Swastika Infra's initial public offer has been 7.6 times oversubscribed on the final day of bidding, with allotment status expected to be finalised on Monday, September 28, 2026. Refunds for unsuccessful applicants are expected to begin on Tuesday, September 29, 2026, while shares are expected to be credited to the demat accounts of successful allottees on the same day. The grey market premium stands at ₹6.5 per share, indicating expectations of a 3.51% premium over the issue price at the upper end of the price band of ₹185 per share. The ₹160.88 crore public issue comprises a fresh issue worth ₹128.5 crore and an offer-for-sale worth ₹32.38 crore, with the subscription period ending on September 25, 2026 and listing scheduled for September 30, 2026 on both NSE and BSE. Investors can check their allotment status through the websites of BSE, NSE and MUFG Intime India, the registrar to the issue.
In financial year 2026, Swastika Infra reported ₹503.57 crore revenue from operations, representing a 44% increase from ₹350.76 crore in FY25. The company's operating profit rose 61% to ₹70.87 crore, while operating profit margin improved to 14.1% from 12.5% in the previous year. Net profit after minority interest increased 50.93% to ₹41.43 crore from ₹27.45 crore in FY25. The company's unexecuted order book stood at ₹916.55 crore as of July 31, 2026, up from ₹687.44 crore at the end of FY26 and ₹650.23 crore at the end of FY25. The order book was equivalent to around 1.8 times FY26 revenue, with EPC power projects accounting for 97% of revenue in FY26 while product sales contributed 3%.
The IPO received bids for 4,81,50,288 shares against 63,35,001 shares on offer, with non-institutional investors leading demand at 18.5 times subscription and retail investors following at 5.39 times. The qualified institutional buyers quota was subscribed 3.22 times. The issue price band was set at ₹175 to ₹185 per share, with the minimum bid size for retail investors being 81 shares, requiring an investment of ₹14,985 at the upper end of the price band. Applicants can check their allotment status through the websites of BSE, NSE and MUFG Intime India, the registrar to the issue.
The IPO attracted significant anchor investor interest with Swastika Infra allotting 26.08 lakh shares to six anchor investors at ₹185 per share, raising ₹48.26 crore before the public issue opened. Shine Star Build-Cap, Minerva Ventures, and Longthrive Capital VCC each invested ₹10 crore for 5.4 lakh shares at the upper price band of ₹185 per share. Krone Finstock acquired 4.46 lakh shares for ₹8.25 crore, while Swyom India Alpha Fund and Asas Global Fund Incorporated VCC Sub Fund each picked up 2.7 lakh shares for ₹5 crore each. The ₹160.88 crore public issue comprises a fresh issue worth ₹128.5 crore and an offer-for-sale worth ₹32.38 crore. Of the net proceeds from the fresh issue, the company plans to utilise ₹90 crore towards incremental working capital requirements, with the remaining funds allocated for general corporate purposes. The post-issue promoter and promoter group shareholding is expected to stand at 57.36%.
Most brokerages have assigned 'neutral' ratings to the IPO, recommending a 'wait and watch' approach due to heavy dependence on government projects. According to Business Standard, Capital Markets and Arihant Capital have both given neutral ratings, while Ventura Securities stands out with a 'subscribe' rating. The company is valued at a FY26 P/E multiple of 15.2 times on a post-issue basis, which appears reasonably priced according to SBI Securities. Key valuation metrics include P/BV at 2.2 times, EV/Sales at 1.48 times, and ROE at 10.2%. The company's EBITDA margin has shown improvement from 11.31% in FY2024 to 14.07% in FY2026, while net profit margin increased from 6.67% to 8.23% over the same period.
The primary concern for investors is Swastika Infra's 97% dependence on government projects in its FY26 order book, as highlighted by SBI Securities. Additional risks include delay in project execution, customer concentration, and potential negative cash flow from operating activities. The grey market premium stands at ₹6.5, indicating a listing price of ₹191.5 and a listing gain of 3.51%. As reported by Business Standard, the company has diversified into high-margin businesses including solar parks, transmission lines, and smart grid technology integration to reduce concentration risks. Government utility projects contributed 96.87% of revenue in FY2026, up from 89.84% in FY2024, exposing the company to changes in government policies and project cancellations. Srujan Alpha Capital Advisors LLP and PhillipCapital (India) are acting as the merchant bankers to the issue.
Swastika Infra was established as a partnership firm in 1969 under the name Swastika Electricals & Fertilizers before becoming a private limited company in August 2029. According to Business Standard, the Jaipur-headquartered company specializes in power transmission and distribution infrastructure projects, including underground cabling, substation construction, street lighting systems, and renewable energy works. The company also engages in trading of electrical products such as power cables, positioning itself as an emerging power EPC player with strong presence in government-led distribution and transmission infrastructure projects. The promoters include Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi, and Vatsalya Gupta. As of September 2026, the company had completed 36 power distribution projects and was executing 18 ongoing projects, having laid 18,579.47 kilometres of distribution lines as of July 31, 2026. The company's 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 projects.
