Swastika Infra

Swastika Infra Ltd. – Comprehensive Company Profile,IPO & Business Overview

1. Background & Corporate Profile

Incorporated in August 2019, Swastika Infra Limited is an engineering, procurement, and construction (EPC) company headquartered in Jaipur, Rajasthan. The company traces its business origins back to 1969, when it operated as a partnership firm before converting into a private entity in 2019 and subsequently transitioning into a public limited enterprise in January 2025.

Swastika Infra specializes in executing turnkey infrastructure projects across the Power Transmission & Distribution (T&D) sector, covering rural, semi-urban, and urban electrification networks throughout India. DRHP

2. Core Offerings & Service Capabilities

Swastika Infra delivers complete turnkey EPC infrastructure solutions, managing the entire lifecycle from engineering, procurement, and site erection to testing and commissioning.

• Substation Construction: Specialized engineering for Gas Insulated Substations (GIS), Air Insulated Substations (AIS), and Grid Substations.

• Power Distribution Networks: Installation of high-voltage underground cabling, circuit breakers, power transformers, ring main units (RMUs), and feeder segregation infrastructure.

• Public Infrastructure & Electrification: Urban and rural electrification schemes, public street lighting installations, and integration of renewable energy Works.

• Electrical Equipment Trading: Strategic commercial trading and distribution of industrial power cables and electrical hardware items.

3. Track Record & Order Book Profile (As of July 31, 2026)

• Completed Infrastructure Projects: 36 turnkey EPC Power Projects successfully delivered across 6 Indian states, building 18,579.47 km of power distribution lines with a combined contract value of ₹764.67 Crore (₹76,467 lakh).

• Ongoing Order Book: 18 active EPC Power Projects across 6 states with an aggregate order book value of ₹2,036.65 Crore (₹2,03,665 lakh). Unexecuted order book value stands at approximately ₹916.55 Crore.

• Key Client Base: Executes mission-critical government infrastructure projects for state utilities including WBSEDCL, MGVCL, APDCL, GED, HPSEBL, UHBVN, JVVNL, UPCL, AVVNL, RSDCL, MSEDCL, and RRVPNL.

• Financial Backing: A substantial proportion of the company’s public utility projects are backed by funding from the World Bank or central schemes supported by the Ministry of Power, Government of India.

4. Operating Model & Human Capital Structure

• Asset-Light Execution Model: Swastika Infra maintains an asset-light operating structure where physical civil construction and erection works are awarded to specialized third-party sub-contractors.

• Centralized Materials Procurement: Supply chain risks are mitigated by a centralized procurement team that sources construction materials and electrical equipment directly to maintain cost efficiencies.

• Quality & On-Site Engineering: In-house project engineers directly oversee site execution, quality assurance, safety compliance, and project deadlines.

• Workforce (As of July 31, 2026): 182 full-time permanent employees, including 65 specialized engineers & technicians across electrical, mechanical, and civil disciplines, along with 52 field execution supervisors.

5. Promoters & Key Competitive Strengths

• Promoters: Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi, and Vatsalya Gupta.

• Key Competitive Strengths:

  1. High revenue visibility supported by a multi-year order book relative to annual revenues.

  2. Asset-light operational blueprint with centralized equipment procurement and minimal fixed capital lock-up.

  3. Established execution credentials with World Bank-funded and government-backed power utilities.

  4. Specialized technical capabilities spanning underground high-voltage cabling and Gas Insulated Substations (GIS).

1. Core Issue Overview

• Company Name: Swastika Infra Limited

• Issue Type: Book Building IPO

• Face Value: ₹10 per share

• Price Band: ₹175 to ₹185 per share

• Lot Size: 81 Shares

• Listing Exchanges: BSE, NSE

• Total Issue Size: 86,95,946 shares (aggregating up to ₹160.88 Cr)

  • Fresh Issue: 69,45,946 shares (aggregating up to ₹128.50 Cr)

  • Offer For Sale (OFS): 17,50,000 shares of ₹10 (aggregating up to ₹32.38 Cr)

• Market Capitalization (Upper Price): ₹631.22 Cr

• Pre-Issue Shares: 2,71,74,242 shares

• Post-Issue Shares: 3,41,20,188 shares

2. IPO Timetable (Tentative)

• IPO Open Date: Wednesday, September 23, 2026

• IPO Close Date: Friday, September 25, 2026

• Basis of Allotment: Monday, September 28, 2026

• Initiation of Refunds: Tuesday, September 29, 2026

• Credit of Shares to Demat: Tuesday, September 29, 2026

• Listing Date: Wednesday, September 30, 2026

3. Investment & Lot Size Breakdown

4. Issue Reservation

• QIB (Qualified Institutional Buyers): Not more than 50% of the offer

• NII (Non-Institutional Investors): Not less than 15% of the offer

• Retail Individual Investors: Not less than 35% of the offer

5. Company Financial Performance (₹ in Crores)

6. Key Performance Indicators (KPIs) & Valuation

• ROE (Return on Equity): 35.44%

• ROCE (Return on Capital Employed): 25.76%

• RoNW (Return on Net Worth): 35.44%

• Debt to Equity Ratio: 0.73

• PAT Margin: 8.23%

• EBITDA Margin: 14.07%

• NAV per Share: ₹57.69

• Price to Book Value (P/B): 3.21

Valuation Metrics

• Pre-IPO EPS: ₹15.70

• Post-IPO EPS: ₹12.14

• Pre-IPO P/E: 11.78x

• Post-IPO P/E: 15.24x

7. Shareholding Pattern

• Promoters: Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi, and Vatsalya Gupta.

Selling Shareholders (Offer For Sale)

1. Vinay Gupta (Promoter): 2,73,500 shares (₹5.06 Cr)

2. Ruchira Gupta (Promoter): 2,73,500 shares (₹5.06 Cr)

3. Biren Parnami (Promoter): 3,28,000 shares (₹6.07 Cr)

4. Manoj Modi (Promoter): 3,28,000 shares (₹6.07 Cr)

5. Ishaan Bhartia (Other): 2,73,500 shares (₹5.06 Cr)

8. Objects of the Issue (Use of Proceeds)

1. Working Capital: ₹90.00 Cr to fund incremental working capital requirements.

2. General Corporate Purposes: Remaining net proceeds.

9. Business Profile & Strengths

• Overview: Established in August 2019, an EPC company specializing in Power Transmission & Distribution (T&D) infrastructure projects (substations, underground cabling, electrification).

• Track Record (as of July 31, 2026): Completed 36 projects (18,579.47 km of lines) valued at ₹76,467 Lakh.

• Order Book: 18 ongoing projects worth ₹2,03,665 Lakh across six states.

• Key Model: Asset-light model utilizing third-party contractors for civil work, managed by 182 full-time employees (including 65 engineers/technicians).

10. Key Contacts & Intermediaries

• Registrar: MUFG Intime India Pvt. Ltd. | 022-49186000 | swastikainfra.ipo@in.mpms.mufg.com

• Lead Managers: Srujan Alpha Capital Advisors LLP & PhillipCapital (India) Pvt. Ltd.

• Company Contact: Plot No. 14 & 15, First Floor, Gajraj Apartment, Motilalatal Road, Opp. Hotel Neelam, Jaipur, Rajasthan, 302001 | +91 9116135709 | cs@swastikainfra.com