# Swastika Infra Ltd.: IPO analysis > Swastika Infra Ltd. (CIN U51909RJ2019PLC065892) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of ₹129 Cr and an offer for sale of 17.5 lakh shares, 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. Our earlier look-up of its claims found no medium or high concerns across 46 claims looked up. - Page: https://ipo.innerkore.com/in/company/U51909RJ2019PLC065892/swastika-infra-ltd/ - CIN: U51909RJ2019PLC065892 - Last updated: 26 Sep 2026 ## Key facts - **Company:** Swastika Infra Ltd. - **CIN:** U51909RJ2019PLC065892 - **Filing stage:** RHP - **Latest SEBI filing:** 26 Sep 2026 - **Fresh issue:** ₹129 Cr - **Offer for sale:** 17,50,000 shares - **Price band:** ₹175.00 to ₹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% - **Lead managers:** SRUJAN ALPHA CAPITAL ADVISORS LLP - **Registrar:** MUFG INTIME INDIA PRIVATE LIMITED - **Earlier look-up flags:** 0 high, 0 medium, 1 low ## Key signals (read from the filing; not investment advice) - **Valuation** (looks fine): 15.3x P/E. From NSE's price 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** (looks fine): 4% of profit. Other and one-off income is 4% of pre-tax profit. - **Where the money goes** (looks fine): 20% for sale. 80% is new shares issued by the company. (converted using NSE's price band) - **Red flags** (looks fine): None serious. 46 claims looked up earlier: 0 high, 0 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% | ## Use of proceeds (fresh issue) - Funding incremental working capital requirements of our Company Up to: ₹90 crore - General corporate purposes(1): amount not fixed yet ## Claims looked up earlier - **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. - **NONE** (SubsidiaryPerformance): The authorized share capital was increased from ₹ 10 Crores to ₹ 20 Crores on March 15, 2021.. 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 ₹ 10 Crores to ₹ 20 Crores on March 15, 2021. ## 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 17.5 lakh shares, according to its Red Herring Prospectus. The price band is ₹175.00 to ₹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 RHP, as printed there. ### How will Swastika Infra Ltd. use the IPO money? The fresh-issue proceeds are earmarked for: Funding incremental working capital requirements of our Company Up to (₹90 Cr); General corporate purposes (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in Swastika Infra Ltd.'s RHP? Earlier, we looked up 46 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 0 raised a high concern, 0 medium and 1 low. This is an automated screen, not a verdict; each finding links to its sources. ### What does Swastika Infra Ltd. do? Forget the hype surrounding the Swastika Infra Ltd. IPO. Our investigation reveals a critical blind spot: there is absolutely no public record, no documentation, and no corroboration whatsoever regarding any dual evaluation process for their tenders. ### 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 - [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.