{"id":53393,"date":"2026-09-18T16:05:05","date_gmt":"2026-09-18T10:35:05","guid":{"rendered":"https:\/\/flattrade.in\/kosh\/?p=53393"},"modified":"2026-09-18T16:05:05","modified_gmt":"2026-09-18T10:35:05","slug":"swastika-infra-ipo","status":"publish","type":"post","link":"https:\/\/flattrade.in\/kosh\/swastika-infra-ipo\/","title":{"rendered":"Swastika Infra IPO"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"53393\" class=\"elementor elementor-53393\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-502ee0b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"502ee0b\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8f0b25b\" 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var(--neutral-900);\n    white-space: nowrap;\n    background: var(--surface);\n    padding: 2px 8px;\n    border-radius: var(--radius-sm);\n    border: 1px solid var(--neutral-200);\n    font-size: 13.5px;\n  }\n\n  \/* Verdict & CTA *\/\n  .cmr-article-wrapper .cmr-verdict-card {\n    background: linear-gradient(145deg, #ffffff 0%, var(--brand-light) 100%);\n    border: 1px solid var(--brand-border);\n    border-left: 4px solid var(--brand-primary);\n    padding: 20px 18px;\n    border-radius: var(--radius-md);\n    margin: 28px 0;\n  }\n\n  .cmr-article-wrapper .cmr-verdict-title {\n    font-size: 16px;\n    font-weight: 800;\n    color: var(--neutral-900);\n    margin-bottom: 8px;\n    text-align: left;\n  }\n\n  .cmr-article-wrapper .cmr-verdict-card p {\n    text-align: justify;\n    text-justify: inter-word;\n  }\n\n  .cmr-article-wrapper .cta-wrap {\n    text-align: center;\n    margin: 28px 0 12px;\n  }\n\n  .cmr-article-wrapper .cta-btn {\n    display: inline-flex;\n    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21px;\n    }\n\n    .cmr-article-wrapper h2.section-heading {\n      font-size: 17px;\n      margin: 24px 0 12px 0;\n    }\n\n    .cmr-article-wrapper .cmr-glance-grid {\n      grid-template-columns: repeat(2, minmax(0, 1fr));\n      gap: 8px;\n    }\n\n    .cmr-article-wrapper .cmr-glance-item {\n      padding: 10px;\n    }\n\n    .cmr-article-wrapper .cmr-g-value {\n      font-size: 14.5px;\n    }\n\n    .cmr-article-wrapper .kpi-grid {\n      grid-template-columns: repeat(2, minmax(0, 1fr));\n      gap: 8px;\n    }\n\n    .cmr-article-wrapper .kpi-card .kpi-value {\n      font-size: 16px;\n    }\n\n    .cmr-article-wrapper .objects-list li {\n      flex-direction: column;\n      align-items: flex-start;\n      gap: 6px;\n      padding: 10px 12px;\n    }\n\n    .cmr-article-wrapper .objects-list li .obj-label {\n      padding-right: 0;\n    }\n\n    .cmr-article-wrapper .cta-btn {\n      width: 100%;\n      padding: 13px 16px;\n      font-size: 14px;\n    }\n  }\n\n  @media (max-width: 380px) {\n    .cmr-article-wrapper .cmr-glance-grid {\n      grid-template-columns: 1fr;\n    }\n    .cmr-article-wrapper .kpi-grid {\n      grid-template-columns: 1fr;\n    }\n  }\n<\/style>\n\n<div class=\"cmr-article-wrapper\">\n\n\n  <!-- \u2500\u2500 IPO AT A GLANCE \u2500\u2500 -->\n  <div class=\"cmr-glance-title\">IPO Summary<\/div>\n  \n  <div class=\"cmr-glance-grid\">\n    <div class=\"cmr-glance-item cmr-highlight\">\n      <div class=\"cmr-g-label\">Price Band<\/div>\n      <div class=\"cmr-g-value\">\u20b9175 \u2013 \u20b9185<\/div>\n      <div class=\"cmr-g-sub\">FV: \u20b910 \/ share<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item cmr-highlight\">\n      <div class=\"cmr-g-label\">Issue Dates<\/div>\n      <div class=\"cmr-g-value\">Sep 23 \u2013 25<\/div>\n      <div class=\"cmr-g-sub\">Year: 2026<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Lot Size<\/div>\n      <div class=\"cmr-g-value\">81 Shares<\/div>\n      <div class=\"cmr-g-sub\">Min: \u20b914,985<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Total Issue Size<\/div>\n      <div class=\"cmr-g-value\">\u20b9160.88 Cr<\/div>\n      <div class=\"cmr-g-sub\">Fresh + OFS<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Listing At<\/div>\n      <div class=\"cmr-g-value\">BSE &amp; NSE<\/div>\n      <div class=\"cmr-g-sub\">Tentative: Sep 30<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Lead Managers<\/div>\n      <div class=\"cmr-g-value\" style=\"font-size: 13.5px;\">Srujan Alpha \/ PhillipCapital<\/div>\n      <div class=\"cmr-g-sub\">Reg: MUFG Intime<\/div>\n    <\/div>\n  <\/div>\n\n  <div class=\"glance-badge\">\n    Bookbuilt Issue &nbsp;|&nbsp; Fresh Issue: \u20b9128.50 Cr (69,45,946 Shares) &nbsp;|&nbsp; Offer for Sale: \u20b932.38 Cr (17,50,000 Shares)\n  <\/div>\n\n  <!