Swastika Infra Ltd. (CIN U51909RJ2019PLC065892) has filed a Prospectus with SEBI for an IPO comprising a fresh issue of ₹129 Cr and an offer for sale of ₹32 Cr, priced at ₹175.00 to ₹185.00 per share. In FY26 it reported revenue of ₹504 Cr (+43.6% on FY25) and a net profit of ₹41 Cr. Promoters hold 25.1% before the IPO. Our fact-check of its claims found 1 medium or high concern across 69 claims checked.
Read from public SEBI filings; last updated . Not investment advice.
Key signals
Read from the filing. Signals summarise it; they are not a recommendation or investment advice.
1 to review69 claims checked: 0 high, 1 medium concern.
How we rate these
Valuation: P/E at the top of the band: up to 25x good, up to 40x watch, above that concern.
Growth: Sales growth per year: 20% or more good, 8% or more watch, below that concern.
Profitability: Net profit margin: 10% or more good, 4% or more watch, below that concern. The trend note compares operating margin with the year before (1.5 points either way).
Debt: Borrowings / net worth: up to 0.5x good, up to 1.5x watch, above that concern.
Profit into cash: Cash from operations as a share of net profit: 80% or more good, 40% or more watch, below that (or negative) concern.
One-off income: Other and one-off income as a share of pre-tax profit: up to 10% good, up to 30% watch, above that concern. Any one-off item management itself describes moves "good" to "watch".
Where the money goes: Offer for sale as a share of the whole issue: under 40% good, under 75% watch, above that concern. In an offer for sale the money goes to the selling shareholders, not the company.
Red flags: Fact-check results: any high-concern finding is concern, any medium is watch, otherwise good.
Rules are rules of thumb, not a verdict: a fast-growing business can reasonably carry a higher P/E, and some sectors run on debt.
The IPO
What Swastika Infra Ltd. is offering, at what price, and who owns it today. Read from the Prospectus; anything the company hasn't fixed yet shows as pending.
One-off items management describes in its own discussion of the results. They are real, but they do not come from day-to-day operations and may not repeat, so an analyst would set them aside when judging the recurring business.
Other
Increase in Sundry Balance written off from ₹ 10.08 Lakhs in Fiscal 2024 to ₹35.39 Lakhs in Fiscal 2025.
As printed in the filing's summary financial information, converted to ₹ crore.
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.272
Line item
FY24
FY25
FY26
Revenue from Operations
210
351
504
Net Revenue from operations
210
351
504
Other Income
1.8
1.9
2.0
211
353
506
Income
Finance Cost
6.0
8.2
17
Depreciation and Amortisation Expense
0.67
0.58
0.64
193
316
450
Expenses:
Procurement of Goods and Services for EPC Contracts
140
274
379
Purchase of Stock in Trade
20
11
14
Changes in Inventories of Work in Progress and Finished Goods
1.6
-4.4
4.8
Employee Benefit Expenses
15
12
14
Other Expenses
9.2
14
20
Profit before Exceptional Items & Tax (III-IV)
19
37
55
Profit/(Loss) Before Tax (V-VI)
19
37
55
4.9
9.6
14
Exceptional Items
Tax Expense:
Current Income Tax (Refer Note 37)
4.9
9.6
14
Prior period Tax (Refer Note 37 )
-0.02
0.03
-0.08
Deferred Tax (Refer Note 37)
0.02
-0.08
-0.09
Profit for the year (VII-VIII)
14
27
41
-0.00
0.00
-0.01
Other Comprehensive Income
Remeasurement Gains/(Losses) on Defined Benefit Plans
-0.00
0.00
-0.01
Income tax on above
0.00
-0.00
0.00
Total Comprehensive Income for the year (IX+X)
14
27
41
5.7
11
16
each)
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.78p.79
Line item
FY24
FY25
FY26
Property, Plant and Equipment 3
2.7
2.3
7.1
Investments 4
0.27
0.35
0.46
6.6
7.3
21
ASSETS
Non-Current Assets
Intangible Assets 3
0.02
0.01
0.00
Capital Work in progress 3
0.00
0.00
0.00
Financial Assets
Others 5
3.4
4.4
13
Other Non Current Assets
0.00
0.00
0.00
Deferred tax Asset (Net) 6
0.23
0.31
0.66
Inventories 7
8.5
13
8.2
Trade Receivables 8
31
71
115
Cash and Cash Equivalents 9
2.2
0.51
1.7
137
251
391
Current Assets
Financial Assets
Bank balances other than (ii) above 9
33
19
30
Other Financial Assets 5
51
130
202
Other Current Assets 10
10
17
33
Current Tax Assets 18B
0.00
0.00
1.9
Total Assets
143
259
412
Equity Share capital 11
25
25
27
Other Equity 12
25
52
130
50
77
157
EQUITY AND LIABILITIES
Equity
Borrowings 13
0.37
0.22
2.6
0.97
0.83
3.5
Liabilities
Non-current Liabilities
Financial Liabilities
Lease Liabilities 14
0.14
0.00
0.00
Provisions 15
0.46
0.61
0.95
Deferred Tax Liabilities (Net) 6
0.00
0.00
0.00
Borrowings 13
43
111
112
93
181
252
Current Liabilities
Financial Liabilities
Trade Payables
Due to Micro Enterprises and Small Enterprises 16
0.68
7.8
39
Due to Others 16
26
46
60
Lease Liabilities 15
0.17
0.00
0.00
Other Current Liabilities 17
22
15
40
Provisions 15
0.45
0.54
0.73
Current tax Liabilities 18A
0.00
0.94
0.00
Total Liabilities
94
182
255
Total Equity and Liabilities
143
259
412
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.81p.82p.83
Line item
FY24
FY25
FY26
Profit on sale of fixed assets
-0.02
0.00
-0.02
Operating profit before working capital changes
23
44
67
-3.3
77
9.7
Restated Profit before tax 5,533.
Adjustments for:
Depreciation & Amortisation expense
0.67
0.58
0.64
Expected Credit Loss
-0.23
-0.06
0.32
Provision for bonus
0.11
0.22
0.36
Finance Cost 1,457.
4.7
6.5
0.33
Interest Income -
1.5
1.8
1.8
Fair Value Gain On Investments
-0.05
-0.01
-0.00
Fixed Asset Written Off - 21.65
Provision of csr exp
0.11
0.00
0.00
Current Tax Liability -
0.00
0.94
2.8
Provision for Warranties
0.09
0.06
0.14
Adjustments for (Increase)/decrease in Trade receivables
7.0
40
44
(Increase)/decrease in Inventory 476.54 - (Increase)/decrease in other Financial Assets
23
79
78
(Increase)/decrease in Other Current assets
-2.7
6.8
16
Increase/(decrease) in Trade Payables 4,557.
1.5
0.47
27
Increase/(decrease) in Other Current Liabilities 2,514. Increase/(decrease) in Provision
0.14
-0.04
0.02
Cash (used in)/ generated from operations
Direct taxes refund/ (paid)
-4.8
-9.7
14
Profit on sale of fixed assets/ written off
0.02
0.00
0.02
23
14
16
Purchase of property, plant and equipment -
-0.99
-0.60
5.6
Sale/Donation of Property, Plant and Equipment
0.13
0.02
0.10
Interest Income
1.5
1.8
1.8
Changes in Other Non Current Asset
0.00
0.00
0.00
Changes in Non-Current Financial Assets
23
13
13
Increase in ROU Asset
-0.32
0.16
0.00
Change In Lease Liability
0.13
-0.31
0.00
17
61
27
Share Issue Proceeds including securities premium Net of Expenses
0.00
0.00
0.08
Proceeds from Non Current borrowings
0.50
0.10
3.4
Repayment from Non Current borrowings -
-1.9
-0.24
1.0
(Repayment of)/Proceeds from short Term
borrowings (Net) 129.86 6,734.37
Finance Cost
4.7
6.5
15
Net (decrease) / increase in cash and cash equivalents(A+B+C)
-9.6
-1.7
1.2
Cash and cash equivalents at the beginning of the year
12
2.2
0.51
2.2
0.51
1.7
No Amount Amount Amount
1 *GST Penalty
11
0.00
0.00
Bank Guarantees (BG)
99
123
273
Discounted cash flow
What Swastika Infra Ltd.'s cash flow would be worth today. Change the rate, time period or growth to see how sensitive the answer is.
% / yr
years
% / yr
Worth today (10 years of cash)
₹152 Cr
Per share
₹44.52
Top of the price band
₹185.00
DCF value is 75.9% below it.
Projected cash flow (₹ Cr) Worth today at 11% a yearAlong the bottom: years from now
Starts from FY26 cash from operations of ₹9.7 Cr, grown 20% a year (based on revenue growth FY24–FY26, capped at 20%) and discounted at 11% a year, with no value counted beyond year 10. Per share uses the shares outstanding after the IPO at the top of the band. A simple illustration from the filing's numbers, not a forecast or investment advice; small changes to the rate or growth move the answer a lot.
The short version
Start here. The story in a few minutes, with every fact tied to the page it came from.
Here's what you need to know before investing in Swastika Infra Ltd.'s IPO.
Bottom line
Do your own research before deciding whether to invest.
Red flags & fact-checks
We looked up selected claims from the filing (promoters, court cases, subsidiaries) on the open web. Here is what we found.
MediumSubsidiary
A K Das Associates Limited
50% confidence
What the filing says
Joint venture agreements exist, such as one with A K Das Associates Limited dated October 7, 2025, for bidding on Rajasthan tenders.
The search results confirm the existence of an entity named A K Das Associates Limited, but they do not provide any direct corroboration or contradiction regarding a joint venture agreement dated October 7, 2025, for bidding on Rajasthan tenders. Some results mention the company's financials, rating status, and past legal matters.
31 Aug 2026 ... A K DAS ASSOCIATES LIMITED generated between ₹100 Cr and ₹500 Cr in revenue for the financial year ending on Mar 31, 2025. The revenue of A K ...
A. K. Das Associates Limited ; Fund-based – Cash Credit, [ICRA]B+ISSUER NOT COOPERATING (Stable) ; Non fund based, [ICRA]A4ISSUER NOT COOPERATING ; Note : ...
A K Das Associates Limited, is an unlisted public company incorporated on 22 November, 1996. It is classified as a public limited company and is located in , .
... LIMITED. In or about the end of 1995 the defendant No. 4 decided to launch ... performance and popularity of films amongst their viewers and public in general.
The section discusses several aspects related to the company's financial compliance, legal exposure, and operational risks. It notes that the company has adopted a CSR policy and incurred expenses for CSR obligations, though there were instances of non-incurrence during a past financial year. Furthermore, it highlights risks associated with keeping pace with technological advancements in the EPC industry, which could lead to falling behind competitors. The text also details various pending legal proceedings involving the company, its promoters, and SMPs, which pose potential financial and reputational risks. Finally, it covers issues related to delays in paying statutory dues and reliance on third-party subcontractors for project completion.
The company operates in the power Transmission and Distribution (T&D) sector, which is highly competitive with low entry barriers. The company functions as an engineering, procurement, and construction (EPC) company, focusing on executing power projects. The sector faces structural challenges, including financial and operational inefficiencies from state-owned electricity distribution companies (DISCOMs), such as financial strains, issues with supply reliability, and irregular tariff revisions. The company's growth prospects are sensitive to these sector-wide challenges.
This section discusses various risks faced by the company, primarily related to operational execution, financial collections, and regulatory/contractual issues. Risks include delays in project completion or cost overruns, potential disputes with clients over additional costs, and the inherent risks associated with joint ventures, which expose the company to execution and financial penalties. Furthermore, the company faces risks related to information technology system disruptions, the uncertainty of insurance coverage, and potential issues with the utilization of funds from the fresh issue, including restrictions on varying the objects of the offer. The section also details risks stemming from employee misconduct, the reliance on external market reports, and the potential for control issues due to the majority shareholding of the Promoters.
The section discusses various financial and operational risks related to the company's borrowings and business activities. It details that existing financial obligations are secured by charges over current and fixed assets, which could lead to the forced sale or seizure of these assets. Furthermore, certain borrowings are secured by mortgages over the personal properties of the Promoters and members of the Promoter Group, and personal guarantees have been provided to support these loans. The company is also exposed to risks from volatile interest rates, which can negatively impact profitability, and potential issues with credit facilities that are repayable on demand. The section also covers risks related to conflicts of interest arising from the Promoters' involvement in related trading activities and potential non-compliance with anti-corruption laws.
This section primarily details various risks and uncertainties that could affect the company's performance and the market for its equity shares. Risks include fluctuations in financial indicators, market speculation, and general economic, legal, and regulatory factors. The text also covers risks related to the issuance or sale of equity shares, currency exchange rate movements, limitations on shareholder rights, and the impact of changes in laws and regulations. Furthermore, it discusses risks associated with accounting standards differences, the difficulty in enforcing foreign judgments, and various macroeconomic and political risks affecting the Indian economy.
The text discusses various risks that could adversely affect the issuer's financial condition, including the impact of natural disasters, political relations between India and neighboring countries, and outbreaks of communicable diseases. Furthermore, it highlights constraints on raising foreign capital due to Indian laws, such as exchange controls that regulate borrowing in foreign currencies, which may limit financing sources and ability to refinance debt. The text also details differences in shareholder rights under Indian laws compared to other jurisdictions, noting that remedies like derivative suits and class actions may be more limited or subject to higher procedural thresholds.
