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
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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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