The Swastika Infra IPO is a book-built issue to raise 160.88 crores from the primary market. This public issue comprises an equal issue of 69.46 lakh shares (RS 128.50 Cr) and an offer for sale of 17.50 lakh shares (RS 32.38 Cr). The issue will open for subscription at the price band of 175-185 per share with a lot size of 81 shares. Minimum capital of 14,985 per lot is required to apply at the upper end of the price band for retail investors. Srujan Alpha Capital Advisors LLP is managing the offer as the book-running lead manager and MUFG Intime India Pvt. Ltd. Is the registrar.
The subscription bid window was open from September 23, 2026, & closed on September 25, 2026. Investors can expect allotment of basis by September 28, 2026, along with refunds and credit of shares to Demat accounts. The company is planning to list on the NSE and BSE platforms with the listing date scheduled for September 30, 2026. Interested investors can look into the entire share allotment for FOMO 34 with all the financial details, objective of the issue and various risk factors in the detailed Red Herring Prospectus (RHP) filed by the company.
Swastika Infra IPO Allotment Status
| Company Name | Allotment Date | Listing Date | Registrar (Check Link) |
|---|---|---|---|
| Swastika Infra | Mon, Sep 28, 2026 | Wed, Sep 30, 2026 | https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
Swastika Infra IPO Overview
| Details | Descriptions |
|---|---|
| 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 |
| 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) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 2,71,74,242 shares |
| Share Holding Post Issue | 3,41,20,188 shares |
Swastika Infra IPO Schedule
| Details | Description |
|---|---|
| IPO Open Date | Wed, Sep 23, 2026 |
| IPO Close Date | Fri, Sep 25, 2026 |
| Tentative Allotment | Mon, Sep 28, 2026 |
| Initiation of Refunds | Tue, Sep 29, 2026 |
| Credit of Shares to Demat | Tue, Sep 29, 2026 |
| Tentative Listing Date | Wed, Sep 30, 2026 |
Swastika Infra Lot Size Details
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 81 | ₹14,985 |
| Individual investors (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 |
Issue Reservation
| Investor Category | Shares | % of Total Issue | Max Allottees |
|---|---|---|---|
| QIB | 43,47,973 | 50.00% | NA |
| − Anchor Investor | 26,08,782 | 30.00% | NA |
| − QIB (Ex. Anchor) | 17,39,191 | 20.00% | NA |
| NII (HNI) | 13,04,392 | 15.00% | NA |
| − bNII > ₹10L | 8,69,595 | 10.00% | 766 |
| − sNII < ₹10L | 4,34,797 | 5.00% | 383 |
| Retail | 30,43,581 | 35.00% | 37,575 |
| Total | 86,95,946 | 100.00% |
Swastika Infra IPO – GMP Trend
| GMP Date | IPO Price | GMP | Est. Listing Price | Est. Profit* |
|---|---|---|---|---|
| 25-Sep 22:02 | ₹185 | ₹4.5 (2.43%) ▼ | ₹189.5 | ₹364 |
| 24-Sep 15:02 | ₹185 | ₹9 (4.86%) ─ | ₹194 | ₹729 |
| 23-Sep 23:37 | ₹185 | ₹9.5 (5.14%) ▲ | ₹194.5 | ₹769 |
| 22-Sep 23:37 | ₹185 | ₹8 (4.32%) ─ | ₹193 | ₹648 |
| 21-Sep 23:37 | ₹185 | ₹8 (4.32%) ▲ | ₹193 | ₹648 |
| 20-Sep 23:37 | ₹185 | ₹3 (1.62%) ─ | ₹188 | ₹243 |
| 19-Sep 23:37 | ₹185 | ₹3 (1.62%) ▼ | ₹188 | ₹243 |
| 18-Sep 23:37 | ₹185 | ₹5 (2.70%) ─ | ₹190 | ₹405 |
Overview of Swastika Infra
Swastika Infra Limited: Company Profile & Core Operations
Swastika Infra Limited (SIL), incorporated in August 2019, is a power Transmission & Distribution (T&D) EPC player. The company offers a comprehensive turnkey infrastructure solution – covering design, supply of materials, erection and commissioning at site – involving installation and commissioning of all types of outdoor/indoor and under/above ground equipment required for power T&D project at site. Its areas of expertise include high value utility related projects (such as laying of underground cables, Gas Insulated substations /GIS, Air Insulated Substations /AIS, grid substations and rural/urban electrifications) and line operations at the field level comprising installation of equipment viz., transformers, circuit breakers, ring main units (RMMs), etc.
