| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 209.58 | 350.76 | 503.57 |
| Expenses | 192.50 | 315.58 | 450.23 |
| Other Income | 1.76 | 1.85 | 2.00 |
| Total Revenue | 211.33 | 352.60 | 505.57 |
| Profit Before Tax | 18.83 | 37.02 | 55.34 |
| Net Profit | 13.98 | 27.45 | 41.43 |
Swastika Infra
Swastika Infra IPO
₹14,175
1.31 xOver-subscribedBidding Dates 23 Sept, 26 -25 Sept, 26
Min Investment ₹14,175
Lot Size81
Price Range ₹175 – ₹185
Issue Size ₹160.88 Cr.
Download Doc
IPO Subscription Details
Retail Subscription Details
1.29 x
Non-Institutional Buyers (sHNI)
1.11 x
Non-Institutional Buyers (bHNI)
2.69 x
Qualified Institutional Buyers (QIB)
0.69 x
Total1.31 x
1.31 x IPO Timeline
IPO Offer Start
23 Sept,26
IPO Offer Ends
25 Sept,26
Allotment Finalisation
28 Sept,26
Refund Initiation
29 Sept,26
Listing of Shares
30 Sept,26
IPO Analysis
Strengths
The company has 15 years of experience in the Power EPC sector, having successfully completed 36 projects and executing 18 ongoing projects across 6 Indian states, with 18,579.47 KM of distribution lines laid and a total completed contract value of ₹76,467 Lakhs as of July 31, 2026.
The company's Order Book has grown to ₹91,655 Lakhs as of July 31, 2026, with an order book-to-revenue ratio of 1.41x for Fiscal 2026, reflecting expansion from a ₹60 Lakhs first contract to a single order worth ₹34,010 Lakhs, alongside new orders in renewable energy and transmission segments totalling ₹39,283.70 Lakhs.
The company's revenue from operations grew at a CAGR of 55.01% from ₹20,957.53 Lakhs in Fiscal 2024 to ₹50,357.32 Lakhs in Fiscal 2026, with net profit growing at a CAGR of 72.13%, EBITDA margin improving to 14.07%, and ROCE at 25.76% in Fiscal 2026.
Risks
The company derives approximately 96.87% of its revenue from government utility projects (Fiscal 2026), making it highly vulnerable to adverse changes in government policies, budget reallocations, or contract terminations. As of July 31, 2026, 100% of the order book consists of projects awarded by government utilities, exposing the company to payment delays, contract renegotiations, and policy-driven disruptions.
The company's top five clients account for 96.87% of revenue in Fiscal 2026, and the top ten clients account for 99.58%, creating significant exposure to individual contract risks and potential revenue volatility. Loss of any major client or failure to secure repeat orders could materially impact business operations and financial performance.
The company has sustained negative cash flows from operating activities across Fiscal 2024, 2025, and 2026, recording net cash used in operations of ₹334.25 Lakhs, ₹7,653.52 Lakhs, and ₹965.21 Lakhs respectively. Continued negative cash flows could impair the company's ability to meet working capital needs and service debt without external financing.
Objectives
The Offer for Sale comprises up to a specified number of equity shares by Selling Shareholders. The company will not receive any proceeds from the Offer for Sale; each Selling Shareholder is entitled to proceeds net of their share of offer-related expenses and taxes.
The company intends to utilize a specified amount in lakhs from the Net Proceeds to fund incremental working capital requirements in Fiscal 2027, which is expected to increase revenue, profitability, and help achieve proposed business plan targets.
The company proposes to deploy the balance Net Proceeds towards general corporate purposes, including strategic initiatives, growth opportunities, marketing capabilities, capital expenditure, and business development, subject to not exceeding a specified percentage of gross proceeds.
The company proposes to raise funds through the Fresh Issue, with gross proceeds aggregating up to a specified amount in lakhs, reduced from the original size following a Pre-IPO Placement, to fund the stated objects of the offer.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 143.26 | 258.54 | 412.24 |
| Current Assets | 136.71 | 251.23 | 391.18 |
| Fixed Assets | 6.54 | 7.31 | 21.06 |
| Total Equity & Liabilities | 143.26 | 258.54 | 412.24 |
| Total Liabilities | 93.69 | 181.52 | 255.46 |
| Current Liabilities | 92.72 | 180.69 | 251.97 |
| Non Current Liabilities | 0.97 | 0.83 | 3.50 |
| Total Equity | 49.57 | 77.02 | 156.78 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -9.58 | -1.68 | 1.16 |
| Investing Activities | -22.74 | 14.15 | -16.33 |
| Operating Activities | -3.34 | -76.54 | -9.65 |
| Financing Activities | 16.50 | 60.70 | 27.14 |
About Swastika Infra
Swastika Infra Limited is a Jaipur-based Engineering, Procurement and Construction (EPC) company specializing in power transmission and distribution (T&D) infrastructure projects, incorporated in August 2019 with operational roots tracing back to 1969. The company offers turnkey solutions including underground cabling, substation construction (GIS/AIS/GSS), rural/urban electrification, street lighting, and renewable energy...more
Website
Managing DirectorVinay Gupta
we are part of Raise Financial Services
built with love
for indians who love to invest & trade
Market Community
Follow us on