This section primarily contains financial statements, including the Restated Statement of Profit & Loss and Cash Flow, showing trends over three fiscal years. It details various income, expenses, and profit figures, along with cash flows from operating, investing, and financing activities. Furthermore, the text outlines contingent liabilities, related party transactions, and key management personnel details.
This section details various financial transactions, including interest paid, loan activities, salary payments, and rent paid among different individuals and entities. It lists transactions involving various promoters, relatives of key management personnel, and transactions with enterprises owned or controlled by directors/shareholders. Furthermore, it outlines outstanding balances between related parties, such as loans, salaries, and trade payables, with specific historical data provided.
Key points (65, showing 60)
The company had not incurred any actual expenditure towards Corporate Social Responsibility (CSR) activities in Financial Year 2024. p.50
The company has adopted a CSR Policy and constituted a CSR Committee in compliance with applicable law, and has incurred expenses for CSR obligations during the period ended March 31, 2026 and March 31, 2025 respectively. p.50
The focus areas for discharged CSR obligations include promoting education, providing medical facilities, and medical aid. p.50
Pending litigation includes direct and indirect tax proceedings and material civil litigation against the company. p.51
The company may be unable to compete with larger power distribution and transmission infrastructure development companies for high-value contracts due to their greater financial resources, economies of scale, and operating efficiencies. p.57
Pricing is a key deciding factor in most of the tender awards. p.59
Sector-wide inefficiencies can materially affect power EPC companies by delaying project execution, increasing working capital requirements, straining cash flows due to payment delays, and limiting the pipeline of new tenders. p.60
The company may not be able to collect receivables from clients in a timely manner or at all, which may adversely affect business, financial condition, results of operations, and cash flows. p.60
Delays in the collection of receivables from clients have been observed, with specific percentages of trade receivables outstanding for more than six months in previous fiscal periods. p.60
The company may be required to claim additional payments from clients for work and costs exceeding the contract price, which clients may dispute, leading to lengthy dispute resolution proceedings. p.60
Delays in the completion of projects or cost overruns could have an adverse effect on cash flows, business, results of operations, and financial condition. p.60
Projects are required to achieve commercial operation by specified dates under the contract or extension period, and failure to adhere to timelines could result in liquidated damages or forfeiture of bank guarantees. p.60
The company is exposed to execution risks, including delays, cost overruns, and quality issues, due to project-specific joint ventures where partners have limited involvement beyond the bidding stage. p.61
The company assumes primary responsibility for execution, management, and delivery of projects in joint ventures, including planning, procurement, and supervision of subcontractors. p.61
The reliance on joint venture partners for execution exposes the company to risks such as delays, cost overruns, and quality issues, with no recourse against partners for underperformance. p.61
The company may be held accountable for regulatory non-compliance, environmental or safety violations, or breach of contract terms regardless of whether the lapses are caused by subcontractors. p.61
The company may be required to commit resources to complete projects even if a joint venture partner defaults, potentially leading to significant losses. p.61
The company is exposed to risks from malfunctions or disruptions of information technology systems, which may not achieve intended productivity or efficiency gains. p.62
Funding requirements and the deployment of Net Proceeds are based on management estimates and have not been independently appraised. p.62
Variations in the utilization of Net Proceeds from the Fresh Issue are subject to compliance requirements, including prior shareholders’ approval. p.62
The ability to vary the objects for which Net Proceeds are utilized may be restricted by the inability to obtain timely shareholder approval. p.62
Promoters or controlling shareholders may have the ability to cause the company to take actions conflicting with the interests of creditors or minority shareholders. p.63
The trading price of Equity Shares could be adversely affected by potential investors perceiving that business and policy decisions are largely decided by the Promoters. p.63
The Promoters will continue to have the ability to cause the company to take actions that may adversely affect future financial performance or the price of Equity Shares. p.63
The Promoters and members of the Promoter Group will collectively own a majority of the Equity Shares after the Offer, allowing them to control matters submitted to shareholders. p.64
Employee misconduct, errors, or fraud could expose the company to business risks, losses, regulatory sanctions, penalties, and reputational harm. p.64
Losses resulting from employee misconduct or misappropriation of petty cash expenses and advances may not be recoverable, potentially leading to write-offs. p.64
The company is subject to restrictive covenants under financing agreements that could limit its flexibility in managing the business or using assets. p.64
The aggregate of unsecured loan outstanding as of March 31, 2026, constitutes 64.42% of total outstanding borrowings. p.66
Quarterly variations in financial indicators such as earnings per share, net income, and revenues are a factor. p.70
Changes in revenue or earnings estimates or publication of research reports by analysts are a factor. p.70
Speculation in the press or investment community is a factor. p.70
Exchange rate fluctuations, imposition of currency controls, and restrictions on currency conversion or repatriation may adversely affect business. p.70
Scarcity of credit or financing in India may adversely affect the company's ability to fund expansions. p.70
Inflation in India could have an adverse effect on profitability and financial condition due to increased expenses. p.71
Foreign investors face restrictions under Indian law that limit the ability to attract foreign investment. p.72
Downgrading of India’s debt rating by international agencies may harm the ability to raise overseas financing. p.73
Natural calamities could have a negative impact on the Indian economy and the company's business. p.74
Natural disasters, including hurricanes, floods, tsunamis, earthquakes, tornadoes, fires, explosions, pandemic diseases, and man-made disasters such as acts of terrorism and military actions, may adversely affect the financial condition or results of operations. p.75
Deterioration in relations between India and its neighboring countries might result in investor concern about regional stability, which could adversely affect the price of Equity Shares. p.75
An outbreak of a communicable disease in India or in the region where the company has projects could adversely affect business and financial conditions and results of operations. p.75
The ability to raise foreign capital may be constrained by Indian law. p.76
Indian exchange controls regulate borrowing in foreign currencies, which can limit financing sources and constrain the ability to obtain financing on competitive terms or refinance existing indebtedness. p.76
Regulatory restrictions on foreign debt may have an adverse effect on business growth, financial condition, and results of operations. p.76
Rights of shareholders under Indian laws may differ from laws in other jurisdictions regarding corporate procedures, directors’ fiduciary duties, and liabilities. p.77
Indian law may provide more limited remedies for derivative suits against directors compared to U.S. law, which allows for such litigation on behalf of the company. p.77
Shareholders’ rights, including class actions under Indian law, may not be as extensive as those under other countries' laws, as judicial precedents remain limited. p.77
Inspection rights, proxy voting, minority squeeze-outs, and disclosure standards in India may be more restrictive or formalistic compared to those in other jurisdictions. p.77
Investors in Indian companies may face challenges in asserting and enforcing their rights due to differences in legal frameworks, which could impact investment outcomes. p.77
Revenue from Operations for the year ended March 31, 2026, was ₹50,357.32 Lakhs. p.80
Total Expenses for the year ended March 31, 2026, were ₹45,023.35 Lakhs. p.80
Cash from Operating Activities for the year ended March 31, 2026, was ₹6,235.50 Lakhs. p.81
A contingent liability exists for a GST penalty amounting to ₹1,062.42 Lakhs as of Fiscal 2026. p.83
A contingent liability exists for a claim of ₹360.46 Lakhs by JVVNL. p.83
Key Management Personnel include Vinay Gupta as Managing Director. p.84
Related party transactions include salary payments to Key Management Personnel, such as Vinay Gupta's salary. p.84
Interest paid by Ruchira Gupta was 7.36 in the period ending 31st March 2026, 8.40 in 31st March 2025, and 0.47 in 31st March 2024. p.85
Loan taken by Babu Lal Gupta was 10.00 in the period ending 31st March 2026, 743.97 in 31st March 2025, and 202.00 in 31st March 2024. p.85
Salary paid to Biren Parnami was 121.70 in the period ending 31st March 2026, 189.65 in 31st March 2025, and 193.60 in 31st March 2024. p.85
History & corporate structure
How the company came to be: key milestones, subsidiaries, acquisitions and restructurings.
The company's history began as a partnership firm in 1969, which later converted into a private limited company in 2019. Subsequently, it was converted to a public limited company in 2025, changing its name. The company's Memorandum of Association outlines broad business objects covering electrical goods, engineering, procurement, and commissioning contracts, as well as power supply distribution. The company has undergone several changes to its authorized share capital and name throughout the past decade. Furthermore, the company has entered into various joint venture agreements with other entities for bidding and execution of projects.
The section primarily addresses the absence of certain agreements and covenants, such as inter-se agreements, with strategic partners, or financial partners, which are material to the company's operations. It confirms that no such agreements exist with shareholders or third parties concerning compensation or profit sharing in connection with securities dealings. Furthermore, the section details guarantees provided by the promoter selling shareholders towards various loans availed by the company as of July 31, 2026. It also outlines the composition of the Board of Directors as of the prospectus date.
This section details various aspects related to the company's directorship, including the tenure and appointments of various individuals. It lists the directorship periods for certain individuals, details the relationship between directors and key managerial personnel, and outlines the terms of appointment and remuneration for the Managing Director and Whole-Time Director. Furthermore, it covers aspects concerning borrowing powers, interest of directors, and confirmations regarding their conduct and association with other companies.
The section details the composition and mandates of various Board committees, including the Audit, Nomination and Remuneration, Stakeholders Relationship, Corporate Social Responsibility, and IPO Committees. It specifies the constitution dates for these committees and outlines the scope and functions for each, which are largely in accordance with the Companies Act, 2013 and SEBI Listing Regulations. The IPO Committee's responsibilities cover aspects related to the entire issuance process, from deciding the size of the issue to finalizing the listing and dealing with various regulatory and intermediary agreements.
This section details various authorizations and agreements required for the listing process, followed by a comprehensive overview of the management and key personnel structure. It outlines the roles and tenure of key managerial personnel, including the appointment and resignation dates for several individuals, and clarifies the relationship dynamics and compensation arrangements within the company.
The section details the promoters and the distribution of equity shares among them, including their respective holdings as of the prospectus date. It provides personal details for the key promoters, such as their roles, permanent account numbers, and addresses. Furthermore, it outlines various confirmations regarding the promoters' financial standing, such as not being identified as defaulters or having violations of securities laws. It also lists certain ventures promoted by the promoters and details instances where promoters have disassociated from other entities.
This section details the relationships between various individuals and lists numerous entities that form part of the Promoter Group. It also mentions a specific conversion of a company, and includes policy statements regarding the declaration and payment of dividends.
