Swastika Infra IPO 2026: Details, GMP, Financials & Analysis

Swastika Infra IPO is a book-built issue of ₹160.88 crore comprising a fresh issue of ₹128.50 crore and an offer for sale of ₹32.38 crore. The IPO will open for subscription on September 23, 2026, and close on September 25, 2026. The shares are proposed to be listed on BSE and NSE on September 30, 2026.

The price band is fixed at ₹175–₹185 per share, with a lot size of 81 shares. At the upper price band, retail investors need a minimum investment of ₹14,985.

Swastika Infra operates in the power infrastructure segment and undertakes EPC projects involving underground cabling, substations, rural and urban electrification, and street lighting.

Swastika Infra IPO Details

Swastika Infra IPO Timeline

Dates are tentative and may change.

Swastika Infra IPO GMP

As of September 18, 2026, Swastika Infra IPO GMP is ₹3 against the upper issue price of ₹185.

Based on the latest recorded GMP, the estimated listing price is ₹188. GMP is unofficial and can change significantly before listing.

Disclaimer: Grey Market Premium is based on unofficial market activity and is indicative only. It should not be considered a reliable indicator of the actual listing price.

Swastika Infra IPO Subscription Status

The Swastika Infra IPO subscription will be updated once bidding opens on September 23, 2026. The IPO will remain open until September 25, 2026.
As of now, live subscription data is not available yet because the IPO bidding has not started.

The issue has a reservation of not more than 50% for QIBs, not less than 15% for NIIs, and not less than 35% for Retail investors.

Once bidding starts, this section can be updated with the latest subscription figures from BSE and NSE.

Swastika Infra IPO Day-wise Subscription Trend

The Swastika Infra IPO subscription trend will become available after the issue opens on September 23, 2026.

The day-wise subscription data will help track changes in demand across QIB, NII and Retail investor categories during the three-day bidding period.

Swastika Infra IPO Current Subscription Data

The current Swastika Infra IPO subscription data will be updated once the IPO opens for bidding on September 23, 2026.

As of now, the IPO has not opened for subscription, so category-wise live bidding data is not available.Live subscription figures will be updated during the IPO bidding period based on the latest available exchange data.

Swastika Infra IPO Lot Size

The minimum application is 81 shares and bids can be placed in multiples of 81 shares.

Investment amounts are calculated at the upper price band of ₹185.

Swastika Infra IPO Reservation

About Swastika Infra

Incorporated in August 2019, Swastika Infra Limited is an Engineering, Procurement and Construction (EPC) company focused on power distribution infrastructure projects and the sale of electrical products.

Its EPC business provides turnkey solutions covering procurement, supply, erection, installation, testing and commissioning of power infrastructure.

Business Verticals

EPC Power Projects: The company undertakes projects involving:

• Underground high-voltage and low-voltage cabling
• Gas Insulated Substations (GIS)
• Air Insulated Substations (AIS)
• Power transformers and circuit breakers
• Rural and urban electrification
• Distribution networks and feeder lines
• Street lighting systems

The company also trades electrical products, including power cables and other electrical items.

Projects and Presence

Since 2012, the company has completed 34 EPC power projects across four Indian states, covering approximately 8,519.50 circuit kilometres (CKM) with a total contract value of ₹60,410 lakh.

As of February 28, 2025, Swastika Infra had 12 ongoing EPC power projects across five Indian states, with an aggregate order value of approximately ₹1,47,815 lakh.

Some notable projects include system strengthening works under Jaipur Discom, rural electrification work in Dausa, rural electrification in Sikar and SCADA-compatible equipment installation in Jaipur.

As of February 28, 2025, the company had 104 full-time employees.

Swastika Infra IPO Objectives

The company proposes to use the net proceeds from the fresh issue primarily for working capital requirements.

The working capital component is significant because EPC projects typically require funds for procurement, execution and project-cycle requirements.

Swastika Infra Financial Performance

The company's financial performance has shown strong growth over the reported period.

Between FY25 and FY26, total income increased from ₹352.60 crore to ₹505.57 crore, while PAT increased from ₹27.45 crore to ₹41.43 crore.
The company also recorded substantial growth in EBITDA, rising from ₹43.89 crore in FY25 to ₹70.85 crore in FY26.

Swastika Infra Key Financial Ratios

The reported 35.44% ROE and RoNW indicate strong profitability relative to net worth. EBITDA margin stood at 14.07%, while PAT margin was 8.23%.

Swastika Infra IPO Valuation

The post-IPO P/E based on the supplied figures is 15.24x. Investors should compare the valuation with the company's growth, profitability, order book and peers in the EPC and power infrastructure segment.

Promoter Holding

The promoters of Swastika Infra are:

• Babulal Gupta
• Vinay Gupta
• Ruchira Gupta
• Biren Parnami
• Manoj Modi
• Vatsalya Gupta

Promoter holding is expected to decline from 76.51% pre-IPO to 57.41% post-IPO based on the supplied valuation data.

Swastika Infra Peer Comparison

The company can be compared with other businesses operating in engineering and infrastructure-related segments.

Swastika Infra's reported RoNW is broadly comparable with Rajesh Power Services, while its IPO valuation needs to be assessed alongside its earnings growth and business scale.

Competitive Strengths

• Established EPC capabilities: The company has experience executing power distribution infrastructure projects across multiple states.
• Growing project portfolio: The company had 12 ongoing EPC projects with an aggregate order value of ₹1,47,815 lakh as of February 28, 2025.
• Integrated project execution: Its services cover procurement, installation, testing and commissioning, allowing it to execute projects on a turnkey basis.
• Power infrastructure demand: Electrification, distribution strengthening and urban infrastructure development can support demand for EPC services.
• Financial growth: Revenue, EBITDA and PAT increased significantly between FY24 and FY26.

