Swastika Infra Limited Announces Launch of Initial Public Offering

Power T&D EPC Company plans to Strengthen its Growth Platform, Supported by Turnkey Execution Capabilities, Diversified Project Portfolio and Strong Order Book Visibility

JAIPUR, RAJASTHAN | 20th SEPTEMBER 2026 | Swastika Infra Limited, an Engineering, Procurement and Construction (“EPC”) company engaged in the execution of power transmission and distribution (“Power T&D”) infrastructure projects, has announced the launch of its Initial Public Offering (“IPO”). The public issue comprises of Fresh issue

of equity shares aggregating up to ₹12,850.00 Lakhs and Offer For sale up to 17,50,000 Equity Shares with a lot size of 81 Equity shares and multiples thereof and at a price band of ₹175 – ₹185 per equity share.

SWASTIKA INFRA LIMITED has announced its plan to go public with an initial public offering opening on 23 September 2026. The equity shares of the Company are proposed to be listed on BSE Limited and National Stock Exchange of India Limited.

Headquartered in Jaipur, Rajasthan, Swastika Infra provides end-to-end turnkey solutions across the Power T&D infrastructure value chain, encompassing underground cabling, construction of substations, rural and urban electrification projects, installation of street-lighting systems and

renewable energy works. The Company’s scope of services extends from procurement and construction to installation, testing and commissioning, enabling it to undertake projects through their complete execution lifecycle.

Backed by a hands-on management team and a workforce of over 180 employees, the Company has successfully completed 35+ projects and has undertaken works across 9 states in India. As of July 31, 2026, Swastika Infra had an order book of approximately ₹91,655 lakhs, providing visibility into its ongoing project execution pipeline.

Integrated EPC Execution Model

Swastika Infra follows an integrated, tender-driven EPC business model, executing power infrastructure projects from project identification and bidding through procurement, construction, testing and commissioning. The Company evaluates tenders based on prescribed technical and financial criteria, undertakes site surveys and cost assessments, and, upon project award, carries out execution planning, material procurement and resource mobilization. Billing is undertaken progressively against the supply of materials and completion of specified execution milestones, followed by final surveys, applicable third-party verification and commissioning.

The Company’s capabilities span underground cabling, GIS/AIS and grid substations, rural and urban electrification, street-lighting systems and renewable energy works. Through this diversified portfolio, Swastika Infra executes projects across multiple segments of the Power T&D infrastructure value chain for electricity distribution utilities and government-linked entities.

Management Commentary

“The launch of our IPO marks an important milestone in Swastika Infra’s growth journey. Over the years, we have built strong capabilities across the power transmission and distribution infrastructure value chain, enabling us to undertake projects across the entire lifecycle—from procurement and construction to testing and commissioning

Our experience across underground cabling, substations, rural and urban electrification, street lighting and renewable energy works, together with our established execution capabilities and order book, provides us with a strong foundation for the next phase of growth. We intend to continue strengthening our execution capabilities and pursue opportunities across India’s evolving power infrastructure landscape. The proceeds from the issue will support and enable us to further strengthen our business as we pursue sustainable long-term growth.”

—  Mr. Vinay Gupta, Managing Director, Swastika Infra Limited Object of the Issue

The net proceeds from the fresh issue are proposed to be utilized towards:

• Funding incremental working capital requirements of our Company
• General corporate purposes

Issue Structure 

 Srujan Alpha Capital Advisors and PHILLIPCAPITAL (India) PRIVATE LIMITED are the Book Running Lead Managers to the Issue, and MUFG INTIME INDIA PRIVATE Limited is the Registrar to the Issue

Financial Performance (₹ in lakhs) 

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