Swastika Infra
What they do: The company primarily engages in EPC contracts, which involve procurement of goods and services. This business model relies heavily on efficient project execution and cost management to maintain profitability.
By IPO Milega Research · Published · Updated
Swastika Infra Limited has shown a strong growth trajectory in revenue and net profit over the past three fiscal years.
- GMP (unofficial)
- +3.78%
- ₹7 a share
- Subscribed
- 7.8x
- Total
- Retail odds
- 18%
- 1 in 5.4
GMP is an unofficial grey market indication.
- Price band
- ₹175-185
- Lot size
- 81 shares
- Min. investment
- ₹14,985
- Issue size
- 161 Cr.
- Open23 Sept 2026
- Close25 Sept 2026
- Allotment28 Sept 2026
- Listing30 Sept 2026
Overview
Estimated from the current subscription figures. Tap a category to work it out for your application size.
- QIB
- 3.31x
- NII
- 19.3x
- Retail
- 5.44x
₹192 (+3.78%)
GMP trend
Unofficial grey market quotes, times in IST
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials7.0
- Performance7.0
- Flexibility8.0
- Timing6.0
- Risk4.0
The expected gains on listing are primarily informed by the Grey Market Premium (GMP) of 193, which suggests a 4.32% increase. This is supported by the company's strong historical growth, strategic project portfolio, and market adaptability, although tempered by financial and operational risks.
Strengths3
- Successfully completed 36 EPC Power Projects with a total contract value of ₹76,467 Lakhs.
- Expanded operations into renewable energy and transmission segments.
- Secured significant contracts, including a ₹34,010 Lakhs project under AVVNL.
Concerns5
- Dependence on government contracts for 96.87% of revenue.
- Project execution delays impacting financial performance.
- Negative cash flows and high contingent liabilities.
- Potential trading restrictions and price volatility post-listing.
- Credit rating downgrade to CARE BB-.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum14,9851 lots, 81 shares
- Retail Maximum1,94,80513 lots, 1053 shares
- S-HNI Minimum2,09,79014 lots, 1134 shares
- S-HNI Maximum9,89,01066 lots, 5346 shares
- B-HNI Minimum10,03,99567 lots, 5427 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 81 | 14,985 |
| Retail Maximum | 13 | 1053 | 1,94,805 |
| S-HNI Minimum | 14 | 1134 | 2,09,790 |
| S-HNI Maximum | 66 | 5346 | 9,89,010 |
| B-HNI Minimum | 67 | 5427 | 10,03,995 |
Timing
6.0/10The market timing for Swastika Infra's IPO is moderately favorable. The company's established network of related party transactions suggests a stable business environment, which can be attractive to investors. However, the absence of a credit rating and the intricate nature of these transactions might deter some investors due to potential governance issues.
- Time to market
- The company's readiness for the market is evident through its detailed financial dealings and established management team. However, the complexity of related party transactions and the absence of a credit rating may slow down investor confidence, affecting the speed at which the market absorbs the IPO.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Neutral
- Time to market
- 5.0
- Listing on
- BSE & NSE
Key milestones
- 23 Sept 2026IPO Opens
- 25 Sept 2026IPO Closes
- 28 Sept 2026Basis of Allotment
- 29 Sept 2026Refunds Initiated
- 29 Sept 2026Credit to Demat Account
- 30 Sept 2026Listing Date
Financials
7.0/10- Revenue
- ₹506 Cr
- +43.4%
- Profit after tax
- ₹41.43 Cr
- +50.9%
- Net margin
- 8.2%
- +0.4 pts
- Assets
- ₹412 Cr
- +59.4%
- Return on equity
- 35.44%
- Revenue CAGR
- 57.5%
- ROCE
- 25.76%
- Return on net worth
- 35.44%
- NAV per share (₹)
- 57.69
Financial performance trend
Amount ₹ in croresSwastika Infra Limited has shown a strong growth trajectory in revenue and net profit over the past three fiscal years. The company has a robust EBITDA, indicating good operational efficiency. However, the total liabilities equal the total assets, suggesting a high leverage position. The company's financial ratios, such as current and quick ratios, are not provided, which limits a comprehensive liquidity analysis.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks3
- Market risks2
- Operational risks2
- Regulatory risks1
High reliance on government contracts and financial instability pose significant risks, with potential regulatory and market challenges.
How the company offsets these
Diversifying revenue sources and improving project management could mitigate risks.
Financial risks3
- Negative cash flows of ₹965.21 Lakhs in Fiscal 2026.
- Contingent liabilities seven times profit after tax.
- Credit rating downgrade to CARE BB-.
Market risks2
- Potential trading restrictions and price volatility post-listing.
- Currency exchange rate fluctuations affecting foreign investors.
Operational risks2
- Project execution delays ranging from 6 to 12 months.
- Conflicts of interest from related party transactions.
Regulatory risks1
- Dependence on government contracts for 96.87% of revenue.
Performance
7.0/10Swastika Infra Limited, an EPC company specializing in power T&D projects, has demonstrated strong growth and operational capabilities. The company has expanded its project portfolio significantly, with a focus on government-backed and multilateral-funded projects, ensuring financial stability. Its asset-light model and strategic project selection have contributed to its financial resilience and scalability.
- Historical growth
- The company has shown a consistent upward trajectory in revenue, with a CAGR of 55.01% from Fiscal 2024 to Fiscal 2026., 55.01%
- Market comparison
- Swastika Infra Limited has a higher operating margin compared to peers like Lumino Industries Limited and Anvil Energy Private Limited, indicating better cost management and profitability.
- Future potential
- The company is well-positioned to capitalize on India's growing power infrastructure needs, with a strong order book and strategic expansion into renewable energy.
- Operational consistency
- The company's strategic focus on government and multilateral-funded projects ensures consistent revenue streams.
- Experience
- The management team, led by experienced promoters with over 50 years in the EPC industry, has been instrumental in the company's growth.
- Track record
- The management has successfully expanded the company's operations and secured high-value contracts.
Key achievements
- 01Successfully completed 36 EPC Power Projects with a total contract value of ₹76,467 Lakhs.
- 02Expanded operations into renewable energy and transmission segments.
- 03Secured significant contracts, including a ₹34,010 Lakhs project under AVVNL.
Flexibility
8.0/10Swastika Infra Limited has effectively adapted to market demands by expanding its operations across multiple states and diversifying its project portfolio to include renewable energy and transmission segments. The company's strategic focus on government-backed projects and multilateral funding ensures financial stability and market relevance.
The company exhibits financial stability with consistent revenue growth, a strong order book, and improving profitability metrics. However, the declining return on equity and capital employed in recent years indicates potential challenges in maintaining financial efficiency.
Swastika Infra Limited's asset-light business model and strategic use of joint ventures enhance its operational agility, allowing it to efficiently scale operations and manage complex projects across diverse geographies.
Swastika Infra Limited demonstrates strong flexibility and adaptability, evidenced by its strategic growth in the power EPC sector, diversified project portfolio, and robust financial performance. The company has expanded its geographical footprint and operational capabilities, leveraging an asset-light model and strategic partnerships to enhance scalability and efficiency.
- Product diversification
- The company has diversified its offerings to include underground cabling, substation installations, rural and urban electrification, street lighting, and renewable energy projects, catering to varied infrastructure demands.
- Future adaptability
- Swastika Infra Limited is well-positioned to capitalize on India's growing power infrastructure needs, with plans to expand its geographical presence and focus on high-value projects. Its strategic initiatives and experienced leadership support its potential for future adaptability and growth.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.