Swastika Infra Ltd Closed IPO - Check Latest List of Closed IPO | Jainam
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Swastika Infra Ltd

Swastika Infra Ltd
SWASTIKAIN Swastika Infra Ltd

BSE IPO

Bidding dates23 Sep 2026 - 25 Sep 2026

Price range₹175 - ₹185

Min. investment₹14,985

Issue size160.88 Cr

Lot size81 Shares

IPO DocRHP

IPO Timeline

Start date

23 Sep 2026

End date

25 Sep 2026

Allotment date

28 Sep 2026

Refund initiation

29 Sep 2026

Share credit

29 Sep 2026

Deactivate mandate

30 Sep 2026

About 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. 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.

Founded in 2019

Managing director Vinay Gupta

Parent organisation Swastika Infra IPO

Strengths and Risks

Strengths

The company maintains a strong revenue visibility profile backed by major ongoing turnkey contracts spanning underground cabling, substations, and rural/urban electrification.

Swastika Infra has demonstrated rapid top-line and bottom-line expansion, with revenue and profits scaling significantly over recent fiscal periods.

Operating primarily as a turnkey EPC provider, it leverages third-party contractors and project-specific leasing while retaining oversight via internal engineering teams, keeping fixed asset bloat low.

Risks

The vast majority of projects originate from government tenders and state electricity distribution companies (Discoms). Shifts in government capital expenditure or policy priorities directly influence order flow.

Power infrastructure projects require substantial working capital for bank guarantees, procurement, and milestone-based execution. Delayed billing or realization can strain liquidity.

Working closely with state-level utilities exposes the company to delayed payment cycles, impacting cash conversion cycles.

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