Infra Company Opens for Subscription Tomorrow; Check the GMP and Other Details
India’s power infrastructure sector is showing activity as investments in transmission and distribution networks, electricity, and renewable energy open new avenues for EPC companies. India is the world’s third-largest producer and consumer of electricity, boasting an installed power capacity of 542.36 GW as of May 2026. Industrial usage drives the majority of power consumption at 41.8%, followed by households (24.3%) and agriculture (17%).
While thermal power remains a significant contributor with over 230 GW of installed coal capacity, the country has drastically reduced power shortages to 0.1% while continuously scaling up generation to meet record-high peak demands. In this context, Swastika Infra is coming into the stock market with its IPO. It is an EPC company that provides power transmission and distribution services.
IPO Key Details
Swastika Infra IPO is a Rs. 160.88 crore book-built issue, comprising a fresh issue of 69.46 lakh shares worth Rs. 128.50 crore and an offer for sale of 17.50 lakh shares worth Rs. 32.38 crore. The IPO will open for subscription on September 23, 2026, and close on September 25, 2026. The company has fixed the price band at Rs. 175–185 per share, with a lot size of 81 shares, requiring a minimum retail investment of Rs. 14,985 at the upper price band.
The allotment is expected to be finalised on September 28, 2026, while the shares are tentatively scheduled to list on NSE and BSE on September 30, 2026. Srujan Alpha Capital Advisors LLP and PhillipCapital (India) Private Limited are the book-running lead managers for the issue, while MUFG Intime India Pvt. Ltd is acting as the registrar.
In the case before the IPO, 76.51% of the shares of Swastika Infra are owned by the promoter and promoter group, whereas the remaining 23.49% is held by public shareholders. Post-IPO, the shareholdings of the promoter and promoter group will reduce to 57.41%, whereas the public shareholdings will increase to 42.59%.
IPO Lot Size & Reservation
The minimum bid size for the Swastika Infra IPO is 81 shares, which requires a minimum investment of Rs. 14,985 at the upper price band of Rs. 185 per share. Retail investors can apply for up to 13 lots, or 1,053 shares, involving an investment of Rs. 1,94,805.
For HNI investors, the S-HNI category starts at 14 lots (1,134 shares), requiring Rs. 2,09,790, while the maximum S-HNI application is 66 lots (5,346 shares), worth Rs. 9,89,010. The B-HNI category starts at 67 lots (5,427 shares), requiring an investment of Rs. 10,03,995.
Under the Swastika Infra IPO, QIBs are allocated not more than 50% of the offer, while retail investors are reserved not less than 35% of the issue. The remaining not less than 15% is reserved for Non-Institutional Investors (NII).
About the company
Swastika Infra Limited was founded in August 2019 and is a company that offers engineering, procurement and construction services for infrastructure relating to power transmission and distribution projects. It offers turnkey solutions including supply, installation, testing, and commissioning of projects that include underground cabling, GIS and AIS substations, grid substations, rural/urban electrification, street lighting, and renewable energy projects.
By July 31, 2026, it had completed 36 power projects on an EPC basis in six states that have a total of 18,579.47 kilometers of distribution lines, with an aggregate contract amount of Rs. 7,646.7 crore. The total amount of its order book at this point is 18 projects that amount to Rs. 2,036.65 crore, which includes various state electricity utilities. Many of its projects are funded by the World Bank or supported by the Ministry of Power.
Swastika Infra is an asset-light company whereby erection works are undertaken by third-party contractors while the company takes care of procurement and execution of projects using its own team. By July 2026, it has 182 full-time employees, out of which 65 are engineers and technicians and 52 are project execution supervisors.
Financials
Swastika Infra’s total income increased 43.4% to Rs. 505.57 crore in FY26, compared with Rs. 352.60 crore in FY25. During the same period, PAT rose 51% to Rs. 41.43 crore from Rs. 27.45 crore, while EBITDA increased 61.4% to Rs. 70.85 crore from Rs. 43.89 crore.
The company also saw a strong improvement in its balance sheet, with net worth more than doubling to Rs. 156.78 crore from Rs. 77.02 crore. Total assets increased to Rs. 412.24 crore from Rs. 258.54 crore, while borrowings rose marginally to Rs. 114.64 crore from Rs. 111.02 crore.
GMP of the IPO
GMP of Swastika Infra IPO is Rs. 3, last updated on Sep 21, 2026 04:02:02 PM. As per the upper price band of Rs. 185.00, the listing price of Swastika Infra IPO would be Rs. 188 (upper price band + current GMP). Percentage gain/loss per share would be 1.62%.
Objectives of the IPO
Swastika Infra plans to use Rs. 90 crore from the IPO proceeds to fund its incremental working capital requirements. This will help support the company’s day-to-day operations and fund the working capital needs associated with executing its ongoing and upcoming EPC projects.
The remaining proceeds will be used for general corporate purposes. Overall, the company has earmarked Rs. 90 crore of the issue proceeds for these stated objectives.
Strengths of the company
Swastika Infra has an advantage of having an experienced promoter and management, together with a capital light business model based on centralized procurement. The company has a strong track record of implementing EPC power projects in various states of India, as well as connections with several utilities and infrastructure agencies of the government.
In addition, Swastika Infra has excellent project management and implementation skills, which are supplemented by a significant pipeline of projects. This company is competent in such areas as power transmission and distribution, as well as renewable energy.
Internal Risks
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High dependence on government utilities: A major portion of Swastika Infra’s revenue comes from projects awarded by government utilities. Changes in government policies could lead to contracts being terminated, restructured, renegotiated or foreclosed, potentially affecting the company’s business and financial performance.
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Project execution delays: The company’s order book includes several large-scale projects, and any delays, disruptions or other execution-related issues could affect revenue recognition, cash flows and overall financial performance.
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Related-party transactions: Swastika Infra enters into related-party transactions as part of its regular business activities. Such transactions could potentially affect its profitability, margins, cash flows and financial position if not managed effectively.
