Swastika Infra Ltd IPO
Power Infrastructure
Price Band
₹175 – ₹185
Lot Size
81
Minimum Bid Quantity
81
Minimum Investment
₹14985
Issue Size
₹160.87Cr
Opens
2026-09-23
Closes
2026-09-25
Listing
30-09-2026
Subscription Status
Qualified Institutional Buyers
3.22 x
Non-Institutional Investor
18.43 x
Retail Individual Investor
5.08 x
Total
7.43 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1QJA01015
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Swastika Infra Limited is an engineering, procurement, and construction (EPC) company engaged in power transmission and distribution infrastructure projects. Its services cover turnkey execution of power infrastructure projects, including procurement, supply, erection, installation, testing and commissioning. The company undertakes underground cabling work involving the laying and installation of high-voltage and low-voltage power cables, and construction of gas insulated, air insulated and grid substations. It also executes rural and urban electrification projects involving distribution networks, service connections, and feeder lines. Other areas of work include installation of street lighting systems and renewable energy projects. As of July 31, 2026, the company had executed 36 power distribution infrastructure projects across six Indian states, covering 18,579.47 km of distribution lines. It had 18 ongoing EPC Power Projects across six states as of the same date. The company was incorporated in August 2019 following the conversion of the partnership firm Swastika Electricals & Fertilizers.
Pros
- • The company has an established track record in power EPC projects. As of July 31, 2026, it had completed 36 power distribution infrastructure projects across six Indian states and had laid 18,579.47 km of distribution lines. It was also executing 18 EPC power projects across six states as of the same date.
- • The company’s order book has grown significantly over the last three financial years. Its order book increased from Rs 391.39 crore in FY24 to Rs 650.23 crore in FY25 and Rs 687.43 crore in FY26, before reaching Rs 916.55 crore as of July 31, 2026. The order book-to-revenue ratio stood at 1.41 times in FY26.
- • The company has expanded into transmission and renewable energy projects. It has received four orders from Rajasthan Rajya Vidyut Prasaran Nigam Limited (RRVPNL) worth a total of Rs 170.51 crore, an order from Rajasthan Solar Development Corporation Limited (RSDCL) worth Rs 158.12 crore, and an order from West Bengal State Electricity Distribution Company Limited (WBSEDCL) worth Rs 64.20 crore.
Cons
- • The company is heavily dependent on government utilities for its revenue and order book. Government utility projects contributed Rs 487.82 crore (96.87%), Rs 339.04 crore (96.66%), and Rs 188.28 crore (89.84%) to revenue from operations in FY26, FY25, and FY24, respectively, while projects awarded by government utilities accounted for 100% of its order book as of July 31, 2026. Any adverse changes in government policies, budgetary allocations, project priorities or pre-qualification requirements could reduce the availability of contracts, delay project awards or affect existing contracts, which may adversely affect the company’s business and financial performance.
- • The company has recorded negative cash flows from operating activities of Rs 9.65 crore, Rs 76.53 crore, and Rs 3.34 crore in FY26, FY25, and FY24, respectively, primarily due to changes in trade receivables, other current assets and other financial assets. If the company is unable to generate sufficient positive operating cash flows in the future, it may face difficulties in meeting its working capital requirements and repaying loans without relying on external financing, which could adversely affect its business and financial condition.
- • The company derives a significant portion of its revenue from a limited number of clients. Its top five clients contributed Rs 487.82 crore (96.87%), Rs 350.14 crore (99.82%), and Rs 205.69 crore (98.12%) to revenue in FY26, FY25, and FY24, respectively, while its top ten clients contributed 99.58%, 99.99%, and 99.75%, respectively. Any loss of a significant client or reduction in repeat orders due to factors such as pre-qualification requirements, tender availability or aggressive price bidding by competitors could adversely affect the company’s revenue and financial performance.
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