Swastika Infra IPO: Listing Price, Performance and Review

Swastika Infra delivered a steady, positive debut. The ₹160.87 crore issue, priced at ₹185, opened at ₹200 on 30 September, an 8% premium, and climbed to close at the day’s high of ₹210, up 13.5%.

The power distribution contractor had drawn 7.91 times subscription, with HNIs most enthusiastic. Its ₹2,037 crore order book gives it unusual visibility for a company of its size.

How Swastika Infra listed

For a retail investor with one lot of 81 shares, the ₹14,985 investment was worth ₹17,010 at the ₹210 close, a gain of ₹2,025 on day one. The close was exactly 5% above the opening price, the upper limit for the day, and buyers were still waiting at that price when trading ended.

The stock traded in a narrow band between ₹200 and ₹210 and closed at the top, a sign of steady buying rather than a spike and fade. The next trading session after the 2 October holiday is on Monday 5 October.

Swastika Infra IPO at a glance

What Swastika Infra actually does

Swastika Infra Ltd was incorporated in August 2019 and is promoted by Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi and Vatsalya Gupta. It is an EPC contractor for power transmission and distribution: underground cabling, gas- and air-insulated substations, rural and urban electrification, street lighting and renewable energy.

It has completed 36 projects across six states, laying 18,579 km of distribution lines with an aggregate value of about ₹765 crore, and has 18 active projects worth about ₹2,037 crore. Clients are state utilities such as WBSEDCL, MGVCL and APDCL. It had 182 employees.

Of the fresh issue, ₹90 crore goes to working capital, which is the main constraint on growth for an EPC contractor.

The numbers behind the business

Here are the figures from the offer documents, in ₹ crore, as reported by IPO data sites.

What these numbers tell us, in plain language:

• Rapid growth. Total income rose from ₹211 crore in FY24 to ₹353 crore in FY25 and ₹506 crore in FY26. Profit tripled from ₹14 crore to ₹41.4 crore.
• Healthy margins for EPC. EBITDA margin was 14.1% and net margin 8.2% in FY26.
• Strong visibility. The ₹2,037 crore order book is about four times FY26 revenue.
• Fair valuation. Post-issue P/E was about 15.2x at the issue price and about 17x at the listing-day close.

How the subscription ended

Anchors put in ₹48.26 crore on 22 September. By the close on 25 September, QIBs had bid 3.31 times, NIIs 19.35 times and retail 5.64 times, for 7.91 times overall across 1.96 lakh applications.

The order of demand matters here. The issue was under 1 time covered on day 1 and about 1.3 times by day 2, then the final day brought the big jump to 7.91 times, led by NIIs at 19.35 times. Retail at 5.64 times was healthy for a mainboard issue of this size.

The GMP story

Swastika Infra’s grey market premium was modest and unsteady. Trackers reported about ₹9 when bidding opened on 23 September, around ₹4.50 by the end of day 3 and about ₹7 just before listing. Sources differed by a few rupees, so we read it as a ₹4.50 to ₹9 range, or roughly 2% to 5% over the issue price.

The actual listing beat every one of those numbers. The stock opened at ₹200, an 8.1% premium, and added another 5% by the close. The grey market underestimated how much the late NII demand and a ₹2,037 crore order book would count for on listing day.

What to weigh now

Utility payments

State power distribution companies are often slow payers. Swastika’s growth depends on collecting receivables on time so it can fund new projects without piling on debt.

Execution at scale

The order book is four times revenue. Delivering it on time will require the company to roughly double its execution capacity, which is where many EPC firms stumble.

The order book gave buyers confidence

Swastika Infra came to market with a ₹2,037 crore order book against a ₹160.87 crore issue, giving several years of visible work. For a power distribution contractor, that visibility matters more than one year’s profit, and it helped attract steady buying through the day rather than a quick spike and fade.

Strengths and risks

Strengths

• Closed 13.5% above the issue price, at the day’s high
• Order book of about ₹2,037 crore, roughly four times revenue
• Profit tripled in two years with healthy EBITDA margins
• Post-issue P/E of about 15x
• Anchor book of ₹48.26 crore

Risks

• Dependence on state utilities that pay slowly
• Working-capital heavy business
• Young company, incorporated in 2019
• Promoters sold ₹32.38 crore through the OFS
• Execution risk on a fast-growing order book

What to watch from here

• Trading on 5 October
• New order wins and execution pace
• Receivable days in the September quarter
• Anchor lock-in expiry on 28 October (30 days)
• The anchor lock-in: 50% of the ₹48.26 crore anchor shares can be sold 30 days after allotment, around 28 October, and the rest after 90 days

Swastika Infra IPO: frequently asked questions

Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Data as of 1 October 2026 (2 October was a market holiday).