Key points (77, showing 60)
The company was originally formed as a partnership firm on October 23, 1969, under a deed of partnership. p.234
The partnership firm was re-constituted on February 1, 2019. p.234
The partnership firm was converted to a private limited Company as ‘Swastika Infra Private Limited’ under the Companies Act, 2013, with a certificate of incorporation dated August 6, 2019. p.234
The company was converted to a public limited company on January 6, 2025, and the name was changed from ‘Swastika Infra Private Limited’ to ‘Swastika Infra Limited’ with a fresh certificate of incorporation dated January 27, 2025. p.234
The authorized share capital was increased on March 15, 2021, from ₹ 10 Crores to ₹ 20 Crores. p.235
The authorized share capital was increased on September 28, 2022, from ₹ 20 Crores to ₹ 25 Crores. p.235
Clause IIIA of the Memorandum of Association was amended on December 24, 2024, to include business related to EHV Underground Cables and Transmission Lines. p.235
Clause I of the Memorandum of Association was amended on January 6, 2025, to reflect the name change from ‘Swastika Infra Private Limited’ to ‘Swastika Infra Limited’. p.235
A significant project worth ₹ 60.00 Lakhs was secured in 2012, marking a transition into the Electrical EPC sector. p.236
A breakthrough order worth ₹ 4,700.00 Lakhs was secured in 2015 from JVVNL. p.236
A single order worth ₹ 10,670.92 Lakhs was secured in 2017 from JVVNL. p.236
Operations expanded beyond Rajasthan in 2018 by winning a ₹ 2,047 lakhs project in Assam. p.236
The company expanded its presence in Uttarakhand in 2019 with a new service offering for setting up a GIS substation. p.236
Projects aggregate valued at ₹ 42,500.00 Lakhs were expanded in West Bengal and Goa in 2021. p.236
A single-valued project worth ₹ 24,185 Lakhs was bagged in Siliguri (West Bengal) in 2023. p.236
A project worth ₹ 11,726.00 lakhs was secured in GOA and ₹ 31,385 lakhs in Gujarat in 2024. p.236
The company expanded its presence in Himachal Pradesh in 2025 by bagging an order of ₹ 27,417 Lakhs and completed its single largest order of ₹ 19,502 Lakhs in Kharagpur (West Bengal). p.236
The company entered into the power transmission and renewable energy evacuation segment in 2026 and was awarded a single largest distribution order of ₹34,010 Lakhs from AVVNL. p.236
The company has not received any awards or accreditations as of the date of the Prospectus. p.236
The company does not have any significant financial or strategic partnerships as of the date of the Prospectus. p.236
Joint venture agreements exist, such as one with Oriental Sales Corporation dated October 18, 2021, for bidding on a Goa project. p.237
Joint venture agreements exist, such as one with Oriental Sales Corporation dated February 12, 2024, for bidding on a Gujarat project. p.237
Joint venture agreements exist, such as one with India Commercial Services dated March 07, 2024, for bidding on a Goa project. p.237
Joint venture agreements exist, such as one with Suncity Urja Private Limited dated August 11, 2023, for bidding on a West Bengal project. p.237
Joint venture agreements exist, such as one with A K Das Associates Limited dated October 7, 2025, for bidding on Rajasthan tenders. p.237
Joint venture agreements exist, such as one with A K Das Associates Limited dated May 17, 2025, for bidding on a Solar Park project. p.237
Joint venture agreements exist, such as one with A K Das Associates Limited dated February 19, 2026, for bidding on a line construction project. p.237
A joint venture/consortium agreement exists with Antares Electrotech Private Limited dated April 29, 2026, for submitting a response to a Request for Selection for a solar pumping system project. p.237
There are no inter-se agreements/arrangements to which the Company or any of its Promoters or Shareholders are a party. p.239
There are no material clauses of the Articles of Association left out from disclosures having bearing on the Offer or this Prospectus. p.241
Babulal Gupta is a director with a Date of birth of July 05, 1944, and is the Chairman cum Non-Executive Director. p.242
Vinay Gupta is a director with a Date of birth of February 07, 1971, and is the Managing Director. p.242
The period of directorship for a certain individual is specified as Since March 6, 2025. p.244
Vinay Gupta joined the partnership firm, M/s Swastika Electricals & Fertilizers, in the year 1993, which was thereafter converted into the Company. p.245
Dileep Kumar Jain has been associated with the Company since March 6, 2025. p.245
The Managing Director (Vinay Gupta) is entitled to a basic salary up to ₹16.00 Lakhs per month. p.246
The Board is authorized to borrow sums of money up to ₹1,0.00 Lakhs, subject to certain conditions. p.247
Babulal Gupta, Vinay Gupta, and Ruchira Gupta are the Promoters of the Company and are interested in the Promotion of the Company. p.248
The Board of Directors has made changes to designations for several directors on March 6, 2025. p.248
Dileep Kumar Jain's designation changed from additional Independent Director to Independent Director pursuant to regularisation on March 19, 2025. p.248
The Corporate Social Responsibility Committee was constituted by a Board resolution dated March 1, 2024, and subsequently reconstituted on March 21, 2025. p.252
The IPO Committee was constituted pursuant to a Board meeting held on July 27, 2026. p.253
The company is authorized to submit undertakings or provide clarifications to SEBI, the Registrar of Companies, and relevant stock exchanges for the listing. p.254
Biren Parnami was associated with the company since 2019, was promoted to Head of Finance in 2022, and appointed as Chief Financial Officer on March 3, 2025. p.255
Shipra Gandhi was associated with the company since July 3, 2026, and was appointed as Company Secretary and Compliance Officer on that date. p.255p.258
Manoj Modi has been associated with the company since 2019 and has 5 years of experience in the field of EPC power projects. p.256
Vatsalya Gupta has been associated with the company since 2020 and has over 4 years of experience in the EPC sector. p.256
Hemant Sharma has been associated with the company since 2018 and has 8 years of experience in Accountancy and Finance. p.256
Madhuri Maheswari was associated with the company since September 1, 2025, and was appointed as Chief Accounts Officer on that date. p.256
Sanjay Mathur was associated with the company since January 4, 2026, and was appointed as Vice President – Projects (Transmission) on that date. p.256
The Key Managerial Personnel and Senior Management have no other interest in the equity share capital of the Company, except for remuneration and expenses incurred in the ordinary course of business. p.257
No loans have been availed by the Key Managerial Personnel and Senior Management from the Company as of the date of the Prospectus. p.257
Biren Parnami holds 39,60,000 shares, representing 14.57% of the total shareholding. p.257
Manoj Modi holds 39,60,000 shares, representing 14.57% of the total shareholding. p.257
The changes in Key Managerial Personnel and Senior Management include Biren Parnami's appointment as CFO on March 06, 2025. p.257
Riya Khandelwal resigned as Company Secretary and Compliance Officer on March 06, 2025. p.257
Arti Bansal was appointed as Company Secretary and Compliance Officer on March 06, 2025. p.257
The IPO terms and where the money goes
Cover & definitions
Headline offer terms and the glossary the rest of the document relies on.
This section primarily provides definitions and abbreviations used throughout the Prospectus. It defines terms related to the company, such as the legal name and registered office, and outlines various terms related to the offer process. Key definitions cover aspects like the company's legal identity, the roles of various personnel, the nature of the equity shares, and the procedures for the book-building process and bid submission.
This section defines various terms related to the securities offering, including definitions for participants, pricing, and the issuance itself. Key terms cover different types of bidders, such as Collecting Depository Participants (CDPs) and Designated Branches, as well as various account types like Escrow Accounts and Public Offer Accounts. It specifies the nature of the issue as a Fresh Issue and an Offer for Sale, along with details regarding the Pre-IPO Placement and the composition of the Offer.
The provided text defines various terms related to the offer documentation, including agreements, parties, and mechanisms involved in the issuance. Key parties mentioned include the Registrar, Selling Shareholders, and various intermediaries. The definitions detail aspects of the bidding process, such as the retail portion of the offer and the requirements for different investor categories. It also outlines various circulars and agreements that govern the offer.
This section primarily lists various abbreviations and terms used within the document, covering financial metrics, regulatory bodies, and various industry-specific acronyms. It defines terms such as various power distribution companies, various financial ratios like RoCE and RoE, and different types of investment funds. It also details various legal and regulatory frameworks, including those related to SEBI, the Companies Act, and foreign investment policies.
This section primarily details various Key Performance Indicators (KPIs) and conventions regarding the use of financial information and market data in the prospectus. It specifies that certain financial terms refer to 'Swastika Infra Limited' and defines conventions for time, currency, and rounding. The document also outlines that financial data is derived from Restated Financial Statements, and it includes disclaimers about the differences between Indian GAAP, Ind AS, IFRS, and US GAAP. Furthermore, it details the source of industry and market data used.
This section discusses forward-looking statements, cautioning that actual results may differ materially from expectations due to various risks and uncertainties, including regulatory changes, economic conditions, and market fluctuations. It details that certain market risk disclosures are estimates and actual gains or losses could differ from those estimated. Furthermore, it clarifies that the company and its directors have no obligation to update statements after the prospectus date, and that they will ensure bidders are informed of material developments until listing permission is granted.
The text discusses various risks and operational aspects of the company's business, including portfolio concentration, potential cost overruns due to large projects, and dependency on government contracts. It details issues related to related party transactions, credit ratings history, competition for EPC power projects, and risks associated with contract awards and litigation. Furthermore, it mentions the company's trademark registration status.
This section discusses various risks related to the company's intellectual property, ongoing projects, and operational execution. It details potential issues such as the inability to protect trademarks against third-party infringement, delays or cancellations in ongoing projects, and various implementation risks that can affect business prospects. Furthermore, the text highlights risks associated with project execution, including cost overruns, delays, and potential financial losses due to various factors. The company also notes sustained negative cash flows from operating activities in past fiscal years.
The company discusses several risks related to its operations, including cash flow unpredictability due to seasonal variations, the intensive nature of its working capital requirements, and dependency on timely project execution. The business is highly dependent on the effective management of multiple projects across diverse conditions, and there is a risk of penalties due to past corporate actions and delays in filing statutory forms. Furthermore, a significant portion of revenue comes from a limited number of clients, increasing exposure to individual contract risks. The order book may not accurately reflect future results, and there is a risk that external factors could lead to contract cancellations or defaults.
Key points (43)
The Company is Swastika Infra Limited, a public limited company incorporated under the Companies Act, 2013. p.5
The registered office of the Company is Plot no.14 &15, First Floor, Gajraj Apartment Motilal Atal Road, Opposite Hotel Neelam, Jaipur – 302 001, Rajasthan, India. p.5p.7
The Book Running Lead Managers (BRLMs) for the Offer are Srujan Alpha Capital Advisors LLP and Phillip capital (India) Private Limited. p.5
The Offer involves a Book Building Process as described in Part A of Schedule XIII of the SEBI ICDR Regulations. p.5
The Bid/Offer Period is from Wednesday, September 23, 2026, to Friday, September 25, 2026, for general bids. p.5
The Statutory Auditors of the Company are M/s A. Bafna & Co, Chartered Accountants. p.6
The Managing Director of the Company is Vinay Gupta. p.6
The Anchor Investor Offer Price is ₹185 per Equity Share. p.8
The Fresh Issue involves 69,45,945 Equity Shares with a face value of ₹10 each for cash at a price of ₹185 each, aggregating to ₹12,850.00 Lakhs. p.11
The Pre-IPO Placement involved a private placement of 24,24,242 Equity Shares at a price of ₹165 per Equity Share (including a premium of ₹155 per Equity Share), aggregating to ₹4,000.00 lakhs. p.11
The Offer for Sale involves the sale of 17,50,000 Equity Shares aggregating to ₹ 3,237.50 Lakhs by the Selling Shareholders. p.13
The Offer is defined as the initial public offering of 86,95,945 Equity Shares for cash at a price of ₹185 per Equity Share, aggregating to ₹16,087.50 Lakhs, comprising the Fresh Issue and the Offer for Sale. p.13
The Offer Price was determined by the Company in consultation with the Book Running Lead Managers on September 25, 2026. p.14
The Registrar and Share Transfer Agents are defined as entities registered with SEBI and eligible to procure bids based on specific circulars. p.15
The Selling Shareholders are defined as the Promoter Selling Shareholders and the Other Selling Shareholders. p.16
The Sponsor Bank is identified as HDFC Bank Limited for the purpose of pushing the UPI Mandate Request. p.16
UPI Bidders are collectively defined as including Retail Individual Investors, Non-Institutional Bidders, and those bidding under the UPI Mechanism. p.16
The document defines various abbreviations related to power distribution companies, including SBI, SBPDCL, TANGEDCO, and others. p.20
The document defines various financial terms such as Return on Capital Employed (RoCE) and Return on Equity (RoE). p.20
The document defines various regulatory and legal terms, including the Securities and Exchange Board of India (SEBI) and various SEBI regulations. p.24
The document lists Key Performance Indicators (KPIs) including Total Income, Revenue from Operations, Current Ratio, EBITDA, and EBITDA Margin. p.24
The terms 'we', 'us', 'our', 'the Company', etc., refer to 'Swastika Infra Limited' for the purpose of restating financial information. p.26
Financial data and financial ratios are derived from the Restated Financial Statements of the Company. p.26
Industry and market data is derived from the 'India Power EPC Market' report by Mordor Intelligence Private Limited. p.28
The prospectus may contain currency conversions to Indian Rupees solely to comply with SEBI ICDR Regulations. p.29
The company is governed in India by a legal and regulatory environment which may differ from that of other countries. p.31
The company's revenue is majorly concentrated from projects undertaken or awarded by government utilities. p.32
As of July 31, 2026, 100% of the order book consists of projects awarded by government utilities. p.32
The company has filed a Civil Writ Petition against the State of Rajasthan, Ajmer Vidyut Vitran Nigam Limited, and Rural Electrification Corporation regarding payment disputes. p.33
The order book comprises eighteen ongoing EPC Power Projects across six Indian states as of July 31, 2026, with an aggregate order value of ₹2,3,665 Lakhs. p.34
The top two projects constitute 41.83% of the total order book as of July 31, 2026. p.35
Related party transactions as a percentage of revenue from operations ranged from 3.96% to 7.96% across Fiscal 2026, 2025, and 2024. p.35
The company's credit rating was downgraded from CARE BB; Stable to CARE BB-; Stable by CARE Rating Limited. p.36
The company has registered a trademark with the Registrar of Trademarks under the Trademarks Act, 1999. p.39
Failure to register or renew trademark registration may affect the company's right to use the trademark in the future. p.40
Ongoing projects have experienced delays in completion over the last three financial years and the stub period. p.40
The company has sustained negative cash flows from operating activities in the past, including for Fiscal 2026, Fiscal 2025, and Fiscal 2024. p.44
The company may suffer significant cost overruns or losses in projects due to various implementation risks, such as additional costs, client disputes, and equipment failure. p.44
The company's business is subject to seasonal variations, which may affect cash flows and forecasting. p.45
The business is working capital intensive, requiring funds for bank guarantees, performance deposits, and letters of credit, which constitute a significant portion of revenue. p.45
The order book may not be representative of future results, and there is a risk that external factors could lead to contract cancellations or defaults. p.45p.49
The company has faced instances of secretarial non-compliances, such as delays in filing various forms, and may be subject to regulatory actions and penalties. p.48
The company derives a significant portion of its revenue from a limited number of clients, increasing potential volatility. p.49
The offer
How many shares are being sold, by whom, and on what terms.
This section details various corporate and professional details for Swastika Infra Limited, including its registered office, company registration numbers, and the details of its Board of Directors. It also lists the contact information for the Registrar of Companies, the Company Secretary and Compliance Officer, the Book Running Lead Managers (BRLMs), the Legal Counsel, the Registrar to the Offer, the Statutory Auditor, and the Independent Chartered Accountant. Furthermore, it outlines the responsibilities of these intermediaries in various activities related to the issue, such as drafting documents and marketing.
The section details various aspects related to the issuance process, including the entities involved in the bid collection and the rules governing the bidding process. It mentions the availability of lists for notified SCSBs, the application procedures for retail individual bidders using the UPI Mechanism, and the rules regarding the withdrawal or lowering of bids by different categories of bidders. Furthermore, it outlines that the book building process involves collecting bids within a determined price band and minimum bid lot, with terms decided in consultation with Book Running Lead Managers (BRLMs).
The company and selling shareholders entered into an Underwriting Agreement with certain Underwriters prior to filing the Prospectus, in accordance with Regulation 40(3) of the SEBI ICDR Regulations. This agreement specifies the obligations of the Underwriters, which are subject to certain conditions for closing. The agreement was dated September 25, 2026, and the Underwriters indicated their intention to underwrite a certain number of Equity Shares. The agreement details the names, addresses, and contact information for two entities, Srujan Alpha Capital Advisors LLP and Rikhav Securities Limited, along with the indicative number of Equity Shares to be underwritten and the corresponding amounts.