Risks Investors Should Consider

• The business depends significantly on EPC project execution and order inflows.
• Working capital requirements can remain high because of the nature of infrastructure projects.
• The company has borrowings of ₹114.64 crore as of FY26.
• Government and utility-related projects can involve payment cycles and execution timelines.
• Revenue concentration across specific projects, customers or geographies may create business risks.
• Competition in the EPC and power infrastructure industry can affect margins and order acquisition.

Should You Invest in Swastika Infra IPO?

Swastika Infra's IPO presents a combination of business growth, infrastructure exposure and improving financial performance. Total income increased from ₹211.33 crore in FY24 to ₹505.57 crore in FY26, while PAT increased from ₹13.98 crore to ₹41.43 crore.

The company also has an ongoing project portfolio and operates across multiple power infrastructure activities, including cabling, substations and electrification.

At the same time, investors should evaluate the company's working capital requirements, borrowings, dependence on EPC orders and execution risks. The IPO also includes an OFS component of ₹32.38 crore, while the fresh issue is primarily intended for working capital.

As of September 18, 2026, the recorded GMP is ₹3, Based on the recorded GMP, the estimated listing price is ₹188 and 1.62% shown as estimated listing gain.

The IPO should therefore be assessed based on valuation, order book visibility, cash flows, debt levels, project execution and the final subscription response, rather than GMP alone.

Swastika Infra IPO Allotment Status

The tentative basis of allotment date is September 28, 2026.

After the allotment is finalized, investors can check their application status through the IPO registrar's website using details such as PAN or application number.

Refunds are expected to begin on September 29, while shares are expected to be credited to successful applicants' demat accounts on the same date.

Swastika Infra IPO Registrar

MUFG Intime India Pvt. Ltd.

LBS Marg, Vikhroli (West), Mumbai

• Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
• Phone: 022-49186000
• Email: swastikainfra.ipo@in.mpms.mufg.com

Swastika Infra IPO Lead Managers

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

Swastika Infra Company Details

• Company: Swastika Infra Ltd.
• Registered Office: Plot No. 14 & 15, First Floor, Gajraj Apartment, Motilalatal Road, Opposite Hotel Neelam, Jaipur, Rajasthan – 302001
• Website: https://www.swastikainfra.com/
• Phone: +91 9116135709
• Email: cs@swastikainfra.com

Swastika Infra IPO Summary

Swastika Infra IPO is a ₹160.88 crore book-built issue comprising a ₹128.50 crore fresh issue and ₹32.38 crore OFS. The IPO will open from September 23 to September 25, 2026, with a price band of ₹175–₹185 per share and a lot size of 81 shares. 

The company operates in power distribution EPC and electrical product trading, with projects covering underground cabling, substations, electrification and street lighting. Its total income increased from ₹211.33 crore in FY24 to ₹505.57 crore in FY26, while PAT rose from ₹13.98 crore to ₹41.43 crore. 

The IPO proceeds are primarily intended for incremental working capital. Investors should evaluate the issue considering its financial growth, project pipeline, valuation, working capital needs, borrowings and EPC execution risks.

As of September 18, 2026, the recorded GMP is ₹3, Based on the recorded GMP, the estimated listing price is ₹188.

FAQs

What is Swastika Infra IPO?

Swastika Infra IPO is a ₹160.88 crore book-built IPO comprising a ₹128.50 crore fresh issue and ₹32.38 crore offer for sale.

When will Swastika Infra IPO open?

The IPO will open for subscription on September 23, 2026.

When will Swastika Infra IPO close?

The IPO will close on September 25, 2026.

What is the Swastika Infra IPO price band?

The price band is ₹175 to ₹185 per share.

What is the Swastika Infra IPO lot size?

The minimum lot size is 81 shares, requiring ₹14,985 at the upper price band.

What is Swastika Infra IPO GMP today?

As of September 18, 2026, the recorded GMP is ₹3, implying an estimated listing price of ₹188 based on the upper price band.

What is the Swastika Infra IPO listing date?

The tentative listing date is September 30, 2026 on BSE and NSE.

What is the Swastika Infra IPO issue size?

The total issue size is ₹160.88 crore, consisting of ₹128.50 crore fresh issue and ₹32.38 crore OFS.

Who is the registrar of Swastika Infra IPO?

MUFG Intime India Pvt. Ltd. is the registrar for Swastika Infra IPO.

Who are the lead managers of Swastika Infra IPO?

The lead managers are Srujan Alpha Capital Advisors LLP and PhillipCapital India Pvt. Ltd.

What are the objectives of Swastika Infra IPO?

The company plans to use ₹128.09 crore of the net proceeds toward incremental working capital requirements, with the balance allocated toward general corporate purposes.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. IPO dates, GMP, subscription figures, financial information and other issue details may change. Investors should review the company's official offer documents and conduct their own due diligence before making any investment decision.
 

Author: Komal Bhatt

Komal Bhatt is a finance content writer at InvestKraft, specialising in well-researched articles on financial products, stock markets, and investment opportunities, with a particular focus on unlisted shares.

She holds a Master’s degree in Commerce from the University of Delhi, which gives her a solid academic foundation in finance and business. With over three years of hands-on experience in creating digital finance content, Komal has developed a clear understanding of investor needs through her work on wealth management, NISM certification programs, and market education materials.

Komal is passionate when it comes to breaking down complex financial concepts into simple, accurate and actionable insights. Her goal is to help everyday investors understand markets better and make more informed decisions based on reliable, research-backed information.