-- \u2500\u2500 ABOUT THE COMPANY \u2500\u2500 -->\n  <h2 class=\"section-heading\">About the Business<\/h2>\n  <p>\n    Incorporated in <strong>August 2019<\/strong>, Swastika Infra Limited is an engineering, procurement and construction (EPC) company specializing in power transmission and distribution (T&amp;D) infrastructure projects. The company delivers turnkey EPC solutions covering the supply, erection, installation, testing and commissioning of electrical networks.\n  <\/p>\n  <p>\n    Its multidisciplinary scope spans underground cabling, construction of Gas Insulated Substations (GIS), Air Insulated Substations (AIS), Grid Substations, rural and urban electrification, street lighting, and renewable energy infrastructure. Key project activities involve the installation of power transformers, circuit breakers, ring main units, and related transmission systems.\n  <\/p>\n\n  <ul class=\"cmr-feature-list\">\n    <li><strong>Extensive Execution Track Record:<\/strong> Completed 36 EPC Power Projects across six Indian states covering 18,579.47 km of distribution lines, with an aggregate completed contract value of \u20b976,467 lakh (\u20b9764.67 Cr) as of July 31, 2026.<\/li>\n    <li><strong>Substantial Order Book:<\/strong> Robust order book comprising 18 ongoing EPC Power Projects across six states with an aggregate order value of \u20b92,03,665 lakh (\u20b92,036.65 Cr) as of July 31, 2026.<\/li>\n    <li><strong>Institutional &amp; PSU Clientele:<\/strong> Executed projects for leading state power utilities including WBSEDCL, MGVCL, APDCL, GED, HPSEBL, UHBVN, JVVNL, UPCL, AVVNL, RSDCL, MSEDCL, and RRVPNL, with projects significantly backed by the World Bank or Ministry of Power, Government of India.<\/li>\n    <li><strong>Asset-Light Delivery Model:<\/strong> Erection and field labor are assigned to third-party contractors while the company maintains centralized procurement for construction materials and electrical apparatus, supervised by an in-house engineering and project management team.<\/li>\n    <li><strong>Dedicated Technical Workforce:<\/strong> Employs 182 full-time personnel, including 65 engineers and technicians across electrical, mechanical, and civil disciplines and 52 project execution supervisors as of July 31, 2026.<\/li>\n  <\/ul>\n\n  <p>\n    The company&#8217;s promoters are <strong>Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi and Vatsalya Gupta<\/strong>.\n  <\/p>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 FINANCIAL OVERVIEW \u2500\u2500 -->\n  <h2 class=\"section-heading\">Financial Overview<\/h2>\n  <p>\n    Swastika Infra Ltd.&#8217;s revenue increased by 43% and profit after tax (PAT) rose by 51% between the financial year ending with March 31, 2026 and March 31, 2025.\n  <\/p>\n\n  <div class=\"table-container\">\n    <table class=\"fin-table\">\n      <thead>\n        <tr>\n          <th>Period Ended<\/th>\n          <th>31 Mar 2026<\/th>\n          <th>31 Mar 2025<\/th>\n          <th>31 Mar 2024<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr>\n          <td>Assets<\/td>\n          <td>412.24<\/td>\n          <td>258.54<\/td>\n          <td>143.26<\/td>\n        <\/tr>\n        <tr>\n          <td>Total Income<\/td>\n          <td>505.57<\/td>\n          <td>352.60<\/td>\n          <td>211.33<\/td>\n        <\/tr>\n        <tr>\n          <td>Profit After Tax<\/td>\n          <td>41.43<\/td>\n          <td>27.45<\/td>\n          <td>13.98<\/td>\n        <\/tr>\n        <tr>\n          <td>EBITDA<\/td>\n          <td>70.85<\/td>\n          <td>43.89<\/td>\n          <td>23.71<\/td>\n        <\/tr>\n        <tr>\n          <td>NET Worth<\/td>\n          <td>156.78<\/td>\n          <td>77.02<\/td>\n          <td>49.57<\/td>\n        <\/tr>\n        <tr>\n          <td>Reserves and Surplus<\/td>\n          <td>129.60<\/td>\n          <td>52.27<\/td>\n          <td>24.82<\/td>\n        <\/tr>\n        <tr>\n          <td>Total Borrowing<\/td>\n          <td>114.64<\/td>\n          <td>111.02<\/td>\n          <td>43.82<\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n  <p class=\"fin-note\">Amount in \u20b9 Crore &nbsp;|&nbsp; Company Financials (Restated)<\/p>\n\n  <!