Swastika Infra IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

Swastika Infra

Price band

₹175 – ₹185

Lot size

81 shares

Min investment

₹14,985

Issue size

₹160.88 Cr

About the company

Swastika Infra Limited was started in August 2019. It is an engineering, procurement and construction company, usually called an EPC company, working on power distribution infrastructure. It also sells electrical products. Its EPC work is turnkey, meaning it handles the whole job from buying the material through to erection, installation, testing and commissioning. The work covers four main areas. Underground cabling involves laying and commissioning high and low voltage power cables, which cuts power losses compared with overhead lines. Substation construction covers both gas insulated and air insulated substations, including installing power transformers, circuit breakers and ring main units. Rural and urban electrification projects extend electricity to underserved areas through distribution networks, service connections and feeder lines, generally under government schemes. It also installs street lighting systems. Alongside the project work it trades in electrical products, buying and selling power cables and other electrical items. The EPC work is the main business and the trading is secondary.

Swastika Infra Limited is an EPC contractor for power distribution infrastructure, covering underground cabling, gas and air insulated substations, rural and urban electrification under government schemes, and street lighting. It also trades power cables and electrical products.

IPO details

Issue price: ₹185
Price band: ₹175 – ₹185
Face value: ₹10
Lot size: 81
Min investment: ₹14,985
Issue size: ₹160.88 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 7991
NSE symbol: SWASTIKAIN.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	81	₹14,985
Retail (Max)	13	1,053	₹1,94,805
S-HNI (Min)	14	1,134	₹2,09,790
B-HNI (Min)	67	5,427	₹10,03,995

Investor reservation

CATEGORY	RESERVED
QIB	Not more than 50% of the Offer
Retail	Not less than 35% of the Offer
NII	Not less than 15% of the Offer

Objects of the issue

1Funding of incremental working capital requirements of the Company.145.00

2General corporate purposes.

Financials

Rs. Crore • restated

METRIC	30 Sep 2024	31 Mar 2024	31 Mar 2023	31 Mar 2022
Assets	156.06	143.26	97.96	81.69
Total Income	100.52	211.33	154.32	59.54
Profit After Tax	5.97	13.98	10.25	2.95
NET Worth	55.52	49.57	35.59	20.57
Reserves and Surplus	30.77	24.82	10.84	0.57

Key performance indicators

P/E Ratio

15.24

EPS (₹)

12.14

RoE

35.44%

RoCE

25.15%

RoNW

32.84%

PAT Margin

6.67%

EBITDA Margin

14.07%

Debt / Equity

0.88

NAV (₹)

20.03

✓ Strengths

• Sales grew strongly over the years shown, from Rs 59.54 crore in FY2022 to Rs 154.32 crore in FY2023 and Rs 211.33 crore in FY2024.

• Profit grew over the same period, from Rs 2.95 crore in FY2022 to Rs 10.25 crore in FY2023 and Rs 13.98 crore in FY2024.

• Return ratios on the data available are good, with RoNW of 32.84% and RoCE of 25.15%.

• Net worth grew from Rs 20.57 crore in FY2022 to Rs 55.52 crore as on 30 September 2024.

• It offers turnkey capability across cabling, substations, electrification and street lighting, so it can bid for complete packages rather than parts of a job.

• Rural and urban electrification work is backed by government schemes, which provides a steady pipeline of tenders.

• Gas insulated substation work is more technical than ordinary cabling and fewer contractors can execute it.

⚠ Risks

• The financial data is two years out of date. The most recent figures available are a half year ending 30 September 2024, for an issue opening in September 2026, and there is no FY2025 or FY2026 data at all. This needs to be read from the RHP before relying on any of it.

• The P/E and EPS are not stated, and neither the EBITDA nor the total borrowing rows are present in the available data, so margin and leverage cannot be assessed from here.

• The promoter details and the pre and post issue promoter holding are not stated either, so the extent of dilution is not clear.

• Rs 145 crore of the Rs 160.87 crore issue goes into working capital. EPC work blocks large amounts of cash in unbilled work and retention money.

• The company is young, having been incorporated only in August 2019.

• Most customers are state electricity utilities and government bodies, which pay slowly and award work through price-driven tenders.

• A part of the revenue comes from trading electrical products, which earns less than the project work.

• This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.

Promoters & holding

Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi and Vatsalya Gupta

Pre-issue promoter holding

76.51%

Post-issue promoter holding

57.41%

Data refreshed 07 Nov 2026, 04:52 pm IST. GMP is unofficial market sentiment, not investment advice.