Swastika Infra IPO

Established EPC Execution Track Record: The company has completed 36 EPC power projects across six Indian states, demonstrating experience in executing power transmission and distribution infrastructure projects.

Strong Order Book: Swastika Infra had 18 ongoing EPC power projects with an aggregate order value of Rs. 2,036.65 crore as of July 31, 2026. This provides a base of contracted work for future project execution.

Government Utility Client Base: The company has executed projects for multiple government power utilities across different states. This experience gives it exposure to large-scale public infrastructure projects and established institutional clients.

Asset-Light Operating Model: The company follows an asset-light approach by using third-party contractors for erection activities while maintaining centralized control over procurement and project management. This structure can help it manage resources across projects.

Improving Financial Performance: Between FY2025 and FY2026, total income increased from Rs. 352.60 crore to Rs. 505.57 crore, while PAT increased from Rs. 27.45 crore to Rs. 41.43 crore.

Dependence on Project Execution: The company's revenue generation depends significantly on its ability to execute EPC contracts within specified timelines, costs and technical requirements. Delays or execution issues could affect financial performance.

Working Capital Requirements: EPC projects generally require significant working capital for procurement, project execution and other operational requirements. The company is allocating Rs. 90 crore of IPO proceeds towards incremental working capital requirements, highlighting the importance of working capital in its operations.

Dependence on Infrastructure Spending: A substantial part of the company's business is connected with power infrastructure projects and government utilities. Changes in infrastructure spending, project awards or government-related execution programs could affect the availability of new contracts.

Third-Party Contractor Dependence: The company's asset-light model involves assigning erection activities to third-party contractors. Any delays, quality issues or performance problems from these contractors could affect project execution.

Government and Utility Project Exposure: The company has significant exposure to government utilities and infrastructure projects. Changes in tendering procedures, project approvals, payment cycles or regulatory requirements may affect operations and cash flows.