Swastika Infra IPO: dates, price band, lot size and GMP
Swastika Infra IPO listed on 30 Sep at ₹200 (NSE, BSE). Issue dates 23 – 25 Sep 2026, price band ₹175 – ₹185, lot 81 shares. The shares now trade on the exchange; any pre-IPO price on this site is historical.
Updated 6 Oct 2026, 14:11 IST. Dated dealer references.
BuyUnlistedShares tracks 197 IPOs on its calendar; the Swastika Infra IPO has a price band of ₹175 – ₹185, a lot of 81 shares and no grey-market premium reported yet as of 06 Oct 2026.
Key details
| Board | Mainboard |
|---|---|
| Issue dates | 23 – 25 Sep 2026 |
| Price band | ₹175 – ₹185 |
| Lot size | 81 shares |
| Issue size | ₹160.88 Cr |
| Fresh issue | ₹128.5 Cr |
| Offer for sale | ₹32.38 Cr |
| Subscription | 7.91x |
| Registrar | MUFG Intime India Pvt.Ltd. |
| Lead managers | Srujan Alpha Capital Advisors LLP, PhillipCapital India Pvt.Ltd. |
| Status | Listed |
Timeline
- Issue opens: 23 Sep
- Issue closes: 25 Sep
- Allotment: 28 Sep
- Refunds: 29 Sep
- Demat credit: 29 Sep
- Listing: 30 Sep
Live subscription
| Category | Subscribed |
|---|---|
| QIB | 3.31x |
| NII | 19.35x |
| sNII | 16.2x |
| bNII | 20.92x |
| Retail | 5.64x |
| Total | 7.91x |
Last updated 25 Sep 2026, 6:54 PM IST.
Issue details
| Face value | ₹10 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | NSE, BSE |
| Market cap at the upper band | ₹631.22 Cr |
| P/E (pre-issue) | 11.78x |
| P/E (post-issue) | 15.24x |
| Fresh issue (shares) | 69,45,946 |
| Offer for sale (shares) | 17,50,000 |
| Total shares offered | 86,95,946 |
| Promoter holding pre-issue | 76.51% |
| Promoter holding post-issue | 57.41% |
| Promoters | Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi, Vatsalya Gupta |
| Lead managers | Srujan Alpha Capital Advisors LLP, PhillipCapital India Pvt.Ltd. |
| Registrar phone | 022-49186000 |
| Registrar email | swastikainfra.ipo@in.mpms.mufg.com |
| Company website | swastikainfra.com |
| Anchor bid date | 22 Sep 2026 |
| Anchor lock-in ends (50%) | 28 Oct 2026 |
| Anchor lock-in ends (remaining) | 27 Dec 2026 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 1 | 81 | ₹14,985 |
| Retail (maximum) | 14 | 1,134 | ₹2,09,790 |
| sNII (minimum) | 14 | 1,134 | ₹2,09,790 |
| bNII (minimum) | 67 | 5,427 | ₹10,03,995 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| Anchor Investor | 30% | 26,08,782 | |
| QIB | 20% | 17,39,191 | Not more than 50% of the Offer |
| NII (HNI) | 15% | 13,04,392 | Not less than 15% of the Offer |
| sNII | 5% | 4,34,797 | |
| bNII | 10% | 8,69,595 | |
| Retail | 35% | 30,43,581 | Not less than 35% of the Offer |
Subscription by day
| Day | QIB | NII | sHNI | bHNI | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 · 23 Sep | 0.71x | 1.99x | 0.76x | 2.60x | 0.74x | 1.00x |
| Day 2 · 24 Sep | 1.02x | 2.71x | 1.54x | 3.29x | 1.66x | 1.70x |
| Day 3 · 25 Sep | 3.31x | 19.35x | 16.20x | 20.92x | 5.64x | 7.91x |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹15.7 |
|---|---|
| EPS (post-issue) | ₹12.14 |
| P/E (pre-issue) | 11.78x |
| P/E (post-issue) | 15.24x |
| RoNW | 35.44% |
| RoCE | 25.76% |
| RoE | 35.44% |
| PAT margin | 8.23% |
| EBITDA margin | 14.07% |
| Price / book | 3.21x |
| NAV per share | ₹57.69 |
| Debt / equity | 0.73 |
| Market cap (upper band) | ₹631.22 Cr |
Financials (₹ Cr)
| Metric | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|
| Assets | 412.24 | 258.54 | 143.26 | +59.4% |
| Total Income | 505.57 | 352.6 | 211.33 | +43.4% |
| Profit After Tax | 41.43 | 27.45 | 13.98 | +50.9% |
| EBITDA | 70.85 | 43.89 | 23.71 | +61.4% |
| NET Worth | 156.78 | 77.02 | 49.57 | +103.6% |
| Reserves and Surplus | 129.6 | 52.27 | 24.82 | +147.9% |
| Total Borrowing | 114.64 | 111.02 | 43.82 | +3.3% |
About Swastika Infra
Incorporated in August 2019, Swastika Infra Limited is an Engineering, Procurement, and Construction (EPC) company specializing in power distribution infrastructure projects (EPC Power Projects) and the sale of electrical products.