Ruchira Gupta is listed as Whole-Time Director. p.88
Madhvi Sharma is listed as an Independent Director. p.88
Ajay Gupta is listed as an Independent Director. p.88
Dileep Kumar Jain is listed as an Independent Director. p.88
Shipra Gandhi is the Company Secretary and Compliance Officer. p.88
Srujan Alpha Capital Advisors LLP is a Book Running Lead Manager. p.90
PhillipCapital (India) Private Limited is a Book Running Lead Manager. p.90
Vidhigya Associates, Advocates is the Legal Counsel to the Offer. p.92
MUFG Intime India Private Limited is the Registrar to the Offer. p.92
M/s A. Bafna & Co, Chartered Accountants is the Statutory Auditor to the Company. p.92
M Prashar & Co., Chartered Accountants is the Independent Chartered Accountant to the Offer. p.92
Kotak Mahindra Bank Limited is listed as a Banker to the Company. p.92
A list of Designated Branches of SCSBs with which a Bidder (other than an Anchor Investor and RIB using the UPI Mechanism), not bidding through Syndicate/Sub Syndicate or through a Registered Broker, RTA or CDP may submit Bid cum Application Forms is available on the SEBI website. p.94
Retail Individual Bidders bidding using the UPI Mechanism may apply through SCSBs and mobile applications whose names appear on the SEBI website. p.94
The list of branches of the SCSBs at Specified Locations named by the respective SCSBs to receive deposits of Bid cum Application Forms from the members of the Syndicate is available on the SEBI website. p.94
The list of Registered Brokers eligible to accept ASBA forms, including details such as postal address, telephone number and e-mail address, is provided on the websites of the Stock Exchanges. p.94
The list of CDPs eligible to accept ASBA Forms at the Designated CDP Locations, including details such as their name and contact details, is provided on the websites of the Stock Exchanges. p.94
No credit agency registered with SEBI has been appointed for grading for the Offer. p.95
The Pre-IPO Placement involved a private placement of 24,24,242 Equity Shares of face value ₹10 each at a price of ₹165 per Equity Share. p.95
The amount raised pursuant to the Pre-IPO Placement was reduced from the Fresh Issue, subject to compliance with Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended. p.95
QIBs and Non-Institutional Bidders were not permitted to withdraw their Bid(s) or lower the size of their Bid(s) (in terms of quantity of Equity Shares or the Bid Amount) at any stage. p.97
Retail Individual Bidders could have revised their Bid(s) during the Bid/ Offer Period and withdraw their Bid(s) until the Bid/ Offer Closing Date. p.97
Anchor Investors were not allowed to revise and withdraw their Bids after the Anchor Investor Bid/ Offer Period. p.97
Allocation to QIBs (other than Anchor Investors) and Non-Institutional Investors will be on a proportionate basis while allocation to Anchor Investors will be on a discretionary basis. p.97
All individual investors applying in initial public offerings whose application amount is up to ₹5.00 Lakhs used the UPI Mechanism. p.97
An Underwriting Agreement was entered into between the Company and Selling Shareholders and the Underwriters for the Equity Shares proposed to be offered. p.98
The Underwriting Agreement is dated September 25, 2026. p.98
The Underwriters are merchant bankers or stock-brokers registered with SEBI. p.98
The Underwriters are registered with the SEBI under Section 12(1) of the SEBI Act or registered as brokers with Stock Exchange(s). p.98
The Underwriters indicated their intention to underwrite Equity Shares of face value ₹10 each. p.98
Srujan Alpha Capital Advisors LLP is listed as an Underwriter with an indicative number of 90,92,857 shares and an amount underwritten of 16821.79 Lakhs. p.98
Rikhav Securities Limited is listed as an Underwriter with an indicative number of 1000 shares and an amount underwritten of 1.85 Lakhs. p.98
Capital structure
Who owns what today, past share issues and what the shareholding looks like after the IPO.
This section details the authorized and issued share capital of the company as of the date of the Prospectus. It outlines the structure of the capital, including the breakdown of shares offered for sale, fresh issues, and the securities premium account before and after the offer. Furthermore, it provides a history of share allotments, including various transactions such as cash subscriptions, loan conversions into equity, and a significant private placement. The section also clarifies the nature of share issuance and restrictions regarding the issuance of shares under various schemes.
This section details the equity shareholding pattern of the company as on the date of the Prospectus filing, including a breakdown by category. It also provides a history of promoter shareholding build-up through various allotments, transfers, and conversions over time. Furthermore, it lists shareholders holding 1% or more of the paid-up share capital on various look-back periods, including one year and two years prior to the filing date. The section also confirms that no securities were purchased or sold by the promoter group or related parties in the preceding six months.
Key points (15)
The authorized share capital is set at 3,50,0 Equity Shares with a face value of ₹10 each. p.99
The aggregate value of the present offer includes a fresh issue of 69,45,945 Equity Shares aggregating to ₹12,850.00 lakhs. p.99
The securities premium account before the offer was 3,591.80. p.99
The company has no outstanding convertible instruments as of the date of this Prospectus. p.100
A private placement was undertaken for 24,24,242 Equity Shares at a price of ₹165 per Equity Share, aggregating to ₹4,000.00 lakhs. p.102
The size of the Fresh Issue has been revised to ₹12,850.00 lakhs due to the Pre-IPO Placement. p.102
The company does not have any preference share capital as on the date of this Prospectus. p.103
The company has not issued any Equity Shares for consideration other than cash or out of revaluation of reserves or by way of bonus at any time since incorporation. p.103
The company has not allotted any Equity Shares pursuant to a scheme of amalgamation approved under Section 391 to 394 of the Companies Act, 1956 or Sections 230 to 234 of the Companies Act, 2013. p.103
The total number of shares held by the Promoter and Promoter Group is 2,07,90,000. p.104
The Promoter shareholding as a percentage of total shares held is 76.51. p.104
The total number of shareholders is 122 as of the filing date. p.105
Babulal Gupta held 2.73% of the equity share capital. p.107
The aggregate pre-Offer and post-Offer shareholding of the Promoter Group as a percentage of the pre-Offer paid-up Equity Share capital is 57.41%. p.107
No members of the Promoter Group purchased or sold any securities of the Company during the six months immediately preceding the Prospectus date. p.108
Use of proceeds
What the money raised will be spent on: growth, debt repayment or promoters cashing out.
The Offer for Sale involves the sale of 17,50,000 equity shares aggregating ₹ 3,237.50 Lakhs by Selling Shareholders, with no proceeds received by the Company. The Fresh Issue was proposed to fund incremental working capital requirements and general corporate purposes. The net proceeds from the Fresh Issue were calculated after deducting estimated expenses, resulting in a net amount of ₹ 10,938.81 Lakhs. The utilization of these net proceeds is detailed, showing a portion allocated to working capital and another for general corporate purposes.
This section details various financial components, including different types of revenue, liabilities, and assets, along with assumptions regarding their holding periods for various fiscal years. It specifies that certain liabilities, such as trade payables, are expected to be reduced by the infusion of offer proceeds. Furthermore, it outlines the proposed use of net proceeds for general corporate purposes, which includes funding strategic initiatives, capital expenditure, and business development. The company confirms that it will monitor the utilization of gross proceeds and disclose these details to the Audit Committee and Stock Exchanges.
The section discusses various procedural and financial aspects related to the offer, including shareholder resolutions and confirmations regarding the utilization of net proceeds. It details the basis for determining the offer price, which involves market demand assessment and qualitative factors. The text highlights the company's strong project execution capabilities, growing order book, and robust financial performance over the last three fiscal years. It also provides quantitative metrics such as Earnings Per Share, Price to Earnings ratios, Return on Net Worth, and Net Asset Value, along with comparisons to industry peers.
The section provides a list of Key Performance Indicators (KPIs) categorized into Financial Indicators and Operational Indicators, along with their explanations for assessing the company's performance. It also presents historical data for these KPIs across Fiscal Years 2026, 2025, and 2024. Furthermore, the text details various aspects related to the offer, including the weighted average cost of acquisition (WACA) for primary issuances and the absence of secondary sales or acquisitions of securities.
This section primarily discusses the factors influencing the offer price and provides details regarding special tax benefits for the company and its shareholders. It highlights the execution track record, revenue and profit growth, improving return ratios, diversification into new segments, and the capability to undertake large projects. Furthermore, it details various provisions related to direct tax benefits, including options for corporate tax computation and various concessions for shareholders regarding dividend income and capital gains.
This section primarily discusses the availability of special indirect tax benefits for the Company and its shareholders under various Indian laws. It clarifies that no special tax benefits are currently available to the Company or shareholders, and the ability to derive such benefits depends on fulfilling specific conditions prescribed by the relevant Indirect Tax Regulations. The statement also notes that these benefits are not exhaustive and investors should consult a tax professional. Furthermore, the text references various economic and industry outlooks, including global GDP projections, inflation trends, and the impact of trade agreements on different regions.
This section discusses various economic factors, including commodity price fluctuations, public debt, deflation risks, supply chain disruptions, and the economic situation in India. It highlights how these factors impact trade balances and economic growth in emerging nations. Furthermore, it details the growth projections for India's GDP and Gross Value Added (GVA), noting the role of the power EPC market in driving economic progress. The text also covers sector-specific contributions to GVA and the factors that will underpin future growth in the power EPC sector.
The provided text discusses various aspects related to the power sector in India, including market growth, macroeconomic indicators, and government initiatives. It highlights the growth of the Power EPC sector driven by renewable energy focus and infrastructure development. Furthermore, the text details the structure of the Indian electricity market, the evolution of electricity legislation, and the role of various government schemes in promoting infrastructure and energy independence.
The section discusses various aspects of the electricity sector, including power distribution challenges, global electricity analysis, and the shift towards renewable energy sources. It details the impact of various energy sources on the global electricity mix, noting the dominance of fossil fuels but also the growth of renewables. Furthermore, it compares the reliance on fossil fuels in India with the broader trend observed in OECD countries and highlights India's specific transition towards a more diversified, yet still coal-dependent, energy portfolio.
The text discusses India's transition in the energy landscape, noting the coexistence of coal and solar and the need to enhance infrastructure like transmission networks for integrating solar power. India is shifting from coal reliance towards cleaner energy sources, with ambitious government targets for renewable energy capacity. The text details various renewable energy sources, including solar, wind, and hydroelectric power, and outlines policy measures aimed at fostering a sustainable energy future. Furthermore, the government has made significant financial and infrastructural plans to bolster the power sector.
The provided text discusses various aspects related to the Indian power distribution sector, including challenges such as high Aggregate Technical and Commercial (AT&C) losses, aging infrastructure, and financial strains on Distribution Companies (DISCOMs). It highlights efforts to revitalize the sector through schemes like the Revamped Distribution Sector Scheme, which focuses on network fortification, smart metering, and skill enhancement. Furthermore, the text details the role of various international institutions like the World Bank, ADB, and IFC in providing crucial funding, technical assistance, and risk mitigation for modernization and green energy projects within the sector.
The provided text discusses various aspects related to the power distribution sector in India, including the role of international funding, challenges faced by Distribution Companies (DISCOMs), and necessary structural reforms. It details several government schemes and policy changes aimed at improving the sector, such as promoting rooftop solar, enhancing operational efficiency through smart meters, and funding infrastructure upgrades. Key focus areas include the need for grid modernization, addressing technical and commercial losses, and attracting private investment through supportive policies.
The government of India approved the Revamped Distribution Sector Scheme to help Distribution Companies (DISCOMs) improve operational efficiencies and financial sustainability through result-linked financial assistance. This scheme involves an outlay of INR 3,3,758 crore over five years, with a Gross Budgetary Support (GBS) of INR 97,631 crore. Key components include financial support for prepaid smart metering, training and capacity building, and infrastructure reforms. The scheme aims to reduce Aggregate Technical and Commercial (AT&C) losses to pan-India levels and eliminate the gap between ACS and ARR.
This section details various aspects of the Indian power sector, including current dues from State/UT DISCOMs and an overview of the Power EPC segment. It discusses the factors influencing power infrastructure costs, the scale of power consumption in India, and the challenges and opportunities within the Power EPC market. The text highlights the importance of modernizing transmission and distribution networks to meet escalating electricity demand and integrate renewable energy sources.
This section discusses various aspects of the power EPC market, including market size forecasts, government initiatives, and key factors impacting the sector. It details market forecasts for power transmission and distribution, highlights government plans for infrastructure upgrades, and outlines the growing demand driven by industrial expansion and urbanization. Furthermore, it covers the expansion in renewable energy, the role of various government schemes, and the emerging focus on decarbonization through technologies like Carbon Capture and Storage and Green Hydrogen.
This section primarily discusses the lifecycle stages of power projects, covering everything from Pre-FEED and FEED engineering to procurement, construction, testing, handover, and project close-out. It also analyzes market entry barriers in the Indian power EPC market, noting that it is characterized by high investment requirements, operational complexities, and competition. The text details various growth drivers, including rising electricity demand fueled by economic growth, urbanization, and industrialization, alongside significant increases in electricity generation. Furthermore, it outlines the modernization of the electricity distribution grid and future capacity requirements.