Project Track Record & Key Financial Drivers
As of July 31, 2026, the company has successfully executed 36 turnkey EPC power projects across six states, laying down more than 18,579 km of power distribution lines with a cumulative execution value of ₹76,467 lakh.
Swastika Infra’s primary client base consists of state power utilities, including WBSEDCL, MGVCL, APDCL, GED, HPSEBL, UHBVN, JVVNL, UPCL, AVVNL, RSDCL, MSEDCL, and RRVPNL. A significant portion of these high-capacity distribution projects is backed by institutional funding from the World Bank or government initiatives under the Ministry of Power, India.
Operating Model & Workforce Capabilities
The company relies on an asset-light operational framework designed to keep fixed overheads low while maintaining strict quality standards:
- Execution: On-site civil and erection work is outsourced to vetted third-party subcontractors.
- Procurement: Material sourcing and electrical hardware procurement are handled through a centralized team to optimize margins.
- Quality Assurance: In-house project managers oversee structural specifications, site safety, and compliance timelines.
As of July 31, 2026, Swastika Infra maintains an operational team of 182 full-time employees, which includes a core team of 65 qualified engineers and technicians across civil, electrical, and mechanical verticals, alongside 52 dedicated site supervision personnel.
Investment Highlights & Competitive Strengths
- Asset-Light Scalability: Minimizes capital expenditure while scaling contract capacity through flexible subcontracting.
- Robust Revenue Visibility: Supported by a sizeable order book of ongoing state utility projects.
- Institutional Backing: High project reliability due to funding support from multilateral financial agencies and central government schemes.
- Proven Execution Leadership: Promoters bring extensive domain experience in power grid construction and public utility bidding.
Company Financials
Swastika Infra Financial Information (Restated Standalone)
| 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 |
Key Performance Indicator (KPI)
The market cap. of Swastika Infra IPO is for Pre IPO ₹502.72 Cr., & for Post IPO ₹631.22 Crores.
KPI as of Mar 31, 2025
| 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 & Shareholding Structure
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 15.70 | 12.14 |
| P/E (x) | 11.78 | 15.24 |
| Company Promoters: | Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi and Vatsalya Gupta. | |
| Promoter and Promoter Group | 76.51% | 57.41% |
| Public | 23.49% | 42.59% |
| Total | 100% | 100% |
Swastika Infra IPO Objectives
| Objects of the Issue | Expected Amount (₹ in cr.) |
|---|---|
| Funding of incremental working capital requirements of the company | 90.00 |
| General Corporate Purposes | – |
| Total | 90.00 |
Swastika Infra IPO Contact Details
- Swastika Infra Ltd.
- Plot no.14 &15, First Floor, Gajraj Apartment
- Motilalatal Road
- Opposite Hotel Neelam
- Jaipur, Rajasthan, 302001
- +91 9116135709
- cs@swastikainfra.com
- Website: https://www.swastikainfra.com/
Swastika Infra IPO Registrar
MUFG Intime India Pvt.Ltd.
| Details | Descriptions |
|---|---|
| Phone: | 022-49186000 |
| Email: | swastikainfra.ipo@in.mpms.mufg.com |
| Website: | https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
Swastika Infra IPO FAQs
When Swastika Infra IPO become available?
The IPO will open on Wed, Sep 23, 2026.
What is the minimum lot size for the Swastika Infra IPO?
The minimum lot size is 81 shares.
When will the shares for the Swastika Infra IPO be allotted?
The allotment is expected to be finalized on Mon, Sep 28, 2026
What is the expected listing date for the Swastika Infra IPO?
The tentative listing date is Wed, Sep 30, 2026.
How can I apply for the Swastika Infra IPO?
You can apply online through your bank or a broker using either the UPI or ASBA payment methods.
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