Swastik Infra IPO

Swastika Infra IPO is a book-built issue worth ₹160.88 crore. The issue includes a fresh issue of 69.46 lakh shares worth ₹128.50 crore and an offer for sale (OFS) of 17.50 lakh shares worth ₹32.38 crore.

The IPO will open for subscription on September 23, 2026, and close on September 25, 2026. The allotment is expected to be finalised on September 28, 2026. The company plans to list its shares on both the NSE and BSE, with the tentative listing date set for September 30, 2026.

The price band for the IPO has been fixed at ₹175 to ₹185 per share. The lot size is 81 shares, meaning retail investors need to apply for at least 81 shares. At the upper price band of ₹185, the minimum investment required is ₹14,985.

Srujan Alpha Capital Advisors LLP is the book-running lead manager for the IPO, while MUFG Intime India Pvt. Ltd. is the registrar to the issue.

About Swastik Infra

Swastika is an engineering, procurement and construction (EPC) company that works on power transmission and distribution infrastructure. In simple terms, the company builds the infrastructure needed to help electricity move from power sources to homes, businesses and other consumers.

The company provides end-to-end solutions, from procuring equipment to installing, testing and commissioning the infrastructure. Its work includes laying underground power cables, building substations, developing electricity distribution networks, installing street lighting systems and undertaking renewable energy projects. It also works on rural and urban electrification projects aimed at expanding access to electricity.

The company’s roots go back to 1969, when its predecessor partnership firm was established as a trader of electrical products such as wires and cables. In 2012, it entered the power distribution business by taking up small EPC projects. Since then, it has gradually expanded its capabilities and moved towards larger and more complex projects. It was incorporated as a company in August 2019.

As of July 31, 2026, Swastika had completed 36 projects across six states, covering around 18,579 km of distribution lines. It also had 18 ongoing projects with an aggregate order value of ₹2,03,665 lakh, providing a pipeline of future business.

Industry Outlook

This company operates in the Power EPC industry. 

• The Indian power EPC market is projected to grow at a CAGR of 8.80% between 2024 and 2030, supported by rising investments across power generation, transmission and distribution infrastructure.
• Government initiatives such as the Green Energy Corridor, smart grids and grid-modernisation programmes are driving demand for high-capacity transmission lines, substations, advanced metering and digital grid infrastructure.
• India’s electricity demand is projected to increase from 1,440 TWh in FY2023 to 2,060–2,699 TWh by 2030. Meeting this demand will require continued capacity additions across generation, transmission and distribution, creating a sustained project pipeline for EPC companies.
• Industries account for over 41% of electricity consumption, while rapid urbanisation is increasing demand for underground cabling, smart grids and distributed power systems. These trends are expected to support EPC opportunities across industrial and urban infrastructure.
• India’s target of achieving 50% of installed energy capacity from non-fossil fuel sources by 2030 is expected to drive large-scale investments in solar, wind and hybrid projects, creating opportunities for renewable-energy EPC contractors.
• Utility-scale renewable projects, rooftop solar, hybrid systems and battery energy storage are expanding the addressable market for EPC players. Schemes such as PM-KUSUM are also creating opportunities in decentralised and rural renewable-energy projects.
• Continued efforts to reduce T&D losses to below 15% are expected to drive investments in grid optimisation, smart metering, automation and network upgrades, supporting demand for specialised EPC services.
• PPPs, InvITs, green bonds and international financing from institutions such as the ADB and World Bank are increasing the availability of capital for power infrastructure, supporting new project development and EPC opportunities.
• India’s focus on reducing emissions is creating new opportunities in carbon capture, utilisation and storage (CCUS), energy storage and other low-carbon technologies. The proposed national CCUS mission could further expand the scope for specialised EPC contractors.

Swastik Infra IPO Objectives

1. The company plans to use ₹9,000 lakh (₹90 crore) in FY2027 to meet its additional working capital needs. This is important because EPC projects require funds upfront for purchasing materials, paying suppliers, labour and other project-related expenses before the company receives payments from customers.
2. The balance amount will be used for various business needs, such as growth initiatives, business development, marketing, capital expenditure, acquisition of fixed assets, strategic initiatives and other corporate expenses. The exact allocation will depend on the company's requirements and will be decided by the Board.

