Swastika Infra Limited
PROSPECTUS · filed 26 Sept 2026
Swastika Infra Limited is an EPC power company with a revenue CAGR of 55.01% and a latest revenue of Rs 503.5732 crore, supported by a high return on equity of 37.65%. The offer is structured as a fresh issue of equity shares, with the company having a debt-to-equity ratio of 0.4. The company's business is heavily dependent on government utilities, with 100% of its order book as of July 31, 2026, consisting of such projects. Material risks include the potential for adverse government policy changes, contract termination, and pending litigation regarding payment disputes.
What stands out
Risk factor. Our revenue is majorly concentrated from projects undertaken or awarded by government utilities. Any adverse changes in the government policies may lead to our contracts being foreclosed, terminated, restructured or renegotiated, which may have a material effect on our business and results of operat
Risk factor. Our business is primarily dependent on projects awarded by government utilities, namely, West Bengal State Electricity Distribution Company Limited, Madhya Gujarat Vij Company Limited, Assam Power Distribution Company Limited, Goa Electricity Department, Himachal Pradesh State Electricity Board Limi
Risk factor. As on July 31, 2026, 100% of our order book consist of projects awarded by government utilities.
Risk factor. Our present orderbook consist large-scale projects. Any delay or impediment to such projects may have adverse impact on our financial position.
Low leverage. Debt-to-equity of 0.40x.
Strong revenue growth. Restated revenue CAGR of 55.0%.
Healthy return on equity. ROE of 37.6%.
How the offer is structured
- Funding incremental working capital requirements of our Company
- General corporate purposes
Restated financials
Revenue
₹504 Cr
Latest fiscal year
Revenue CAGR
55.0%
Return on equity
37.6%
Debt / equity
0.40
P/E at upper band
11.78
Only in a priced RHP
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹210 Cr | ₹49.6 Cr | ||
| 2025 | ₹351 Cr | ₹77.0 Cr | ||
| 2026 | ₹504 Cr | ₹157 Cr |
Promoters, litigation & related parties
Promoter (pre)
76.5%
Proceedings
346
A summary of outstanding litigation proceedings involving our Company, our Directors and our Promoters as on the date of this Draft Prospectus is provided below: 346
Risks the company discloses
Our revenue is majorly concentrated from projects undertaken or awarded by government utilities. Any adverse changes in the government policies may lead to our contracts being foreclosed, terminated, restructured or renegotiated, which may have a material effect on our business and results of operations.(Business Related Risks)
Our business is primarily dependent on projects awarded by government utilities, namely, West Bengal State Electricity Distribution Company Limited, Madhya Gujarat Vij Company Limited, Assam Power Distribution Company Limited, Goa Electricity Department, Himachal Pradesh State Electricity Board Limited, and Uttar Haryana Bijli Vitran Nigam, Jaipur Vidyut Vitran Nigam Limited, Uttarakhand Power Corporation Limited, Ajmer Vidyut Vitran Nigam Limited and Rajasthan Rajya Vidyut Prasaran Nigam Limited.(Business Related Risks)
As on July 31, 2026, 100% of our order book consist of projects awarded by government utilities.(Business Related Risks)
Our present orderbook consist large-scale projects. Any delay or impediment to such projects may have adverse impact on our financial position.(Business Related Risks)
As of July 31, 2026, our order book comprises eighteen (18) ongoing EPC Power Projects across six Indian states, with an aggregate order value of ₹2,03,665 Lakhs.(Business Related Risks)
Our Company has filed a Civil Writ Petition (No. 8325 of 2021) before the Hon’ble High Court of Rajasthan, Jaipur Bench, against the State of Rajasthan, Ajmer Vidyut Vitran Nigam Limited, and Rural Electrification Corporation, in relation to payment disputes. The dispute pertains to the recovery of price variation amounts for copper transformers supplied under work orders. The said dispute has resulted in material litigation and is pending before Hon’ble High Court of Rajasthan.(Business Related Risks)
Our contracts with government entities are usually based on standard terms and conditions set out by the said entities. Thus, we have only limited ability to negotiate the terms of these contracts, which tend to favour our government clients and we may be required to accept unusual or onerous provisions in such contracts in order to be engaged to execute such projects.(Business Related Risks)
Our government clients may terminate our agreements including for the reasons set forth in such agreements or otherwise. Although we have not faced any instances of any of our government clients terminating our agreements during Fiscal 2026, Fiscal 2025 and Fiscal 2024, if our client terminates any of our agreements without any fault of ours, it is generally required to compensate us for the amount, depending on the valuation of the unpaid works and the timing of the termination in relation to the payment milestones associated with the respective projects, unless the agreement is terminated pursuant to applicable law.(Business Related Risks)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.