The provided text discusses various infrastructure and power sector developments across India, including initiatives related to power development schemes and industrial zone creation. It highlights the significant investment in the housing market and the upgrading of distribution grids by entities like Maharashtra State Electricity Distribution Co. Ltd. Furthermore, the text covers developments in the railway sector, such as electrification progress and plans for network completion. Finally, it details the challenges faced by state-owned Distribution Companies (DISCOMs), including financial strains and supply chain interruptions.
This section provides financial information for several major companies, including Anvil Energy Private Limited and Swastika Infra Limited, detailing various financial metrics across different fiscal years. It also includes key financials for Rajesh Power Services Limited, Vikran Engineering Limited, and Lumino Industries Limited, showing trends in revenue, operating margins, working capital, and return on equity/capital employed. Furthermore, the text details the business overview of the company, which specializes in engineering, procurement, and construction for power T&D infrastructure projects (EPC Power Projects). The company's scope covers underground cabling, substation construction, electrification projects, street lighting, and renewable energy works.
The company offers a broad range of Engineering, Procurement, and Construction (EPC) services across various power infrastructure projects. These services include turnkey solutions for underground cabling, construction of substations, modernization of rural and urban electrification, installation of street lighting systems, and execution of renewable energy works. The company has successfully laid a significant amount of distribution lines and has secured orders for solar park development, indicating its presence in the renewable energy and power Transmission & Distribution (T&D) segments.
The provided text details the company's financial performance, operational strengths, and strategic focus within the power EPC sector. The company has shown a consistent rise in revenue and profitability over the past fiscal years, supported by strong execution capabilities in power distribution projects. Key strengths include fifteen years of experience in the power EPC sector, a strong track record in completing numerous projects, and expertise in managing the entire project lifecycle. The company operates under an asset-light model, leasing project-specific assets, which helps in optimizing costs and ensuring financial flexibility.
The company intends to expand its market participation by strengthening its project execution capabilities and focusing on key government initiatives. The strategy involves leveraging core competencies in power infrastructure development, such as underground cabling and substation installations, to deliver sustainable projects. The company plans to enhance its ability to secure contracts from various entities, including government utilities and multilateral institutions, by refining bidding strategies and pre-qualification credentials. Furthermore, there is a strategic focus on utilizing funds from the Fresh Issue and bank financing to support working capital requirements and enhance the balance sheet. The long-term vision includes diversifying the EPC portfolio into allied infrastructure sectors like transmission, railway electrification, and renewable energy.
This section details various contracts and works undertaken by the company across different state electricity boards and central government entities. The works involve the conversion of overhead and LT networks to underground systems, development of distribution infrastructure, and supply/installation of various power components. The contracts span across different districts and involve different voltage levels and types of cables. Furthermore, there are mentions of work related to smart grid technologies, solar power plant development, and the supply of grid sub-stations and associated lines.
Key points (181, showing 60)
The Offer for Sale involves selling 17,50,000 equity shares aggregating ₹ 3,237.50 Lakhs. p.114
The Fresh Issue proceeds were summarized as Gross Proceeds of ₹ 12,850.00 Lakhs. p.114
The Net Proceeds from the Fresh Issue were calculated at ₹ 10,938.81 Lakhs after deducting estimated expenses of ₹ 1,911.19 Lakhs. p.114
The Net Proceeds were proposed to fund incremental working capital requirements of the Company amounting to ₹ 9,000.00 Lakhs. p.116
The Net Proceeds were proposed to fund general corporate purposes amounting to ₹ 1,938.81 Lakhs. p.116
Retention money and security deposit holding levels vary between 83 days for Fiscal 2024, 106 days for Fiscal 2025, and 120 days for Fiscal 2026, with an expectation of 120 days for Fiscal 2027. p.119
Unbilled Revenue holding levels vary between 16 days of revenue from EPC contracts for Fiscal 2024, 34 days for Fiscal 2025, and 31 days for Fiscal 2026, with an expectation of 30 days for Fiscal 2027. p.119
Trade payable levels are considered to reduce to 60 days of the cost of material consumed in Fiscal 2027 due to growth in the T&D industry and better credit terms provided by offer proceeds. p.120
Provisions for employee benefits, CSR Expenses, and others are expected to maintain a holding period of 1 day of revenue from operations in Fiscal 2027. p.120
Mobilization advances are expected to have a holding period of 15 days of revenue from EPC contracts for Fiscal 2027. p.120
Other Current liabilities are estimated to have a holding period of 5 days for Fiscal 2027. p.120
Net Proceeds are proposed to be deployed towards general corporate purposes, subject to not exceeding 25% of the gross proceeds of the Fresh Issue. p.120
General corporate purposes include funding growth opportunities, strengthening marketing capabilities, acquisition of fixed assets, capital expenditure, and business development initiatives. p.120
The company will disclose the utilization of Gross Proceeds, including interim use, to the Audit Committee and Stock Exchanges as required by regulations. p.120
None of the Objects of the Fresh Issue for which the Net Proceeds will be utilized have been appraised by any bank or financial institution or other independent agency. p.124
No Promoter, Directors, Group Companies, Key Managerial Personnel, members of Senior Management, or members of the Promoter Group will receive any portion of the Net Proceeds of the Fresh Issue, except in the ordinary course of business. p.124
There is no existing or anticipated interest of such individuals and entities in the objects of the Fresh Issue in relation to the utilization of the Net Proceeds. p.124
The Offer Price is determined by the Company and Selling Shareholders in consultation with BRLMs based on the assessment of market demand for Equity Shares offered through the Book Building Process. p.125
The face value of the Equity Shares is ₹ 10 each, and the Offer Price is 17.50 times the face value at the lower end of the Price Band and 18.50 times the face value at the higher end of the Price Band. p.125
The Order Book has grown to ₹ 91,655.46 Lakhs as of July 31, 2026, compared to ₹68,743.52 Lakhs as of Fiscal 2026, ₹65,022.73 Lakhs as of Fiscal 2025, and ₹39,139.13 Lakhs as of Fiscal 2024. p.125
The Total Order Value for completed projects is ₹ 2,3,665 Lakhs, with the following breakdown: Central Government Funded (₹ 34,015 Lakhs), World Bank Funded (₹ 19,502 Lakhs), State Government Funded (₹ 21,795 Lakhs), and Other Government Agency Funded (₹ 1,155 Lakhs). p.125
Revenue from operations increased from ₹20,957.53 Lakhs in Fiscal 2024 to ₹35,075.82 Lakhs in Fiscal 2025, reaching ₹50,357.32 in Fiscal 2026, showing a Compound Annual Growth Rate (CAGR) of 55.01%. p.126
The Return on Net Worth (RoNW) has shown improvement, increasing from 32.84% in Fiscal 2024 to 35.44% in Fiscal 2026, with a Weighted Average RoNW of 37.65% over three years. p.127
The Net Asset Value per equity share for Fiscal 2026 is ₹ 57.69 and for Fiscal 2025 is ₹ 31.12. p.127
Total income represents the total revenue generated by the company from operations and other income sources, providing an overall view of the company’s financial scale. p.129
Revenue from operations is used by management to track the revenue profile of the business and assess the overall financial performance and size of the business. p.129
Current Ratio evaluates the company’s ability to meet short-term obligations by comparing current assets with current liabilities, indicating short-term liquidity and financial stability. p.129
EBITDA isolates core operational performance by excluding non-operating expenses, offering a clearer view of operational profitability. p.129
KPIs have been disclosed in ‘Our Business’ and “Management Discussion and Analysis of Financial Condition Results of Operations” on pages 197 and 307 respectively. p.129
The company shall continue to disclose the KPIs disclosed hereinabove on a periodic basis for a duration of one year after the date of listing or until the utilization of Offer Proceeds. p.129
Net Profit for the year captures the net earnings after all expenses, including interest and tax, providing a true measure of profitability. p.130
Net Profit Margin assesses the company’s effectiveness in managing overall costs relative to revenue, reflecting financial discipline. p.130
Return on Net Worth measures how efficiently the Company utilizes its equity capital to generate profits. p.130
Debt-Equity Ratio measures the company’s financial leverage by comparing total debt with shareholders’ equity, reflecting the balance between borrowed funds and owners’ capital in financing the business. p.130
Order Book shows the figure of the work order in hand with the company at the end of the period. p.130
Order Book to Revenue from Operations represents the revenue from sale of services and other operating revenue of the company as recognized in the Restated Financial Statements. p.130
There have been no secondary sale/acquisitions of Equity Shares or any convertible securities equal to or more than 5% of the fully diluted paid-up share capital during the preceding eighteen months. p.132
The Weighted average cost of acquisition (WACA) for primary issuances was 165. p.132
The Offer Price of ₹ 185 was determined by the Company and Selling Shareholders in consultation with BRLMs based on investor demand. p.134
The trading price of the Equity Shares could decline due to factors mentioned in the 'Risk Factors' section. p.134
The Company exercised the option for taxation under Section 115BAA of the ITA 1961 with effect from FY 2022-23 onwards, and will follow Section 200 of ITA 2025 from Tax Year 2026-27 onwards. p.137
Dividend income earned by shareholders is taxable in their hands at applicable rates, with a maximum surcharge restricted to 15% for certain entities. p.138
Concessional tax rates are provided for long term capital gains arising from equity shares if STT has been paid on both acquisition and transfer. p.138
Short term capital gain arising from the transfer of equity share through a recognized stock exchange and subject to STT is taxable at a concessional rate of 20%. p.138
The basic exemption limit for the simplified tax regime has been enhanced from ₹3,0 to ₹4,0. p.138
The maximum surcharge applicable on higher income slabs has been reduced from 37% to 25% as introduced by the Finance Act, 2024. p.138
There are no special tax benefits available to the Company under the Act. p.139
There are no special tax benefits available to shareholders for investing in the shares of the Company. p.139
The ability of the Company or its shareholders to derive tax benefits is dependent upon fulfilling conditions prescribed under the relevant provisions of the Indirect Tax Regulations. p.139
The special tax benefits discussed are not exhaustive and are only intended to provide general information to investors. p.139
The statement is prepared on the basis that the shares of the Company are to be listed on a recognized stock exchange in India and the Company will be issuing equity shares. p.139
Energy price fluctuations can trigger inflationary pressures and sway consumer behavior. p.144
The World Bank projects oil prices to dip to USD 81 per barrel in 2024 and further moderate in 2025. p.144
Rising commodity prices can stimulate economic growth in exporting countries, while declining prices can cause slowdowns. p.144
Major economies face challenges like slow GDP growth, soaring public debt, and reliance on monetary easing which can stifle long-term growth. p.144
The United States national debt hit a staggering USD 35.4 trillion as of September 2024. p.144
Emerging economies face hurdles like political instability, commodity reliance, and infrastructure gaps. p.144
Deflation in advanced economies has curtailed business investments and heightened corporate debt burdens. p.145
Volatility in food and energy prices hits poor economies hard, driving up inflation rates. p.145
Supply chain disruptions and trade protectionism have hindered export growth in advanced economies. p.145
The numbers behind the story
Financial information
Revenue, profit, debt, cash flow and the auditors' notes behind them.
This section details the examination report and the Restated Financial Statements of Swastika Infra Limited, covering financial information for the years ended March 31, 2026, 2025, and 2024. The report was conducted by an independent auditor and involved the review of various financial statements, including Profit and Loss, Balance Sheet, and Cash Flow statements. The financial information was prepared in accordance with various legal requirements and accounting standards. The report confirms that the financial information was prepared with adjustments for changes in accounting policies and material errors.
This section presents the Restated Statement of Profit and Loss, Cash Flow, and changes in equity for the company across three fiscal years (ended March 31, 2024, 2025, and 2026). The Profit and Loss statement shows trends in revenue, expenses, and profit before tax, while the Cash Flow statement details cash movements from operating, investing, and financing activities. The Balance Sheet details the composition of equity and reserves. The financial statements are prepared in accordance with Indian Accounting Standards (Ind AS) and are intended for inclusion in the Draft Red Herring Prospectus.
This section details various accounting policies and estimations related to the recognition, measurement, and subsequent treatment of different asset classes, liabilities, and financial instruments. It covers principles for recognizing property, plant and equipment, intangible assets, provisions, contingent liabilities, foreign currency transactions, employee benefits, and financial liabilities. Specific guidance is provided on revenue recognition criteria, the treatment of various financial instruments, and the accounting for leases, including the recognition of Right-of-Use assets and lease liabilities.
This section details the movement in various asset categories, including Tangible Assets and Intangible Assets, across different reporting dates. The data shows significant fluctuations in the value of assets like Computer & Laptops, Electrical Installations & Equipment, and Four Wheeler Vehicles over the period. Furthermore, it provides breakdowns of Investments, Security Deposits, and various Current Assets, alongside details on the equity share capital structure and promoter holdings.
This section details various aspects of the company's financial statements, including the nature and purpose of reserves, the breakdown of borrowings, trade receivables, trade payables, provisions, and tax liabilities across different fiscal years. It shows trends in liabilities such as secured and unsecured loans, the movement in various provisions, and the composition of trade payables owed to different categories of suppliers. Furthermore, it provides details on the aging of trade receivables and payables, as well as movements in current tax liabilities.
This section details various financial line items, including revenue, expenses, and provisions, for the years ended March 31, 2026, 2025, and 2024. It covers sales of services and goods, various income and financing costs, employee benefits, depreciation, and other operating and administrative expenses. Furthermore, it includes disclosures related to employee benefit plans, loan details, contingent liabilities, and related party transactions.
This section details various aspects of the company's financial reporting, including managerial remuneration, Corporate Social Responsibility (CSR) expenditures, income tax provisions, and financial instrument disclosures. It also covers details on capital management, fair value measurements for financial instruments, market risk, credit risk, and liquidity risk, along with the company's risk management policies.
