Swastika Infra Sets IPO Price Band at Rs 175 to Rs 185 per Share to Raise Rs 161 Crore

Jaipur-headquartered engineering, procurement, and construction (EPC) firm Swastika Infra Limited has filed its Red Herring Prospectus (RHP) with the Securities and Exchange Board of India (SEBI), setting the price band for its initial public offering (IPO) at ₹175 to ₹185 per equity share with a face value of ₹10 each.

The total issue size stands at approximately ₹160.88 crore. The book-built issue is scheduled to open for bidding on Wednesday, September 23, 2026, and close on Friday, September 25, 2026. Anchor investor bidding will take place on Tuesday, September 22, 2026.

Issue Structure and Allocation Details

The public offering comprises both fresh capital and an offer-for-sale (OFS) component:

• Fresh Issue: 69,45,946 equity shares aggregating up to ₹128.50 crore.
• Offer for Sale (OFS): 17,50,000 equity shares aggregating up to ₹32.38 crore from existing shareholders and promoters.
• Pre-IPO Placement: Ahead of the RHP filing, the company completed a private placement of 24,24,242 equity shares at ₹165 per share, raising ₹40.00 crore, which was deducted from the original fresh issue size.

The minimum bid lot is set at 81 shares, requiring a minimum investment of ₹14,985 for retail investors at the upper band price of ₹185. Retail applicants can bid for up to 13 lots (1,053 shares), amounting to ₹1,94,805.

The issue reserves up to 50% for Qualified Institutional Buyers (QIBs), not less than 15% for Non-Institutional Investors (NIIs/HNIs), and not less than 35% for Retail Individual Investors (RIIs). The basis of allotment is expected to be finalized on September 28, 2026, followed by the initiation of refunds and credit of shares on September 29. The equity shares are slated to list on the National Stock Exchange of India (NSE) and BSE on September 30, 2026.

The book running lead managers to the issue are Srujan Alpha Capital Advisors LLP and PhillipCapital (India) Private Limited, while MUFG Intime India Private Limited serves as the registrar.

Business Model and Project Footprint

Swastika Infra operates as a turnkey EPC solutions provider primarily focused on power transmission and distribution (T&D) systems. The company handles end-to-end services ranging from engineering design, procurement, supply, and erection to installation, testing, and final commissioning.

Its operational domains include:

• Underground cabling projects across urban and semi-urban centers.
• Construction of Gas Insulated Substations (GIS), Air Insulated Substations (AIS), and Grid Substations.
• Rural and urban electrification initiatives under state and central utility programs.
• Installation of distribution transformers, circuit breakers, ring main units, and street lighting infrastructure.

As of July 31, 2026, the company had completed 36 EPC power projects across six Indian states, constructing over 18,579.47 kilometers of power distribution lines with an aggregate contract value of ₹76,467 lakh. Its client roster spans major state power utilities, including WBSEDCL, MGVCL, APDCL, HPSEBL, UHBVN, JVVNL, UPCL, AVVNL, and MSEDCL.

Order Book and Financial Health

Swastika Infra enters the capital markets backed by an order book consisting of 18 ongoing EPC projects across six states, representing an aggregate order value of ₹2,03,665 lakh. Of this, unexecuted orders representing anticipated future revenues stood at ₹91,655 lakh.

The company operates on an asset-light framework with centralized procurement to preserve capital efficiency. Financially, the company reported revenue of ₹505.57 crore in FY2026, marking a 43% expansion from ₹352.60 crore in FY2025. Profit after tax (PAT) grew 51% to approximately ₹41.4 crore in FY2026.

The net proceeds from the fresh issue will be deployed largely to fund incremental working capital requirements arising from long-cycle utility projects, alongside general corporate purposes. At the upper price band of ₹185, Swastika Infra command an equity valuation of approximately ₹631.2 crore, translating to a price-to-earnings (P/E) multiple of around 15.2x on FY2026 earnings.

Tags: Swastika Infra BSE NSE SEBI EPC Sector Power Infrastructure