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
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.
| 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 |
| Amount in ₹ Crore | |||
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 | 90.00 |
| 2 | General Corporate Purposes | |
| Total | 90.00 |
| 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 |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 15.70 | 12.14 |
| P/E (x) | 11.78 | 15.24 |
| 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 |
The promoters of the company are Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi and Vatsalya Gupta.
| Share Holding Pre Issue | 76.51% |
| Share Holding Post Issue | 57.41% |
As per our analysis and Based on the information we have, this is the output.
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Last Updated on September 22, 2026 Swastika Infra Ltd. IPO Incorporated in August 2019, Swastika Infra Limited is an engineering, procurement and construction (EPC) company specializing in power transmission and
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