Swastika Infra IPO Analysis: Should You Apply? GMP, Review & Details

Swastika Infra is a MAINBOARD IPO in the Multi Utilities sector. The issue price band is ₹175.0–₹185.0 per share. Issue size is ₹160.88 crore. Current GMP is +3.24% over the issue price (unofficial, subject to change).

Swastika Infra IPO — Key Details

Company Overview

Swastika Infra Limited, established in August 2019, is an Engineering, Procurement, and Construction (EPC) company focused on power distribution infrastructure projects and the sale of electrical products. The company specializes in providing turnkey solutions for power infrastructure, including underground cabling, construction of substations, rural and urban electrification, and installation of street lighting systems. Swastika Infra has completed 34 EPC projects across four Indian states and currently has 12 ongoing projects with a significant order value.

Financial Performance

Total income was ₹211.33 Cr in the period ending 31 Mar 2024, rising to ₹352.60 Cr by 31 Mar 2025, and further increasing to ₹505.57 Cr by 31 Mar 2026. This indicates a consistent upward trend in revenue over the reported periods. Profit After Tax was ₹13.98 Cr for the period ending 31 Mar 2024, which increased to ₹27.45 Cr by 31 Mar 2025, and further rose to ₹41.43 Cr by 31 Mar 2026. This demonstrates a strong growth in profitability across the periods.

Objects of the Issue

The company plans to use the proceeds from the IPO for funding incremental working capital requirements amounting to ₹90 Cr and for general corporate purposes.

Understanding Grey Market Premium (GMP)

The Grey Market Premium (GMP) is an unofficial indicator of the potential listing price of an IPO. It reflects the demand for the shares in the grey market before they are officially listed on the stock exchange. A positive GMP suggests that the shares may list at a higher price than the issue price, while a negative GMP indicates the opposite.

Subscription Status

As of 25th September 2026, the IPO has received a total subscription of 7.91 times. The breakdown includes 3.31 times for Qualified Institutional Buyers (QIB), 19.35 times for Non-Institutional Investors (NII), and 5.64 times for Retail Individual Investors (RII).

Peer Comparison

• Vikran Engineering Ltd. - P/E (x): 14.6
• Rajesh Power Services Ltd. - P/E (x): 10.1

Should You Apply for Swastika Infra IPO?

Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals and risk tolerance. It is essential to consider the company's business model, growth potential, and market conditions.

Investors who are risk-averse or unable to tolerate fluctuations in stock prices may want to avoid IPOs like this, as they can be subject to significant price volatility in the initial trading period.

This is general risk-profile education, not a personal recommendation to apply or avoid this specific IPO — TopFund is not a SEBI-registered investment adviser.

Listing Day Risks

Listing-day gains can be unpredictable and are influenced by various factors, including market conditions and investor sentiment. While some IPOs may experience significant price increases on their first day of trading, others may not perform as well. Investors should be prepared for the possibility of both gains and losses.

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Disclaimer: This is educational content, not investment advice. GMP is an unofficial grey-market indicator, unregulated and never guaranteed. TopFund is not a SEBI-registered investment adviser — please do your own research or consult a qualified adviser before applying to any IPO.