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Swastika Infra IPO Review

Swastika Infra IPO has been reviewed by 10 analysts, and the overall consensus is May Apply — carrying a score of 55. Out of the 10 analysts who have covered this IPO, 5 recommend subscribing while 5 advise caution or avoidance — reflecting a mixed view from the analyst community.

The issue is priced in the band of ₹175-185 per share, with a minimum application size of 81 shares (minimum investment of approximately ₹14,985 at the upper band). Subscription ran from 23 Sep 2026 to 25 Sep 2026. The issue size is ₹161 crore, a mix of fresh issue and offer for sale. As of now, the grey market premium (GMP) for Swastika Infra IPO is quoting at ₹7 (3.78%), which gives a preliminary sense of how the street is pricing the listing — though GMP is unofficial and can swing sharply before the listing date. Scroll down for the full analyst breakdown and analyst-wise verdicts.

Abhishek Vohera, Founder of IPO Guru Researched & reviewed by Abhishek Vohera, Founder, IPO Guru Last updated Figures sourced from the RHP, BSE & NSE

Analyst verdict & score

One score out of 100, aggregated from every analyst verdict tracked for this issue. How it's calculated

Sentiment score
55/ 100
May Apply 5 of 10 recommend subscribing
How analysts voted
Apply 5
Neutral 3
Avoid 2

Higher consensus indicates broader analyst agreement.

Detailed review

What the analyst reports say, grouped by the question you're likely asking.

General review

The company is a power distribution EPC contractor with about fifteen years in the business, 36 completed projects and 18 under execution across six states, having laid 18,579 km of distribution lines. The notes put FY26 revenue at about ₹506 crore. Of eight approved notes, three said subscribe, three stayed neutral and two said avoid.

Listing gains

At the upper band of ₹185 the notes value the issue between about 11.1 and 15.2 times FY26 earnings, the spread reflecting pre- versus post-issue equity, with EV/EBITDA of 8.2 to 10.2 times on a market cap near ₹631 crore. Peers cited trade at roughly 10 to 16 times. With the notes split three ways, they point to a moderate listing.

Short-term strategy

Proceeds go to working capital and general corporate purposes. The notes report an order book of ₹916.55 crore as of July 2026, with the top two projects making up 41.83 percent. Against that they flag negative operating cash flow in each of FY24, FY25 and FY26, about ₹77 crore in FY25 alone. One neutral note prefers to track a few quarters after listing.

Long-term strategy

The notes credit a fifteen-year execution record with state utilities, many projects funded by the World Bank or backed by the Ministry of Power. Against that sits near-total government dependence: about 97 percent of FY26 revenue from government utilities and the top five clients, and the whole order book. Both avoid ratings rest on this concentration, weak cash flow and a thin margin of safety.

How this is written: an AI-assisted summary of the 10 analyst reports listed below. It reports their views; IPO Guru does not make buy or sell recommendations.

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Analyst reviews

Ordered by each analyst's track record over the past year; analysts still building one are listed last.

Latest IPO reviews

How analysts rated the most recent mainboard issues — and, where they have listed, how the call played out.

Frequently asked

Should I apply for Swastika Infra IPO?

The analyst consensus for Swastika Infra IPO tracked on this page is May Apply, with a score of 55/100. Out of 10 analysts who have reviewed this IPO, 5 recommend subscribing. IPO Guru does not make buy or sell recommendations. Read the individual analyst reports and consult a SEBI-registered advisor before investing.

What does the score of 55 mean for Swastika Infra IPO?

The score of 55 is an aggregate of all analyst ratings tracked for Swastika Infra IPO. A score in this range reflects mixed views — some analysts are positive while others are cautious. Read the individual analyst verdicts above for more context.

What was the actual listing price of Swastika Infra IPO?

Swastika Infra IPO listed on September 30, 2026 at ₹200, against the issue price of ₹185 — a gain of +8.11% (₹15 per share). View the full GMP history page for day-wise pre-listing trends.

What is the price band and lot size of Swastika Infra IPO?

Swastika Infra IPO was priced at ₹175-185 per share. The minimum lot size is 81 shares, making the minimum investment approximately ₹14,985 at the upper end of the price band. Subscription ran from 23 Sep 2026 to 25 Sep 2026.

Explore Swastika Infra IPO further

Analyst views are one input. Read them alongside the demand, the grey market and the filings before you decide.

Swastika Infra IPO review

A verdict is an opinion, not a guarantee.

IPO Guru collects analyst views, GMP, subscription and allotment for every Mainboard and SME issue. Weigh them together — and against the offer document — before you apply.

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Disclaimer: Grey Market Premium (GMP) is for information purposes and is not a guarantee of listing price. Always consult your financial advisor before investing.

Consensus
May Apply
Score
55 / 100
Listed at
₹200
Full IPO details
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