A power-T&D EPC contractor opens its Rs 160.88 crore mainboard issue on September 23
Swastika Infra Ltd is a turnkey EPC company specialising in power transmission and distribution (T&D) infrastructure — a direct play on India’s grid-modernisation, electrification and renewable-integration spend. It provides end-to-end EPC solutions covering the supply, erection, installation, testing and commissioning of power infrastructure, and also trades in electrical products such as cables and circuit breakers.
The scope of work spans the T&D value chain. It includes underground cabling (laying high- and low-voltage power cables to cut transmission losses), construction of Gas Insulated Substations (GIS), Air Insulated Substations (AIS) and grid substations, rural and urban electrification, street-lighting systems, and renewable-energy works — plus installation of power transformers, circuit breakers and ring main units.
It delivers the whole job from design and procurement through to commissioning on a turnkey basis.
The customer base is government-anchored, which is both the strength and the risk. Swastika Infra serves state electricity distribution companies (WBSEDCL, MGVCL, APDCL, HPSEBL, UHBVN, JVVNL, UPCL, MSEDCL, RRVPNL), central government-backed initiatives, and multilateral-bank-funded developments across multiple Indian states.
As of July 31, 2026, it had completed 36 EPC power projects across six states, covering 18,579.47 km of distribution lines with an aggregate contract value of ~Rs 764.67 crore, and had a healthy ongoing order book (reviewers cite ~Rs 2,036 crore) — providing strong forward visibility. Its edge includes a capital-light, centralised bulk-procurement strategy for core materials (cables, transformers). The promoters are the Gupta family (Babulal Gupta, Vinay Gupta, Ruchira Gupta, Vatsalya Gupta and others).
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | September 23, 2026 |
| Issue Closes | September 25, 2026 |
| Listing | BSE, NSE (Mainboard) |
| Listing Date | September 30, 2026 |
| Price Band | Rs 175 – Rs 185 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 160.88 crore (~86,95,946 shares) |
| Fresh Issue | Rs 129 crore |
| Offer for Sale | Rs 32 crore |
| Lot Size | 81 shares |
| Min. Retail Investment | Rs 14,985 |
| Market Cap (Pre-IPO) | Rs 631.22 crore |
| QIB / NII / Retail | 50% / 15% / 35% |
| Lead Manager | (Mainboard BRLM) |
| Registrar | Bigshare Services / Cameo (per RHP) |
The issue is majority fresh (Rs 129 crore) with a Rs 32 crore OFS.
From the net proceeds, Swastika Infra will utilise around Rs 90 crore for incremental working capital and general corporate purposes — reflecting the working-capital intensity of the EPC model. Ahead of the opening, the company raised Rs 48.26 crore from anchor investors (anchor bid September 22). The OFS portion goes to selling shareholders.
Post-IPO, the issue constitutes 35.44% of the post-issue paid-up capital. On promoter holding, the offer dilutes the Gupta family’s stake, with public shareholding rising post-issue.
Price Band
At the upper band of Rs 185, on FY26 earnings the issue is valued at a pre-IPO P/E of about 11.78x (some data providers cite ~15.24x post-issue), with a P/B of ~3.21 and RoNW of 35.44%. Per Swastika Investmart, the FY26 P/E of ~11.1x–11.8x is below the peer average.
GMP Watch
The Swastika Infra IPO GMP stood at around ₹8–9 (~5% premium) as of the days around opening — implying an indicative listing near ₹193–194 over the Rs 185 upper band.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from Operations | 209.57 | 350.75 | 503.57 |
| EBITDA Margin (%) | 11.31 | 12.51 | 14.07 |
| Net Profit | 13.98 | 27.44 | 41.42 |
Revenue from operations more than doubled from Rs 209.57 crore in FY24 to Rs 503.57 crore in FY26, and net profit tripled from Rs 13.98 crore to Rs 41.42 crore.
RoNW at 35.44% (RoE ~25.76%, RoCE strong) — high for an EPC contractor and reflecting the capital-light, centralised-procurement model. The one structural watch-item, common to government EPC, is working-capital intensity and bank-guarantee exposure — which is exactly why ~Rs 90 crore of proceeds funds working capital. The company reported an EPS around Rs 12–15.7 depending on the base.
Peer Comparison
| Company | EPS (Rs) | P/E | RoNW (%) | Revenue (Rs cr) |
|---|---|---|---|---|
| Swastika Infra | 15.70 | 11.78 | 35.40 | (FY26) |
| Rajesh Power Services | — | 57.70 | 7.40 | 1,455.83 |
| Vikran Engineering | 4.10 | 10.10 / 14.60 | 35.30 | 225.60 / 1,628.00 |
Against the listed T&D-EPC peer set, Swastika Infra’s ~11.78x P/E is at the low end (well below Rajesh Power’s ~57.7x), while its ~35.4% RoNW is among the highest.
According to a note by Swastika Investmart Ltd, which assigns a Subscribe, the company has a “15-year track record in power T&D EPC, with 36 completed projects across six states and a strong government utility client base. FY26 P/E of ~11.1x–11.8x is below the peer average… offering reasonable valuation comfort. Revenue and PAT recorded strong CAGRs of 55% and 72% during FY24–26, with RoNW at 35.4%. High dependence on government utilities, which contribute ~97% of revenue and 100% of the order book, creates customer concentration risk. Strong growth and reasonable valuation are positives, but government dependence and litigation remain concerns. High-risk investors may consider the issue, while others should remain cautious.”
Risks to Consider
Government-owned electricity utilities contribute ~97% of revenue and ~100% of the order book — an extreme customer concentration, so any change in government T&D spending, tender activity, or (often slow) utility payment cycles would hit the business directly.
The order book depends on a handful of large-scale power projects, so delays, cancellations or execution issues on any could materially affect revenue.
EPC delivery is vulnerable to site delays, clearance issues and weather disruptions — inherent to on-ground power-infrastructure work.
The model has high working-capital needs and bank-guarantee requirements (a use of proceeds), and outstanding borrowings and receivables from utilities can strain liquidity.
