Swastika Infra IPO subscribed 96% on day 1

The offer received bids for 60.73 lakh shares as against 63.35 lakh shares on offer.

The initial public offer (IPO) of Swastika Infra was subscribed 0.96 times on the first day of bidding on 23 September 2026, according to stock exchange data at 17:00 IST. The issue received bids for 60,73,866 shares against 63,35,001 shares on offer.

The IPO of Swastika Infra opened for subscription on 23 September 2026 and will close on 25 September 2026. The price band has been fixed at Rs 175 to Rs 185 per share. The minimum bid is 81 shares. The equity shares are proposed to be listed on the BSE and NSE.

The IPO comprises a fresh issue of shares worth Rs 128.50 crore and an offer for sale of 17.50 lakh equity shares by promoters, promoter group members and other selling shareholders. The post-issue promoter and promoter group shareholding is expected to stand at 57.36%.

On 22 September 2026, the company's board finalised allocation of 26.08 lakh equity shares to six anchor investors at Rs 185 per share.

Of the fresh issue proceeds, Rs 90 crore will be used to fund incremental working capital requirements. The balance will be used for general corporate purposes.

Swastika Infra is an engineering, procurement and construction (EPC) company specialising in power transmission and distribution infrastructure projects. It provides turnkey solutions covering the design, sourcing, erection, testing and commissioning of power infrastructure.

The company's activities include underground cabling, construction of gas insulated and air insulated substations, rural and urban electrification, street lighting and renewable energy infrastructure. It undertakes underground cabling projects involving distribution lines of up to 33 KV. In FY26, EPC power projects accounted for 97% of revenue, while product sales contributed 3%.

As of 17 September 2026, Swastika Infra had completed 36 power distribution projects and was executing 18 ongoing projects. It had laid 18,579.47 km of distribution lines as of 31 July 2026.

The company's unexecuted order book stood at Rs 916.55 crore as of 31 July 2026, up from Rs 687.44 crore at the end of FY26 and Rs 650.23 crore at the end of FY25. The order book was equivalent to around 1.8 times FY26 revenue.

Its customers primarily comprise government utilities and public sector entities. In FY26, projects undertaken for government utilities accounted for 96.87% of revenue from operations.

The company operates in power transmission and distribution and renewable energy infrastructure. Its renewable energy activities include solar park development, power evacuation systems, substations, transmission lines and associated electrical infrastructure.

Financially, consolidated revenue increased 44% to Rs 503.57 crore in FY26 from Rs 350.76 crore in FY25. Operating profit rose 61% to Rs 70.87 crore, while operating profit margin improved to 14.1% from 12.5%. Net profit after minority interest increased 50.93% to Rs 41.43 crore from Rs 27.45 crore.

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