Swastika Infra IPO

ListedMainboardIndustrialsNSE · BSE

Price band: ₹175 – ₹185
Issue size: ₹161 Cr
Lot size: 81 sh
Bidding: 23 – 25 Sep
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Swastika Infra is a Jaipur turnkey EPC contractor building transmission and distribution infrastructure for Indian state power utilities. Revenue from operations was Rs 209.58 Cr in FY24, Rs 350.76 Cr in FY25 and Rs 503.57 Cr in FY26, with profit after tax of Rs 13.98 Cr, Rs 27.45 Cr and Rs 41.43 Cr over the same three years. The record states that government distribution companies supplied 96.87% of FY2026 revenue, that the top five clients accounted for that same share, that operating cash flow was negative in all three years, and that net working capital of Rs 255.63 Cr equalled 50.76% of FY2026 revenue. The Rs 160.87 Cr issue (Rs 128.50 Cr fresh, Rs 32.38 Cr offer for sale) was priced at a band of Rs 175-185 and subscribed 7.91 times overall; it listed at Rs 200 and last traded at Rs 193.86 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

75Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Swastika Infra, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 1969 · Jaipur, Rajasthan, India · 182 employees

Swastika Infra builds electricity distribution and transmission infrastructure for Indian state power utilities. On turnkey EPC contracts it designs, procures, installs, tests and commissions substations, underground and overhead cabling, feeder lines, rural and urban electrification and street lighting. Its customers are government distribution companies — WBSEDCL, MGVCL, AVVNL, RRVPNL and MSEDCL among them — which supplied 96.87% of FY2026 revenue; the top five clients accounted for that same share. The Jaipur company had 182 full-time employees at 31 July 2026, had completed 36 projects worth ₹764.67 crore, and had 18 projects worth ₹2,036.65 crore under execution across six states, leaving an unexecuted order book of ₹916.55 crore. It was incorporated in 2019, continuing an electrical contracting firm the promoter family started in 1969.

Revenue is billing on utility EPC contracts, recognised as work progresses. Revenue from operations rose from ₹209.58 crore in FY2024 to ₹503.57 crore in FY2026, with an FY2026 EBITDA margin of 14.07% and PAT of ₹41.43 crore. Cost is mainly bought-in cable, transformers and switchgear plus subcontracted site labour; it leases heavy equipment rather than owning it (FY2026 fixed-asset turnover 70.72x). The constraint is working capital, not plant. Net working capital of ₹255.63 crore equalled 50.76% of FY2026 revenue, operating cash flow was negative in all three years, and the ₹128.50 crore fresh issue was raised chiefly to fund it.

The company on paper

Legal name: Swastika Infra Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 6 Aug 2019trading as Swastika Infra since 1969
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U51909RJ2019PLC065892
Sector: Industrials · Turnkey EPC for power transmission and distribution infrastructure
Employees: 182
Registered office: Jaipur, Rajasthan, India
Promoters: Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi, Vatsalya Gupta
Promoter holding, pre-issue: 76.5%
Promoter holding, post-issue: 57.4%
Website: swastikainfra.com

The numbers

Financial performance

Revenue has compounded at 55.0% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

80% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹129 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹32.38 Cr
Total issue size: ₹161 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 19.1% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription7.91×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹185.00
Listed at: ₹200.00
Listing gain: up 8.1%
Since listing: down 1.1%
Against the issue price: up 6.9%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 81
At cut-off price: ₹185.00
Amount blocked: ₹14,985

One lot is 81 shares at ₹14,985. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~19%

chance of one lot, per application

Retail subscription: 5.39×
Applicants per share available: 5.4× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹200.00

listed at, 8.1% against the issue price

Issue price: ₹185.00
Premium said: —
If allotted 81 shares: ₹1,215

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue from operations rose 43.57% in FY26, from Rs 350.76 Cr to Rs 503.57 Cr, after rising 67.36% in FY25 from Rs 209.58 Cr; the FY26 figure is 2.40 times the FY24 figure.
EBITDA margin was 11.31% in FY24 (Rs 23.71 Cr on Rs 209.58 Cr), 12.51% in FY25 (Rs 43.89 Cr on Rs 350.76 Cr) and 14.07% in FY26 (Rs 70.85 Cr on Rs 503.57 Cr). PAT margin on the same revenues was 6.67%, 7.83% and 8.23%.
Net worth was Rs 49.57 Cr in FY24, Rs 77.02 Cr in FY25 and Rs 156.78 Cr in FY26. Set against total borrowings of Rs 43.82 Cr, Rs 111.02 Cr and Rs 114.64 Cr, that is a borrowings-to-net-worth ratio of 0.88x, 1.44x and 0.73x; the FY26 reading is the lowest of the three, but the path is not one-directional.
The record puts 18 projects worth Rs 2,036.65 Cr under execution across six states and an unexecuted order book of Rs 916.55 Cr, which is 1.82 times FY2026 revenue of Rs 503.57 Cr, alongside 36 completed projects worth Rs 764.67 Cr.

What to weigh against it

The record states that government distribution companies supplied 96.87% of FY2026 revenue and that the top five clients accounted for that same share.
The record states operating cash flow was negative in all three years, against reported PAT of Rs 13.98 Cr in FY24, Rs 27.45 Cr in FY25 and Rs 41.43 Cr in FY26. No cash flow figure is carried for any year: the cashFlowOpsCr field is blank in all three.
The record states net working capital was Rs 255.63 Cr, equal to 50.76% of FY2026 revenue, and that the Rs 128.50 Cr fresh issue, 79.88% of the Rs 160.87 Cr total issue size, was raised chiefly to fund it.
Total borrowings were Rs 43.82 Cr in FY24, Rs 111.02 Cr in FY25 and Rs 114.64 Cr in FY26, a higher level in each successive year the record carries.

Easy to miss in the prospectus

It listed at Rs 200 against a band top of Rs 185, a gain of 8.11%, and last traded at Rs 193.86 on 23 October 2026, which is 4.79% above the band top and 3.07% below the listing price.
Promoter holding is 76.51% pre-issue and 57.41% post-issue, a reduction of 19.10 percentage points across the six named promoters.
The record carries no valuation block, no pre- or post-issue share count, no allocation split and only a single day-3 subscription row (QIB 3.22x, NII 18.50x, retail 5.39x, total 7.91x), so per-share earnings multiples and day-wise bidding cannot be checked against it.

Straight from the filing

Read it yourself

The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.

The paperwork

Who is running the issue

Lead managers: Srujan Alpha Capital Advisors LLP, PhillipCapital (India) Private Limited
RegistrarAllotment status is checked on the registrar's own site: MUFG Intime India Private Limited

How these figures were checked

Built from 11 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

NSE — Swastika Infra (SWASTIKAIN) IPO issue information and consolidated bid/subscription data, timestamped 25-Sep-2026 19:00 IST · read 15 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 23 Sep 2026
Closes: 25 Sep 2026
Allotment: 28 Sep 2026
Lists: 30 Sep 2026
Revenue (FY26): ₹504 Cr
Profit (FY26): ₹41.43 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.