SWASTIKA INFRA LIMITED IPO
Offer terms, application timeline, financial context and company details in one place.
Issue at a glance
- Issue size
- ₹0.24 crore
- Face value
- ₹10
- Issue method
- Book Building
- Fresh issue
- ₹0.24 crore
- Symbol
- SWASTIKAIN
- ISIN
- INE1QJA01015
Subscription
5.86×overall subscribed
| Investor category | Applications | Shares bid | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers(QIBs) | — | 46,99,296 | 2.63× |
| Foreign Institutional Investors(FIIs) | — | 12,96,972 | — |
| Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | — | 5,47,155 | — |
| Mutual funds | — | 0 | — |
| Others | — | 28,55,169 | — |
| Non Institutional Investors | — | 2,05,36,578 | 15.06× |
| Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | — | 1,52,87,292 | 16.81× |
| Corporates | — | 3,79,971 | — |
| Individuals(Other than RIIs) | — | 1,42,12,584 | — |
| Others | — | 6,94,737 | — |
| Non Institutional Investors(Bid amount of more than Two Lakh Rupees upto Ten Lakh Rupees) | — | 52,49,286 | 11.55× |
| Corporates | — | 22,113 | — |
| Individuals(Other than RIIs) | — | 49,40,028 | — |
| Others | — | 2,87,145 | — |
| Retail Individual Investors(RIIs) | — | 1,18,86,588 | 3.73× |
| Cut Off | — | 1,06,79,283 | — |
| Price bids | — | 12,07,305 | — |
| Total | — | 3.71 | 5.86× |
About the company
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.
Financial snapshot
| Particulars | FY25 | FY26 |
|---|---|---|
| Revenue | ₹350.75 cr | ₹503.57 cr (43.57%) |
| PAT | ₹27.44 cr | ₹41.42 cr (50.95%) |
| PAT Margin | 7.82 % | 8.23 % (5.24%) |
| EBITDA | ₹43.88 cr | ₹70.84 cr (61.44%) |
| EBITDA Margin | 12.51 % | 14.07 % (12.47%) |
| ROE | 35.63 % | 26.42 % |
| ROCE | 23.14 % | 25.76 % |
| D/E | 1.44 | 0.73 |
What to consider
Business strengths
- Strong Project Execution CapabilitiesThe company has strong project management and execution capabilities, supporting its ability to undertake end-to-end power distribution infrastructure projects.
- Growing Government-Funded Order BookThe company has a growing order book comprising projects funded by central government and multilateral institutions. This provides visibility for its ongoing and future project execution.
- Consistent Financial PerformanceThe company has demonstrated strong and consistent financial performance, supporting its operations and growth across its EPC power infrastructure business.
Key risks
- Dependence on Government ProjectsThe company's revenue is majorly concentrated from projects undertaken or awarded by government utilities. Adverse changes in government policies could result in contracts being foreclosed, terminated, restructured, or renegotiated, which may materially affect its business and results of operations.
- Large-Scale Project Execution RiskThe company's present order book consists of certain large-scale projects. Any delay or impediment in the execution of these projects could adversely affect its financial position.
- Order Book Concentration RiskThe company's order book includes certain large-scale projects, making timely execution important for its financial performance. Any significant delay or impediment affecting these projects may adversely impact its financial position.
Peer comparison
| Company | P/E (x) | CMP (₹) | Face Value (₹) |
|---|---|---|---|
| Swastika Infra Limited | 11.78 | 185 | 10 |
| Rajesh Power Services Limited | 10.1 | 804 | 10 |
| Vikran Engineering Limited | 14.6 | 59.2 | 1 |