Swastika Infra IPO Day 2: Subscribed 1.22x; Retail demand surges to 1.14x
- Overall subscription reached 1.22x on Day 2, up from 0.96x on Day 1.
- Retail demand surged to 1.14x, marking a 15.2% intra-day increase.
- QIB subscription remained static at 0.69x throughout the day.
- bHNI category crossed the 1x mark with a subscription of 1.00x.
*this image is generated using AI for illustrative purposes only.
Swastika Infra IPO crossed the fully subscribed mark with an overall subscription of 1.22x on Day 2, driven primarily by a surge in retail and non-institutional investor interest.
Subscription Status
The Jaipur-based EPC company witnessed a shift in momentum as the issue progressed from Day 1 to Day 2. While Qualified Institutional Buyers (QIBs) maintained a static subscription level of 0.69x, the Non-Institutional Investors (NII) and Retail categories picked up pace. The total subscription moved from 0.96x at the close of Day 1 to 1.22x by the end of Day 2.
Subscription Progression
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 23-09-2026 | 0.69x | 0.73x | 2.49x | 0.70x | 0.96x |
| Day 2 | 24-09-2026 | 0.69x | 1.00x | 2.66x | 1.14x | 1.22x |
Category-wise Breakdown
- Retail: Demand from retail investors jumped significantly from 0.70x on Day 1 to 1.14x on Day 2, indicating strong individual investor confidence. Intra-day data shows retail subscriptions rose by 15.2% between 11:15 AM and 12:15 PM.
- Non-Institutional (High Net-worth): The sHNI category saw a marginal increase to 2.66x, while bHNI subscriptions rose to 1.00x, reflecting a 9.9% jump during the day.
- Qualified Institutional Buyers (QIB): Institutional appetite remained unchanged at 0.69x, suggesting a cautious stance from large funds despite the retail enthusiasm.
- Employees: No subscription data was reported for the employee quota.
Intra-day Timeline on 24-09-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.69x | 0.91x | 0.99x | 1.14x |
| 12:15 | 0.69x | 1.00x | 1.14x | 1.22x |
Offer Details
The IPO is open for subscription from September 23, 2026, to September 25, 2026. The price band is set between ₹175.00 and ₹185.00 per share, with a minimum bid quantity of 81 shares. The issue size ranges from ₹14,985 crore to ₹5,00,000 crore based on the price band.
About the Company
Swastika Infra Limited is a Jaipur-based Engineering, Procurement, and Construction (EPC) company specializing in power transmission and distribution (T&D) infrastructure. Incorporated in August 2019, the company has operational roots tracing back to 1969. It offers turnkey solutions including underground cabling, substation construction, rural/urban electrification, and renewable energy works.
As of July 31, 2026, Swastika Infra has completed 36 EPC projects worth ₹76,467 Lakhs and holds 18 ongoing projects aggregating ₹2,03,665 Lakhs in order value. The company serves government utilities across nine Indian states, including WBSEDCL, MGVCL, AVVNL, RRVPNL, and MSEDCL.
Financial Highlights
The company has demonstrated robust growth in revenue and profitability over the last three fiscal years.
| Metric (₹ in Crores) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | 209.58 | 350.76 | 503.57 |
| Profit Before Tax | 18.83 | 37.02 | 55.34 |
| Total Profit | 13.98 | 27.45 | 41.43 |
| Total Assets | 143.26 | 258.54 | 412.24 |
| Total Equity | 49.57 | 77.02 | 156.78 |
Risk Factors
Key risks disclosed in the offer documents include:
- Revenue Concentration: Approximately 96.87% of revenue in Fiscal 2026 was derived from government utility projects, exposing the company to policy changes and payment delays.
- Client Concentration: The top five clients accounted for 96.87% of revenue, creating significant dependency on a few major contracts.
- Negative Operating Cash Flows: The company reported negative cash flows from operating activities in FY2024, FY2025, and FY2026, indicating reliance on external financing for working capital.
- Contingent Liabilities: As of March 31, 2026, contingent liabilities totaled ₹27,267.93 Lakhs, primarily comprising bank guarantees issued to government clients.
What's Next
Allotment for the successful applicants is scheduled for September 28, 2026. The shares are expected to list on stock exchanges on September 30, 2026.
How might the persistent under-subscription by QIBs influence the stock's price stability and volatility during its debut on September 30?
Given the negative operating cash flows and high reliance on external financing, what specific capital deployment strategies will Swastika Infra prioritize with the IPO proceeds?
To what extent could potential delays in government utility payments exacerbate the company's working capital challenges post-listing?
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