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IPO ·
NSE, BSE
Swastika Infra Ltd
Listed
EPC contractor building substations, underground cabling and electrification projects for power utilities.
Issue details
Price band
₹175 – ₹185
Face value
₹10
Lot size
81 shares
Minimum investment
₹14,985
Issue size
₹160.87 Cr
Fresh issue
₹128.50 Cr
Offer for sale
₹32.38 Cr
Issue type
Book Built
Exchange
NSE, BSE
Key dates
Opens
23 Sep 2026
Closes
25 Sep 2026
UPI mandate cut-off
5:00 PM on 25 Sep 2026
Allotment
28 Sep 2026
Refunds
29 Sep 2026
Shares in demat
29 Sep 2026
Listing
30 Sep 2026
Subscription and listing
Subscription
5.86x
Listing price
₹200
Registrar
MUFG Intime India Pvt Ltd
Lead manager
Srujan Alpha Capital Advisors, PhillipCapital India
Subscription by category
Total
5.86x
Total applications
1,91,912
Anchor investors
Amount raised
₹48.26 Cr
Bid date
22 Sep 2026
50% lock-in ends
27 Oct 2026
Rest lock-in ends
26 Dec 2026
Listing day
Issue price
₹185
Open
₹200.00
High
₹210.00
Low
₹200.00
Day close
₹210.00
Listing gain at open
+8.11%
Issue structure
Shares reserved per category and share of the total issue
QIB
43,47,970
50.00%
Anchor Investor
26,08,782
30.00%
QIB (Ex. Anchor)
17,39,188
20.00%
NII
13,04,394
15.00%
bNII > ₹10L
8,69,596
10.00%
sNII < ₹10L
4,34,798
5.00%
Retail
30,43,581
35.00%
Total
86,95,945
100.00%
Finaccle’s quick read
Apply
Income up about 43% and PAT up about 51% in FY26 with ROE of 35.44%, D/E of 0.73 and post-issue P/E of 15.24; about 80% of the issue is fresh.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Swastika Infra is an EPC contractor for power transmission and distribution projects, including underground cabling, gas- and air-insulated substations, electrification and street lighting, plus renewable energy works. Its clients are mainly government power utilities and infrastructure bodies across several Indian states. Incorporated in 2019, it reported FY26 income of about ₹506 Cr.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
35.44%
ROCE
25.76%
Debt / equity
0.73
PAT margin
8.23%
P/E post issue
15.24
Market cap
₹631.22 Cr
Use of IPO money
Incremental working capital
₹90.00 Cr
General corporate purposes
₹19.39 Cr
Issue expenses
₹23.70 Cr
Strengths
✓
Income up about 43% and PAT up about 51% in FY26
✓
ROE of 35.44% and ROCE of 25.76%
✓
Order book from government power utilities
✓
Post-issue P/E of 15.24 is reasonable
✓
Asset-light EPC model with central procurement
Risks to watch
!
Dependence on government utility contracts and payments
!
Working-capital-heavy business; most proceeds fund working capital
!
Short operating history since 2019
!
OFS of ₹32.38 Cr is about 20% of the issue
!
Promoter holding drops to 57.41% post-issue
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.