Swastika Infra IPO: Price Band, Lot Size, Financials & Review
Swastika Infra IPO listed on BSE & NSE on Wed, 30 Sep 2026. The issue was subscribed 7.91x overall.
- Open Date
- 23 Sep 2026
- Close Date
- 25 Sep 2026
Last updated
- Price band
- ₹175 – ₹185
- Lot size
- 81 shares
- Min. investment
- ₹14,985
- Issue size
- ₹160.88 Cr
- Last GMP
- +₹7
- Subscribed
- 🔥 7.91x
Swastika Infra IPO details
Swastika Infra IPO is a ₹160.88 Cr book-building IPO on the Mainboard segment, listing on BSE & NSE. It combines a fresh issue of ₹128.5 Cr (79.87%) with an offer for sale of ₹32.38 Cr (20.13%) by existing shareholders. Only the fresh issue money goes to the company.
The issue was open from Wed, 23 Sep 2026 to Fri, 25 Sep 2026. Allotment was finalised on Mon, 28 Sep 2026, and the shares listed on BSE & NSE on Wed, 30 Sep 2026.
The price band is ₹175 to ₹185 per share and the lot size is 81 shares, so the minimum retail application is ₹14,985. Retail investors can apply for up to 13 lots (1,053 shares, ₹1,94,805).
MUFG Intime India Pvt Ltd is the registrar, and Srujan Alpha Capital Advisors Llp and PhillipCapital (India) Private Limited are the book running lead managers.
Grey market premium (GMP)
Day-wise GMP →The last Swastika Infra IPO GMP before listing was +₹7 (+3.78% against the upper price band of ₹185), implying an estimated listing price of ₹192. Across 10 days of tracking, GMP ranged from +₹4.5 (25 Sep) to +₹9.5 (23 Sep).
| Last GMP | +₹7 |
|---|---|
| GMP vs upper band | +3.78% |
| Estimated listing price | ₹192 |
| Highest (23 Sep) | +₹9.5 |
| Lowest (25 Sep) | +₹4.5 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Swastika Infra IPO day-wise GMP.
Subscription
Day-wise subscription →Swastika Infra IPO was subscribed 7.91x overall: QIB 3.31x, NII 19.35x and retail 5.64x.
| Category | Subscribed |
|---|---|
| QIB | 3.31x |
| NII | 19.35x |
| └ bNII (above ₹10 lakh) | 20.92x |
| └ sNII (₹2–10 lakh) | 16.20x |
| Retail | 5.64x |
| Total | 7.91x |
Final figures at the close of bidding on 25 Sep 2026. Category-wise bids, application-wise breakup and allotment chances are on the Swastika Infra IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 26,08,782 | 30.00% |
| Qualified Institutions | 17,39,191 | 20.00% |
| Non-Institutional | 13,04,392 | 15.00% |
| └ BNII | 8,69,595 | 10.00% |
| └ SNII | 4,34,797 | 5.00% |
| Retail Investors | 30,43,581 | 35.00% |
| Total | 86,95,946 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
Swastika Infra IPO lot size
| 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 |
| S-HNI (Max) | 66 | 5,346 | ₹9,89,010 |
| B-HNI (Min) | 67 | 5,427 | ₹10,03,995 |
Amounts at the upper end of the price band.
Issue structure and valuation
It combines a fresh issue of ₹128.5 Cr (79.87%) with an offer for sale of ₹32.38 Cr (20.13%) by existing shareholders. Only the fresh issue money goes to the company.
At the upper price band of ₹185, the issue is priced at 12.13x pre-issue earnings and 15.24x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Listed peers with positive earnings trade at a median P/E of 12.35x (2 companies).
