Swastik Infra IPO Review: Swastik Infra’s initial public offer (IPO) opened for subscription on Wednesday. The company is aiming to raise ₹160.88 crore from the primary market to fund business expansion and working capital requirements. Analysts mostly recommended a ‘wait & watch’ before investing in the IPO despite Swastik Infra’s strong execution capability, robust order book, and prominent presence in government-led power distribution and transmission infrastructure projects.
Swastik Infra IPO price band, lot size Swastik Infra set the price band for the IPO at ₹175 to ₹185 per share. The minimum lot size is 81 shares, which indicates that retail investors require a minimum investment of ₹14,985. The IPO will close on Friday, and the allotment is expected to be finalised on September 28.
The tentative listing date is September 30. Swastik Infra’s IPO entails a fresh issue worth ₹128.50 crore and an offer-for-sale (OFS) worth ₹32.38 crore ALSO READ: Hero Motors shares make lackluster debut, list at 2% discount to IPO price Swastik Infra IPO review Analysts are mixed on Swastik Infra IPO as heavy dependence on government projects and customer concentration call for a ‘wait and watch’ mode for some time before betting money on the company.
However, Swastik Infra has demonstrated strong execution capabilities by completing 36 power distribution projects with 18 ongoing projects. According to Arihant Capital, the company has strong revenue predictability with its order book-to-revenue ratio of 1.41 times in the financial year 2026 (FY26).
As of July 31, 2026, the total order book stood at ₹9,165.5 million. The Jaipur-headquartered company has also diversified into high-margin businesses, including solar parks, transmission lines, and smart grid technology integration, the brokerage firm said.
Swastik Infra has minimised payment risks and ensured working capital stability as most of its projects are either funded by global institutions like the World Bank or backed by central and state governments, the brokerage said. Arihant Capital has assigned a ‘Neutral’ rating for long-term investors.
In financial year 2026 (FY26), the company has reported ₹503.57 crore revenue from operations, ₹61.1 crore earnings before interest, taxes, depreciation and amortisation (Ebitda), and ₹41.43 crore profit after tax (PAT). Execution in engineering, procurement, and construction (EPC) projects supported the growth in the topline.
The Ebitda margin and PAT margins were at 12.1 per cent and 8.2 per cent, respectively, said Ventura Securities. Ventura Securities has assigned a ‘Subscribe’ rating to the issue, acknowledging that Swastik Infra is an emerging power EPC player with a strong presence in government-led distribution and transmission infrastructure projects.
The company is “valued at FY26 P/E multiple of 15.2 times on a post-issue basis”, taking into account the upper price band of ₹185. This appears reasonably priced, according to SBI Securities. It has assigned a ‘Neutral’ rating, as it believes the company’s performance needs to be watched for a few quarters.
Key risksSwastik Infra’s dependence on government projects — which constituted 97 per cent of its FY26 order book — will likely be a matter of concern for investors. Moreover, delay in execution, customer concentration, and negative cash flow from operating activities may also pose a threat to the company’s growth outlook, according to SBI Securities.
Swastik Infra GMP The grey market premium (GMP) of Swastik Infra was at ₹8, indicating a listing price of ₹193 and a gain of 4.32 per cent. About Swastik InfraSwastik Infra was set up as a partnership firm in 1969 under the name of Swastika Electricals & Fertilizers, before becoming a private limited company in August 2029.
It is an EPC company specialising in the execution of power transmission and distribution infrastructure projects. Swastik Infra’s scope of work includes underground cabling work, construction of substations, installation of street lighting systems, and renewable energy works.
The company is also engaged in the trading of electrical products such as power cables.