Shares of Swastika Infra made their D-Street debut on Wednesday, listing at a premium of 8% on the bourses. The stock opened at Rs 200 apiece on the BSE and NSE, up 8.11% over the issue price of Rs 185.
The listing was better than expectations in the unlisted market, where the stock was commanding a grey-market premium of around 3% ahead of the debut.
The Rs 160.88-crore Swastika Infra IPO comprised a fresh issue of 69.46 lakh shares aggregating to Rs 128.50 crore and an offer for sale (OFS) of 17.50 lakh shares worth Rs 32.38 crore. Prior to the IPO, the company raised Rs 48.26 crore from anchor investors.
The public issue opened for subscription on September 23 and closed on September 25, 2026. The issue was subscribed 7.91 times overall. The retail portion was subscribed 5.64 times, while the non-institutional investor (NII) category received 19.35 times subscription. The qualified institutional buyer (QIB) portion was subscribed 3.31 times.
Swastika Infra had fixed the IPO price band at Rs 175-185 per share. The lot size was 81 shares, requiring a minimum investment of Rs 14,985 for retail investors at the upper end of the price band.
Srujan Alpha Capital Advisors LLP and PhillipCapital India Pvt. Ltd. acted as the book-running lead managers for the issue, while MUFG Intime India Pvt. Ltd. was the registrar.
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IPO Objects of the Issue
Swastika Infra plans to utilise Rs 90 crore of the net IPO proceeds towards funding its incremental working capital requirements. The company intends to use the remaining proceeds, if any, towards general corporate purposes.
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Swastika Infra Ltd. reported a strong improvement in its financial performance in FY26. The company’s total income increased 43% to Rs 506 crore in FY26 from Rs 353 crore in FY25. Profit after tax (PAT) rose 52% to Rs 41 crore in FY26 from Rs 27 crore in FY25. The growth reflects an improvement in both the company’s revenue and profitability during the year.
About Swastika Infra Ltd.
Incorporated in August 2019, Swastika Infra Limited is an engineering, procurement and construction (EPC) company focused on power transmission and distribution (T&D) infrastructure projects. The company provides turnkey EPC solutions covering the supply, erection, installation, testing and commissioning of power infrastructure.
Its areas of work include underground cabling, construction of Gas Insulated Substations (GIS), Air Insulated Substations (AIS) and grid substations, rural and urban electrification, street lighting and renewable energy projects. Its projects also involve the installation of power transformers, circuit breakers, ring main units and other electrical infrastructure used in power distribution.
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As of July 31, 2026, Swastika Infra had completed 36 EPC power projects across six Indian states, covering 18,579.47 km of distribution lines, with an aggregate contract value of Rs 7,646.7 crore. The company’s order book comprised 18 ongoing EPC power projects across six states, with an aggregate order value of Rs 20,366.5 crore. As of July 31, 2026, the company had 182 full-time employees, including 65 engineers and technicians and 52 project execution supervisors and other personnel.
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