Swastika Infra IPO

Incorporated in August 2019, Swastika Infra Limited is an engineering, procurement and construction (EPC) company specialising in power transmission and distribution (T&D) infrastructure projects. It provides turnkey solutions covering supply, erection, installation, testing and commissioning, with expertise in underground cabling, substations, electrification, street lighting and renewable energy works. As of July 31, 2026, the Company had completed 36 EPC Power Projects across six states, covering 18,579.47 km of distribution lines, with an aggregate contract value of ₹76,467 lakh. Its order book comprised 18 ongoing projects worth ₹91,655 lakh. The Company follows an asset-light model supported by 65 engineers and technicians.

Swastika Infra Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
IPO Dates	23 to 25 Sep, 2026
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 (OFS)	17,50,000 shares of ₹10 (agg. up to ₹32 Cr)
Price Band	₹175 to ₹185 per share
Lot Size	81 Shares
Face Value	₹10 per share
Listing Exchange	BSE, NSE
Shareholding Pre-Issue	2,71,74,242 shares
Shareholding Post-Issue	3,41,20,188 shares

IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	1	81	₹14,985
Retail (Max)	13	1,053	₹1,94,805
S-HNI (Min)	14	1,134	₹2,09,790
S-HNI (Max)	66	5,346	₹9,89,010
B-HNI (Min)	67	5,427	₹10,03,995

Swastika Infra IPO Reservation

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

Swastika Infra Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	15.70
Price/Earnings (P/E) Ratio	11.78
Return on Net Worth (RoNW)	35.44%
Net Asset Value (NAV)	57.69
Return on Equity (ROE)	35.44%
Return on Capital Employed (ROCE)	25.76%
EBITDA Margin	14.07%
PAT Margin	8.23%
Debt to Equity Ratio	0.73

Objectives of the IPO Proceeds

The Net Proceeds are intended to be utilised as per the details provided in the table below:

Particulars	Amount (in ₹ million)
Funding, incremental working capital requirement	900
General corporate purposes*	[●]

Note: *To be determined upon finalisation of the Offer Price and updated in the Prospectus prior to filing with the RoC

Swastika Infra Limited Financials (in crore)

Particulars	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
Reserves and Surplus	129.60	52.27	24.82
Total Borrowing	114.64	111.02	43.82

Financial Status of Swastika Infra Limited

Swastika Infra Limited IPO Strengths

1. Strong Project Management and Execution Capabilities

Swastika Infra Limited has 15 years of experience in the Power EPC sector, with expertise in power distribution project management and execution. The company has completed 36 projects and was executing 18 projects as of July 31, 2026. It had laid 18,579.47 km of distribution lines and serves government utilities and public sector entities across multiple geographies.

2. Scalable Business Model with Strategic Growth Initiatives

Swastika Infra Limited has progressively expanded its capabilities to undertake larger and more complex EPC projects. Its order book increased to ₹91,655 lakh as of July 31, 2026, from ₹68,743.52 lakh in Fiscal 2026. The company has also diversified into renewable energy and transmission projects, strengthening its presence across power infrastructure segments and supporting future revenue visibility.

3. Strong and Consistent Financial Performance

Swastika Infra Limited has demonstrated strong financial growth, with revenue from operations increasing from ₹20,957.53 lakh in Fiscal 2024 to ₹50,357.32 lakh in Fiscal 2026. Net profit increased from ₹1,398.21 lakh to ₹4,142.80 lakh during the same period. The company’s improving profitability, net worth and return ratios reflect its growing scale, operational efficiency and financial discipline.

4. Asset-Light Business Model

Swastika Infra Limited operates an asset-light business model by leasing project-specific machinery and equipment from third-party lessors instead of maintaining extensive owned assets. This approach helps optimise costs, improve logistical efficiency and maintain financial flexibility. The model also enables the company to scale its project execution capacity according to requirements while limiting capital expenditure and asset-maintenance obligations.

