Swastika Infra shares hit the 5% upper circuit limit on Thursday post its market debut at 8% premium, demonstrating strong investor confidence in the Jaipur-based engineering company. The shares had made a strong market debut on September 30, listing at ₹200 per share on both NSE and BSE, representing an 8.11% premium over the IPO issue price of ₹185 per share. The stock delivered a listing gain of ₹15 per share to investors who received shares at the upper end of the price band. According to The Hindu BusinessLine, the stock opened at ₹200 per share on the NSE and the BSE, reflecting the same 8.11% listing premium across both exchanges. This strong debut performance exceeded the grey market premium of around ₹7 as of September 30, which had indicated an indicative listing price of around ₹192 against the upper issue price of ₹185, representing a premium of around 3.78% over the upper end of the IPO price band. The stock later jumped 13.48% to ₹209.95 — the upper circuit limit — on the BSE, while on the NSE, it surged 13.51% to hit the highest trading permissible limit for the day at ₹210, with the company's market valuation reaching ₹716.35 crore.
The IPO received strong investor response across all categories, with the retail category subscribed 5.39 times, QIBs (excluding anchor investors) subscribing 3.22 times, and non-institutional investors subscribing 18.50 times. According to The Hindu BusinessLine, the IPO was subscribed 7.60 times overall, with the NII category recording exceptional demand with 18.50 times subscription, while the retail category received 5.39 times subscription and QIBs portion was subscribed 3.22 times. The IPO was priced in the ₹175-185 per share price band with the GMP today around ₹7 per share as of September 30. The IPO opened for subscription on September 23 and closed on September 25, 2026, with the offer receiving bids for 4,81,51,260 shares against the 63,35,001 shares offered. Srujan Alpha Capital Advisors LLP and PhillipCapital India Pvt. Ltd. acted as the book-running lead managers, while MUFG Intime India Pvt. Ltd. was the registrar for the issue.
Ahead of the IPO, Swastika Infra successfully raised ₹48.26 crore from anchor investors, with the company allotting 26.08 lakh shares to six anchor investors at ₹185 per share. As reported by The Economic Times, Shine Star Build-Cap, Minerva Ventures and Longthrive Capital VCC were among the largest participants, with each investing around ₹10 crore for 5.4 lakh shares. Krone Finstock acquired 4.46 lakh shares for around ₹8.25 crore, while Swyom India Alpha Fund and Asas Global Fund Incorporated VCC Sub Fund each invested ₹5 crore. The ₹160.88 crore public issue comprises a fresh issue of ₹128.50 crore and an offer for sale of 17.50 lakh equity shares by promoters, promoter group members and other selling shareholders. The post-issue promoter and promoter group shareholding is expected to stand at 57.36%. The minimum investment requirement for retail investors at the upper end of the price band is ₹14,985 for the lot size of 81 shares.
According to Business Standard, Swastika Infra is a Jaipur-based Engineering, Procurement and Construction company incorporated in August 2019, engaged primarily in power transmission and distribution infrastructure projects. The company's operations include underground cabling, construction of substations, rural and urban electrification, street-lighting systems and renewable energy works, handling procurement, construction, installation, testing and commissioning of projects. In FY26, EPC power projects accounted for 97% of revenue, while product sales contributed 3%. The company has completed 36 power distribution projects and is executing 18 ongoing projects as of 17 September 2026, having laid 18,579.47 km of distribution lines as of 31 July 2026. Its unexecuted order book stood at ₹916.55 crore as of 31 July 2026, up from ₹687.44 crore at the end of FY26. The company provides end-to-end turnkey solutions and primarily follows a tender-driven EPC model, with customers primarily comprising government utilities and public sector entities.
As reported by Business Standard, the company's consolidated revenue increased 44% to ₹503.57 crore in FY26 from ₹350.76 crore in FY25. Operating profit rose 61% to ₹70.87 crore, while operating profit margin improved to 14.1% from 12.5%. Net profit after minority interest increased 50.93% to ₹41.43 crore from ₹27.45 crore. According to CNBC TV18, Swastika Infra plans to deploy ₹90 crore from the fresh issue towards its incremental working capital requirements, while the balance will be used for general corporate purposes. Working capital is a key requirement for the company as its EPC projects involve upfront expenditure on materials, equipment and project execution before payments are received from customers. The company's customers primarily comprise government utilities and public sector entities, with projects undertaken for government utilities accounting for 96.87% of revenue from operations in FY26.
According to Business Standard, the ₹160.88 crore IPO comprises a total issue size of 86.96 lakh shares, with the fresh issue of 69.46 lakh shares and offer for sale of 17.50 lakh equity shares aggregating up to ₹32.38 crore. The IPO comprises a total issue size of 86,95,946 shares, with the fresh issue of 69,46,000 shares and offer for sale of 17,50,000 shares aggregating up to ₹32,38,000 crore. The IPO comprises a total issue size of 86,95,946 shares, with 43,47,973 shares (50.00%) allocated to QIB, 13,04,392 shares (15.00%) to NII, and 30,43,581 shares (35.00%) to retail investors. The company operates in power transmission and distribution and renewable energy infrastructure, with renewable energy activities including solar park development and substations. As of July 31, 2026, the company had 182 full-time employees, including 65 engineers and technicians and 52 project execution supervisors. The company has completed more than 35 projects and undertaken works across nine states in India, demonstrating strong operational capabilities in power distribution infrastructure.
