank guarantees and had borrowings and non-fund-based facilities disclosed in the RHP. | Difficulty arranging guarantees or complying with financing covenants could affect project execution and liquidity. |
| Legal / regulatory | The RHP discloses pending civil litigation and tax proceedings, as well as risks around statutory and regulatory compliance. | Adverse outcomes or delays in obtaining/maintaining approvals could affect financial or operating conditions. |
| Technology / IT | The RHP identifies risks of malfunctions or disruptions in information technology systems and technology changes in the EPC industry. | System disruption or inability to keep pace with technology may affect operations or competitiveness. |
| Debt / interest rate | The Company has secured borrowings and financing agreements containing restrictive covenants; the RHP separately identifies interest-rate risk. | Default, covenant restrictions or interest-rate changes may affect financing costs, liquidity and flexibility. |
14. Litigation & Contingent Liabilities
| Matter | Disclosure |
|---|
| Company – material civil proceedings | Two civil writ matters are disclosed, including proceedings involving JVVNL / State authorities and a 2026 petition concerning alleged recovery of ₹3,60,46,740.34 and performance bank guarantees of ₹1,08,82,000. |
| Company – tax proceedings | 2 direct-tax cases of ₹0.59 lakhs and 2 indirect-tax cases of ₹44.03 lakhs; total 4 cases, ₹44.62 lakhs. |
| Promoters – tax proceedings | 4 direct-tax cases; aggregate amount ₹224.02 lakhs. |
| Directors other than Promoters | No criminal proceedings, regulatory/statutory actions, material civil proceedings or tax proceedings disclosed in the summary. |
| KMP/SMP other than Directors and Promoters | No criminal, regulatory/statutory or tax proceedings disclosed in the summary. |
| Contingent liabilities | Bank guarantees: ₹27,267.93 lakhs as of March 31, 2026; GST penalty nil for FY2026 and FY2025; FY2024 GST penalty ₹1,062.42 lakhs. |
| JVVNL claim | ₹360.46 lakhs claim; Company has filed a writ petition and states the claim is disputed and not acknowledged as debt. |
| Material creditors | 5 material creditors; ₹3,699.49 lakhs. MSMEs: 54 creditors / ₹2,637.01 lakhs; other creditors: 42 / ₹3,563.82 lakhs. |
15. Registrar
| Particular | Disclosure |
|---|
| Name | MUFG Intime India Private Limited (formerly Link Intime India Private Limited) |
| Address | C-101, 1st Floor, 247 Park, Lal Bhadur Shastri Marg, Vikhroli (West), Mumbai 400 083, Maharashtra |
| Telephone | +91 810 811 4949 |
| Email | swastikainfra.ipo@in.mpms.mufg.com |
| Website | in.mpms.mufg.com |
| Investor Grievance Email | swastikainfra.ipo@in.mpms.mufg.com |
| SEBI Registration | INR000004058 |
| Contact Person | Shanti Gopalkrishnan |
16. Lead Manager(s)
| BRLM | Address / Contact | SEBI Registration |
|---|
| Srujan Alpha Capital Advisors LLP | 112A, 1st Floor, Arun Bazar, S.V. Road, Malad (West), Mumbai 400064; +91 22 4014 3173; projectinfra@srujanalpha.com; www.srujanalpha.com | INM000012829 |
| PhillipCapital (India) Private Limited | No.1, 18th Floor, Urmi Estate, 95 Ganpatrao Kadam Marg, Lower Parel West, Mumbai 400013; +91 22 2483 1919; projectInfra-pc@phillipcapital.in; www.phillipcapital.in | INM000012458 |
17. Company Contact Details
| Particular | Disclosure |
|---|
| CIN | U51909RJ2019PLC065892 |
| Registered Office | Plot no.14 &15, First Floor, Gajraj Apartment, Motilal Atal Road, Opposite Hotel Neelam, Jaipur – 302 001, Rajasthan, India |
| Telephone | +91 91161 35709 |
| Email | cs@swastikainfra.com |
| Website | www.swastikainfra.com |
| Company Secretary / Compliance Officer | Shipra Gandhi |
| Investor grievance contact | cs@swastikainfra.com is the company contact shown in the RHP; BRLM/Registrar grievance contacts are separately disclosed |