Financial Performance of Swastik Infra

Swastik Infra Peer Comparison

Strengths and Opportunities for Swastik Infra IPO

1. With 15 years of experience in the power EPC sector, the company has completed 36 projects and was executing 18 projects as of July 31, 2026, demonstrating established project management and execution capabilities.
2. The company has laid 18,579.47 km of distribution lines, providing extensive experience in power distribution projects and supporting its ability to undertake projects of varying scale and complexity.
3. Its experience in executing power distribution projects has enabled the company to secure the pre-qualifications required for large EPC power projects, strengthening its access to government-led infrastructure opportunities.
4. The company has progressively expanded from its first ₹60 lakh project in 2012 to a ₹340.10 crore EPC project awarded by AVVNL, involving smart-grid technology. This reflects its ability to undertake larger and more technologically advanced projects.
5. Revenue from operations increased from ₹20,957.53 lakh in FY2024 to ₹50,357.32 lakh in FY2026, representing a 55.01% CAGR. Profit also grew at a 72.13% CAGR during the same period, indicating strong business expansion.
6. The company leases project-specific machinery and equipment instead of owning heavy assets, helping reduce capital expenditure, fixed costs and asset-maintenance requirements while allowing it to scale capacity based on project needs.
7. Its fixed asset turnover ratio stood at 78.90x in FY2024, 153.67x in FY2025 and 70.72x in FY2026, reflecting efficient utilisation of its relatively low fixed-asset base.
8. The Promoters collectively bring over 50 years of EPC industry experience, with expertise spanning project execution, business development, project management, finance, administration and strategic planning.

Risks and Threats for Swastik Infra IPO

1. Government utility projects contributed 96.87% of revenue from operations in FY2026, up from 89.84% in FY2024. This high concentration exposes the company to changes in government policies, project cancellations, contract restructuring, and delays.
2. As of July 31, 2026, the company had 18 ongoing EPC power projects across 6 states, with an aggregate order book of ₹2,03,665 lakh. Delays, cost overruns or execution challenges in these large projects could affect revenue, cash flows and profitability.
3. The company’s book-to-bill ratio declined from 2.08 in FY2024 to 1.92 in FY2025 and 1.41 in FY2026. A sustained decline could indicate lower order-book coverage relative to current revenue and may affect future business visibility.
4. Related party transactions accounted for 3.96% of revenue from operations in FY2026, compared with 5.14% in FY2025 and 7.96% in FY2024. These transactions include salaries, interest, rent, purchases, sales, freight and consumables, creating potential conflicts of interest.
5. The company’s rating was downgraded from CARE BB; Stable in August 2021 to CARE BB-; Stable in March 2022. Although CRISIL upgraded its rating to BBB+/Stable in April 2026, any future downgrade could increase borrowing costs and restrict access to debt capital.
6. EPC projects are generally awarded through competitive bidding after meeting technical and financial qualification criteria. The company incurs non-reimbursable costs while preparing bids, with no assurance that submitted bids will result in project awards, potentially affecting future order inflows.

Swastik Infra IPO Reservation

Swastik Infra IPO Promoter Holding

The promoters of the company are Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi, and Vatsalya Gupta. 

Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.

Swastik Infra IPO Registrar and Lead Managers

Swastik Infra IPO Lead Managers

1. Srujan Alpha Capital Advisors LLP
2. PhillipCapital India Pvt.Ltd.

Registrar for Swastik Infra IPO

• Name: MUFG Intime India Pvt.Ltd.
• Phone: 022-49186000
• Email ID: swastikainfra.ipo@in.mpms.mufg.com

How To Check the Allotment Status of the Swastik Infra IPO?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for Swastik Infra IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Swastik Infra IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of Swastik Infra IPO

• Address: Plot no.14 &15, First Floor, Gajraj Apartment, Motilalatal Road, Opposite Hotel Neelam, Jaipur, Rajasthan, 302001
• Phone: +91 9116135709
• Email ID: cs@swastikainfra.com