Swastika Infra IPO Analysis & Review

Quick Answers

What is the Swastika Infra IPO GMP today? The Swastika Infra IPO GMP is ₹8 as of 23/9/2026, 5:09:39 am. The IPO price band is ₹175 - ₹185. GMP represents an unofficial grey-market indication and does not guarantee the listing price.

When does Swastika Infra IPO open? The Swastika Infra IPO opens on 2026-09-23 and closes on 2026-09-25.

What is the Swastika Infra IPO subscription status? The overall subscription is 0x.

Key IPO Information

ViewIPO AI Analysis Score

The Swastika Infra IPO scored 59/100 (High Risk) in our deep analysis.

Frequently Asked Questions

What is the core business of Swastika Infra Ltd?

Swastika Infra Ltd is an engineering, procurement, and construction (EPC) company focused on power distribution, underground cabling, substations, and renewable energy infrastructure projects.

What are the key dates for the Swastika Infra IPO?

The IPO opens on September 23, 2026, closes on September 25, 2026, with allotment finalized on September 28, 2026, and a tentative listing date of September 30, 2026.

What is the price band and lot size for the Swastika Infra IPO?

The price range for Swastika Infra IPO is ₹175 to ₹185 per share with a lot size of 81 shares, requiring a minimum investment of ₹14,175.

How has Swastika Infra Ltd performed financially in recent years?

Swastika Infra Ltd reported revenue growth from ₹209.57 crore in FY24 to ₹350.76 crore in FY25 and ₹503.57 crore in FY26, with PAT rising from ₹13.98 crore to ₹41.42 crore over the same period.

What is the current order book size of Swastika Infra Ltd?

As of July 31, 2026, Swastika Infra Ltd has an order book of ₹916.55 crore across 18 ongoing power infrastructure projects.

What are the major risk factors for Swastika Infra Ltd?

Key risk factors include negative operating cash flows for three consecutive years, 100% reliance on government utilities for its order book, top 5 clients contributing 96.87% of revenue, and contingent liabilities of ₹272.68 crore.

What operating model does Swastika Infra Ltd follow?

Swastika Infra Ltd follows an asset-light operating model by leasing project-specific equipment from third parties, resulting in a fixed asset turnover ratio of 70.72 in FY26.

View IPO
View IPO
Home›India›Swastika Infra ()
Swastika Infra Logo

Swastika InfraNSE / BSE:

Analyzed by ViewIPO Financial Research Team
Power Infrastructure EPCIndiaFiled 2026-09-23Listing 2026-09-30Size ₹161.02Cr
Lot Size 81
Live GMP
₹8 (+4.32%)
Check Allotment
Status Link

Is Swastika Infra IPO Good? Quick Verdict

Swastika Infra IPO scored 59/100 (High Risk) in our deep analysis. The strongest pillar is Financial at 80/100, while Competition is the primary concern at 35/100. Swastika Infra Ltd exhibits impressive top-line growth and order book momentum in power EPC, but persistent negative operating cash flows and heavy customer concentration present significant structural risks.

IPO Score
59/100
High Risk

Quick Verdict

Strong financial momentum with revenue scaling from ₹209.57 Cr in FY24 to ₹503.57 Cr in FY26.
Robust order book expansion reaching ₹916.55 Cr as of July 31, 2026.
Negative operating cash flows reported in all three recent fiscal years (FY24, FY25, FY26).
Extreme reliance on government utilities, which account for 100% of the order book.
Large contingent liabilities of ₹272.68 Cr as of FY26, primarily bank guarantees.

Company Snapshot

Revenue (TTM)
₹503.57Cr↑ 43.57% YoY
Profitability
PositiveNet Income ₹41.42Cr
Gross Margin
— 
Market Cap
—Pending Data
IPO Size
₹161.02Cr 
Industry
Power Infrastructure EPC 
P/E Ratio
—Pending Data

Risk Breakdown

Governance
60
Moderate
Financial
80
Excellent
Valuation
50
Expensive
Competition
35
High Risk
Dilution
60
Moderate
Promoter / Mgmt
60
Moderate

AI Summary

Swastika Infra Ltd is an Indian engineering, procurement, and construction (EPC) firm focused on power transmission, distribution, and renewable energy infrastructure. The company has demonstrated rapid revenue expansion, growing from ₹209.57 crore in FY24 to ₹503.57 crore in FY26, alongside an order book reaching ₹916.55 crore as of July 2026. However, Swastika Infra Ltd suffers from operational cash burn across all three tracked fiscal years and relies almost entirely on state-owned utilities for its revenues.

