Summary
The Swastika Infra IPO is a mainboard IPO, scheduled to open on 23 September 2026 and close on 25 September 2026.
The tentative listing of the IPO shares is fixed on 30 September 2026 on the BSE and NSE platforms.
The price band of the share is fixed at ₹175-₹185 per share, with a minimum application of 1 lot (81 shares).
Swastika Infra IPO is a mainboard public IPO scheduled to open on 23 September 2026 and close on 25 September 2026. The IPO has a price band of ₹175 to ₹185 per share, with a lot size of 81 shares. At the upper price band, the minimum investment for one lot is ₹14,985. The issue comprises a fresh issue of ₹129 crore and an offer for sale of 17.50 lakh shares, with the shares proposed to be listed on the BSE and NSE. The tentative listing date is 30 September 2026.
Swastika Infra IPO Key Details
The table below presents the essential details investors should know before applying for the Swastika Infra IPO.
| IPO Open Date | 23 September 2026 |
| Close Date | 25 September 2026 |
| Face value | ₹10 per share |
| Issue Price | ₹175-₹185 per share |
| IPO Lot Size | 81 shares |
| Fresh issue | ₹129.00 crores |
| Offer for Sale | 17,50,000 shares |
| Type of issue | Mainboard |
| Listing at | BSE and NSE |
| Total Issue Size (₹ Crore) | ₹161 crores |
| Minimum Investment | 1 lot (81 shares) |
Swastika Infra IPO Timeline
Below is the complete schedule of events for the Swastika Infra IPO.
| Bid Opening | 23 September 2026 |
| Bid Closing | 25 September 2026 |
| Tentative Allotment | 28 September 2026 |
| Initiation of Refunds | 29 September 2026 |
| Credit of Shares to Demat | 29 September 2026 |
| Tentative Listing Date | 30 September 2026 |
| UPI mandate closing date | 25 September 2026 |
Key Performance Indicators of Swastika Infra IPO
These financial ratios highlight the company’s profitability, capital efficiency, and overall financial performance over the past three financial years.
| 31-03-2026 | 31-03-2025 | 31-03-2024 | |
| ROE (%) | 35.4 | 43.4 | 32.8 |
| ROCE (%) | 25.8 | 23.1 | 25.2 |
| Debt Equity (in times) | 0.73 | 1.44 | 0.88 |
| RoNW (%) | 35.4 | 43.4 | 32.8 |
| PAT Margin (%) (Net) | 8.23 | 7.82 | 6.67 |
| EBITDA margin (%) | 14.07 | 12.51 | 11.31 |
| Price to book | 3.21 |
Swastika Infra IPO Financial Details
The Financial information of the Swastika Infra IPO is as follows.
| FY 2025-2026 | FY 2024-2025 | FY 2023-2024 | |
| Revenue | 503.57 | 350.75 | 209.57 |
| Total Asset | 412.24 | 258.54 | 143.26 |
| Profit | 41.43 | 27.45 | 13.98 |
Swastika Infra IPO Subscription Status
The subscription data will be available once bidding begins.
Bidding is open from 10:00 AM to 5:00 PM on public issue days.
Swastika Infra IPO Grey Market Premium (GMP)
The current status of the Grey Market Premium for the Swastika Infra IPO shows a GMP of ₹3 with an estimated listing price of ₹188.
| GMP Date | IPO Price | GMP | Est. Listing Price | Est. Gain | Last updated |
| 21-09-2026 | ₹185 | ₹3 | ₹188 | 1.662% | 21-09-2026, 13:02 |
| 20-09-2026 | ₹185 | ₹3 | ₹188 | 1.62% | 20-09-2026, 23:37 |
| 19-09-2026 | ₹185 | ₹3 | ₹188 | 1.62% | 19-09-2026, 23:37 |
| 18-09-2026 | ₹185 | ₹5 | ₹190 | 2.70% | 18-09-2026, 23:37 |
GMP is the premium value of the IPO share in the unofficial market before it opens for subscription.
