Srujan Alpha Capital Advisors LLP
PhillipCapital India Pvt.Ltd.

Company Profile

Incorporated in August 2019, Swastika Infra Limited is an engineering, procurement, and construction (EPC) firm specializing in power transmission and distribution infrastructure. The company offers turnkey solutions that include supplying, installing, testing, and commissioning electrical networks. Its service portfolio covers underground cabling, substation construction, rural and urban electrification, street lighting, and renewable energy integration. Supported by 65 in-house engineers and technicians, it operates on an asset-light model where third-party contractors handle physical assembly while centralized teams manage equipment procurement, quality control, and project timelines.

By July 31, 2026, the company completed 36 EPC power projects across six Indian states spanning over 18,579 kilometers of lines, valued at ₹76,467 lakh. Its active order book includes 18 ongoing projects across six states, totaling ₹2,03,665 lakh in order value. Funded heavily by the World Bank and the Government of India’s Ministry of Power, Swastika Infra executes projects for key state utilities, including WBSEDCL, MGVCL, APDCL, GED, HPSEBL, UHBVN, JVVNL, UPCL, AVVNL, RSDCL, MSEDCL, and RRVPNL

For the year/period ended (Rs. in Cr.)

For year/ period ended ( in Cr.)

*Market cap @upper band

• Experienced promoters and management team.
• Asset-light business model with centralized procurement.
• Scalable business model supported by a strong order book.
• Proven execution track record across multiple Indian states.
• Established track record with government utilities and infrastructure clients.
• Strong project management and execution capabilities in EPC Power Projects.
• Diversified capabilities across power distribution, transmission and renewable energy.

The Company SWASTIKA INFRA LIMITED IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:

• Funding of incremental working capital requirements of the Company (Rs. 128.09 Cr.)
• General Corporate Purposes.

At the upper band of IPO Rs. 185, the stock is valued at 15.24 P/E multiple. Hence, well-informed investors subscribe for medium to long term perspective.