Swastika Infra Ltd.
RHP · filed 17 Sept 2026
Swastika Infra Ltd. is an engineering, procurement, and construction (EPC) company that undertakes power transmission and distribution projects, with a revenue of Rs 503.57 crore in the latest fiscal year and a revenue CAGR of 55.01%. The company's offer for sale is 0.0% of the post-issue paid-up capital, meaning the entire issue size of Rs 129.0 crore is a fresh issue. The company's financial trajectory is supported by a strong order book of Rs 2,03,665 Lakhs, but its business is highly concentrated on government utilities, comprising 96.87% of revenue in the latest fiscal year. The most material risks include the company's heavy reliance on government projects, the potential for project delays, and the risk of adverse changes in government policies or payment delays.
What stands out
Risk factor. Our revenue is majorly concentrated from projects undertaken or awarded by government utilities, comprising 96.87% of revenue from operations in Fiscal 2026, 96.66% in Fiscal 2025, and 89.84% in Fiscal 2024. As of July 31, 2026, 100% of our order book consists of projects awarded by government utili
Risk factor. We are directly and significantly dependent on securing projects awarded by government-controlled utilities, as our projects rely on them for award, development, and ongoing operations. Any adverse change in government policies, such as modifications to pre-qualification criteria, could limit our ab
Primarily fresh capital. 100% of the offer is fresh issue, so most proceeds fund the company.
Strong revenue growth. Restated revenue CAGR of 55.0%.
How the offer is structured
Fresh issue
₹129 Cr
New capital into the company
OFS share
0%
- Funding incremental working capital requirements of our Company₹90.0 Cr
- General corporate purposes
Restated financials
Revenue
₹504 Cr
Latest fiscal year
Revenue CAGR
55.0%
Debt / equity
0.73
| 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 Red Herring Prospectus is provided below: 346
Risks the company discloses
Our revenue is majorly concentrated from projects undertaken or awarded by government utilities, comprising 96.87% of revenue from operations in Fiscal 2026, 96.66% in Fiscal 2025, and 89.84% in Fiscal 2024. As of July 31, 2026, 100% of our order book consists of projects awarded by government utilities.(Business Related Risks)
We are directly and significantly dependent on securing projects awarded by government-controlled utilities, as our projects rely on them for award, development, and ongoing operations. Any adverse change in government policies, such as modifications to pre-qualification criteria, could limit our ability to bid for or win such projects.(Business Related Risks)
Our contracts with government entities are usually based on standard terms and conditions set out by the said entities, which tend to favour our government clients. We have only limited ability to negotiate the terms of these contracts and may be required to accept unusual or onerous provisions, which may have adverse effects on our profitability.(Business Related Risks)
Our government clients may terminate our agreements, and although we have not faced any instances of termination during Fiscal 2026, Fiscal 2025, and Fiscal 2024, if a client terminates an agreement without fault, it is generally required to compensate us. The compensation process is likely to be time consuming, and the amount paid may not fully compensate us.(Business Related Risks)
Our present order book comprises eighteen ongoing EPC Power Projects across six Indian states, with an aggregate order value of ₹2,03,665 Lakhs. Any delay or impediment to such projects may have an adverse impact on our financial position.(Business Related Risks)
We have 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 and is currently pending.(Business Related Risks)
Due to the inherent nature of the contracts with government authorities, there is a risk of projects getting inordinately delayed or not getting completed, claims or counter claims, projects being struck off, or getting into litigations or arbitration.(Business Related Risks)
We may face various issues such as delay in payments due to issues relating to change in government policies or priorities, change in budgetary allocations for power T&D infrastructure development, insufficiency of funds for allocated or proposed projects, or a downturn in available work in the power T&D infrastructure sector.(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.