Swastika Infra Limited IPO
ListedMainboardPower Infrastructure
7.91×
Subscribed
Price band
₹175 – ₹185
Lot size
81
1 lot = ₹14,985
Issue size
₹160.87 Cr
Open – close
23 Sept 2026
to 25 Sept 2026
Listing
30 Sept 2026
Listing gain
+8.11%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong5 of 7 dimensions read
The disclosed numbers are strong — 4 of 5 signals read positive
Strength87/100
- Undemanding valuation11.8× earnings at the upper band, with no peer set published to compare against
- Strong revenue growthRevenue compounding at 55.0% across the reported years
- High return on equityROE of 37.6%
- Conservative balance sheetDebt/equity of 0.40×
- Institutional book coveredQIB portion subscribed 3.31×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens23 Sept 2026
- Closes25 Sept 2026
- Allotment28 Sept 2026
- Listing30 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB3.31x
Non-institutionalNII / HNI19.34x
Big NIIabove ₹10L20.92x
Small NII₹2L – ₹10L16.20x
Retail individualRII5.64x
1,95,824 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 25 Sept 2026.
Chance of allotment
Retail5.64× subscribed
~1 in 5.6
Minimum 1 lot · 81 shares · ₹14,985 blocked
Retail is 5.64× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 5.6 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII19.34× subscribed
~1 in 19.3
Minimum 14 lots · 1,134 shares · ₹2,09,790 blocked
HNI is 19.34× subscribed. This category is allotted proportionately, so a bid receives roughly 1/19.3 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹9.5+5.1%
over the upper band · last seen 18 Oct 2026 · rising since 22 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹175 – ₹185
Face value₹10
Lot size81shares
Minimum application₹14,985at cut-off
Total issue size₹160.87 Cr
Listing atMainboard
Anchor investorsAllotted
Company & valuation
P/E at upper band11.78×
EPS₹12.49pre-issue
NAV per share₹57.69
Return on equity37.65%
Debt / equity0.40×
ROCE25.76%
RoNW35.44%
PAT Margin8.23%
EBITDA Margin14.07%
NAV57.69
Price to Book Value3.21
ISININE1QJA01015
RegistrarLINK
Lead managersSRUJAN ALPHA CAPITAL ADVISORS LLP, PHILLIP CAPITAL (INDIA) PRIVATE LIMITED
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 43,47,973 | — |
| Anchor Investor | 26,08,782 | — |
| QIB (Ex. Anchor) | 17,39,191 | — |
| NII (HNI) | 13,04,392 | — |
| bNII > ₹10L | 8,69,595 | 766.00% |
| sNII < ₹10L | 4,34,797 | 383.00% |
| Retail | 30,43,581 | 37575.00% |
Total issue 86,95,946 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,9851 lot · 81 sh
Retail (Max)₹1,94,80513 lots · 1,053 sh
S-HNI (Min)₹2,09,79014 lots · 1,134 sh
S-HNI (Max)₹9,89,01066 lots · 5,346 sh
B-HNI (Min)₹10,03,99567 lots · 5,427 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted26,08,782
Anchor portion₹48.26 Cr
Bid date22 Sept 2026
Lock-in ends (50%)28 Oct 2026
Lock-in ends (rest)27 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Funding incremental working capital requirements of our Companynot stated
- 02General corporate purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 209.575 | — | — | 49.57 | — |
| 2025 | 350.758 | — | — | 77.017 | — |
| 2026 | 503.573 | — | — | 156.778 | — |
Revenue CAGR 55.0%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Swastika Infra Limitedthis issue | 15.70 | 11.78 | 57.70 | 35.40% |
| Rajesh Power Services Limited | 79.50 | 10.10 | 225.60 | 35.30% |
| Vikran Engineering Limited | 4.10 | 14.60 | 48.00 | 7.40% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumOur 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
mediumOur 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
mediumAs on July 31, 2026, 100% of our order book consist of projects awarded by government utilities.
mediumOur present orderbook consist large-scale projects. Any delay or impediment to such projects may have adverse impact on our financial position.
Litigation across 346 matters
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
Positives the filing discloses (3)
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%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.6%
Listed up
8 of 8
Best
+65.3%
BLS Polymers Limited
Worst
0.6%
EAAA India Alternatives Limited
Bombay Coated and Special Steels Limitedsame segment
60.8× sub+11.0%
M. K. Sons Fine Jewels Limitedsame segment
5.1× sub+5.6%
BLS Polymers Limitedsame segment
241.2× sub+65.3%
SFC Environmental Technologies Limitedsame segment
9.5× sub+7.6%
EAAA India Alternatives Limitedsame segment
5.3× sub+0.6%
Paras Healthcare Limitedsame segment
2.2× sub+3.9%
Jio Platforms Limitedsame segment
21.6× sub+21.4%
Zetwerk Manufacturing Businesses Limitedsame segment
3.1× sub+5.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Swastika Infra Limited
Swastika Infra Limited is an engineering, procurement, and construction (EPC) company engaged in power transmission and distribution infrastructure projects. Its services cover turnkey execution of power infrastructure projects, including procurement, supply, erection, installation, testing and commissioning. The company undertakes underground cabling work involving the laying and installation of high-voltage and low-voltage power cables, and construction of gas insulated, air insulated and grid substations. It also executes rural and urban electrification projects involving distribution networks, service connections, and feeder lines. Other areas of work include installation of street lighting systems and renewable energy projects. As of July 31, 2026, the company had executed 36 power distribution infrastructure projects across six Indian states, covering 18,579.47 km of distribution lines. It had 18 ongoing EPC Power Projects across six states as of the same date. The company was incorporated in August 2019 following the conversion of the partnership firm Swastika Electricals & Fertilizers.
Founded 1969MD Mr Vinay GuptaSector Power Infrastructure
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Swastika Infra Limited IPO GMP today?
The most recent grey-market premium recorded for Swastika Infra Limited is ₹9.5 per share — about 5.1% over the ₹185 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Swastika Infra Limited IPO subscribed?
Swastika Infra Limited is subscribed 7.91× overall (QIB 3.31×, NII 19.34×, retail 5.64×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, LINK.
What is the minimum investment in the Swastika Infra Limited IPO?
One lot is 81 shares, so a retail application at the ₹185 cut-off price blocks ₹14,985. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Swastika Infra Limited IPO?
The retail portion is subscribed 5.64×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 6. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Swastika Infra Limited IPO allotment date?
Allotment is scheduled for 2026-09-28, with listing on 2026-09-30. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, LINK.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.