• IPO fundraising plans: Swastika Infra is raising ₹161 crore via an IPO comprising a ₹129 crore fresh issue and a ₹32 crore offer for sale, with proceeds earmarked for working capital requirements and general corporate purposes.
• Order book eligibility: The company holds an active order book of approximately ₹925 crore and has expanded its single-project bidding eligibility to ₹650 crore across eight states.
• Project execution strategy: To avoid liquidity risk, the company only bids on funded projects backed by agencies such as REC, PFC, ADB, or the World Bank using escrow mechanisms, having completed 36 of 50 projects without incurring penalties or liquidated damages.
• Financial growth track: Revenue grew at a ~45% CAGR over five years from ₹50 crore in 2021 to over ₹500 crore, maintaining consistent EBITDA margins of 14% and PAT margins between 8% and 9%.
• Underground cabling outlook: Management estimates that 80% of underground cabling and substation work across 400–500 Tier-2 and Tier-3 cities remains unexecuted over the next decade, with bidding competition per project declining as ticket sizes grow.