5. Experienced Leadership and Strong Management Team

Swastika Infra Limited is led by promoters with collectively over 50 years of EPC industry experience, supported by an experienced management team. Their expertise spans project execution, business development, finance, administration and strategic planning. As of July 31, 2026, the company had 65 engineers and technicians, while additional senior management personnel supported its transmission, distribution and accounting functions.

More About Swastika Infra Limited

Swastika Infra Limited is an engineering, procurement and construction (EPC) company specialising in power transmission and distribution (T&D) infrastructure projects. The Company provides turnkey EPC solutions covering procurement, supply, erection, installation, testing and commissioning of power infrastructure. Its operations primarily focus on power distribution projects, supported by capabilities in underground cabling, substations, rural and urban electrification, street lighting and renewable energy works.

1. Key Business Areas

The Company’s EPC Power Projects cover a broad range of activities, including:

I. Underground cabling:

Swastika Infra undertakes the design, sourcing, erection, testing and commissioning of distribution lines up to 33 KV. As of July 31, 2026, it had successfully laid 18,579.47 km of distribution lines.

II. Substation construction:

Its scope includes site surveys, design, procurement, civil works, erection, testing and commissioning of Gas Insulated Substations (GIS), Air Insulated Substations (AIS) and Grid Substations.

III. Rural and urban electrification:

The Company undertakes substation modernisation, transformer upgrades, re-conductoring, feeder separation and High Voltage Distribution System implementation, along with initiatives aimed at improving power distribution reliability.

IV. Street lighting:

It provides EPC services for the design, supply and installation of LED lighting systems for streets, roads and highways.

V. Renewable energy works:

Its capabilities include solar park development, power evacuation systems, substations, transmission lines and associated electrical infrastructure.

2. Project Track Record and Order Book

Swastika Infra Limited has 15 years of experience in executing EPC Power Projects. Since entering the power distribution sector in 2012, the Company has progressively increased the scale and complexity of projects it undertakes. Its first project, awarded by Rajasthan State Industrial Development and Investment Corporation (RIICO), had a contract value of ₹60 lakh. More recently, it secured an EPC Power Project from Ajmer Vidyut Vitran Nigam Limited (AVVNL) valued at ₹34,010 lakh.

As of July 31, 2026, the Company had completed 36 EPC Power Projects across six states, with an aggregate contract value of ₹76,467 lakh. It also had 18 ongoing projects across six states with an aggregate order value of ₹2,03,665 lakh, of which ₹91,655 lakh represented the balance value of ongoing contracts. Its order book-to-revenue ratio stood at 1.41 times in Fiscal 2026.

3. Government Client Base and Funding

The Company has undertaken projects for government utilities and public sector entities, including WBSEDCL, MGVCL, APDCL, GED, HPSEBL, UHBVN, JVVNL, UPCL, AVVNL, RSDCL, MSEDCL and RRVPNL. Its completed projects include those funded by central and state governments, the World Bank and other government agencies.

4. Business Model and Revenue

The Company operates through two principal verticals: EPC Power Projects and Sale of Products. EPC Power Projects generated ₹48,782.30 lakh in Fiscal 2026, accounting for 97% of revenue from operations, while the sale of electrical products contributed ₹1,575.02 lakh.

Swastika Infra follows an asset-light business model, under which selected erection activities are assigned to third-party contractors, while its centralised procurement team supplies construction materials and electrical equipment. Its in-house project engineers and managers oversee execution, quality, design specifications and timelines. As of July 31, 2026, the Company had 65 engineers and technicians across electrical, mechanical and civil disciplines, supported by its experienced promoters and management team.

Industry Outlook

India’s power distribution sector plays a critical role in delivering electricity to consumers and supporting economic growth and the transition towards clean energy. The sector is receiving support from institutions such as the World Bank, Asian Development Bank (ADB) and International Finance Corporation (IFC), which provide funding, risk mitigation and technical assistance for improving the operational and financial performance of DISCOMs.

1. Rising Electricity Demand

India’s expanding economy, urbanisation, industrialisation and increasing manufacturing activity are driving electricity demand and creating opportunities for the power EPC sector.

