# Swastika Infra Ltd.: IPO analysis > 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. - Page: https://ipo.innerkore.com/company/U51909RJ2019PLC065892/swastika-infra-ltd/ - CIN: U51909RJ2019PLC065892 - Last updated: 26 Sep 2026 ## Key facts - **Company:** Swastika Infra Ltd. - **CIN:** U51909RJ2019PLC065892 - **Filing stage:** Prospectus - **Latest SEBI filing:** 26 Sep 2026 - **Fresh issue:** ₹129 Cr - **Offer for sale:** ₹32 Cr - **Price band:** ₹175.00 to ₹185.00 per share - **Final offer price:** ₹185.00 per share - **Bidding opens:** 23 Sep 2026 - **Bidding closes:** 25 Sep 2026 - **Listing on:** BSE, NSE - **Revenue FY26:** ₹504 Cr - **Revenue growth:** +43.6% - **Net profit FY26:** ₹41 Cr - **Revenue CAGR FY24 to FY26:** 55.0% - **Promoter holding (pre-IPO):** 25.1% - **Lead managers:** SRUJAN ALPHA CAPITAL ADVISORS LLP - **Registrar:** Link Intime India Private Limited - **Fact-check flags:** 0 high, 1 medium, 1 low ## Key signals (read from the filing; not investment advice) - **Valuation** (looks fine): 15.2x P/E. At the top of the band, on FY26 profit; 4x book value. - **Growth** (looks fine): 55% a year. Sales FY24 to FY26; latest year +43.6%. - **Profitability** (look closer): 8.2% net margin. FY26; operating margin improving. - **Debt** (look closer): 0.73x equity. ₹115 crore borrowed at the end of FY26. - **Profit into cash** (concern): 23% of profit. Operations brought in ₹9.7 crore against ₹41.4 crore of profit in FY26. - **One-off income** (look closer): 4% of profit. Other and one-off income is 4% of pre-tax profit; management describes 1 one-off item. - **Where the money goes** (looks fine): 20% for sale. 80% is new shares issued by the company. - **Red flags** (look closer): 1 to review. 69 claims checked: 0 high, 1 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 210 | 351 | 504 | | Sales growth | – | 67.4% | 43.6% | | Operating profit | 24 | 44 | 71 | | Operating margin | 11.3% | 12.5% | 14.1% | | Net profit | 14 | 27 | 41 | | Net margin | 6.7% | 7.8% | 8.2% | | Net worth | 50 | 77 | 157 | | Borrowings | 44 | 111 | 115 | | Return on equity | 28.2% | 35.6% | 26.4% | ## Non-recurring items (as described by management) - Increase in Sundry Balance written off from ₹ 10.08 Lakhs in Fiscal 2024 to ₹35.39 Lakhs in Fiscal 2025. (p.333) ## Use of proceeds (fresh issue) - Funding incremental working capital requirements of our Company(2)(3)(4): ₹90 crore - General corporate purposes(1): ₹19 crore ## Fact-checked claims - **MEDIUM** (SubsidiaryPerformance): 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. - **LOW** (LitigationStatus): The Equity Shares offered will be subject to various laws and regulations including the Companies Act, 2013, SEBI ICDR Regulations, SCRA, SCRR, Memorandum of Association, Articles of Association, SEBI Listing Regulations, and others.. The search results confirm the existence of filings and IPO-related information for Swastika Infra Limited, including prospectuses and bid details, which implies that the equity shares are subject to various regulatory laws. However, the results do not explicitly list or detail the specific laws mentioned in the claim. - **NONE** (PromoterBackground): The company conducts a dual evaluation process for tenders, reviewing financial aspects like costs and payment terms, alongside technical aspects concerning project compliance and required infrastructure.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim about the company's dual evaluation process for tenders. - **NONE** (PromoterBackground): Ishaan Bhartia holds 7.29% of the shareholding.. No current web search results were found to corroborate, contradict, or provide any information regarding Ishaan Bhartia's shareholding in Swastika Infra Ltd. - **NONE** (PromoterBackground): The Promoter Group has no shareholding.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that the Promoter Group has no shareholding in Swastika Infra Ltd. - **NONE** (PromoterBackground): The total shareholding of Promoters amounts to 91.08% of the total.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that the total shareholding of Promoters amounts to 91.08% of the total. - **NONE** (PromoterBackground): Manoj Modi holds 14.57% of the pre-Offer Equity Share capital.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Manoj Modi holds 14.57% of the pre-Offer Equity Share capital of Swastika Infra Ltd. - **NONE** (PromoterBackground): Biren Parnami holds 14.57% of the pre-Offer Equity Share capital.. No web search results were found to corroborate, contradict, or provide any information regarding the claim that Biren Parnami holds 14.57% of the pre-Offer Equity Share capital of Swastika Infra Ltd. - **NONE** (PromoterBackground): Ruchira Gupta holds 18.77% of the pre-Offer Equity Share capital.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Ruchira Gupta holds 18.77% of the pre-Offer Equity Share capital in Swastika Infra Ltd. - **NONE** (PromoterBackground): Vinay Gupta holds 25.86% of the pre-Offer Equity Share capital.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Vinay Gupta holds 25.86% of the pre-Offer Equity Share capital in Swastika Infra Ltd. - **NONE** (PromoterBackground): Babulal Gupta holds 2.73% of the pre-Offer Equity Share capital.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Babulal Gupta holds 2.73% of the pre-Offer Equity Share capital in Swastika Infra Ltd. - **NONE** (SubsidiaryPerformance): The authorized share capital was increased from ₹ 20 Crores to ₹ 25 Crores on September 28, 2022.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that the authorized share capital of Swastika Infra Ltd. was increased from ₹ 20 Crores to ₹ 25 Crores on September 28, 2022. ## Common questions ### 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: Link 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 - [Swastika Infra Limited - Prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1790657983831.pdf) (Prospectus, filed 26 Sep 2026) - [Swastika Infra Ltd. - RHP](https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/Swastika%20Infra%20Ltd%20-%20AP_p.pdf) (Addendum, filed 17 Sep 2026) - [Swastika Infra Ltd. - RHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1789707439481.pdf) (Red Herring Prospectus, filed 17 Sep 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.