Swastika Infra Limited IPO

Swastika Infra Limited IPO closed on 25 Sept 2026. Allotment 28 Sept 2026, listing 30 Sept 2026. Price band ₹175–₹185, lot 81 shares, GMP +₹7 (3.78%). Track allotment on Allotly.

About Swastika Infra Limited

Swastika Infra Limited is an engineering, procurement, and construction (EPC) company engaged in power transmission and distribution infrastructure projects. Its services cover turnkey execution of power infrastructure projects, including procurement, supply, erection, installation, testing and commissioning. The company undertakes underground cabling work involving the laying and installation of high-voltage and low-voltage power cables, and construction of gas insulated, air insulated and grid substations. It also executes rural and urban electrification projects involving distribution networks, service connections, and feeder lines. Other areas of work include installation of street lighting systems and renewable energy projects. As of July 31, 2026, the company had executed 36 power distribution infrastructure projects across six Indian states, covering 18,579.47 km of distribution…

Strengths

• The company has an established track record in power EPC projects. As of July 31, 2026, it had completed 36 power distribution infrastructure projects across six Indian states and had laid 18,579.47 km of distribution lines. It was also executing 18 EPC power projects across six states as of the same date.
• The company’s order book has grown significantly over the last three financial years. Its order book increased from Rs 391.39 crore in FY24 to Rs 650.23 crore in FY25 and Rs 687.43 crore in FY26, before reaching Rs 916.55 crore as of July 31, 2026. The order book-to-revenue ratio stood at 1.41 times in FY26.
• The company has expanded into transmission and renewable energy projects. It has received four orders from Rajasthan Rajya Vidyut Prasaran Nigam Limited (RRVPNL) worth a total of Rs 170.51 crore, an order from Rajasthan Solar Development Corporation Limited (RSDCL) worth Rs 158.12 crore, and an order from West Bengal State Electricity Distribution Company Limited (WBSEDCL) worth Rs 64.20 crore.
• The company follows an asset-light operating model for project execution. It leases project-specific machinery and equipment from third-party lessors instead of owning heavy equipment. Its fixed asset turnover ratio stood at 70.72 in FY26, compared with 153.67 in FY25 and 78.90 in FY24.
• The company has a diversified range of power infrastructure services. Its work covers underground cabling, construction of gas-insulated and air-insulated substations, rural and urban electrification, street lighting, renewable energy works and transmission projects. This allows it to undertake different types of power infrastructure contracts.
• A significant portion of the company’s projects are funded by government or multilateral institutions. Its clients include government utilities and public sector entities such as WBSEDCL, MGVCL, APDCL, GED, HPSEBL, UHBVN, UPCL, JVVNL, AVVNL, RSDCL, RRVPNL, and MSEDCL. The company also states that some projects are funded by institutions such as the World Bank or backed by the central government.
• The revenue from operations and profit after tax increased consistently in FY24, FY25, and FY26, respectively. Revenue from operations went from Rs 209.57 crore to Rs 350.76 crore and Rs 503.57 crore during the said period. PAT went from Rs 13.98 crore to Rs 27.45 crore and Rs 41.42 crore during the same period.

Risks

• The company is heavily dependent on government utilities for its revenue and order book. Government utility projects contributed Rs 487.82 crore (96.87%), Rs 339.04 crore (96.66%), and Rs 188.28 crore (89.84%) to revenue from operations in FY26, FY25, and FY24, respectively, while projects awarded by government utilities accounted for 100% of its order book as of July 31, 2026. Any adverse changes in government policies, budgetary allocations, project priorities or pre-qualification requirements could reduce the availability of contracts, delay project awards or affect existing contracts, which may adversely affect the company’s business and financial performance.
• The company has recorded negative cash flows from operating activities of Rs 9.65 crore, Rs 76.53 crore, and Rs 3.34 crore in FY26, FY25, and FY24, respectively, primarily due to changes in trade receivables, other current assets and other financial assets. If the company is unable to generate sufficient positive operating cash flows in the future, it may face difficulties in meeting its working capital requirements and repaying loans without relying on external financing, which could adversely affect its business and financial condition.
• The company derives a significant portion of its revenue from a limited number of clients. Its top five clients contributed Rs 487.82 crore (96.87%), Rs 350.14 crore (99.82%), and Rs 205.69 crore (98.12%) to revenue in FY26, FY25, and FY24, respectively, while its top ten clients contributed 99.58%, 99.99%, and 99.75%, respectively. Any loss of a significant client or reduction in repeat orders due to factors such as pre-qualification requirements, tender availability or aggressive price bidding by competitors could adversely affect the company’s revenue and financial performance.
• As of March 31, 2026, the company had contingent liabilities of Rs 272.68 crore, primarily comprising bank guarantees of the same amount, compared with Rs 122.76 crore in FY25 and Rs 99.42 crore in FY24. The contingent liabilities as of March 31, 2026 were almost seven times the company’s PAT and 164 times its cash and cash equivalents. If any of these contingent liabilities materialize, the company’s financial condition and profitability could be adversely affected.
• The company’s credit rating was downgraded during FY22 from CARE BB; Stable in August 2021 to CARE BB-; Stable on March 8, 2022. Although its latest CRISIL review dated April 2, 2026 upgraded its long-term rating to CRISIL BBB+/Stable, any future downgrade could increase the cost of refinancing and restrict the company’s ability to raise debt on competitive terms. A downgrade could also trigger an event of default or acceleration of repayment under certain borrowing arrangements, which could adversely affect its financial condition and results of operations.
• The company had trade receivables of Rs 114.98 crore. Any delay or failure in collecting these receivables, particularly from government and public sector customers with longer payment cycles, could adversely affect the company’s liquidity, cash flows, and financial condition.
• As of July 31, 2026, the company had aggregate outstanding borrowings of Rs 128.33 crore. Failure to service or repay these borrowings, or inability to obtain financing on favourable terms, could adversely affect the company’s business, liquidity and financial condition.

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