Swastika Infra IPO

About Swastika Infra IPO

Swastika Infra IPO, a mainboard IPO, opens on Wednesday, September 23, 2026 and closes on Friday, September 25, 2026. The allotment of shares will take place on Monday, September 28, 2026.

The listing of shares will take place on Wednesday, September 30, 2026. The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

Swastika Infra IPO’s price band is set at ₹175 to ₹185 per share. The lot size for an application is 81 shares. The minimum amount of investment required by a retail individual investor is ₹14,985 (81 shares) based on the upper price.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 0.69 crore shares aggregating to ₹128.50 crore. The offer for sale portion includes 0.17 crore shares aggregating to ₹32.38 crore. The total number of shares and aggregate amount are 86,95,946 shares aggregating up to ₹161 crore.

Swastika Infra is an engineering, procurement and construction company specialising in the execution of power T&D infrastructure projects (EPC Power Projects). Its scope of services in EPC Power Projects covers a comprehensive range of activities, ensuring execution from procurement to commissioning. The company provides complete solutions on a turnkey basis, including the supply, erection, installation, testing and commissioning of power infrastructure.

Objectives of Swastika Infra IPO

• Funding incremental working capital requirements of the company
  
• General corporate purposes.
  

Industry Outlook

India boasts one of the world's most diversified power sectors. Power generation sources span conventional options like coal, lignite, natural gas, oil, hydro and nuclear, alongside non-conventional sources such as wind, solar and energy derived from agricultural and domestic waste. As electricity demand in India surges, projections indicate this trend will continue.

With an increasing focus on energy diversification, several countries are concentrating on investment in renewable technologies to lower dependency on domestic or imported fossil fuels, such as crude oil and coal. Various underdeveloped countries, like African countries and a few other South Asian countries, have opted for solar energy as a cheaper form of energy for electricity generation to provide power in remote places. Countries like China, the United States, Germany, India, Japan, Brazil and the United Kingdom are the primary markets for renewable energy, with significant growth witnessed in recent years, driven by the flexibility of an independent grid.

About Swastika Infra

Swastika Infra is an engineering, procurement and construction company, specialising in the execution of power T&D infrastructure projects (EPC Power Projects). Their scope of services in EPC Power Projects covers a comprehensive range of activities, ensuring execution from procurement to commissioning. They provide complete solutions on a turnkey basis, including the supply, erection, installation, testing and commissioning of power infrastructure. Their scope of work extends to:

(i) Underground cabling work, where they handle the laying, installation and commissioning of high-voltage/low-voltage power cables to enhance efficiency and reduce power losses.

(ii) Construction of substations (Gas Insulated Substations/Air Insulated Substations/Grid Sub Station), ensuring seamless power distribution through installation of power transformers, circuit breakers, ring main unit and other essential components.

(iii) Undertaking rural and urban electrification projects, which involves working towards expanding electricity access in underserved regions by implementing distribution networks, service connections and feeder lines in compliance with government electrification schemes.

(iv) Installation of street lighting systems to enhance urban and rural infrastructure.

(v) Renewable energy works.

Strengths of Swastika Infra

• Strong project management and execution capabilities with a focus on EPC Power Projects for government clients.
• Scalable business model with strategic growth initiatives.
• Strong and consistent financial performance.
• Asset-light business model.
• Experienced leadership and strong management team.

Risks of Swastika Infra

• The company’s revenue is majorly concentrated from projects undertaken or awarded by government utilities.
• Swastika Infra’s present order book consists of large-scale projects.
• The company enters into related party transactions in the ordinary course of its business and cannot assure that such transactions will not adversely affect its business, etc.
• Swastika Infra’s credit rating was downgraded during Fiscal 2022.
• The company’s ability to access capital at attractive costs depends on its credit ratings.
• EPC Power projects are typically awarded to Swastika Infra upon satisfaction of prescribed qualification criteria and following a competitive bidding process.
• The company may not be able to adequately protect its intellectual property, which could harm the value of its brand and services.
• Swastika Infra has sustained negative cash flows from operating activities in the past and may experience earnings declines, operating losses or negative cash flows from operating activities in the future.

Anchor Investor Bidding Date

Tuesday, September 22, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
MUFG Intime India Pvt.Ltd.
Email: swastikainfra.ipo@in.mpms.mufg.com
Tel: 022-49186000

Book Running Lead Managers

• Srujan Alpha Capital Advisors LLP
  
• PhillipCapital India Pvt.Ltd.
  

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

Swastika Infra Business Model

The company earns its revenue as an engineering, procurement and construction company specialising in the execution of power T&D infrastructure projects (EPC Power Projects).

Swastika Infra Growth Trajectory

Swastika Infra’s Total Income for FY26 was ₹505.57 crore, whereas in FY25 and FY24 it was ₹352.60 crore and ₹211.33 crore, respectively.

The Profit After Tax for FY26 was ₹41.43 crore, whereas in FY25 and FY24 it was ₹27.44 crore and ₹13.98 crore, respectively.

Their EBITDA for FY26 was ₹70.84 crore, whereas in FY25 and FY24 it was ₹43.89 crore and ₹23.71 crore, respectively.

Swastika Infra Market Position

As of July 31, 2026, they have a proven track record of 15 years in executing EPC Power Projects, covering a total of 18,579. 47 kilometers of distribution lines. Their portfolio includes thirty-six successfully completed power distribution infrastructure projects across six Indian states, with a total contract value of ₹764.67 crore.

As of 31 March 2026, the company’s Total Income, Profit After Tax, and EBITDA were ₹505.57 crore, ₹41.43 crore, and ₹70.84 crore, respectively.

How to apply for Swastika Infra IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.