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Listed
Other Utilities
Swastika Infra Limited IPO
₹161 Cr · Fresh Issue & OFS · Other Utilities
Price Band
₹175 – ₹185
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹161 Cr
Fresh Issue & OFS
Market Cap
₹631.22 Cr
At upper band
P/E Ratio
15.2x
P/S: 1.3x
Listing Date
30 Sep 2026
BSE & NSE
IPO Timeline
✓
Opens
23 Sep 2026
✓
Closes
25 Sep 2026
✓
Allotment
28 Sep 2026
✓
Refund
29 Sep 2026
✓
Listing
30 Sep 2026
IPO India Hub: Subscribe
Conviction
7/10
The company trades at 0.66× sector midpoint with exceptional 72.1% PAT CAGR and 25.76% ROCE, signaling strong operational execution. Key risk is that NPM of 8.2% remains below the 15% threshold typically required for premium valuations, and post-issue promoter holding drops to 57.41%, diluting founder alignment.
Listing Performance
Issue Price
₹185
Allotment price
Listing Price
₹200
+8.11% on listing day
Current Price (CMP)
₹197.95
+7% vs issue
Listed On
30 Sep 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional earnings growth trajectory
Net profit grew from ₹14.0 Cr (FY-2) to ₹41.4 Cr (FY0), delivering a 72.1% PAT CAGR over two years. This outpaces revenue CAGR of 54.7%, indicating improving operational leverage and margin expansion in the core business.
✓ Strength
Attractive valuation relative to peers
At 15.2× P/E, the company trades at 0.66× the niche/unlisted sector midpoint of 23×, placing it in the Subscribe-eligible range. Strong ROCE of 25.76% and conservative D/E of 0.73× support this discount valuation.
⚠ Risk
Margin profile below premium threshold
Net profit margin of 8.2% is materially below the 15% benchmark that would justify a premium to sector midpoint. EBITDA margin of 14.07% suggests limited pricing power or high operational costs in the utilities/infrastructure segment.
⚠ Risk
Significant promoter dilution post-IPO
Promoter holding falls from 76.51% pre-issue to 57.41% post-issue, a 19.1 percentage point drop. This dilution may weaken founder control and alignment with minority shareholders during execution of growth plans.
₹ Valuation
Fair valuation with growth premium justified
P/E of 15.2× at 0.66× sector midpoint reflects a 34% discount to niche baseline. The 72.1% PAT CAGR and 25.76% ROCE support this entry point, though the 8.2% NPM limits upside to premium multiples.
👁 Watch
Monitor working capital deployment efficiency
₹90 Cr of the ₹133 Cr net proceeds is earmarked for incremental working capital. Track whether this capital generates incremental revenue and PAT at historical rates, or if margin compression signals competitive or operational headwinds.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Swastika Infra Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹487.82 Cr
Net Profit
₹41.43 Cr
Industry
Other Utilities
Issue Type
Fresh Issue & OFS
Promoters
BABULAL GUPTA, VINAY GUPTA, RUCHIRA GUPTA, BIREN PARNAMI, MANOJ MODI AND VATSALYA GUPTA
Lead Managers
Srujan Alpha Capital Advisors and Phillip Capital
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 0.66× sector midpoint with exceptional 72.1% PAT CAGR and 25.76% ROCE, signaling strong operational execution. Key risk is that NPM of 8.2% remains below the 15% threshold typically required for premium valuations, and post-issue promoter holding drops to 57.41%, diluting founder alignment.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
Lot size details will be updated when the DRHP is filed. The price band is ₹175 – ₹185.
The IPO opens on 23 Sep 2026. It closes on 25 Sep 2026. Allotment is expected on 28 Sep 2026. Refunds initiate on 29 Sep 2026. Listing on BSE and NSE is on 30 Sep 2026.
The lead managers for the IPO are Srujan Alpha Capital Advisors and Phillip Capital. Check the SEBI filing for the registrar details.
The IPO listed on 30 Sep 2026 at ₹200 against an issue price of ₹185 (+8.11% on listing day). The current market price (CMP) is approximately ₹197.95 (+7% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 25 Sep 2026. The company trades at 0.66× sector midpoint with exceptional 72.1% PAT CAGR and 25.76% ROCE, signaling strong operational execution. Key risk is that NPM of 8.2% remains below the 15% threshold typically required for premium valuations, and post-issue promoter holding drops to 57.41%, diluting founder alignment.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 25 Sep 2026. The IPO is priced at a P/E of 15.2x. Market cap at issue price is ₹631.22 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The issue closes on 25 Sep 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Swastika Infra Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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