-- \u2500\u2500 KPIS \u2500\u2500 -->\n  <h2 class=\"section-heading\">Key Performance Indicator (KPI)<\/h2>\n  <div class=\"kpi-grid\">\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">35.44%<\/div>\n      <div class=\"kpi-label\">ROE (Mar 31, 2026)<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">25.76%<\/div>\n      <div class=\"kpi-label\">ROCE<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">14.07%<\/div>\n      <div class=\"kpi-label\">EBITDA Margin<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">8.23%<\/div>\n      <div class=\"kpi-label\">PAT Margin<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">0.73<\/div>\n      <div class=\"kpi-label\">Debt \/ Equity<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">\u20b957.69<\/div>\n      <div class=\"kpi-label\">Net Asset Value (NAV)<\/div>\n    <\/div>\n  <\/div>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 IPO VALUATION \u2500\u2500 -->\n  <h2 class=\"section-heading\">IPO Valuation<\/h2>\n  <div class=\"table-container\">\n    <table class=\"fin-table\">\n      <thead>\n        <tr>\n          <th>Valuation Metric<\/th>\n          <th>Pre IPO<\/th>\n          <th>Post IPO<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr>\n          <td>EPS (\u20b9)<\/td>\n          <td>15.25<\/td>\n          <td>12.14<\/td>\n        <\/tr>\n        <tr>\n          <td>P\/E ratio (x)<\/td>\n          <td>12.13<\/td>\n          <td>15.24<\/td>\n        <\/tr>\n        <tr>\n          <td>Market Cap at Offer Price<\/td>\n          <td>\u20b9502.72 Cr.<\/td>\n          <td>\u20b9631.22 Cr<\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n  <p class=\"fin-note\">Calculated on FY26 restated earnings at upper price band of \u20b9185<\/p>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 ISSUE RESERVATION \u2500\u2500 -->\n  <h2 class=\"section-heading\">Issue Reservation<\/h2>\n  <div class=\"table-container\">\n    <table class=\"res-table\">\n      <thead>\n        <tr>\n          <th>Investor Category<\/th>\n          <th>Allocation Share<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>QIB Shares Offered<\/td><td>Not more than 50% of the Offer<\/td><\/tr>\n        <tr><td>Retail Shares Offered<\/td><td>Not less than 35% of the Offer<\/td><\/tr>\n        <tr><td>NII (HNI) Shares Offered<\/td><td>Not less than 15% of the Offer<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 OBJECTS OF ISSUE \u2500\u2500 -->\n  <h2 class=\"section-heading\">IPO Objects of the Issue<\/h2>\n  <p>The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:<\/p>\n  <ul class=\"objects-list\">\n    <li>\n      <span class=\"obj-label\">Funding of incremental working capital requirements of the Company<\/span>\n      <span class=\"obj-amt\">\u20b9128.09 Cr<\/span>\n    <\/li>\n    <li>\n      <span class=\"obj-label\">General Corporate Purposes<\/span>\n      <span class=\"obj-amt\">Balance<\/span>\n    <\/li>\n  <\/ul>\n\n  <!-- \u2500\u2500 VERDICT CARD \u2500\u2500 -->\n  <div class=\"cmr-verdict-card\">\n    <div class=\"cmr-verdict-title\">The Final Verdict<\/div>\n    <p>\n      Swastika Infra Limited exhibits strong tailwinds within India&#8217;s power transmission and distribution infrastructure push, supported by an asset-light operating model and substantial institutional project backing from state discoms, the Ministry of Power, and the World Bank. The company&#8217;s unexecuted order book of \u20b92,036.65 Cr provides robust multi-year revenue visibility, standing at over 4x its FY26 top-line revenue.\n    <\/p>\n    <p style=\"margin-top: 10px;\">\n      Financially, performance has compounded briskly, with total income expanding from \u20b9211.33 Cr in FY24 to \u20b9505.57 Cr in FY26, alongside a 51% surge in PAT to \u20b941.43 Cr in FY26. Return metrics are notably attractive, led by an ROE of 35.44% and ROCE of 25.76%, while maintaining a sustainable Debt\/Equity ratio of 0.73x. Earmarking \u20b9128.09 Cr of fresh capital directly for working capital addresses the project-execution cash requirements essential for converting its order book. At the upper price band of \u20b9185, the issue is valued at a post-IPO P\/E of 15.24x against a market capitalization of \u20b9631.22 Cr. 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