Overall Verdict: Swastika Infra Ltd exhibits impressive top-line growth and order book momentum in power EPC, but persistent negative operating cash flows and heavy customer concentration present significant structural risks.

Key Highlights

  • •Swastika Infra Limited operates as an EPC company in power distribution, transmission, and renewable energy projects.
  • •Originally established as a partnership firm in 1969, converted to Swastika Infra Limited in August 2019.
  • •Operates an asset-light model by leasing execution machinery, generating a high fixed asset turnover ratio of 70.72 in FY26.
  • •Order book expanded from ₹391.39 Cr in FY24 to ₹916.55 Cr as of July 31, 2026 across 18 ongoing power projects.
  • •Top 5 government utility clients generated 96.87% of overall operational revenue in FY26.
  • •Maintains total outstanding borrowings of ₹128.33 Cr as of July 31, 2026.

Financial Performance

Revenue (Annual)

↑ +43.6% YoY

INR in Crores

Net Income (Annual)

↑ +50.9% YoY

INR in Crores

Cash Flow vs Profit

↑ +87.4% YoY

INR in Crores

CF
NP

EBITDA vs PAT

EBITDA YoY

INR in Crores

EBITDA
PAT

IPO Timeline

IPO Opens2026-09-23
IPO Closes2026-09-25
Basis of Allotment2026-09-28
Refunds & Demat2026-09-27
Listing Date2026-09-30

Valuation Analysis

IPO Price₹175 - ₹185
Estimated Fair Value
Pending Data
Valuation Premium
Pending
vs Fair Value

IPO DNA

Growth
58
Governance
60
Profitability
80
Valuation
50
Competition
35
Execution
60

Pros vs Cons

Pros

  • Consistent growth in top-line revenue from ₹209.57 Cr in FY24 to ₹503.57 Cr in FY26.
  • Net profit increased sequentially from ₹13.98 Cr in FY24 to ₹41.42 Cr in FY26.
  • Growing order book reaching ₹916.55 Cr as of July 31, 2026, providing high revenue visibility.
  • Efficient asset-light operational framework yielding a fixed asset turnover ratio of 70.72 in FY26.

Cons

  • Persistent negative cash flows from operations across FY24 (-₹3.34 Cr), FY25 (-₹76.53 Cr), and FY26 (-₹9.65 Cr).
  • Heavy customer concentration with top 5 government utility clients generating 96.87% of FY26 revenue.
  • High level of contingent liabilities totaling ₹272.68 Cr as of March 31, 2026, mainly bank guarantees.
  • Potential liquidity risk tied to receivables from public sector entities with long payment cycles.

Financial Health

Revenue Growth
55.0% CAGR (FY24-FY26) (Excellent)
Debt Level
₹128.33 Cr aggregate borrowings (Moderate)
Cash & Equivalents
Contingent liabilities equal 164x cash holdings (Weak)

Institutional Signals

Anchor Investors
Undisclosed
VC Backing Tier
None
Strategic Partners
Public Sector Utilities

Swastika Infra IPO Reddit Pulse & Sentiment

Real-time Reddit discussions & retail sentiment

No Public Data Available

We couldn't find any significant public discussions or retail sentiment threads for this IPO at the moment.

Disclaimer: These are raw community discussions aggregated from public forums. The AI summary and Reddit comments do not constitute financial advice. Always conduct your own independent research.

Swastika Infra IPO — Frequently Asked Questions

Related IPO Reports

Sai Urja Indo Ventures

Sai Urja Indo Ventures

SAIURJA
59/100
View Report
A-One Steels

A-One Steels

AONE
56/100
View Report
Moneyview

Moneyview

MONEYVIEW
60/100
View Report
Green Asia Impex

Green Asia Impex

GREEN
59/100
View Report
View All Active & Upcoming IPOs View IPO Calendar

IPO Terminology Explained

Confused by terms like GMP, Kostak, or Subject to Sauda? Read our detailed guides in the IPO Glossary to understand the terminology before you invest.

Grey Market Premium (GMP)Subject to SaudaASBAOffer for Sale (OFS)
View Full Glossary

Source Citation: All financial data and risk metrics are derived from the official prospectus filed with the regulator (SEBI DRHP/RHP). ViewIPO algorithms process this public data for informational purposes. Not financial advice.

Want to analyze another IPO?

Search any stock, IPO, company, ticker or filing and get instant AI-powered analysis.

Frequently Asked Questions about Swastika Infra

What is the expected listing price of Swastika Infra?

The expected listing price depends on the live Grey Market Premium. Check the live GMP and expected listing price for Swastika Infra on our Live GMP Tracker.