Swastika Infra, a Rajasthan-based EPC player with 14 years of experience in delivering power distribution projects, has submitted its issue papers with the Securities and Exchange Board of India (SEBI). Swastika Infra IPO is a combination of a fresh issue (INR 200 crore) and an offer-for-sale of 19,20,000 equity shares.
While the exact allocation and pricing are yet to be disclosed, some of the key selling shareholders include company promoters Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi, and external shareholders Ishaan and Ishita Bhartia.
The offer is being managed by Srujan Alpha Capital Advisors and PhillipCapital (India). MUFG Intime India is the registrar of the issue.
Swastika Infra IPO – Utilization of Funds
Swastika Infra wants to use the net proceeds, primarily for working capital requirements, up to INR 145 crore. That reflects just how capital-intensive EPC contracts are and how strong the company’s project pipeline is. A portion of the proceeds will also go towards general corporate purposes.
Swastika Infra – Business Overview
Swastika Infra specializes in turnkey execution of EPC Power Projects, including:
- Underground cabling
- Construction of substations (both GIS and AIS)
- Rural and urban electrification
- Street lighting infrastructure
The company evolved from its original form, M/s Swastika Electricals & Fertilizers (a partnership firm established in 1969), and was incorporated as Swastika Infra Ltd. in 2019. Its journey from executing an INR 60 lakh contract in 2012 to a single order worth INR 274 crore under the Himachal Pradesh Power Sector Development Program exemplifies its growth trajectory and domain expertise.
As of 28 February 2025, Swastika has successfully completed 34 projects worth INR 604.10 crore and is currently executing 12 projects spread across five states, with an order book of INR 1,478.15 crore. This translates to a robust order book-to-revenue ratio of 6.71x (as of 30 September 2024)—a strong indicator of revenue visibility and operational traction.
Client Base & Funding Backing
Swastika Infra’s clientele features marquee names such as:
- Jaipur Vidyut Vitran Nigam Ltd. (JVVNL)
- Goa Electricity Department (GED)
- Assam Power Distribution (APDCL)
- Himachal Pradesh State Electricity Board (HPSEBL)
Many of its projects are funded by central and state governments, or backed by the World Bank, which lends credibility and stability to project cash flows. As of the DRHP date, its completed projects were funded as follows:
| Funding Agency | Value (INR Crore) |
|---|---|
| Central Govt. Funded | 340.15 |
| World Bank | 195.02 |
| State Govt. Funded | 57.38 |
| Other Govt. Agency | 11.55 |
| Total | 604.10 |
Financial Performance
Swastika Infra has demonstrated consistent top-line growth, supported by a diversified project base. The total income grew from INR 59.5 crore in FY22 to INR 211.33 crore in FY24. Profit after tax stood at:
- INR 2.95 crore in FY22
- INR 10.25 crore in FY23
- INR 13.98 crore in FY24
- INR 5.96 crore in H1 FY25 (ended 30 September 2024)
Margins remain respectable for an EPC player, with PAT margins stabilizing between 6-7%, aided by cost efficiencies and higher-value projects.
Ownership Structure
Pre-IPO, promoters hold 84% of the company, led by Vinay Gupta (28.39%), Ruchira Gupta (20.61%), Biren Parnami and Manoj Modi (16% each). Post-IPO, this will dilute, although the exact shareholding post-issue remains to be finalized. Below is the list of promoters selling shareholders:
| Name of Shareholder | Category | Pre-Offer Holding | % of Pre-Offer Capital | Equity Shares Offered in OFS | % of OFS to Pre-Offer Holding |
| Vinay Gupta | Promoter Selling Shareholder | 70,27,500 | 28.39% | 3,00,000 | 4.27% |
| Ruchira Gupta | Promoter Selling Shareholder | 51,00,000 | 20.61% | 3,00,000 | 5.88% |
| Biren Parnami | Promoter Selling Shareholder | 39,60,000 | 16.00% | 3,60,000 | 9.09% |
| Manoj Modi | Promoter Selling Shareholder | 39,60,000 | 16.00% | 3,60,000 | 9.09% |
| Ishaan Bhartia | Other Selling Shareholder | 19,80,000 | 8.00% | 3,00,000 | 15.15% |
| Ishita Bhartia | Other Selling Shareholder | 19,80,000 | 8.00% | 3,00,000 | 15.15% |
A Scalable EPC Model with Government-Focused Execution
Swastika Infra’s scalable model, specialization in power distribution, and focused clientele in the government and public utility space position it well to tap the growing electrification and infrastructure demand under national schemes like RDSS and Revamped Distribution Sector Scheme. The company’s use of joint ventures to meet technical eligibility while retaining execution control reflects strategic maturity in handling complex bids.
Outlook
Swastika Infra IPO is more than a capital-raising exercise—it’s a milestone in its evolution from a regional contractor to a national EPC player with deep domain expertise. Its strong order book, experienced promoter group, and presence in government-backed infrastructure projects make it a company worth watching closely as India accelerates its power and rural infrastructure expansion.
With the public offer in the pipeline, Swastika Infra could soon electrify investor interest, just as it has powered communities across India.
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