Swastika Infra IPO Day 3: Subscribed 2.47x; bHNI jumps 46.5% to 3.31x
- Overall subscription closed at 2.47x on Day 3
- bHNI category surged 46.5% to 3.31x
- Retail investors subscribed 2.56x
- QIB remained fully subscribed at 1.00x
*this image is generated using AI for illustrative purposes only.
Swastika Infra IPO closed Day 3 with an overall subscription of 2.47x, driven by a sharp 46.5% surge in bHNI demand to 3.31x.
Subscription Status
The issue witnessed accelerating momentum on the final day, with total subscription rising from 2.10x at 11:15 IST to 2.47x by the close. The progression reflects strong retail and high-net-worth interest, pushing the issue well beyond full subscription.
| 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 | 1.00x | 1.46x | 3.15x | 1.59x | 1.64x |
| Day 3 | 25-09-2026 | 1.00x | 3.31x | 4.61x | 2.56x | 2.47x |
Category-wise Breakdown
Non-Institutional Buyers (bHNI) led the final day's activity with a massive 46.5% increase in subscription, reaching 3.31x. Retail investors also showed robust participation, subscribing 2.56x, up 16.4% from the morning levels. Qualified Institutional Buyers (QIB) maintained steady interest at 1.00x throughout the day.
Intra-day Timeline
The subscription figures ticked up significantly after 11:15 AM, particularly in the NII and Retail categories.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.00x | 2.26x | 2.20x | 2.10x |
| 12:15 | 1.00x | 3.31x | 2.56x | 2.47x |
Offer Details
The IPO opened on September 23, 2026, and closed on September 25, 2026. The price band was set between ₹175.00000 and ₹185.00000 per share.
| Parameter | Details |
|---|---|
| Price Band | ₹175.00000 - ₹185.00000 |
| Issue Size | ₹14,985 - ₹5,00,000 crore |
| Minimum Bid Qty | 81 shares |
| Opening Date | 2026-09-23 |
| Closing Date | 2026-09-25 |
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 street lighting. As of July 31, 2026, Swastika Infra has completed 36 EPC projects worth ₹76,467 Lakhs and has 18 ongoing projects aggregating ₹2,03,665 Lakhs in order value.
Financial Highlights
The company reported robust growth in revenue and profitability over the last three fiscal years.
| Metric (₹ Crores) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations | 503.57 | 350.76 | 209.58 |
| Profit Before Tax | 55.34 | 37.02 | 18.83 |
| Net Profit | 41.43 | 27.45 | 13.98 |
| Total Equity | 156.78 | 77.02 | 49.57 |
Objects of the Issue
The proceeds from the Fresh Issue are intended for:
- Funding incremental working capital requirements in Fiscal 2027 (₹90.00 crore).
- General corporate purposes, including strategic initiatives and capital expenditure.
- Note: The Offer for Sale portion does not generate proceeds for the company.
Risk Factors
Key risks highlighted in the filing include:
- Revenue Concentration: Approximately 96.87% of revenue in Fiscal 2026 came from government utility projects.
- Client Concentration: Top five clients accounted for 96.87% of revenue.
- Negative Operating Cash Flows: Sustained negative cash flows from operations across FY2024, FY2025, and FY2026.
- Contingent Liabilities: Bank guarantees totaling ₹27,267.93 Lakhs as of March 31, 2026.
How will the company address its sustained negative operating cash flows while executing the ₹2,036 crore ongoing project pipeline?
What specific strategies will Swastika Infra implement to mitigate the high client and revenue concentration risk from government utilities post-listing?
Will the ₹90 crore allocated for working capital be sufficient to support the projected revenue growth trajectory through Fiscal 2027?
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