Swastika Infra IPO opens today: GMP signals 5% listing gain, check key details

Swastika Infra IPO opens for subscription today, September 23, 2026, and will remain open for bidding until September 25. In the grey market, the IPO is currently commanding a premium of around 5%, indicating a positive but modest potential listing gain based on the prevailing GMP.

The Rs 160.88 crore public issue is a combination of a fresh issue of 69.46 lakh shares aggregating to Rs 128.50 crore and an offer for sale (OFS) of 17.50 lakh shares worth Rs 32.38 crore.

The IPO opens on September 23 and closes on September 25, 2026. The basis of allotment is expected to be finalised on September 28, while the shares are tentatively scheduled to list on both the NSE and BSE on September 30, 2026.


The company has fixed the IPO price band at Rs 175–Rs 185 per share. The lot size is 81 shares, meaning retail investors need to invest a minimum of Rs 14,985, based on the upper end of the price band.

Srujan Alpha Capital Advisors LLP and PhillipCapital India Pvt. Ltd. are the book-running lead managers for the issue, while Link Intime India Pvt. Ltd. is the registrar.

Read more: NSE IPO Tracker: Catch all the highlights here

IPO Objects of the Issue

Swastika Infra plans to utilise Rs 90 crore of the net IPO proceeds towards funding its incremental working capital requirements. The company intends to use the remaining proceeds, if any, towards general corporate purposes.

Swastika Infra IPO GMP

Swastika Infra IPO is currently commanding a GMP of Rs 9.50, or 5%, over the upper price band of Rs 185 per share. Based on the prevailing GMP, the estimated listing price is around Rs 194.50 per share.

Swastika Infra Financial Performance

Swastika Infra Ltd. reported a strong improvement in its financial performance in FY26. The company’s total income increased 43% to Rs 506 crore in FY26 from Rs 353 crore in FY25.

Profit after tax (PAT) rose 52% to Rs 41 crore in FY26 from Rs 27 crore in FY25. The growth reflects an improvement in both the company’s revenue and profitability during the year.

Read more: Elevate Campuses IPO opens today: Check GMP, GMP trend and other key details

About Swastika Infra Ltd.

Incorporated in August 2019, Swastika Infra Limited is an engineering, procurement and construction (EPC) company focused on power transmission and distribution (T&D) infrastructure projects. The company provides turnkey EPC solutions covering the supply, erection, installation, testing and commissioning of power infrastructure.

Its areas of work include underground cabling, construction of Gas Insulated Substations (GIS), Air Insulated Substations (AIS) and grid substations, rural and urban electrification, street lighting and renewable energy projects. Its projects also involve the installation of power transformers, circuit breakers, ring main units and other electrical infrastructure used in power distribution.

As of July 31, 2026, Swastika Infra had completed 36 EPC power projects across six Indian states, covering 18,579.47 km of distribution lines, with an aggregate contract value of Rs 7,646.7 crore. The company’s order book comprised 18 ongoing EPC power projects across six states, with an aggregate order value of Rs 20,366.5 crore. As of July 31, 2026, the company had 182 full-time employees, including 65 engineers and technicians and 52 project execution supervisors and other personnel.

Disclaimer: The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here