This section presents various analytical ratios for the company, comparing performance across different financial periods. The ratios analyzed include Current Ratio, Debt Equity Ratio, Debt Service Coverage Ratio, Return on Equity Ratio, Inventory Turnover Ratio, Trade Receivables Turnover Ratio, Trade Payables Turnover Ratio, Net Capital Turnover Ratio, Net Profit Ratio, Return on Capital Employed, and Return on Assets. The data shows year-over-year variances for these metrics, with explanations provided for significant changes in certain ratios.
This section details various financial and contract balances for the company across different years, including revenue recognition, contract asset and liability movements, major customer dependency, and balance sheet reconciliation. It provides figures for revenue from services, contract balances, receivables, contract assets, contract liabilities, and various components of the balance sheet, such as assets, liabilities, and equity, for the years ending March 2024, 2025, and 2026.
This section details various secured loans, including Term Loans and Cash Credits, as of March 31, 2025, and March 31, 2024, along with the corresponding loan amounts, interest rates, and repayment terms. It also lists details of secured loans as of March 31, 2024, including mortgages and guarantees. The text also provides a business overview, describing the company as an engineering, procurement, and construction firm specializing in executing power T&D infrastructure projects (EPC Power Projects). The company has a proven track record of 15 years in executing such projects and has a significant order book for ongoing projects.
The company has evolved from trading electrical items into executing EPC power projects, focusing on enhancing expertise in the power sector between 2012 and 2019. This evolution involved securing various contracts with government utilities and expanding into transmission and renewable energy segments. The business is categorized into EPC Power Projects and Sale of Products, with detailed scopes of work covering various aspects of power infrastructure execution. The company highlights its execution capabilities through completed projects, ongoing order book, and various financial performance indicators.
The company relies heavily on working capital, which is required for various contractual obligations such as performance security deposits and letters of credit for projects. The working capital requirements have shown an increasing trend due to a growing number of projects and general business growth. The company obtains its working capital through various sources, including internal accruals, loans, and borrowings. The business operations are sensitive to geographic locations, seasonality, and weather conditions, which can affect work progress. The industry is highly competitive, with numerous players vying for projects, and price is often a deciding factor in tender awards.
This section details various accounting treatments and disclosures related to employee benefits, income tax, leases, financial instruments, and impairment testing. It outlines the classification of post-employment benefits (defined contribution vs. defined benefit plans), the recognition of current and deferred tax, lease accounting standards for both lessor and lessee, and the treatment of financial assets and liabilities. Furthermore, it covers impairment testing for non-financial assets, dividend recognition, earnings per share calculations, and the preparation of cash flow statements.
The company outlines its accounting policies regarding provisions and contingencies, stating that evaluations are made in accordance with Ind AS 37, requiring management's best judgment on the probability of loss exposure. Key components of revenue include revenue from EPC contracts and the sale of goods like electrical items. Expenses are categorized into procurement, employee benefits, finance costs, depreciation, and various other operating expenses. Financial data for the periods ended March 31, 2026, March 31, 2025, and March 31, 2024, is provided in tabular format, showing changes in various line items and profitability metrics.
The financial performance showed significant growth across several metrics from Fiscal 2024 to Fiscal 2025, with substantial improvements in operating profit margins. Operating Profit increased by 84.88% and margins expanded by 119 basis points. Despite increased finance costs, the profit before tax and profit after tax also saw strong growth. Cash flow analysis reveals significant utilization in operating activities, with cash flows in investing and financing activities showing varied trends across the fiscal years. Total borrowings as of July 31, 2026, stood at ₹12,833.52 Lakhs.
This section details various contingent liabilities, pending legal matters, and market risk considerations for the company. It lists several pending litigation claims against the company, including those related to GST penalties, disputes with power distribution companies, and claims by JVVNL. The company also discloses its exposure to market risks such as interest rate fluctuations, commodity price volatility, and credit risk, along with management's strategies to manage these risks. Furthermore, the text mentions recent material developments, including securing several orders for supply and erection of power lines and solar PV plants.
This section details the company's capitalization structure as of March 31, 2026, showing significant changes post-issue. It also provides a breakdown of aggregate indebtedness as of July 31, 2026, categorized into secured and unsecured loans. The latter includes various loans from related parties and others, with specific details on the sanction, renewal, and security arrangements for each facility.
This section primarily details various credit facilities and loan arrangements, including specific loan amounts, interest rates, and associated security details across different financial institutions and counterparties. It lists several specific loan products such as Car Loans from various banks, along with their respective dates and interest rates. Furthermore, it outlines key covenants and restrictions imposed on the borrower regarding the use of finance, handling of collateral, and changes in ownership or related parties.
Key points (245, showing 60)
The Restated Financial Information were prepared in terms of the requirements of Section 26 of Part I of Chapter III of the Companies Act, 2013 read with Companies (Prospectus and Allotment of Securities) Rules 2014. p.268
The Restated Financial Information were prepared in terms of the requirements of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended. p.268
The Restated Financial Information were prepared in terms of the Guidance Note on Reports in Company Prospectuses (Revised 2019). p.268
The Restated Financial Information have been compiled by the Management from the Audited Financial Statements of the Company as at and for the year ended March 31, 2026. p.269
The Restated Financial Information have been prepared after incorporating adjustments for changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the financial years ended March 31, 2025 and 2024. p.270
The financial statements include figures for various line items as of March 31, 2026, March 31, 2025, and March 31, 2024, with corresponding values in Rs in lakhs. p.271
Revenue from operations for the year ended March 31, 2026 was Rs. 19,50,357.32 lakhs. p.272
Total Income for the year ended March 31, 2026 was Rs. 50,556.89 lakhs. p.272
Total Expenses for the year ended March 31, 2026 was Rs. 45,023.35 lakhs. p.272
Profit before Tax for the year ended March 31, 2026 was Rs. 5,533.54 lakhs. p.272
Net Cash from Operating Activities for the year ended March 31, 2026 was Rs. -965.21 lakhs. p.273
Cash and cash equivalents at the close of the year ended March 31, 2026 were Rs. 166.77 lakhs. p.274
Issued, Subscribed & Paid up Share Capital as at 31st March 2026 was Rs. 2,47,50,000 lakhs. p.275
Retained Earnings as at 31st March 2026 was Rs. 4,142.79 lakhs. p.275
Property, plant and equipment is initially recognized at cost, and subsequent measurement is done at cost less accumulated depreciation/amortization (other than freehold land) and accumulated impairment losses. p.277
Subsequent expenditure on existing property, plant and equipment is charged to the profit and loss account for the period incurred. p.277
Borrowing costs directly attributable to qualifying assets are capitalized until the assets are substantially ready for their intended use. p.277
Net realisable value for inventories is stated at the lower of cost and net realisable value. p.277
Cash and cash equivalents include cash at banks, cash on hand, and short-term deposits with an original maturity of three months or less. p.277
A provision is recognized if there is a present legal or constructive obligation that can be estimated reliably, and an outflow of economic benefits is probable. p.278
Revenue from Operations is recognized as per the percentage-of-completion method when performance obligations are satisfied over time and there is no uncertainty regarding measurement or collectability. p.278
Short-term employee benefit obligations are measured on an undiscounted basis and expensed as the related service is provided. p.279
Defined benefit plans require the calculation of future benefit discounted to determine its present value, with unrecognized past service costs and plan assets deducted. p.279
Leases for which the company is a lessor are classified as finance or operating leases based on whether the contract transfers substantially all risks and rewards of ownership. p.279
Right-of-use (ROU) assets are initially recognized at cost, which includes the initial lease liability adjusted for lease payments made prior to commencement. p.279
The carrying amounts of non-financial assets are reviewed at each reporting date to determine if there is any indication of impairment. p.279
Impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. p.279
Tangible Assets as at 31st March 2025 were calculated based on various components. p.282
The total of Tangible Assets as at 31st March 2025 was 607.58 (in lakhs). p.282
Investments in Mutual Fund - growth as at 31st March 2026 was 7.98. p.284
Aggregate Amount of quoted investments and market value thereof as at 31st March 2026 was 45.97 (in lakhs). p.284
Security Deposits and earnest Money as at 31st March 2026 was 670.79 (in lakhs). p.285
Stock in hand for Electrical items and accessories for EPC contracts as at 31st March 2026 was 576.95 (in lakhs). p.285
Balance with Banks in Current Account as at 31st March 2026 was 119.48 (in lakhs). p.285
Total Cash & Bank Balance as at 31st March 2026 was 166.77 (in lakhs). p.285
Authorised Equity Shares as at 31st March 2026 was 2,50,0 Equity shares @ Rs.10/- each. p.285
Shares outstanding at the end of the year (31st March 2026) was 2,71,74,242. p.285
Vinay Gupta held 25.86% of the shares as of 31st March 2026. p.286
The total of shares held by promoters as of 31st March 2026 was 2,07,90,000. p.286
Securities Premium Reserve is used to record the premium on issue of shares, utilized in accordance with the Companies Act, 2013. p.287
Total borrowings as of March 31, 2026, were Rs. 11,209.25. p.287
Secured Vehicle Loans from Banks as of March 31, 2026, were Rs. 56.23. p.287
Unsecured Loans from Related Parties as of March 31, 2026, were Rs. 122.74. p.287
Provision for Employee Benefits as of March 31, 2026, was Rs. 59.70. p.287
Provision for Gratuity as of March 31, 2026, was Rs. 1.15. p.287
Current tax liability as per provision as of March 31, 2026, was Rs. 1,407.62. p.287
Channel Finance Facility/Supplier Finance Arrangement carrying amount as of March 31, 2026, was Rs. 7,262.10. p.288
Lease liability as of March 31, 2026, was Rs. 13.80. p.288
Considered good Trade Receivables as of March 31, 2026, were Rs. 11,532.58. p.289
Total Trade Receivables as of March 31, 2026, were Rs. 11,497.62. p.289
Micro and Small Enterprises Trade Payables as of March 31, 2026, were Rs. 3,851.82. p.290
Total Trade Payables as of March 31, 2026, were Rs. 9,900.32. p.290
Movement in provision for Warranty during the year resulted in a recognized amount of 14.12. p.291
Sale of EPC contracts (Including unbilled revenue) was Rs. 48,782.30 in FY26, Rs. 33,904.31 in FY25, and Rs. 18,827.89 in FY24. p.292
Total revenue from operations for FY26 was Rs. 50,357.32, for FY25 was Rs. 35,075.82, and for FY24 was Rs. 20,957.53. p.292
Discount & Rebates for FY26 was 1.27, for FY25 was 0.98, and for FY24 was 0.08. p.292
Interest Income on FDRs for FY26 was 182.87, for FY25 was 110.72, and for FY24 was 114.22. p.292
Gain on Cancellation of Lease Liability for FY26 was 2.57, for FY25 was not reported (-), and for FY24 was 1.70. p.292
Procurement of goods for EPC contracts for FY26 was Rs. 28,098.41, for FY25 was Rs. 23,726.45, and for FY24 was Rs. 11,389.60. p.292
Total Procurement of Goods and Services for EPC Contracts for FY26 was Rs. 37,945.59, for FY25 was Rs. 27,420.10, and for FY24 was Rs. 13,994.29. p.292
Litigation and regulatory matters
Litigation
Court cases, tax disputes and regulatory proceedings involving the company, promoters and directors.
The section outlines the absence of certain types of outstanding legal issues, such as criminal proceedings, actions by statutory or regulatory authorities, and claims related to direct and indirect taxes involving the Company, its Directors, Promoters, Key Managerial Personnel (KMPs), Senior Managerial Personnel (SMPs), and Group Companies. It details a materiality policy for identifying material litigation, which involves thresholds based on turnover, net worth, or profit/loss, and specifies that transactions exceeding ₹138.09 Lakhs, or those that aggregate to a certain amount, will be considered material. Furthermore, it discloses outstanding dues to creditors, noting that amounts exceeding 5% of trade payables are considered material creditors, with a material trade payables figure disclosed.
The section details outstanding dues to various creditors, including material creditors, MSMEs, and other creditors, aggregating to ₹9,900.32 Lakhs as of March 31, 2026. The company also lists numerous material approvals, consents, licenses, and registrations obtained from various governmental, statutory, and regulatory authorities. These approvals cover aspects related to the issuance of securities, tax registrations, and various labour and employment-related certifications.
This section details various registrations, licenses, and approvals held by the company, including permits for supervisors, wiremen, and electrical contractors across different states. It also lists several labour licenses under the Contract Labour Act for various regions. Furthermore, the document outlines various corporate approvals related to the offer and listing of equity shares, including resolutions passed by the Board of Directors and shareholders, as well as confirmations from selling shareholders. Finally, it mentions in-principle listing approvals from the BSE and NSE.
The section primarily addresses compliance with various regulations and confirms the eligibility for an offer under SEBI ICDR Regulations. It includes several confirmations that the company, its directors, and promoters are not prohibited from accessing capital markets or debarred by regulatory bodies. Furthermore, it details compliance with Companies (Significant Beneficial Owners) Rules, 2018, and outlines specific conditions for the offer, such as net tangible assets, operating profit, and net worth thresholds. The text also includes extensive disclaimers regarding the accuracy of the prospectus and limitations on liability for various parties involved.
