Swastika Infra Limited

Swastika Infra Limited is an established Engineering, Procurement, and Construction (EPC) company specializing in power Transmission and Distribution (T&D) infrastructure projects across India. Originally founded as a partnership firm (M/s Swastika Electricals & Fertilizers) in 1969 for trading electrical goods, the entity transitioned into power distribution EPC in 2012. The company’s core value proposition lies in delivering end-to-end, turnkey solutions covering the entire lifecycle of power infrastructure—from initial route survey, design, and engineering to material procurement, civil construction, equipment installation, testing, and final commissioning. Its underlying business model operates primarily across two verticals: turnkey EPC Power Projects (accounting for 97% of FY26 operating revenue) and the trading of power cables and electrical items (3% of FY26 operating revenue).

The company's primary client segment comprises government utilities and public sector distribution/transmission companies (DISCOMs). In FY26, projects undertaken for government utilities generated 96.87% of total revenue from operations. Marquee clients include West Bengal State Electricity Distribution Company Limited (WBSEDCL), Madhya Gujarat Vij Company Limited (MGVCL), Assam Power Distribution Company Limited (APDCL), Goa Electricity Department (GED), Himachal Pradesh State Electricity Board Limited (HPSEBL), Ajmer Vidyut Vitran Nigam Limited (AVVNL), Jaipur Vidyut Vitran Nigam Limited (JVVNL), and Rajasthan Rajya Vidyut Prasaran Nigam Limited (RRVPNL). Geographically, the company has executed or is executing projects across nine states—Rajasthan, Uttarakhand, Assam, West Bengal, Goa, Gujarat, Himachal Pradesh, Maharashtra, and Haryana. A significant portion of its order book is autonomously funded by multilateral agencies like the World Bank or backed by Central Government schemes such as the Revamped Distribution Sector Scheme (RDSS).

As a specialized infrastructure EPC service provider and system integrator rather than an original equipment manufacturer (OEM), Swastika Infra Limited does not own or operate manufacturing plants or factories. Consequently, there are no manufacturing facilities, factory locations, or factory capacity utilization figures to disclose. Instead, the company operates under an asset-light business model, leasing project-specific heavy machinery and equipment from third-party lessors across project sites. This lean operational structure minimizes fixed capital expenditure and asset depreciation risks, as demonstrated by its fixed asset turnover ratio of 70.72 times in FY26.

Operationally, project execution is coordinated through the registered corporate office in Jaipur, supported by project-specific temporary site offices, guesthouses, and material yards across active project states. Swastika Infra maintains a dedicated centralized procurement team that sources primary raw materials—including power cables, Ring Main Units (RMUs), and distribution transformers—directly from verified manufacturers to maintain quality control and cost efficiency. On-ground erection and civil works are typically assigned to specialized third-party sub-contractors under the supervision of the company’s in-house team of 65 engineers and project managers. The company utilizes enterprise project management tools, including Microsoft Planning Software, for workflow tracking and resource scheduling.

Over the past 15 years, Swastika Infra has laid over 18,579 kilometers of distribution lines and completed 36 power distribution projects valued at ₹764.67 Cr. As of July 31, 2026, the company held an ongoing order book of 18 projects valued at ₹916.55 Cr. It has strategically expanded beyond distribution into higher-voltage transmission lines, 132 kV grid substations, solar park power evacuation systems (such as the 2,450 MW solar park evacuation order for RSDCL valued at ₹158.12 Cr), and off-grid solar agricultural water pumping projects under the PM-KUSUM scheme.

Based on its historical financial data, Swastika Infra Limited posted total income and net profits of ₹211.33 Cr / ₹13.98 Cr in FY24, ₹352.60 Cr / ₹27.45 Cr in FY25, and ₹505.57 Cr / ₹41.43 Cr in FY26. The company has demonstrated robust top-line and bottom-line growth, with total income expanding at a CAGR of 54.72% and net profit growing at a CAGR of 72.13% over the FY24–FY26 period, alongside an increase in total borrowings from ₹43.82 Cr in FY24 to ₹114.64 Cr in FY26. It boasts an average EPS of ₹12.49 and an average RoNW of 37.65% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 3.21 against a NAV of ₹57.69 (as of March 31, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.21. Attributing the latest earnings to the expanded post-issue equity base, the asking price translates to a Post-Issue P/E of approximately 45.18x (FY24), 23.02x (FY25), and 15.25x (FY26). According to the RHP, a comparison shows that Swastika Infra Limited (at a Post-Issue P/E of 15.25x) trades at a modest premium to listed peers Rajesh Power Services Limited (9.90x P/E) and Vikran Engineering Limited (16.1x P/E), backed by a superior Return on Net Worth of 35.44%.

On the Book Running Lead Manager (BRLM) front, the issue is managed by PhillipCapital (India) Private Limited and Srujan Alpha Capital Advisors LLP. Over the last three fiscal years, PhillipCapital has handled 1 Mainboard public issue, while Srujan Alpha Capital Advisors has managed 8 SME public issues. MUFG Intime India Private Limited is acting as the Registrar to the Issue.

• 1 Babulal Gupta
• 2 Vinay Gupta
• 3 Ruchira Gupta
• 4 Biren Parnami
• 5 Manoj Modi
• 6 Vatsalya Gupta