Minerva Capital Research Solutions

Swastika Infra

RHP
ListedListed 30 Sep 2026MainboardNSE: SWASTIKAINCheck allotment
Current price₹ 200.32+8.28% since issue
Listing day+8.11%
Issue price
₹ 185
Issue size
₹ 160.88 Cr.
Min. investment
₹ 14,985
Listing price
₹ 200
Subscribed
7.6x
Lot size
81 shares
P/E
15.24
RoNW
32.84%
RoCE
25.15%
Debt / Equity
0.88
PAT margin
6.67%
EBITDA margin
14.07%
RoE
35.44%
EPS
₹ 12.14
NAV
₹ 20.03
Promoter stake
57.41%

About

Swastika Infra Limited was started in August 2019. It is an engineering, procurement and construction company, usually called an EPC company, working on power distribution infrastructure. It also sells electrical products. Its EPC work is turnkey, meaning it handles the whole job from buying the material through to erection, installation, testing and commissioning. The work covers four main areas. Underground cabling involves laying and commissioning high and low voltage power cables, which cuts power losses compared with overhead lines. Substation construction covers both gas insulated and air insulated substations, including installing power transformers, circuit breakers and ring main units. Rural and urban electrification projects extend electricity to underserved areas through distribution networks, service connections and feeder lines, generally under government schemes. It also installs street lighting systems. Alongside the project work it trades in electrical products, buying and selling power cables and other electrical items. The EPC work is the main business and the trading is secondary.

Timeline

  1. Opens
    23 Sep
    done
  2. Closes
    25 Sep
    done
  3. Allotment
    28 Sep
    done
  4. Refunds
    29 Sep
    done
  5. Demat credit
    29 Sep
    done
  6. Listing
    30 Sep
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 9.5 on 23 Sep 2026
Lowest
₹ 3 on 19 Sep 2026
First quoted
₹ 5 on 18 Sep 2026

Subscription

How many times each investor group bid for its share, as of 30 Sep 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)181₹ 14,985
Retail (Max)131,053₹ 1,94,805
S-HNI (Min)141,134₹ 2,09,790
B-HNI (Min)675,427₹ 10,03,995

Company overview

Financials

Financials by year
Assets156.06143.2697.9681.69
Total Income100.52211.33154.3259.54
Profit After Tax5.9713.9810.252.95
NET Worth55.5249.5735.5920.57
Reserves and Surplus30.7724.8210.840.57

Strengths

  • Sales grew strongly over the years shown, from Rs 59.54 crore in FY2022 to Rs 154.32 crore in FY2023 and Rs 211.33 crore in FY2024.
  • Profit grew over the same period, from Rs 2.95 crore in FY2022 to Rs 10.25 crore in FY2023 and Rs 13.98 crore in FY2024.
  • Return ratios on the data available are good, with RoNW of 32.84% and RoCE of 25.15%.
  • Net worth grew from Rs 20.57 crore in FY2022 to Rs 55.52 crore as on 30 September 2024.
  • It offers turnkey capability across cabling, substations, electrification and street lighting, so it can bid for complete packages rather than parts of a job.
  • Rural and urban electrification work is backed by government schemes, which provides a steady pipeline of tenders.
  • Gas insulated substation work is more technical than ordinary cabling and fewer contractors can execute it.

Risks

  • The financial data is two years out of date. The most recent figures available are a half year ending 30 September 2024, for an issue opening in September 2026, and there is no FY2025 or FY2026 data at all. This needs to be read from the RHP before relying on any of it.
  • The P/E and EPS are not stated, and neither the EBITDA nor the total borrowing rows are present in the available data, so margin and leverage cannot be assessed from here.
  • The promoter details and the pre and post issue promoter holding are not stated either, so the extent of dilution is not clear.
  • Rs 145 crore of the Rs 160.87 crore issue goes into working capital. EPC work blocks large amounts of cash in unbilled work and retention money.
  • The company is young, having been incorporated only in August 2019.
  • Most customers are state electricity utilities and government bodies, which pay slowly and award work through price-driven tenders.
  • A part of the revenue comes from trading electrical products, which earns less than the project work.
  • This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.

What the money is for

Objects of the issue
Funding of incremental working capital requirements of the Company.145
General corporate purposes.—

Promoters

  • Babulal Gupta
  • Vinay Gupta
  • Ruchira Gupta
  • Biren Parnami
  • Manoj Modi
  • Vatsalya Gupta
Promoter holding76.51%→57.41%before → after the issue · down 19.1 points

Anchor investors

6 anchors put in ₹ 48.26 Cr..

Anchor investors
KRONE FINSTOCK PVT.LTD.4,46,4588.2617.11%
SHINE STAR BUILD-CAP PVT.LTD.5,40,5941020.72%
MINERVA VENTURES FUND5,40,5941020.72%
LONGTHRIVE CAPITAL VCC-TRENDVIEW CAPITAL FUND5,40,5941020.72%
SWYOM INDIA ALPHA FUND2,70,271510.36%
ASAS GLOBAL FUND INCORPORATED VCC SUB FUND2,70,271510.36%

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 10 a share
Registrar
MUFG Intime India Private Limited
Red herring prospectus (RHP)
Open
Draft prospectus (DRHP)
Open
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.