This section primarily details the disclaimers provided by the BSE and NSE regarding the use of the Offer Document and the proposed listing of the company's securities. It outlines the scrutiny process undertaken by the exchanges and clarifies that the permission granted does not imply approval or warranty of the document's contents or the securities' future listing status. Furthermore, it specifies the procedures for handling monies received from applicants and the obligations of the company in case of non-repayment, as well as the cooperation required from selling shareholders for the listing process.
This section primarily details the listing dates for various securities and provides a breakdown of past issues handled by Srujan Alpha Capital Advisors LLP, including a summary of IPOs and Main Board IPOs across different financial years. It also outlines the mechanism for investor grievance redressal, specifying the retention period for records and the procedures for investors to contact various parties regarding pre-offer or post-offer issues.
The section discusses various regulatory and procedural aspects related to the offering, including the applicability of various laws and regulations to the equity shares being offered. It details the responsibility for bearing costs and expenses related to the offer, including those incurred by the company and selling shareholders. Furthermore, it outlines the process for the allotment, including the ranking of equity shares, the mode of dividend payment, and the various timelines and conditions for the listing and commencement of trading of the equity shares.
This section details various procedural aspects related to the submission and revision of bids for the Offer, including specific time windows for different types of electronic and physical applications. It outlines rules regarding bid revisions, the handling of bid uploads on the closing date, and conditions for the processing of bids, such as the blocking of funds in ASBA accounts. Furthermore, it specifies rules for dealing with under-subscription, minimum subscription requirements, and the allocation methodology across different bidder categories like QIBs, Non-Institutional Bidders, and Retail Individual Bidders.
This section details various aspects of the public issue process, including bidder categories, payment terms, and the phased implementation of the Unified Payments Interface (UPI) mechanism. It outlines different lot structures for equity shares, specifies who is eligible to apply, and details the rules for allocating shares among different investor categories like QIBs, Mutual Funds, and Retail Individual Bidders. Furthermore, it covers various SEBI circulars and timelines related to the transition from traditional fund blocking to the UPI mechanism for applications.
This section details various procedural requirements and rules concerning the offering process, particularly focusing on the use of UPI for applications and the handling of different investor categories. It outlines conditions under which processing fees can be released, the mandatory use of UPI for certain applications, and the requirements for providing necessary identification details. Furthermore, it specifies rules regarding the submission of bid forms, the handling of different investor types like Anchor Investors, Mutual Funds, Eligible NRIs, HUFs, and FPIs, and compliance with foreign ownership regulations.
This section details various restrictions and requirements concerning participation in the offer based on the type of investor or entity bidding. It outlines rules for Foreign Portfolio Investors (FPIs), various investment funds like AIFs, VCFs, and Insurance companies, Limited Liability Partnerships (LLPs), banking companies, Systemically Important NBFCs, and others. Specific conditions are laid out regarding the documentation required for bids, investment limits prescribed by different regulations (like FEMA, SEBI regulations, and RBI directions), and procedures for handling multiple bids or allocations for Anchor Investors.
This section primarily outlines various instructions and prohibitions related to the bidding process, including rules for different types of bidders (like QIBs, Non-Institutional Bidders, and Retail Individual Investors), the submission of bid forms, and the handling of funds. It details requirements for ensuring correct details in bid forms, the use of various payment mechanisms, and procedures for revising or withdrawing bids. Specific attention is given to compliance with various regulatory notifications and the proper linking of investor details with depository records.
This section primarily outlines various procedural and compliance requirements for bidding and allotment processes, including restrictions on the number of bids, the use of different payment mechanisms like UPI, and the timing of bid submissions. It also details procedures for handling investor grievances, the responsibility of various parties in finalizing allotment, and undertakings by the company and selling shareholders regarding the offer process and utilization of funds.
This section primarily discusses the regulatory framework governing foreign investment in Indian securities, detailing the roles of the Industrial Policy, 1991, and FEMA. It outlines how foreign investment is permitted through automatic or approval routes, and mentions amendments that require prior government approval for certain investments based on the country of beneficial ownership. Furthermore, it addresses rules regarding the transfer of ownership and the treatment of multilateral banks and funds in investments.
This section primarily outlines the provisions related to the issuance, disposal, and maintenance of share capital and certificates. It details various aspects concerning the treatment of capital raised, the types of shares that can be issued (equity and preference), the power of the Board to dispose of shares, and procedures for increasing, dividing, or cancelling share capital. Furthermore, the text covers rules for the allotment of shares to the public, the process for issuing new certificates in place of damaged ones, and the general compliance requirements for share documentation.
This section details various provisions related to the Company's lien on shares and debentures, including the power to issue share equivalents, commission payments, and the Company's lien on such securities. It outlines the conditions under which the Company can sell shares, the rights of the registered holder, and the procedures for enforcing liens, including notice periods and the treatment of payments. Furthermore, the text covers the application of these lien provisions to debentures and the process for calling for and enforcing payments on unpaid amounts, including interest accrual and the consequences of non-payment, such as the forfeiture of shares.
This section primarily outlines the procedures for the transfer and transmission of shares and securities, including requirements for documentation, execution of transfer instruments, and the handling of various share forms. It details the Board's powers regarding the recognition of transfer instruments, the closing of transfer books, and the rules for dealing with transfers involving different classes of shares or situations like partly paid shares. Furthermore, the text covers provisions related to the title to shares of deceased members, restrictions on transferring shares to certain individuals, and the process for dealing with the dematerialization and re-materialization of securities under the Depositories Act, 1996.
This section primarily outlines the procedural aspects of General Meetings, including the holding of Annual and Extraordinary Meetings, the notice period required for convening such meetings, and the rules for transacting business. It details quorum requirements, the roles of the Chairman, procedures for adjournment, voting methods such as polls and postal ballots, and various provisions concerning the appointment, qualifications, and remuneration of Directors.
This section primarily details the rules regarding the retirement of Directors, the power to remove Directors, and various procedural aspects of the Board of Directors' meetings. It outlines rules for directors retiring by rotation, the power of the company to remove a Director, and provisions concerning directors appointed for companies promoted by the company. Furthermore, it covers the conduct of Board meetings, including notice requirements, participation via video conferencing, and how questions arising at meetings are decided. The text also discusses quorum requirements for Board meetings and the powers of Directors, including the delegation of powers to committees, the validity of acts done by the Board or committees, and provisions related to borrowing money and the appointment of nominee directors.
This section primarily details various provisions related to the company's governance, including the entitlement of directors and officers to charge and be paid for expenses, the appointment and removal of key managerial personnel, the custody of the common seal, and the declaration of dividends. It also outlines procedures for handling unpaid or unclaimed dividends, the apportionment of dividends, and the rules for transferring shares and serving legal notices to members.
This section primarily outlines various legal and procedural provisions related to the company's operations, including liability, insurance, secrecy, and the handling of material contracts and documents for inspection. It details provisions regarding director and officer indemnification, the application of company assets during winding up, and stipulations concerning the variation of prospectus terms. Furthermore, it lists numerous material contracts and documents, including various agreements, resolutions, and certificates, which were available for inspection during the offering period.
The provided section consists entirely of declarations from various directors and a Managing Director certifying compliance with various laws and regulations, including the Companies Act, 2013, and rules issued by the Government of India and the Securities and Exchange Board of India. These declarations affirm that no statement in the Prospectus is contrary to these laws.
The provided text is a declaration certifying compliance with various provisions of the Companies Act, 2013, and regulations issued by the Government of India and the Securities and Exchange Board of India (SEBI). It further asserts that no statement in the Prospectus contradicts these laws and that all statements made within the Prospectus are true and correct.
Key points (344, showing 60)
There are no outstanding criminal proceedings involving the Company, its Directors, Promoters, KMPs, SMPs, and Group Companies. p.350
There are no disciplinary actions (including penalties) imposed by SEBI or the Stock Exchanges against the Promoters in the last five financial years, including any outstanding action. p.350
A materiality policy was adopted by the Board to identify material outstanding litigation, which involves the Relevant Parties, excluding criminal proceedings and actions by regulatory or statutory authorities. p.350
A transaction exceeding the lower of two percent of turnover, two percent of net worth, or five percent of the average absolute value of profit or loss after tax will be considered material. p.350
Any transaction exceeding ₹138.09 Lakhs will be considered for the purpose of materiality. p.350
Material trade payables of the Company as on March 31, 2026 were ₹3,699.50 Lakhs. p.350
Creditors of the Company to whom amounts are owed exceeding 5% of the outstanding due to creditors (trade payables) would be considered material creditors. p.350
Direct Tax proceedings involving the Promoters have an aggregate amount of ₹224.02 Lakhs. p.354
Outstanding dues to material creditors amounted to ₹3,699.49 Lakhs as on the date of the latest period in the Restated Financial Statements. p.355
Total outstanding dues owed to micro, small and medium enterprises (as defined under Section 2 of the Micro, Small and Medium Enterprises Development Act, 2006) amounted to ₹2,637.01 Lakhs. p.355
Total outstanding dues owed to other creditors amounted to ₹3,563.82 Lakhs. p.355
The company is in the process to submit necessary applications with regulatory authorities for the change of its name in the approvals, licenses, registrations and permits. p.356
The Board of Directors authorized the Issue pursuant to a resolution passed at its meeting held on March 6, 2025. p.356
The shareholders of the Company authorized the Issue under Section 62 of the Companies Act, 2013 pursuant to a special resolution passed in the shareholders meeting held on March 19, 2025. p.356
The Company obtained the in-principle listing approval from NSE and BSE, each dated June 30, 2025. p.356
Our Company was originally incorporated as a private limited company in the name of ‘Swastika Infra Private Limited’ vide Certificate of Incorporation dated August 6, 2019. p.357
A Permanent Account Number (PAN) was issued by the Income Tax Department on August 06, 2019. p.357
A Tax Deduction Account Number (TAN) was issued by the Income Tax Department on February 07, 2025. p.357
GST Registration was issued by the Goods and Services Tax Department on August 22. p.357
A Certificate was issued by the Rajasthan Services Tax Department with a cancellation date of 2019. p.357
A Professional Tax Enrolment Certificate was issued by the Gujarat State Tax Department. p.357
An Employee’s Provident Fund Code Certificate was issued by the Ministry of Labour and Employment on January 03, 2025. p.358
An Employees’ State Insurance Corporation Certificate was issued by the Employees’ State Insurance Corporation on March 31, 2017. p.358
A UDYAM Registration Certificate was issued by the Ministry of Micro, Small and Medium Enterprises, Government of India on August 31, 2020. p.358
A Registration under Shops and Establishment Certificate was issued by the Labour Department, Government of West Bengal on March 15, 2025. p.358
A Registration under Shops and Establishment Certificate was issued by the Labour Department, Government of Rajasthan on January 13, 2026. p.358
A Shops and Establishment Registration Certificate was issued by the Government of Himachal Pradesh on December 22, 2025. p.359
A Trade License was issued by the Department of Urban Development and Municipal Affairs, West Bengal on April 05, 2024. p.359
An Electrical Contractor License was issued by the Electrical Inspectorate Department, Rajasthan on May 19, 2025. p.359
A Permit to work as Supervisor was issued by the Electrical Inspectorate Department, Rajasthan on January 23, 2014. p.359
A Permit to work as Supervisor was issued by the Electrical Inspectorate Department, Rajasthan on May 14, 2025. p.359
A permit for a Supervisor in Goa was issued by the GSC-3014 Licensing Board, Government of Goa, with an issue date of February 01, 2023 and an expiry date of December 31, 2026. p.360
A permit for a Wireman in Goa was issued by the GWP-716 Licensing Board, Government of Goa, with an issue date of February 11, 2020 and an expiry date of December 31, 2026. p.360
A Labour License under section 12(1) of the Contract Labour (Regulation and Abolition) Act, 1970 was issued for Siliguri, West Bengal, with an expiry date of June 25, 2027. p.360
A Labour License under section 12(1) of the Contract Labour (Regulation and Abolition) Act, 1970 was issued for Bikaner, Rajasthan, with an expiry date of December 31, 2026. p.360
An application under the Labour License under section 12(1) of the Contract Labour (Regulation and Abolition) Act, 1970 for Goa was applied for on March 07, 2025. p.361
An application under the Labour License under section 12(1) of the Contract Labour (Regulation and Abolition) Act, 1970 for Gujarat was applied for on August 27, 2026. p.361
The company does not have a registered trademark with the Registrar of Trademarks under the Trademarks Act, 1999, except as stated below. p.361
A pending intellectual property related approval was applied for on March 21, 2025. p.361
Parnami Incense Private Limited was incorporated on July 06, 1988, under the Companies Act, 1956, with a corporate identity number of U28920RJ1988PTC004538. p.362
No pending litigation was found concerning the Group Companies that would have a material impact on the Company. p.363
No other related party transactions have been entered into between the Group Companies and the Company except as disclosed on page 309. p.363
The Board of Directors approved the Draft Red Herring Prospectus for filing with SEBI and the Stock Exchanges on March 30, 2025. p.364
Selling Shareholders confirmed the transfer of Equity Shares aggregating to ₹ 505.98 Lakhs for Vinay Gupta. p.364
Selling Shareholders confirmed the transfer of Equity Shares aggregating to ₹606.80 Lakhs for Biren Parnami. p.364
Selling Shareholders confirmed the transfer of Equity Shares aggregating to ₹606.80 Lakhs for Manoj Modi. p.364
Selling Shareholders confirmed the transfer of Equity Shares aggregating to ₹505.98 Lakhs for Ishaan Bhartia. p.364
The Company received in-principle approvals from the BSE and NSE for the listing of its Equity Shares. p.364
The Company, directors, promoters, members of the Promoter Group, persons in control, and selling shareholders are not prohibited/debarred from accessing the capital markets or dealing in securities under any order passed by SEBI or other securities market regulators. p.365
There are no outstanding violations of securities laws committed by the company or others in the past. p.365
No outstanding actions have been initiated by SEBI against the directors in the past five years preceding the prospectus date. p.365
No outstanding warrants, options, or rights to convert debentures, loans, or other instruments that would entitle any person to receive Equity Shares exist as of the prospectus date. p.365
Promoters or Directors have not been declared as Fugitive Economic Offenders. p.365
The Company, its Directors, and Promoters/Promoter Group have not been declared as 'Fraudulent Borrowers' by lending banks or financial institutions according to the Master Directions on Frauds. p.365
Selling Shareholders have confirmed they have not been prohibited from accessing the capital market or debarred from buying, selling, or dealing in securities by any order from SEBI or any securities market regulator. p.365
There have been no regulatory actions initiated against the Selling Shareholders by SEBI, RBI, or any overseas regulator. p.365
The Company, Promoters, member of the Promoter Group, and Selling Shareholders confirm compliance with the Companies (Significant Beneficial Owners) Rules, 2018. p.365
The Company is eligible for the Offer in accordance with Regulation 6(1) of the SEBI ICDR Regulations. p.365
The Company has had net tangible assets of at least ₹300.00 Lakhs calculated on a restated basis in each of the preceding three full years (12 months each). p.365
The Company has had an average operating profit of at least ₹1,500.00 Lakhs calculated on a restated basis during the preceding three years (12 months each), with operating profit in each of these preceding three years. p.365
Who runs and controls the company
Promoters
The people or entities controlling the company, and what else they own.
