Shares of Swastika Infra Limited, a Jaipur-based power distribution EPC company, hit the 5 percent upper circuit on Wednesday after making a decent market debut at a premium of 8 percent over the issue price.
The stock listed at ₹200 per share on the NSE, a premium of 8.10 percent over the issue price of ₹185, and went on to touch ₹210, its highest permissible trading limit for the session. At the upper circuit, the stock traded 13.5 percent above the IPO price.
The ₹160.88 crore initial public offering, priced in a band of ₹175–185 per share, comprised a fresh issue of ₹128.50 crore and an offer for sale of ₹32.38 crore by promoter and other selling shareholders. The issue was open for subscription from September 23 to September 25, 2026. Ahead of the IPO, the company raised ₹40 crore through a pre-IPO placement of 24.24 lakh shares at ₹165 each to 78 allottees. The shares are listed on both the BSE (BSE: 544949) and the NSE (NSE: SWASTIKAIN).
The company proposes to use up to ₹90 crore of the net proceeds to fund incremental working capital requirements, with the balance going towards general corporate purposes. Srujan Alpha Capital Advisors LLP and PhillipCapital (India) Pvt Ltd were the book running lead managers, and MUFG Intime India Pvt Ltd was the registrar to the issue.
Swastika Infra executes power distribution EPC projects for state utilities, mostly funded by multilateral agencies such as the World Bank and ADB and by central agencies such as PFC and REC. The company says this reduces its dependence on state budgetary allocations and the payment risks that come with them.
The company says it meets the prequalification requirements for large power distribution tenders on a standalone basis, a credential it says only five to seven players in the segment possess. It recently secured its largest single distribution order, worth about ₹340 crore, from Ajmer Vidyut Vitran Nigam Ltd (AVVNL).
From its base in Rajasthan, Swastika Infra has expanded into Assam, Uttarakhand, West Bengal, Himachal Pradesh, Goa, Gujarat and Maharashtra, among other states. Of around 50 projects awarded so far, over 36 have received completion certificates, and the company says it has no history of defaults, delay penalties or bank guarantee invocation. In FY26, it entered power transmission and renewable energy, with recent orders including a 132 kV transmission line/220 kV GSS project and a solar park EPC project.
For FY26, revenue from operations rose 43.6 percent to ₹503.57 crore from ₹350.76 crore in FY25, while net profit grew 51 percent to ₹41.43 crore from ₹27.45 crore. EBITDA stood at ₹70.85 crore, with the margin improving to 14.07 percent from 12.51 percent a year earlier. Return on capital employed was 25.76 percent, and the debt-to-equity ratio fell to 0.73 from 1.44.
Revenue has grown nearly nine-fold from ₹59 crore in FY22. The company’s order book stood at about ₹687 crore as of March 31, 2026, giving it strong revenue visibility.
The company is led by its promoters, Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi and Vatsalya Gupta, who together bring more than 50 years of experience in power EPC, supported by a team of over 180 people.