Promoter holding falls from 76.51% before the issue to 57.41% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹15.25 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 12.13x |
| EPS (post-issue) EPS on the enlarged share capital | ₹12.14 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 15.24x |
| Promoter holding (pre-issue) | 76.51% |
| Promoter holding (post-issue) | 57.41% |
Swastika Infra Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹352.6 Cr to ₹505.57 Cr, and profit after tax rose from ₹27.45 Cr to ₹41.43 Cr. The PAT margin for 31 Mar 2026 was 8.19%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 412.24 | 258.54 | 143.26 |
| Total Income | 505.57 | 352.60 | 211.33 |
| Profit After Tax | 41.43 | 27.45 | 13.98 |
| EBITDA | 70.85 | 43.89 | 23.71 |
| Net Worth | 156.78 | 77.02 | 49.57 |
| Reserve & Surplus | 129.60 | 52.27 | 24.82 |
| Total Borrowings | 114.64 | 111.02 | 43.82 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 35.44 | 43.36 | 32.84 |
| ROCE % | 25.76 | 23.14 | 25.15 |
| Debt / Equity | 0.73 | 1.44 | 0.88 |
| RoNW % | 35.44 | 43.36 | 32.84 |
| Pat Margin % | 8.23 | 7.82 | 6.67 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Swastika Infra Limited | 10 | — | 15.70 | 15.70 | 35.40% | 57.70 |
| Rajesh Power Services Ltd | 10 | 10.10 | 79.50 | 79.50 | 35.30% | 225.60 |
| Vikran Engineering Ltd | 1 | 14.60 | 4.10 | 4.10 | 7.40% | 48.00 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Funding incremental working capital requirements of our Company |
| 2 | General corporate purpos |
About Swastika Infra Limited
Incorporated in August 2019, Swastika Infra Limited is an Engineering, Procurement and Construction (EPC) company focused on power transmission and distribution (T&D) infrastructure projects. The Company provides end-to-end turnkey EPC solutions, encompassing the supply, erection, installation, testing and commissioning of power infrastructure. Its key areas of operations 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 projects. Its scope of work also includes the installation of power transformers, circuit breakers, ring main units and other electrical equipment required for power distribution.
As of July 31, 2026, the Company had successfully completed 36 EPC power projects across six Indian states, covering approximately 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 various government utilities, including WBSEDCL, MGVCL, APDCL, GED, HPSEBL, UHBVN, JVVNL, UPCL, AVVNL, RSDCL, MSEDCL and RRVPNL. A significant proportion of its projects are funded by the World Bank or supported by the Ministry of Power, Government of India.
The Company operates an asset-light business model, under which erection activities are generally outsourced to third-party contractors, while construction materials and electrical equipment are sourced through its centralized procurement function. Its in-house project engineers and managers supervise project execution and are responsible for maintaining quality standards, ensuring adherence to design specifications and monitoring project timelines. The Company has a dedicated team of 65 engineers and technicians across electrical, mechanical and civil disciplines.
As of July 31, 2026, Swastika Infra Limited had 182 full-time employees, including 65 engineers and technicians and 52 project execution supervisors and other personnel.
Promoters
Babulal Gupta
Vinay Gupta
Ruchira Gupta
Biren Parnami
Manoj Modi
Vatsalya Gupta
Contact details
Swastika Infra Ltd.
Plot no.14 &15, First Floor,
Gajraj Apartment
Motilalatal Road
Opposite Hotel Neelam
Jaipur, Rajasthan, 302001
Telephone: +91 9116135709
E-mail: cs@swastikainfra.com
Website:https://www.swastikainfra.com/
Swastika Infra IPO FAQs
- What is the Swastika Infra IPO price band?
- The Swastika Infra IPO price band is ₹175 to ₹185 per share.
- What is the Swastika Infra IPO lot size and minimum investment?
- The Swastika Infra IPO lot size is 81 shares. The minimum retail investment is ₹14,985 for one lot at the upper price band. Retail investors can apply for up to 13 lots (1,053 shares), costing ₹1,94,805.
- When was Swastika Infra IPO open for subscription?
- Swastika Infra IPO was open for subscription from Wed, 23 Sep 2026 to Fri, 25 Sep 2026.
- What is the Swastika Infra IPO subscription status?
- Swastika Infra IPO was subscribed 7.91x overall: QIB 3.31x, NII 19.35x and retail 5.64x. Day-wise and category-wise figures are on the subscription page.
- What was the Swastika Infra IPO GMP before listing?
- The last Swastika Infra IPO GMP before listing was +₹7 (+3.78% against the upper price band of ₹185), implying an estimated listing price of ₹192. Across 10 days of tracking, GMP ranged from +₹4.5 (25 Sep) to +₹9.5 (23 Sep). GMP is an unofficial grey market indicator and can change quickly.
- What is the Swastika Infra IPO allotment date?
- The Swastika Infra IPO basis of allotment was finalised on Mon, 28 Sep 2026. You can check your allotment status on the MUFG Intime India Pvt Ltd website.
- What is the Swastika Infra IPO listing date?
- Swastika Infra IPO listed on BSE & NSE on Wed, 30 Sep 2026.
- Is the Swastika Infra IPO a fresh issue or an offer for sale?
- It combines a fresh issue of ₹128.5 Cr (79.87%) with an offer for sale of ₹32.38 Cr (20.13%) by existing shareholders. Only the fresh issue money goes to the company.
- Who are the registrar and lead managers of the Swastika Infra IPO?
- The registrar for the Swastika Infra IPO is MUFG Intime India Pvt Ltd, and the book running lead managers are Srujan Alpha Capital Advisors Llp and PhillipCapital (India) Private Limited.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.