Swastika Infra IPO Opens for Subscription
Swastika Infra IPO opened for subscription today, September 23, 2026, and will remain open until September 25. The book-built issue comprises a fresh issue of ₹128.50 crore and an offer for sale of ₹32.38 crore. The shares are proposed to list on both BSE and NSE.
| Particular | Details |
|---|---|
| IPO Name | Swastika Infra IPO |
| IPO Dates | Sep 23–25, 2026 |
| Price Band | ₹175–₹185 |
| Issue Size | ₹160.88 Cr |
| Fresh Issue | ₹128.50 Cr |
| Offer for Sale | ₹32.38 Cr |
| Total Shares | 86.96 Lakh |
| Lot Size | 81 Shares |
| Minimum Investment | ₹14,985 |
| Listing Platform | BSE & NSE |
| Allotment | Sep 28, 2026 |
| Refund / Demat | Sep 29, 2026 |
| Listing | Sep 30, 2026 |
| Lead Managers | Srujan Alpha Capital Advisors, PhillipCapital India |
| Registrar | MUFG Intime India |
Swastika Infra IPO GMP Today
The latest reported grey-market premium for Swastika Infra IPO is around ₹9.50 per share. Against the upper price band of ₹185, this represents an unofficial GMP of about 5.14%, giving a GMP-based indicative price of around ₹194.50.
| GMP Particular | Latest Update |
|---|---|
| GMP | ₹9.50 |
| Upper Price Band | ₹185 |
| Indicative Price | ₹194.50 |
| Indicative Premium | ~5.14% |
GMP is an unofficial and unregulated market indicator. It can change before listing and does not guarantee the actual listing price.
Swastika Infra IPO Subscription Status
The IPO opened today, so subscription activity is still developing. The issue has reserved approximately 50% of the offer for QIBs, 15% for NIIs and 35% for retail investors. The latest subscription tracker checked had not yet recorded meaningful Day 1 bidding figures.
| Category | Reservation |
|---|---|
| QIB | 50% |
| NII | 15% |
| Retail | 35% |
Category-wise subscription numbers are expected to change throughout the three-day bidding period.
Swastika Infra Business Overview
Swastika Infra is a Jaipur-based engineering, procurement and construction company focused primarily on power transmission and distribution infrastructure. The company undertakes EPC projects for government utilities and works across multiple states.
Its work includes construction and installation related to transmission and distribution networks and associated power infrastructure. As of July 31, 2026, the company had 18 ongoing EPC projects spread across six states.
The aggregate contracted value of these projects was approximately ₹2,036.65 crore, while the unexecuted order book stood at about ₹916.55 crore.
Swastika Infra IPO Financial Performance
Swastika Infra has reported strong growth in revenue and profitability over the last three financial years. Revenue from operations increased from ₹209.58 crore in FY2024 to ₹503.57 crore in FY2026. PAT increased from ₹13.98 crore to ₹41.43 crore during the same period.
| Financial Year | Revenue | EBITDA | PAT |
|---|---|---|---|
| FY2024 | ₹209.58 Cr | ₹23.71 Cr | ₹13.98 Cr |
| FY2025 | ₹350.76 Cr | ₹43.89 Cr | ₹27.45 Cr |
| FY2026 | ₹503.57 Cr | ₹70.85 Cr | ₹41.43 Cr |
FY2026 EBITDA margin was approximately 14.07%, compared with 11.31% in FY2024. PAT margin also increased to around 8.23%.
Swastika Infra Financial Highlights
The company's recent financial numbers show expansion in both operating scale and profitability. However, finance costs have also increased as the business has required more funding to support its project growth.
| Financial Indicator | FY2026 |
|---|---|
| Revenue | ₹503.57 Cr |
| EBITDA | ₹70.85 Cr |
| EBITDA Margin | 14.07% |
| PAT | ₹41.43 Cr |
| PAT Margin | 8.23% |
| EPS | ~₹15.25 |
The company reported operating cash flow of negative ₹9.65 crore in FY2026 despite reporting ₹41.43 crore of PAT.
Swastika Infra IPO Order Book
The company's order book is an important part of its current business profile. As of July 31, 2026, the unexecuted order book was approximately ₹916.55 crore, equivalent to around 1.82 times FY2026 revenue. The order book was reported to be fully backed by government utility contracts.
The existing project pipeline provides contracted work visibility, although project execution can depend on site handovers, approvals, drawings, funding and customer payments.
Swastika Infra IPO Objects of the Issue
The company plans to use ₹90 crore of the net IPO proceeds for incremental working-capital requirements. The remaining proceeds are intended for general corporate purposes.
| IPO Objective | Amount |
|---|---|
| Incremental Working Capital | ₹90 Cr |
| General Corporate Purposes | Balance |
The substantial working-capital allocation reflects the funding needs associated with EPC projects and their execution cycles.
Swastika Infra IPO Anchor Investment
Ahead of the public issue, Swastika Infra raised approximately ₹48.26 crore from six anchor investors. The company allotted around 26.08 lakh shares to anchor investors at ₹185 per share on September 22, 2026.
The anchor allocation was completed one day before the IPO opened for public subscription.
Swastika Infra IPO Key Risks
Swastika Infra's EPC business involves long project execution cycles, and delays in site handovers, drawings, approvals or payments can affect working capital and cash flows. Some projects reportedly experienced delays during the last three years.
Operating cash flow is another factor to monitor. The company reported negative operating cash flow in FY2024, FY2025 and FY2026, despite increasing reported profits.
The company also depends significantly on government and utility contracts. Changes in government spending, tender activity, project execution or payment schedules could therefore affect its operations.
Other considerations include working-capital requirements, financing costs, project execution risks, contingent liabilities and competition in the power EPC sector.
Swastika Infra IPO Important Dates
Swastika Infra IPO opened on September 23 and will close on September 25, 2026. The basis of allotment is scheduled for September 28, refunds and demat credit are expected on September 29, and listing is scheduled for September 30 on BSE and NSE.
| IPO Event | Date |
|---|---|
| IPO Opening | Sep 23, 2026 |
| IPO Closing | Sep 25, 2026 |
| Allotment | Sep 28, 2026 |
| Refund | Sep 29, 2026 |
| Demat Credit | Sep 29, 2026 |
| Listing | Sep 30, 2026 |
Swastika Infra IPO Latest News Summary
Swastika Infra IPO has opened today with a price band of ₹175–₹185 and an issue size of ₹160.88 crore. The issue combines a ₹128.50 crore fresh issue with a ₹32.38 crore offer for sale and is scheduled to list on both BSE and NSE.
The latest reported GMP is around ₹9.50, while Day 1 subscription activity is still developing. The company reported FY2026 revenue of ₹503.57 crore and PAT of ₹41.43 crore. Its unexecuted order book stood at approximately ₹916.55 crore as of July 31, 2026.
The main updates to watch during the IPO period are category-wise subscription demand, movement in the unofficial GMP and developments around the company's working-capital requirements and project execution.
Disclaimer: IPO GMP is an unofficial and unregulated market indicator and can change at any time. Subscription figures may change throughout the bidding period and can vary depending on the reporting time. This article is for informational purposes only and should not be considered investment advice.
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