Swastika Infra IPO Reservation
The following table shows the distribution of shares reserved for retail investors, QIBs, and NIIs under the IPO.
| Investor Category | Offered No. of Shares |
| QIBs | Not more than 50% of the issue |
| NIIs | Not less than 15% of the issue |
| Retails | Not less than 35% of the issue |
| Total | 100% |
Swastika Infra IPO Lot Sizes
Refer to the minimum and maximum investment requirements for each investor category as per the prescribed lot size.
| Application | Lot | Shares | Amount in ₹ |
| Retail(Min) | 1 | 81 | 14,985 |
| Retail (Max) | 13 | 1,053 | 1,94,805 |
| sHNI (Min) | 14 | 1,134 | 2,09,790 |
| sHNI (Max) | 66 | 5,346 | 9,89,010 |
| bHNI (Min) | 67 | 5,427 | 10,03,995 |
Swastika Infra IPO Prospectus
Investors can access the offered prospectus for the Swastika Infra IPO mentioned below.
About Swastika Infra Ltd.
Swastika Infra Limited is an EPC company focused on power distribution infrastructure projects. The company provides turnkey services covering procurement, supply, erection, installation, testing and commissioning of electrical infrastructure. Its project portfolio includes underground cabling, air-insulated and gas-insulated substations, rural and urban electrification, street lighting and related power infrastructure. The company has expanded its project presence across multiple Indian states. As of July 31, 2026, it had completed 36 projects across six states and had 18 ongoing projects.
Promoters:
- Babulal Gupta
- Vinay Gupta
- Ruchira Gupta
- Biren Parnami
- Manoj Modi
- Vatsalya Gupta
| Book Runner | Srujan Alpha Capital Advisors LLP PhillipCapital (India) Pvt. Ltd. |
| Issue Registrar | MUFG Intime India Pvt. Ltd |
Purpose of Swastika Infra IPO
The company intends to deploy the funds raised through this public issue toward specific operational and strategic goals, as detailed in the table below.
| Particulars | Est. Amount in ₹ Crores |
| For incremental working capital requirement | 90.00 |
| General Corporate Purposes | – |
| Total | – |
Swastika Infra Ltd.- Strengths and benefits
- Large Order Book: The company had an order book of approximately ₹2,036.65 crore as of July 2026, giving it ongoing projects to execute.
- Experience in Power Distribution: The company has executed projects covering underground cabling, electrification, substations and other power distribution infrastructure.
- End-to-end EPC Capabilities: The company handles multiple stages of power distribution projects, including design, procurement, supply, erection, installation, testing and commissioning. This allows it to provide integrated project execution services.
Swastika Infra Ltd- Risks and limitations
- Customer Concentration: The company’s top five customers accounted for 96.87% of FY2026 revenue, while its top ten customers accounted for 99.58%. Losing a major customer or failing to secure repeat orders could affect revenue.
- Dependence on Government Projects: A significant amount of revenue from operations in FY2026 came from projects awarded by government utilities. The company’s entire order book as of July 31, 2026 was also from government utilities. Changes in government policies, project awards or payment schedules could therefore affect its business.
- Working Capital Requirements: EPC projects require funds for materials, receivables, retention money and other project-related expenses. The company is using a significant portion of the fresh issue proceeds to meet incremental working capital requirements.
Swastika Infra IPO Review
Swastika Infra IPO is a mainboard issue scheduled from 23 September to 25 September 2026. The company has fixed the IPO price band at ₹175-₹185 per share, with a lot size of 81 shares. Investors applying for one lot at the upper price band will need ₹14,985. The issue has a total size of about ₹161 crore, comprising a fresh issue of ₹129 crore and an offer for sale of 17.50 lakh shares. The shares are proposed to be listed on the BSE and NSE, with listing tentatively scheduled for 30 September 2026.
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Swastika Infra IPO FAQs
Swastika Infra IPO is a mainboard public issue of Swastika Infra Limited. The IPO is scheduled to open on 23 September 2026 and close on 25 September 2026, with a price band of ₹175-₹185 per share and a lot size of 81 shares.
Investors can apply through their supported broker or other IPO application platforms using the ASBA facility or UPI, subject to the applicable eligibility and application requirements.
The company has reported growth in revenue and profit and has a sizeable order book. However, it also has high dependence on government utility projects, customer concentration, substantial working capital requirements and negative operating cash flows in recent years. Investors should consider these factors along with the IPO valuation before making an investment decision.
The Swastika Infra IPO will open for subscription on 23 September 2026 and close on 25 September 2026.
The lot size is 81 shares. At the upper price band of ₹185, one lot requires an investment of ₹14,985.
The tentative allotment date is 28 September 2026. Refunds and credit of shares to demat accounts are scheduled for 29 September 2026.
The tentative listing date for the Swastika Infra IPO is 30 September 2026 on the BSE and NSE.
