Swastika Infra IPO
Swastika Infra IPO 2026 – Price, GMP, Dates, Lot Size, Allotment, Listing, Financials & Review
Swastika Infra IPO Details
Swastika Infra IPO is a Mainboard IPO comprising a fresh issue of 69,45,946 equity shares and an offer for sale of 17,50,000 equity shares. The price band is fixed at ₹175 to ₹185 per share and the IPO is scheduled to open on 23 September 2026 and close on 25 September 2026. Swastika Infra Limited is an engineering, procurement and construction company engaged in power transmission, distribution, electrification and renewable energy infrastructure projects.
Swastika Infra IPO GMP
GMP is an unofficial grey-market indicator and is not an exchange-published price or a guarantee of the actual listing price. The latest available tracker reported a GMP of ₹6 on 22 September 2026, while other trackers have reported different figures, showing that grey-market quotes can vary.
Swastika Infra IPO Timeline (Tentative)
The anchor investor bidding is scheduled for 22 September 2026, followed by the public bidding period from 23 September to 25 September 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Wed, Sep 23, 2026 |
| IPO Close Date | Fri, Sep 25, 2026 |
| Basis of Allotment | Mon, Sep 28, 2026 |
| Initiation of Refunds | Tue, Sep 29, 2026 |
| Credit of Shares to Demat | Tue, Sep 29, 2026 |
| Listing Date | Wed, Sep 30, 2026 |
| IPO Opens | 23 September 2026 |
| IPO Closes | 25 September 2026 |
| Basis of Allotment | 28 September 2026 |
| Refund Initiation | 29 September 2026 |
| Credit of Shares to Demat | 29 September 2026 |
| IPO Listing Date | 30 September 2026 |
Swastika Infra IPO Lot Size
The minimum retail application is 1 lot of 81 shares at the upper price band of ₹185, requiring an investment of ₹14,985.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail Minimum | 1 | 81 | ₹14,985 |
| Retail Maximum | 13 | 1,053 | ₹1,94,805 |
| S-HNI Minimum | 14 | 1,134 | ₹2,09,790 |
| S-HNI Maximum | 66 | 5,346 | ₹9,89,010 |
| B-HNI Minimum | 67 | 5,427 | ₹10,03,995 |
Swastika Infra IPO Reservation
The IPO has a book-built structure with up to 50% of the net offer reserved for QIBs, at least 15% for NIIs and at least 35% for retail investors.
Swastika Infra IPO Subscription
The Swastika Infra IPO subscription will open on 23 September 2026. Category-wise subscription figures will be updated after bidding begins.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | N.A. |
| RII | N.A. |
| Total | N.A. |
About Swastika Infra
Swastika Infra Limited is an engineering, procurement and construction company specialising in power transmission and distribution infrastructure. The company provides turnkey solutions covering the supply, erection, installation, testing and commissioning of power infrastructure. Its work includes underground cabling, substations and rural and urban electrification projects.
The company's EPC activities include underground high-voltage and low-voltage cable work, construction of gas-insulated and air-insulated substations, grid substations and electrification projects. It also undertakes renewable energy-related power evacuation and grid connectivity projects.
The company was originally formed from a partnership firm established in 1969 and was subsequently converted into a private limited company in 2019 before becoming a public limited company. As of July 2026, it had 18 ongoing EPC power projects with an order book of approximately ₹2,036.65 crore.
Strengths
- • Power Infrastructure Experience - The company operates in power transmission, distribution, electrification and related infrastructure projects.
- • Large Order Book - The company reported an order book of approximately ₹2,036.65 crore as of July 2026, with 18 ongoing EPC power projects.
- • Revenue Growth - Total income increased from ₹211.33 crore in FY2024 to ₹505.57 crore in FY2026.
- • Diversified Project Capabilities - The company's activities cover underground cabling, substations, electrification, transmission, distribution and renewable-energy-related infrastructure.
Risks to Consider
- • Working Capital Requirement - The company proposes to use ₹90 crore of the fresh issue proceeds for incremental working capital requirements.
- • Project Execution Risk - EPC projects depend on timely execution, approvals, availability of resources and customer payments.
- • Order Execution Dependence - Future revenue depends on the timely execution of the existing project pipeline and new project orders.
- • Debt and Cash Flow Requirements - EPC operations require working capital for project execution, which can affect cash flows and financing requirements.
Swastika Infra Financials (₹ Cr)
The following table presents the restated financial performance of Swastika Infra for FY2024, FY2025 and FY2026. The company reported growth in total income and profit during the period.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | ₹211.33 Cr | ₹13.98 Cr | ₹143.26 Cr | ₹49.57 Cr |
| FY2025 | ₹352.60 Cr | ₹27.45 Cr | ₹258.54 Cr | ₹77.02 Cr |
| FY2026 | ₹505.57 Cr | ₹41.43 Cr | ₹412.24 Cr | ₹156.78 Cr |
KPIs & Valuation
The key performance indicators for FY2026 include RoNW of 35.44%, RoCE of 25.76%, EBITDA margin of 14.07%, PAT margin of 8.23% and debt-to-equity of 0.73. The FY2026 NAV per share is reported at ₹57.69.
Objects of the Issue
The company proposes to utilise the net proceeds from the fresh issue for funding its incremental working capital requirements and general corporate purposes. The offer-for-sale proceeds will be received by the selling shareholders.
- • Funding Incremental Working Capital Requirements - ₹90 crore is proposed to be utilised towards the company's incremental working capital requirements.
- • General Corporate Purposes - The remaining amount will be used for general corporate purposes in accordance with the offer documents.
Promoters, Lead Managers & Registrar
The Swastika Infra IPO is managed by Srujan Alpha Capital Advisors LLP and PhillipCapital India Private Limited as the Book Running Lead Managers. MUFG Intime India Private Limited is appointed as the registrar to the issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | MUFG Intime India Private Limited |
|---|---|
| Phone | 022-49186000 |
| swastikainfra.ipo@in.mpms.mufg.com | |
| Website | https://in.mpms.mufg.com/ |
Swastika Infra IPO Review
Swastika Infra operates in power transmission and distribution EPC, with its business supported by ongoing projects and a reported order book of approximately ₹2,036.65 crore as of July 2026. The company recorded total income of ₹505.57 crore and PAT of ₹41.43 crore in FY2026.
At the upper price band of ₹185, the reported pre-issue EPS is ₹15.70 and post-issue EPS is ₹12.14. The corresponding P/E values are 11.78x on a pre-issue basis and 15.24x on a post-issue basis.
How to Apply
Swastika Infra IPO How to Apply
You can apply for the Swastika Infra IPO through ASBA or the UPI facility provided by your stockbroker. Investors should ensure that the required funds are available in the linked bank account before approving the UPI mandate.
- Log in to your trading or demat account and open the IPO section.
- Select Swastika Infra IPO from the available IPO list.
- Enter the required number of lots and bid price.
- Enter your UPI ID linked with your bank account.
- Submit the IPO application.
- Approve the UPI mandate received from your bank.
- Keep sufficient funds available until the IPO application process is completed.
Prospectus & Documents
The company's IPO documents, including the RHP and abridged prospectus, are available through its investor section and the SEBI filing page.
Last updated Sep 22, 2026.