Business Verticals:
Sale of Products: The company is engaged in the trading of electrical products, including the procurement and sale of power cables and other electrical items. While the primary focus is on EPC projects, this segment remains part of its operations. Projects & Presence:
Operations & Workforce:
As of February 28, 2025, the company had 104 full-time employees.
Objects of the issue
- Funding of incremental working capital requirements of the company — ₹90 Cr
- General Corporate Purposes
Net proceeds: ₹90 Cr
Peer comparison
| Company | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Swastika Infra Ltd. (issuer) | 15.7 | 15.7 | 57.7 | — | 35.4% | — | Restated |
| Rajesh Power Services Ltd. | 79.5 | 79.5 | 225.6 | 10.1x | 35.3% | 3.57 | Consolidated |
| Vikran Engineering Ltd. | 4.1 | 4.1 | 48 | 14.6x | 7.4% | 1.23 | Consolidated |
Source: All the financial information for listed industry peers mentioned above on a Consolidated basis and is sourced from the Annual report as available of the respective company for the Fiscal 2026 as available on the website of stock exchanges. The financial information of the Company is based on the restated financial information for the Fiscal 2026. Notes: CMP of the peer group as on August 26, 2026 is as per the closing price as available on www.bseindia.com and www.nseindia.com .
Strengths (per the offer document)
- Strong project management and execution capabilities with focus on EPC Power Projects for government clients — With fourteen years in the Power EPC sector, we have developed expertise in power distribution project management and execution, ensuring timely completion while maintaining quality standards.
- Scalable Business Model with Strategic Growth Initiatives — In the EPC industry, the Order Book serves as a key measure of business sustainability, representing the contract value of unexecuted portions of awarded projects.
- Strong and consistent financial performance — Our business growth over the last three fiscal years and the six-month period ended September 30, 2024, has significantly contributed to our financial strength.
- Asset-Light Business Model — We operate under an asset-light model, allowing us to execute an increasing number of projects while maintaining a relatively low investment in fixed assets.
- Experienced Leadership and Strong Management Team — Our business is driven by the leadership of our Promoters, Vinay Gupta, Ruchira Gupta, Manoj Modi, Biren Parnami, and Vatsalya Gupta, who collectively bring over 50 years of experience in the EPC…
Risk factors (as disclosed by the company)
- We enter into certain related party transactions in the ordinary course of our business and we cannot assure you that such transactions will not adversely… — We enter into certain transactions with related parties in the ordinary course of our business and may continue to enter into related party transactions in the future.
- Our ability to access capital at attractive costs depends on our credit ratings — The cost and availability of capital, amongst other factors, is also dependent on our credit ratings.
- EPC Power projects are typically awarded to us on satisfaction of prescribed qualification criteria and following a competitive bidding process — EPC Power Projects are typically awarded to us upon satisfaction of prescribed technical and financial qualification criteria following a competitive bidding process.
- We may not be able to adequately protect our intellectual property, which could harm the value of our brand and services — Generating and maintaining recognition for our brand is critical to our business.
- Our ongoing projects are exposed to various implementation risks and uncertainties and may be delayed, modified or cancelled for reasons beyond our control — As on February 28, 2025, we have twelve(12) ongoing projects.
- We have sustained negative cash flows from operating activities in the past and may experience earnings declines or operating losses or negative cash flows… — We have sustained negative cash flow used in operating activities for six-month period ended September 30, 2024, Fiscal 2024 and Fiscal 2022, attributable to change in trade receivables, change in…
- Our business is subject to seasonal variations and we may not able to accurately forecast our project schedule which could have an adverse effect on our cash… — Our project work is subject to seasonal variations.
- There may have been certain instances of non-compliances with respect to certain corporate actions taken by our Company in the past — There were certain instances of secretarial non-compliances in our Company, such as;
From the RHP (strengths pages 186–189, risk factors pages 35–53). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF) · RHP (PDF)
Track this issue
- Swastika Infra IPO GMP today and trend
- Swastika Infra IPO subscription status, day by day
- Swastika Infra IPO allotment status and how to check
Frequently asked questions
When does the Swastika Infra IPO open and close?
The issue is scheduled for 23 – 25 Sep 2026.
What is the Swastika Infra IPO price band?
The price band is ₹175 – ₹185 per share with a lot size of 81 shares.
How big is the Swastika Infra IPO?
The total issue size is ₹160.88 Cr, of which ₹128.5 Cr is a fresh issue and ₹32.38 Cr an offer for sale.
When will Swastika Infra list?
The tentative listing date is 30 Sep on the main board.
How do I apply for the Swastika Infra IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), Swastika Infra · as filed with SEBI · sebi.gov.in
- Red herring prospectus (RHP), Swastika Infra · as filed · sebi.gov.in
- Registrar allotment page, MUFG Intime India Pvt.Ltd. · allotment 28 Sep · in.mpms.mufg.com
- NSE public issues page · listing 30 Sep · nseindia.com
- BSE public issues page · listing 30 Sep · bseindia.com
- Swastika Infra company website · swastikainfra.com
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 30 Sep, 04:07 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Swastika Infra IPO”, https://buyunlistedshares.com/ipo/swastika-infra-ipo, as of 06 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk: the unlisted and pre-IPO dealing desk of Gayatri Financial Synergy, Faridabad, in the market since 2002. Reviewed by the BuyUnlistedShares desk before publishing. Data as of 06 Oct 2026.
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