I. Electricity generation:

India’s electricity generation increased from 1,829.29 TWh in 2022 to 1,958.24 TWh in 2023, registering annual growth of around 7%.

II. Peak power demand:

In May 2024, India’s power demand reached a record 246 GW, exceeding the previous peak of 243 GW recorded in September 2023.

III. Power consumption:

Electricity consumption increased by nearly 15% in May 2024 to 156.31 billion units (BU), compared with 136.50 BU in May 2023.

2. Infrastructure Expansion

Industrial expansion and manufacturing growth are increasing the need to modernise and expand electricity distribution infrastructure. Government initiatives such as Make in India, Production-Linked Incentive (PLI) schemes and Saubhagya are supporting industrial development, rural electrification and household electricity access. These developments are expected to sustain demand for power distribution, transmission and EPC infrastructure across India.

How Will Swastika Infra Limited Benefit

1. Expanding Market Opportunities:

As the Indian power distribution sector grows at a CAGR of 7-8%, Swastika Infra Limited is well-positioned to capitalize on the increasing demand for EPC services, especially in rural electrification and urban infrastructure.

2. Government Initiatives:

With government schemes like Saubhagya and Smart Grid Projects, the company can tap into new projects for substation construction, electrification, and smart grid implementations.

3. Experience and Expertise:

With over 14 years of experience and a proven track record of 34 completed projects, Swastika Infra Limited can leverage its expertise to handle large-scale EPC projects.

4. Ongoing Projects:

The company’s robust order book, including high-value ongoing projects like smart grid installations, ensures a steady flow of work and revenue.

5. Financial Support:

Backing from agencies like the World Bank and the Ministry of Power enables Swastika Infra Limited to undertake and complete high-value projects with confidence.

Peer Group Comparison

Companies	CMP (₹)	EPS (Basic) (₹)	EPS (Diluted) (₹)	P/E Ratio (x)	RoNW (%)	NAV (₹)	Face Value (₹)
Swastika Infra Limited	[●]	15.7	15.7	[●]	35.4%	57.7	10.00
Peer Group
Rajesh Power Services Limited	804	7	9.5	79.5	35.3%	225.6	10.00
Vikran Engineering Limited	59.2	4.1	4.1	14.6	7.4%	48.0	1.00

Key Strategies for Swastika Infra Limited

1. Leveraging Market Opportunities and Core Competencies

Swastika Infra Limited plans to strengthen its position in the power distribution EPC segment by leveraging rising electricity demand and government-led infrastructure initiatives. The company aims to expand participation in programmes such as RDSS, while utilising its expertise in underground cabling, substations, rural electrification, street lighting and renewable energy. It also intends to improve bidding capabilities, technology adoption, ERP systems and project execution efficiency.

2. Further Expansion of Geographical Footprint

Swastika Infra Limited aims to expand its presence across existing markets while entering new high-demand regions. The company currently has projects across nine states and, as of July 31, 2026, its order book stood at ₹91,655.46 lakh across 18 projects. It plans to target states such as Uttar Pradesh and Maharashtra to increase project volumes and strengthen its power transmission and distribution presence.

3. Strategic Focus on High-Value EPC Power Projects

Swastika Infra Limited plans to selectively pursue larger and technically demanding EPC power projects that align with its risk-management and project-selection framework. The company intends to focus on contracts offering favourable payment terms, particularly those backed by central government or multilateral institutions. Fresh Issue proceeds and bank financing are expected to support working capital requirements and enhance its capacity to bid for higher-value projects.

4. Diversification into Allied Infrastructure Sectors

Swastika Infra Limited aims to diversify beyond power distribution into transmission, railway electrification and renewable energy projects. The company has already secured orders in renewable energy and transmission, including projects valued at ₹15,812 lakh and ₹17,051.39 lakh in Rajasthan, along with a ₹6,420.31 lakh solar plant order in West Bengal. This diversification is intended to broaden capabilities, clients and revenue opportunities.