Swastika Infra IPO Details

Bookbuilding IPO | ₹161 Cr | Listing at BSE, NSE | Wed, Sep 23, 2026 - Fri, Sep 25, 2026

IPO Details

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Swastika Infra IPO is a book build issue of ₹160.88 crores. The issue is a combination of fresh issue of 69.46 lakh shares aggregating to ₹128.50 crores and offer for sale of 17.50 lakh shares aggregating to ₹32.38 crores.

Swastika Infra IPO opens for subscription on Sep 23, 2026 and closes on Sep 25, 2026. The allotment for the Swastika Infra IPO is expected to be finalized on Sep 28, 2026. Swastika Infra IPO will list on NSE and BSE with a tentative listing date fixed as Sep 30, 2026.

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

Srujan Alpha Capital Advisors LLP is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.

Refer to Swastika Infra IPO RHP for detailed Information.

IPO Open

Wed, Sep 23, 2026

IPO Close

Fri, Sep 25, 2026

Price Band

₹175 to ₹185

Market Cap

₹631.22 Cr * on Upper Price

IPO Details

IPO Date

23 to 25 Sep, 2026
Listing Date

Wed, Sep 30, 2026
Face Value

₹10 per share
Price Band

₹175 to ₹185
Lot Size

81 Shares
Sale Type

Fresh capital cum OFS
Issue Type

Bookbuilding IPO
Listing At

BSE, NSE

Total Issue Size

86,95,946 shares (agg. up to ₹161 Cr)
Fresh Issue

69,45,946 shares (agg. up to ₹129 Cr)
Offer for Sale

17,50,000 shares of ₹10 (agg. up to ₹32 Cr)
Share Holding Pre Issue

2,71,74,242 shares
Share Holding Post Issue

3,41,20,188 shares

IPO Timetable (Tentative)

IPO Open

Wed, Sep 23, 2026
Allotment

Mon, Sep 28, 2026
Credit of Shares

Tue, Sep 29, 2026

IPO Close

Fri, Sep 25, 2026
Refund

Tue, Sep 29, 2026
Listing

Wed, Sep 30, 2026

Issue Reservation

Investor Category	Shares
QIB	Not more than 50% of the Offer
Retail	Not less than 35% of the Offer
NII	Not less than 15% of the Offer

IPO Lot Size

Investors can bid for a minimum of 81 shares and in multiples thereof.

Application	Lots	Shares	Amount
Retail (Min)	1	81	₹14,985
Retail (Max)	13	1053	₹1,94,805
S-HNI (Min)	14	1134	₹2,09,790
S-HNI (Max)	66	5346	₹9,89,010
B-HNI (Min)	67	5427	₹10,03,995

About Swastika Infra Ltd.

Incorporated in August 2019, Swastika Infra Limited is an engineering, procurement and construction (EPC) company specializing in power transmission and distribution (T&D) infrastructure projects.The Company provides turnkey EPC solutions covering the supply, erection, installation, testing and commissioning of power infrastructure. Its key areas of work include underground cabling, construction of Gas Insulated Substations (GIS), Air Insulated Substations (AIS) and Grid Substations, rural and urban electrification, street lighting and renewable energy works. Its projects involve installation of power transformers, circuit breakers, ring main units and other electrical infrastructure required for power distribution.

As of July 31, 2026, the Company had completed 36 EPC Power Projects across six Indian states, covering 18,579.47 km of distribution lines, with an aggregate contract value of ₹76,467 lakh. Its order book comprised 18 ongoing EPC Power Projects across six states with an aggregate order value of ₹2,03,665 lakh. The Company has executed projects for government utilities including WBSEDCL, MGVCL, APDCL, GED, HPSEBL, UHBVN, JVVNL, UPCL, AVVNL, RSDCL, MSEDCL and RRVPNL. A significant portion of its projects are funded by the World Bank or supported by the Ministry of Power, Government of India.

The Company follows an asset-light business model, with erection work typically assigned to third-party contractors while its centralized procurement team supplies construction materials and electrical equipment. Its in-house project engineers and managers oversee project execution, quality, design specifications and timelines. The Company has a dedicated team of 65 engineers and technicians across electrical, mechanical and civil disciplines.

As of July 31, 2026, the Company had 182 full-time employees, including 65 Engineers & Technicians and 52 Project Execution Supervisors & Others.

