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Swastika Infra Ltd
Power InfrastructureIPO
₹175 - 185
Swastika Infra Ltd is an engineering, procurement, and construction (EPC) contractor executing turnkey power distribution infrastructure across Indian states. The company builds grid networks and substations through an asset-light model, leasing equipment and subcontracting field erection while managing engineering design and material procurement centrally.
Lot81Min Invest₹14,985Face Value₹10Issue Size₹161 CrFresh Issue₹129 CrOffer for Sale₹32 Cr
Timeline
23 Sept
Bidding opens
25 Sept
Bidding closes
28 Sept
Allotment
29 Sept
Refund & demat credit
30 Sept
Listing
Subscription
Subscription opens 23 Sept
Reports
Offer Details
Terms
Issue Size₹161 Cr
Fresh Issue₹129 Cr
Offer for Sale₹32 Cr
Face Value₹10
Lot Size81 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,9851-13 lots
sNII₹2,09,790from 14 lots
bNII₹10,03,995from 67 lots
Managers & Registrar
Lead ManagerSrujan Alpha Capital Advisors LLP
Co-ManagerPhillip Capital (India) Pvt Ltd
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrVinay GuptaPRMTR2,73,5005.06Ruchira GuptaPRMTR2,73,5005.06Biren ParnamiPRMTR3,28,0006.07Manoj ModiPRMTR3,28,0006.07Ishaan BhartiaOTH2,73,5005.06Ishita BhartiaOTH2,73,5005.06Total17,50,00032.38
Shareholding
CategoryPre IPOPost IPOPromoter Group91.08%67.4%Public8.92%32.6%
Objects of the Issue
- Funding incremental working capital requirements of the company
- General corporate purposes
Anchor Book
Bid Date22-Sep-202630-day lock-in27-Oct-202690-day lock-in26-Dec-2026
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 59 | 153 | 210 | 351 | 504 |
| Operating ProfitCr | 7 | 19 | 23 | 44 | 71 |
| OPM% | 12.2 | 12.1 | 11.1 | 12.5 | 14.1 |
| PBTCr | 4 | 14 | 18 | 37 | 55 |
| PATCr | 3 | 10 | 14 | 27 | 41 |
| EPS | 1 | 5 | 6 | 11 | - |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 20 | 25 | 25 | 25 | - |
| ReservesCr | 1 | 11 | 25 | 52 | - |
| BorrowingsCr | 36 | 23 | 44 | 111 | - |
| Total AssetsCr | 82 | 98 | 143 | 258 | - |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | -3 | 27 | -5 | -75 | -10 |
| Investing Cash FlowCr | -2 | -3 | -20 | 15 | -16 |
| Financing Cash FlowCr | 5 | -13 | 15 | 59 | 27 |
| Net Cash FlowCr | 0 | 12 | -10 | -2 | 1 |
Strengths & Risks
Strengths · as stated in the DRHP
- Strong project management and execution capabilities
- Growing Order Book with Central Government and Multilateral Institution-Funded Projects.
- Strong and consistent financial performance.
- Asset Light Model.
- Experience Promoters, Directors, and Management Team.
Strategies · as stated in the DRHP
- Leveraging market opportunities and core competencies for growth as a key player in power distribution EPC segment.
- Further expansion of our geographical footprint.
- Strategic Focus on High-Value EPC Power Projects
- Diversification into allied Infrastructure Sectors.
Risks · as stated in the DRHP
- Our revenue is majorly concentrated from projects undertaken or awarded by government utilities. Any adverse changes in the government policies may lead to our contracts being foreclosed, terminated, restructured or renegotiated, which may have a material effect on our business and results of operations.
- Our present orderbook consist large-scale projects. Any delay or impediment to such projects may have adverse impact on our financial position.
- We enter into related party transactions in the ordinary course of our business and we cannot assure you that such transactions will not adversely affect our business, results of operations, profitability and margins, cash flows and financial condition.
- Our credit rating was downgraded during the Fiscal 2022.
- Our ability to access capital at attractive costs depends on our credit ratings. Non-availability of credit ratings or a poor rating may restrict our access to capital and thereby adversely affect our business and results of operations. In past, we have been classified as "Issue not Cooperating" by certain credit rating agencies due to non-renewal of mandate of such agencies.
- EPC Power projects are typically awarded to us on satisfaction of prescribed qualification criteria and following a competitive bidding process. Our business and our financial condition may be adversely affected if new EPC power projects are not awarded to us or if contracts awarded to us are prematurely terminated.