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Swastika Infra IPO
Price Band
₹175.0–185.0
Issue Size
₹160.88 Cr
Lot Size
81 shares
Min Investment
₹14,985
GMP
+₹6.5 (3.51%)
Issue Price
₹185.0
Subject to Sauda
₹400
Paid only if allotted
Swastika Infra IPO AI Summary
- Swastika Infra IPO is allotted on BSE, NSE in the Multi Utilities sector.
- Price band: ₹175.0–₹185.0 per share, lot size 81 shares (min. investment ₹14,985).
- Subscription window: 23 Sep–25 Sep 2026, listing on 30 Sep 2026.
- Current GMP is +₹6.5 (3.51%), an estimated listing price of ₹192 — unofficial and can change daily.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Swastika Infra IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 25 Sep 2026 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Overall Subscription
7.91x
| Category | Subscription | Status |
|---|---|---|
| QIB (Institutional) |
3.31x
|
3.31x |
| NII (HNI) |
19.35x
|
19x ✓ |
| ↳ bNII (>₹10L) |
20.92x
|
21x ✓ |
| ↳ sNII (<₹10L) |
16.20x
|
16x ✓ |
| Retail (RII) |
5.64x
|
5.64x |
| Total | 7.91x | 7.91x |
Auto-updated every 5 min · As of 25th Sep 2026 18:55
Swastika Infra IPO Grey Market Premium (GMP) Today
GMP
+₹6.5
GMP %
+3.51%
Est. Listing
₹191.5
Updated: 28 Sep 2026 02:15
GMP Trend (Last 9 Days)
TopFund Score — Listing Data Indicator
GMP is 3.5% above issue price
QIB subscribed 3.31x
No anchor allocation for this IPO
Similar IPOs (same IPO type) averaged 18.1% listing gain
A rules-based composite of GMP, subscription demand, anchor participation and comparable-IPO history — each weighted as shown above. Not a statistically validated probability, a guarantee of listing performance, or personalized investment advice.
Limitations: weights are fixed by TopFund, not backtested against outcomes; the "Historical Similar-IPO Performance" factor needs at least 3 comparable past listings and falls back to a broader, less specific cohort when this sector/type doesn't have enough; GMP and subscription data can change daily right up to listing day, so scores shown may already be stale — check the "as of" date above.
About the Company
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: EPC Power Projects: The company provides end-to-end turnkey solutions covering procurement, supply, erection, installation, testing, and commissioning of power infrastructure. The scope of work includes: Underground cabling work – Laying, installation, and commissioning of high-voltage/low-voltage power cables to enhance efficiency and reduce power losses. Construction of substations – Execution of Gas Insulated Substations (GIS) and Air Insulated Substations (AIS), including installation of power transformers, circuit breakers, and ring main units. Rural and urban electrification projects – Expanding electricity access in underserved regions by implementing distribution networks, service connections, and feeder lines under government schemes. Installation of street lighting systems – Enhancing urban and rural infrastructure through public lighting projects. 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: Completed Projects: Since 2012, the company has completed 34 EPC Power Projects across four Indian states, covering 8,519.50 circuit kilometres (CKM) with a total contract value of ₹60,410 Lakhs. Ongoing Projects: As of February 28, 2025, The company has 12 ongoing EPC Power Projects across five Indian states with an aggregate order value of Rs 1,47,815 Lakhs. Notable Projects: System Strengthening Works of Jaipur JCC Circle under Jaipur Discom in Rajasthan. Supply contract for rural electrification work in Dausa District. Rural electrification works in Sikar under Ajmer Discom, Rajasthan. Supply, erection, testing & commissioning of SCADA-compatible equipment in Jaipur City Circle (Divisions III, IV, and V). Operations & Workforce: As of February 28, 2025, the company had 104 full-time employees.
Company Financials (₹ Cr)
As of 2026-03-31
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 412.24 | 258.54 | 143.26 |
| Total Income | 505.57 | 352.60 | 211.33 |
| Profit After Tax | 41.43 | 27.45 | 13.98 |
| EBITDA | 70.85 | 43.89 | 23.71 |
| NET Worth | 156.78 | 77.02 | 49.57 |
| Reserves and Surplus | 129.60 | 52.27 | 24.82 |
| Total Borrowing | 114.64 | 111.02 | 43.82 |
Key Ratios
EPS
₹15.70
NAV
₹57.69
ROE
35.44%
ROCE
25.76%
RoNW
35.44%
P/B Value
3.21
P/E Ratio
11.78
Market Cap
₹631.22 Cr
PAT Margin
8.23%
Debt/Equity
0.73
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Vikran Engineering Ltd. | 48 | 7.4% | 14.6 | 4.1 | 4.1 |
| Rajesh Power Services Ltd. | 225.6 | 35.3% | 10.1 | 79.5 | 79.5 |
| Swastika Infra Ltd. This IPO | 57.7 | 35.4% | — | 15.7 | 15.7 |
Promoters
Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi, Vatsalya Gupta
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding of incremental working capital requirements of the company 90.00 2 General Corporate Purposes Total 90.00
IPO Evaluation
Generated 27 Sep 2026Revenue Trend
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 Trend
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.
Valuation
Swastika Infra's implied P/E at the issue price of ₹185 is approximately 11.78, compared to peers trading at P/E ratios ranging from 10.1 to 14.6.
Grey Market Premium, Explained
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 Demand
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).
Who This IPO Suits
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.
Who May Want to Wait
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.
Listing Gains — The Risk
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.
This evaluation is generated from Swastika Infra's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Swastika Infra IPO GMP today?
Swastika Infra IPO GMP today is +₹6.5 (3.51%), indicating an estimated listing price of ₹192. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Swastika Infra IPO?
The price band of Swastika Infra IPO is ₹175.0–₹185.0 per share.
When does Swastika Infra IPO open and close?
Swastika Infra IPO opens on 23 September 2026 and closes on 25 September 2026.
When does Swastika Infra IPO list on the stock exchange?
Swastika Infra IPO is scheduled to list on 30 September 2026, with an estimated listing price of ₹191.5 based on current GMP.
What is the lot size for Swastika Infra IPO?
The lot size for Swastika Infra IPO is 81 shares, requiring a minimum investment of ₹14,985.
What is the TopFund Listing Data Indicator for Swastika Infra?
Swastika Infra's Listing Data Indicator score is 47/100 (Moderate signal), a weighted composite of GMP strength, subscription demand, anchor investor interest and how similar past IPOs performed on listing. It's a rules-based summary of public market data, not a statistically validated probability, a guarantee, or personalized investment advice.
What is the price band for the Swastika Infra IPO?
The price band for the Swastika Infra IPO is ₹175.0 to ₹185.0.
What is the minimum investment required?
The minimum investment required is ₹14,985, which corresponds to one lot of 81 shares at the issue price.
When does the IPO open and close?
The IPO opens on 23rd September 2026 and closes on 25th September 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of the IPO based on unofficial trading.
When is the listing date for the IPO?
The listing date for the Swastika Infra IPO is 30th September 2026.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
23 Sep 2026
Close
25 Sep 2026
Allotment
28 Sep 2026
Listing
30 Sep 2026
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