The section details the shareholding structure of the company, including the breakdown of shares held by Promoters, the Promoter Group, and various other shareholders. It specifies that certain promoters are legally bound by lock-in periods regarding the equity shares issued. Furthermore, the document confirms that no equity shares held by the Promoters are pledged, and it outlines various compliance and transaction restrictions related to the issuance of equity shares.
Key points (8)
Babulal Gupta holds 2.73% of the pre-Offer equity shares. p.109
Biren Parnami holds 14.57% of the pre-Offer equity shares. p.109
Manoj Modi holds 14.57% of the pre-Offer equity shares. p.109
The Promoter Group has no shareholders listed. p.109
Ishaan Bhartia holds 7.29% of the pre-Issue equity shares. p.109
The Promoters are subject to a lock-in period of eighteen (18) months for equity shares pursuant to the Issue. p.111
Equity Shares held by Promoters are not pledged as of the date of the Prospectus. p.112
A lock-in of 90 days is imposed on 50% of the Equity Shares Allotted to the Anchor Investors from the date of Allotment. p.112
Management & board
Directors and senior management: who they are, their background and pay.
The management section details the various stages of project engagement, starting from identifying potential tenders through a dual evaluation of financial and technical criteria. This process involves careful review of project scope, budget, payment terms, and compliance with regulatory standards. Post-bidding, the process includes awarding tenders, detailed site surveys, execution planning, procurement of materials, and subsequent billing against supply and execution milestones. The section also covers project completion, including commissioning, final surveys, and defect liability periods. Furthermore, it outlines the structure of the engineering, design, procurement, and project management teams, along with various operational aspects such as utilities, competition, and insurance coverage.
This section details various aspects of the company's operations, including the location and terms of short-term leave and license arrangements for temporary offices, guesthouses, and storage facilities across several Indian states. It also covers the investment in software and technological tools for operational and project management functions. Furthermore, the company has adopted a Corporate Social Responsibility (CSR) policy, committing to spend a percentage of net profits on community development activities as required by law.
The provided text outlines various legal and regulatory frameworks applicable to the company, covering aspects such as labour laws, IT regulations, and contract law. It details the consolidation of labour laws under the Occupational Safety, Health and Working Conditions (OSH) Code, 2020, which aims to create a unified structure for social security. Furthermore, it discusses liabilities under the Information Technology Act, 2000, and the provisions of the Digital Personal Data Protection Act, 2023, particularly concerning data fiduciaries and the appointment of data protection officers and independent data auditors. Finally, the text lists several SEBI regulations that govern public issues, listing obligations, securitisation transactions, and prohibitions against fraudulent practices in the securities market.
Key points (23)
The company conducts a dual evaluation process to ensure financial feasibility by reviewing costs for materials, labor, logistics, and other associated expenses. p.222
The technical evaluation assesses project compliance with core capabilities, including the availability of required infrastructure, expertise, and equipment, paying special attention to regulatory and safety standards. p.222
The company may form joint ventures with other qualified contractors if certain evaluation criteria cannot be met independently. p.222
Upon award, the company is issued a formal Letter of Intent (LoI) outlining the project scope, terms, conditions, and contractual obligations. p.223
A comprehensive site survey is conducted after tender award to gather data for detailed planning and execution, including assessing infrastructure integration and environmental conditions. p.223
The procurement process involves securing necessary materials like transformers, cables, and ring main unit, and coordinating the mobilization of labor, engineers, and machinery. p.223
Billing is structured around two components: supply of raw materials and execution milestones, with progress billing tied to project phases and contractual timelines. p.223
After project completion, a 100% stock and site verification by third-party professionals is conducted before the submission of the final bill. p.224
A defect liability period, typically lasting 12 months, is established after project completion, during which the contractor is responsible for rectifying defects. p.224
The engineering and design team consists of Sixty Five (65) engineers & technicians and designers who operate from the Registered office in Jaipur, Rajasthan, India. p.225
The company is ISO 9001:2015 accredited for quality and ISO 14001:2015 certified for Environmental Management Systems and ISO 45001:2018 certified for Occupational Health and Safety Management Systems. p.226
The company maintains insurance policies that may not adequately protect against all material hazards, as noted in risk factors. p.226
The company maintains temporary offices, guesthouses, and storage facilities in Rajasthan, Himachal Pradesh, West Bengal, Gujarat, Goa, and Haryana. p.228
The company has invested in software and technological tools, including Microsoft Planning Software, to support its operational and project management functions for planning, tracking, and assigning tasks. p.228
The company has adopted a Corporate Social Responsibility (CSR) policy, requiring spending of 2% of average net profits on CSR activities as per applicable laws. p.228
The company incurred ₹43.51 Lakhs in Fiscal 2026, ₹26.51 Lakhs in Fiscal 2025, and ₹11.00 Lakhs in Fiscal 2024 for CSR activities. p.228
The Occupational Safety, Health and Working Conditions (OSH) Code, 2020 consolidates and replaces 13 central labour laws. p.232
The OSH Code aims to simplify compliance for employers by introducing a single registration and license system. p.232
The IT Act creates liability on a body corporate negligent in implementing security practices for handling sensitive personal data. p.232
The Digital Personal Data Protection Act, 2023 defines significant data fiduciaries who must appoint a data protection officer and an independent data auditor. p.233
The Data Protection Board of India (DPB) is established to monitor compliance, impose penalties, direct data fiduciaries regarding data breaches, and hear grievances. p.233
SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 govern the public issue, private placement, and listing of non-convertible securities. p.233
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 set out continuous disclosure obligations and corporate governance norms for listed entities. p.233
Updates since the first filing
Addenda, corrigenda and the abridged prospectus, newest first.
This section details various aspects of the public offering, including the type of issue, the size of the offer, and the process involved. It specifies that the offer is being made through the Book Building Process in accordance with SEBI ICDR Regulations. Furthermore, it outlines the details of the offer for sale by various promoter and other selling shareholders, including the number of equity shares they are authorized to sell and the weighted average cost of acquisition per share. The section also discusses risks related to the first public issue, such as the lack of a formal market for the equity shares.
The section discusses several aspects related to the company's financial structure, shareholding, and legal/regulatory matters. It mentions that the amount utilized for incremental working capital requirements has been reduced, with further details available in the 'Objects of the Offer' section. The text also details the pre-issue and post-issue shareholding of promoters, members of the Promoter Group, and top 10 shareholders, presenting a table with pre-issue and post-issue shareholding data across different price bands. Furthermore, it summarizes restated financial information for fiscal years 2026, 2025, and 2024, including metrics like Net Worth, Revenue, EBITDA, and Profit After Tax. The document also lists various risk factors concerning government policies, order book execution, related party transactions, credit ratings, and implementation risks for ongoing projects. Finally, it provides a summary table of outstanding litigation proceedings involving the company, its directors, and Key Managerial Personnel.
This section clarifies the regulatory status of the equity shares being offered. It states that the shares have not been registered under the U.S. Securities Act or any state securities laws in the United States, and consequently, they may not be offered or sold within the United States unless an exemption applies. The offering and sale of these equity shares are conducted outside the United States through 'offshore transactions,' relying on Regulation S of the U.S. Securities Act and the laws of the jurisdictions where the offers and sales occur. Furthermore, the shares are not registered, listed, or qualified in any other jurisdiction outside of India, and offers may be restricted based on the laws of those jurisdictions.
Key points (16)
The offer is being made through the Book Building Process in accordance with Regulation 6(1) of the SEBI ICDR Regulations. p.1
The Offer comprises a Fresh Issue of up to [●] Equity Shares of face value of ₹10 each, aggregating up to ₹12,900.00 Lakhs by the Company and an Offer for Sale of up to 17,50,000 Equity Shares of face value of ₹10 each aggregating up to [●] Lakhs by Selling Shareholders. p.1
The Floor Price, Cap Price and Offer Price should not be considered as indicative of the market price of the Equity Shares after listing due to the absence of a formal market. p.1
The Company undertook a private placement of 24,24,242 Equity Shares of face value ₹10 each to 78 allottees at a price of ₹165 per Equity Share, aggregating to ₹4,000.00 lakhs (“Pre-IPO Placement”). p.1
The amount raised pursuant to the Pre-IPO Placement has been reduced from the Fresh Issue, and the revised Fresh Issue size aggregates up to ₹12,900.00 lakhs. p.1
The Equity Shares are proposed to be listed on BSE Limited and the National Stock Exchange of India Limited (NSE); BSE Limited is the Designated Stock Exchange. p.2
The amount utilized towards the funding of incremental working capital requirements has been reduced to that extent. p.6
Restated financial information is provided for fiscal years 2026, 2025, and 2024, covering metrics such as Share Capital, Net Worth, Revenue, EBITDA, and Profit After Tax. p.6
Key risk factors include the potential for adverse changes in government policies to affect contracts, the impact of delays on large-scale projects, and risks related to credit ratings. p.7
A summary table of outstanding litigation proceedings involving the company, its directors, and Key Managerial Personnel is provided. p.10
The Equity Shares have not been and will not be registered under the U.S. Securities Act or any state securities laws in the United States. p.11
The Equity Shares may not be offered or sold within the United States unless an exemption applies or the transaction is not subject to U.S. registration requirements. p.11
Equity Shares have not been and will not be registered, listed, or otherwise qualified in any other jurisdiction outside India. p.11
Bids may not be made by persons in other jurisdictions unless compliance with the applicable laws of such jurisdiction is ensured. p.11
Bidders must ensure that any bid does not exceed investment limits or the maximum number of Equity Shares they can hold under applicable law. p.11
Bidders must agree in the Allotment Advice that they will not sell or transfer Equity Shares or any economic interest therein, including off-shore derivative instruments, other than in accordance with applicable laws. p.11
An earlier full draft. The main analysis above reflects the latest version; open the document to compare.
Swastika Infra Ltd. IPO: common questions
Short answers drawn from the filings above.
How big is the Swastika Infra Ltd. IPO?
Swastika Infra Ltd.'s IPO comprises a fresh issue of ₹129 Cr and an offer for sale of ₹32 Cr, according to its Prospectus. The price band was ₹175.00 to ₹185.00 per share and the final offer price was ₹185.00 per share.
What are Swastika Infra Ltd.'s revenue and profit?
Swastika Infra Ltd. reported revenue from operations of ₹504 Cr in FY26, +43.6% versus FY25. Net profit was ₹41 Cr (FY25: ₹27 Cr). Revenue grew at a compound rate of 55.0% a year from FY24 to FY26. Figures are read from the Prospectus, as printed there.
How much do promoters own in Swastika Infra Ltd.?
Promoters hold 25.1% of Swastika Infra Ltd. before the IPO.
How will Swastika Infra Ltd. use the IPO money?
The fresh-issue proceeds are earmarked for: Funding incremental working capital requirements of our Company (₹90 Cr); General corporate purposes (₹19 Cr). The offer-for-sale portion goes to the selling shareholders, not the company.
What are the red flags in Swastika Infra Ltd.'s Prospectus?
We fact-checked 69 claims from the filing against the open web: 0 raised a high concern, 1 medium and 1 low. The most notable: The search results confirm the existence of an entity named A K Das Associates Limited, but they do not provide any direct corroboration or contradiction… This is an automated screen, not a verdict; each finding links to its sources.
What does Swastika Infra Ltd. do?
Here's what you need to know before investing in Swastika Infra Ltd.'s IPO.
Who manages the Swastika Infra Ltd. IPO?
Book running lead managers: SRUJAN ALPHA CAPITAL ADVISORS LLP. Registrar to the offer: MUFG INTIME INDIA PRIVATE LIMITED. Shares are proposed to list on BSE and NSE.
Where can I read the original Swastika Infra Ltd. IPO documents?
All 3 filings for Swastika Infra Ltd. (Addendum, RHP, Prospectus) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document.
Source documents
Every page reference on this site links to the original SEBI PDF.
