Swastika Infra IPO
Swastika Infra IPO is a mainboard IPO raising ₹161 Cr at ₹175 – ₹185 a share. It listed on 30 Sept 2026 at ₹200, +8.1% against its issue price of ₹185, and trades at ₹195 today (+5.6% since issue). It was subscribed 7.60× in total.
7.6 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Swastika Infra Limited is an Engineering, Procurement and Construction (EPC) company that executes power transmission and distribution (T&D) infrastructure projects on a turnkey basis for government utilities across India. Their scope covers underground cabling up to 33 kV, construction of substations (GIS/AIS/GSS), rural and urban electrification, street lighting systems, and renewable energy works such as solar park power evacuation systems. Since 2012, they have laid 18,579.47 km of distribution lines across nine Indian states and are increasingly moving into transmission and solar park development.
How it earns
Primarily through turnkey EPC contracts awarded by state electricity distribution companies and government utilities (with funding from the World Bank, central/state government, or internal resources), supplemented by trading of electrical products like cables.
Who buys
Entirely government utilities and public sector entities. Named clients include WBSEDCL, MGVCL, APDCL, GED (Goa), HPSEBL, UHBVN, JVVNL, UPCL, AVVNL, RSDCL, MSEDCL and RRVPNL. A significant portion of projects are funded by the World Bank or backed by the Ministry of Power, Government of India. Largest single recent order is from AVVNL (₹34,010 Lakhs ≈ ₹340.10 crore) for distribution infrastructure in Sikar circle, Rajasthan. Ongoing order book of ₹2,03,665 Lakhs (≈ ₹2,036.65 crore), of which ₹57,883 Lakhs is central government funded, ₹71,905 Lakhs World Bank funded, ₹41,014 Lakhs state government funded, and ₹32,863 Lakhs funded from internal resources/borrowings.
Scale
65 in-house engineers & technicians; 36 completed projects (aggregate contract value ₹76,467 Lakhs ≈ ₹764.67 crore) and 18 ongoing projects (aggregate order value ₹2,03,665 Lakhs ≈ ₹2,036.65 crore) spread across 9 Indian states (Rajasthan, Uttarakhand, Assam, West Bengal, Goa, Gujarat, Himachal Pradesh, Maharashtra, Haryana). FY26 revenue from operations: ₹50,357.32 Lakhs (≈ ₹503.57 crore). Note: all amounts converted from Lakhs to crore (1 crore = 100 Lakhs).
What it says sets it apart
- 15-year track record in power EPC with 36 completed projects worth ₹76,467 Lakhs (≈ ₹764.67 crore) and 18,579.47 km of distribution lines laid
- Government utilities client base with project payments backed by World Bank or central government funding, minimizing payment risk
- Asset-light model — heavy equipment leased from third parties, yielding a fixed asset turnover ratio of 70.72x in FY26
- Strong financial momentum: revenue from operations grew at 55.01% CAGR over FY24-FY26 (₹20,957.53 Lakhs to ₹50,357.32 Lakhs), with EBITDA margin expanding from 11.31% to 14.07%
- Growing order book of ₹91,655 Lakhs (≈ ₹916.55 crore) as of July 31, 2026 (up from ₹39,139.13 Lakhs in FY24), with 60.44% concentration in Rajasthan, providing multi-year revenue visibility
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs185 / stated EPS Rs15.7 (Fiscal 2026 diluted EPS, restated (Basic and Diluted EPS are based on the Restated Financial Information)). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹504 Cr+44% | ₹41 Cr+51% | 8.2% | ₹157 Cr | ₹115 Cr |
| FY2025 | ₹351 Cr+67% | ₹27 Cr+96% | 7.8% | ₹77 Cr | ₹111 Cr |
| FY2024 | ₹210 Cr | ₹14 Cr | 6.7% | ₹50 Cr | ₹44 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
101 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Non-institutional: 19× their allocation. QIB: 3.22×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
Led by Srujan Alpha Capital Advisors LLP — median +5.6% across the 3 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 6 Nov 2026.
What to watch
- Priced at 11.8× earnings — 4% below the median of the peers the issuer itself names.
- Its cohort's record: median +9.4% since issue price, 36.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track SWASTIKA INFRA LIMITED
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.