Swastika Infra

Swastika Infra

Lays underground power cables

Offers a comprehensive turnkey solution for the design, sourcing, erection, testing, and commissioning of distribution lines up to 33 KV

Swastika Infra promoted by Babulal Gupta,Vinay Gupta, Ruchira Gupta, Manoj Modi, Biren Parnami, and Vatsalya Gupta, are an engineering, procurement and construction company, specializing in execution of power T&D infrastructure projects (?EPC Power Projects?). The company provides complete solutions on a turnkey basis, including the supply, erection, installation, testing, and commissioning of power infrastructure with its scope of work extends to (i) underground cabling work, where it handle the laying, installation, and commissioning of high-voltage/low-voltage power cables to enhance efficiency and reduce power losses; (ii) construction of substations (Gas Insulated Substations /Air Insulated Substations/Grid Sub Station), ensuring seamless power distribution through installation of power transformers, circuit breakers, ring main unit, and other essential components; (iii) undertaking rural and urban electrification projects, which involves working towards expanding electricity access in underserved regions by implementing distribution networks, service connections, and feeder lines in compliance with government electrification schemes; (iv) installation of street lighting systems to enhance urban and rural infrastructure; and (v) Renewable energy works.

In underground cabling work it offers a comprehensive turnkey solution for the design, sourcing, erection, testing, and commissioning of distribution lines up to 33 KV. Under renewable energy segment, the company undertakes a broad range of renewable energy infrastructure works, including solar park development, power evacuation systems, substations, transmission lines and associated electrical infrastructure. Of the FY26 revenue, the revenue from EPC power projects was 97% and that of revenue from sale of products was 3%.

The company as of Sep 17, 2026 has completed 36 power distribution project and executing 18 ongoing projects. It has laid 18,579.47 KM of distribution lines as of July 31, 2026. As of July 31, 2026, the company have eighteen (18) ongoing projects.

Unexecuted order Book as of July 31, 2026, stood at Rs 916.5546 crore [funded by Central Government Rs 233.25 crore; world bank Rs 176.69 crore; state government Rs 177.98 crore; funded from internal resources/borrowings Rs 328.63 crore] up from Rs 687.4352 crore as end of fiscal 2026 and Rs 650.2273 crore as end of FY2025.

Its execution capabilities have enabled it to establish a strong client base, primarily comprising government utilities and public sector entities including WBSEDCL, MGVCL, APDCL, GED, HPSEBL, UHBVN, JVVNL, AVVNL, RRVPNL, MSEDCL and RSDCL.

A significant portion of its projects is autonomously funded by global institutions like the World Bank or are backed by the Ministry of Power, Government of India, ensuring financial stability and support for large-scale power infrastructure development.

The issue, Objects of the issue

The offer comprises fresh issue of equity shares of Rs 10 face value aggregating to Rs 129 crore and an offer for sale of 1750000 equity shares by promoters/promoter group as well as other selling shareholders. Offer for sale component comprises promoter?s sale of 1203000 equity shares [Vinay Gupta 273500 equity shares, Ruchira Gupta 273500 shares, Biren Parnami 328000 shares, Manoj Modi 328000 shares] and sale by other selling shareholders of 547000 equity shares[Ishaan Bhartia 273500 shares; Ishita Bhartia 273500 shares].

Of the net proceeds from fresh issue, the company intends to use Rs 90 crore towards funding incremental working capital requirements ; and balance towards general corporate purposes.

Strengths

Strong project management and execution capabilities with focus on EPC Power Projects for government clients

Scalable Business Model with Strategic Growth Initiatives

Strong order backlog at Rs 916.5546 crore (as end of July 2026) translates into 1.8 times of its FY26 revenue.

Strong investment pipeline in power T&D and renewable is to facilitate strong orders pipeline.

Weaknesses

Strongly dependent on government entities with all orders secured through tenders. Revenue from projects undertaken for government utilities stood at 96.87% of revenue from operations in FY26.

Have sustained negative cash flows from operating activities in the past

Credit rating of the company was downgraded during the Fiscal 2022

Operate in the power T&D sector where there are low entry barriers and is highly competitive.

There are entities in India using the name ?Swastika? that are unrelated to the company and any failure to differentiate between the company and other unrelated entities by third parties may have an adverse effect.

Valuation

Consolidated re-stated revenue in FY26 stood higher by 44% to Rs 503.57 crore. With OPM expanding by 160 bps to 14.1%, the growth of OP was 61% to Rs 70.87 crore. Finally, net profit after MI was lower by 51% to Rs 41.43 crore.

On the expanded equity, the EPS for FY26 was Rs 12.1. On the upper price band, the PE works out to 15.3 times of its FY26 EPS. P/BV stood at 2.2 times and EV/Sales stood 1.48 times. ROE stands at 10.2%.

In comparison, Rajesh Power Services quotes at a PE 15.7 times, price/BV of 1.2 times, EV/sales of 1.4 times, ROE of 7.5% and FY26 OPM of 13.9%. Similarly Vikran Engineering quotes at a PE 9.5 times, price/BV of 3.4 times, EV/sales of 0.9 times, ROE of 35.4% and FY26 OPM of 12.1%.

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