Swastika Infra's IPO opened for subscription on 23 September 2026, clocking an overall subscription of 0.31x by the end of Day 1. The bHNI segment led all categories at 0.92x, while Retail demand picked up to 0.32x and QIB bidding had yet to commence.

Subscription Status

By the close of Day 1 on 23 September 2026, the issue had received bids covering 0.31x of the total shares on offer. The bHNI (small HNI) bucket was the standout performer at 0.92x, suggesting early interest from non-institutional applicants in the lower NII bracket. Retail participation came in at 0.32x, while the sHNI (big HNI) category stood at 0.17x. QIB bidding had not commenced as of the Day 1 snapshot.

Category-wise Breakdown

Intra-day Timeline on 23-09-2026

Offer Details

About the Company

Swastika Infra Limited is a Jaipur-based Engineering, Procurement and Construction (EPC) company specialising in power transmission and distribution (T&D) infrastructure. 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 and urban electrification, street lighting, and renewable energy works. It serves government utilities such as WBSEDCL, MGVCL, AVVNL, RRVPNL, and MSEDCL across nine Indian states. As of July 31, 2026, the company has completed 36 EPC projects worth ₹76,467 Lakhs, with 18 ongoing projects aggregating ₹2,03,665 Lakhs in order value, and has laid 18,579.47 KM of distribution lines. The company operates under an asset-light model with a fixed asset turnover of 70.72x and is led by MD Vinay Gupta alongside promoters collectively bringing over 50 years of EPC industry experience.

Financial Highlights

Revenue from operations grew at a CAGR of ~55% over FY2024–26, while net profit grew at a CAGR of 72.13% over the same period. EBITDA margin stood at 14.07% and ROCE at 25.76% in FY2026.

Objects of the Issue

• Funding Incremental Working Capital Requirements: ₹90 crore to fund working capital needs in Fiscal 2027.
• Fresh Issue – Gross Proceeds: ₹129 crore raised through the fresh issue, reduced from the original size following a Pre-IPO Placement.
• General Corporate Purposes: Balance net proceeds for strategic initiatives, growth opportunities, marketing, capital expenditure, and business development.
• Offer for Sale: The company will not receive any proceeds from the Offer for Sale component; proceeds go to the selling shareholders.

Risk Factors

• Revenue and client concentration: ~96.87% of FY2026 revenue derives from government utility projects; the top five clients account for 96.87% of revenue and the top ten for 99.58%, creating significant exposure to policy changes and contract risks.
• Negative operating cash flows: The company recorded negative cash flows from operations in FY2024 (₹334.25 Lakhs), FY2025 (₹7,653.52 Lakhs), and FY2026 (₹965.21 Lakhs), which could impair its ability to meet working capital needs without external financing.
• Large contingent liabilities: Contingent liabilities totalled ₹27,267.93 Lakhs as of March 31, 2026 — approximately 7 times PAT and 164 times cash and cash equivalents — primarily comprising bank guarantees issued to government clients.
• High working capital and debt dependency: Net working capital requirement stood at ₹25,563.47 Lakhs (50.76% of revenue) as of March 31, 2026, with total borrowings of ₹12,833.52 Lakhs as of July 31, 2026.
• Project execution delays: The company experienced delays of 6 to 12 months in most projects during the last three fiscal years, exposing it to liquidated damages, cost overruns, and reputational risk.

What's Next

The IPO closes on 25 September 2026. Allotment is scheduled for 28 September 2026, with shares expected to list on 30 September 2026.