Competitive Strengths

Experienced promoters and management team.
Asset-light business model with centralized procurement.
Scalable business model supported by a strong order book.
Proven execution track record across multiple Indian states.
Established track record with government utilities and infrastructure clients.
Strong project management and execution capabilities in EPC Power Projects.
Diversified capabilities across power distribution, transmission and renewable energy.

Company Financials (Restated)

Swastika Infra Ltd.’s revenue increased by 43% and profit after tax (PAT) rose by 51% between the financial year ending with March 31, 2026 and March 31, 2025. (Amount in ₹ Crore)

Period Ended	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	412.24	258.54	143.26
Total Income	505.57	352.60	211.33
Profit After Tax	41.43	27.45	13.98
EBITDA	70.85	43.89	23.71
NET Worth	156.78	77.02	49.57
Reserves and Surplus	129.60	52.27	24.82
Total Borrowing	114.64	111.02	43.82

IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

# Issue Objects

Est Amt (₹ Cr.)
1 Funding of incremental working capital requirements of the Company.

128.09
2 General Corporate Purposes
Total

128.09

Key Performance Indicator (KPI)

KPI	Mar 31, 2026
ROE	35.44%
ROCE	25.76%
Debt/Equity	0.73
RoNW	35.44%
PAT Margin	8.23%
EBITDA Margin	14.07%
NAV	57.69
Price to Book Value	3.21

IPO Valuation

Valuation Metric	Pre IPO	Post IPO
EPS (₹)	15.25	12.14
P/E (x)	12.13	15.24
Market Cap at Offer Price	₹502.72 Cr.	₹631.22 Cr

The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.

Shareholding Structure

Category	Pre IPO	Post IPO
Promoter and Promoter Group	76.51%	57.41%
Public	23.49%	42.59%
Total	100%	100%

Company Promoters: Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi and Vatsalya Gupta.

Offer For Sale – Selling Shareholders

Name	Category	No. of Shares Offered	Amount (₹ cr.)
Vinay Gupta	Promoter	2,73,500	5.06
Ruchira Gupta	Promoter	2,73,500	5.06
Biren Parnami	Promoter	3,28,000	6.07
Manoj Modi	Promoter	3,28,000	6.07
Ishaan Bhartia	Other	2,73,500	5.06

Swastika Infra IPO Recommendations

Review By	Subscribe	May Apply	Neutral	Avoid
Brokers	0	0	0	0
Members	0	0	0	0

IPO Registrar

MUFG Intime India Pvt.Ltd.

022-49186000
swastikainfra.ipo@in.mpms.mufg.com
Visit Website

IPO Lead Manager(s)

Srujan Alpha Capital Advisors LLP
PhillipCapital India Pvt.Ltd.

Lead Manager Reports

Lead Manager Performance Summary
Lead Manager Performance Tracker

Contact Details

Swastika Infra Ltd. Address

Plot no.14 &15, First Floor, Gajraj Apartment

Motilalatal Road

Opposite Hotel Neelam

Jaipur, Rajasthan, 302001

+91 9116135709
cs@swastikainfra.com
Visit Website

IPO FAQs

What is the Swastika Infra IPO?

Swastika Infra IPO is a main-board IPO of 86,95,946 equity shares of the face value of ₹10 aggregating up to ₹161 Crores. The issue is priced at ₹175 to ₹185. The minimum order quantity is 81.

The IPO opens on Wed, Sep 23, 2026, and closes on Fri, Sep 25, 2026.

MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

How to apply in Swastika Infra IPO through Angel One?

Angel One customers can apply online in Swastika Infra IPO using UPI as a payment gateway. Angel One customers can apply in Swastika Infra IPO by login into Angel One Console (back office) and submitting an IPO application form.

Steps to apply in Swastika Infra IPO through Angel One

Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Swastika Infra IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Angel One IPO Application Process Review for more detail.

When Swastika Infra IPO will open?

The Swastika Infra IPO opens on Wed, Sep 23, 2026 and closes on Fri, Sep 25, 2026.

What is the lot size of Swastika Infra IPO?

Swastika Infra IPO lot size is 81, and the minimum amount required for application is ₹14,985.

How to apply for Swastika Infra IPO?

You can apply in Swastika Infra IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Angel One, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

When is Swastika Infra IPO allotment?

The finalization of Basis of Allotment for Swastika Infra IPO will be done on Monday, September 28, 2026, and the allotted shares will be credited to your demat account by Tue, Sep 29, 2026. Check the Swastika Infra IPO allotment status.

When is Swastika Infra IPO listing date ?

The Swastika Infra IPO listing date is not yet announced. The tentative date of listing is Wed, Sep 30, 2026.