Giriraj Civil Developers Ltd. Share Price

Swastika Infra

• Swastika Infra is coming out with a 100% book building; initial public offering (IPO) of 90,92,857 shares of face value Rs 10 each in a price band Rs 175-185 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on September 23, 2026 and will close on September 25, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 10 and is priced 17.50 times of its face value on the lower side and 18.50 on the higher side.
• Book running lead managers to the issue are Srujan Alpha Capital Advisors and PhillipCapital (India).
• Compliance officer for the issue is Shipra Gandhi.

Profile of the company

Swastika Infra is an engineering, procurement and construction company, specializing in execution of power T&D infrastructure projects (EPC Power Projects). The company’s scope of services in EPC Power Projects covers a comprehensive range of activities, ensuring execution from procurement to commissioning. It provides complete solutions on a turnkey basis, including the supply, erection, installation, testing, and commissioning of power infrastructure. 

The company’s scope of work extends to (i) underground cabling work, where it handles the laying, installation, and commissioning of high-voltage/low-voltage power cables to enhance efficiency and reduce power losses; (ii) construction of substations (Gas Insulated Substations /Air Insulated Substations/Grid Sub Station), ensuring seamless power distribution through installation of power transformers, circuit breakers, ring main unit, and other essential components; (iii) undertaking rural and urban electrification projects, which involves working towards expanding electricity access in underserved regions by implementing distribution networks, service connections, and feeder lines in compliance with government electrification schemes; (iv) installation of street lighting systems to enhance urban and rural infrastructure; and (v) Renewable energy works.

As of July 31, 2026, the company has a proven track record of 15 years in executing EPC Power Projects, covering a total of 18,579.47 kilometers (KM) of distribution lines. The company’s portfolio includes thirty-six (36) successfully completed power distribution infrastructure projects across six (6) Indian states, with a total contract value of Rs 76,467 lakh. Its order book, as on July 31, 2026, comprises of eighteen (18) ongoing EPC Power Projects across six (6) Indian states, with an aggregate order value of Rs 2,03,665 lakh. This includes an order book worth Rs 91,655 lakh, representing anticipated revenues from the balance portion of existing ongoing contracts (signed agreements where all preconditions, including letters of intent/allotment issued by the client, have been met). The company’s order book-to-revenue from operations ratio stood at 1.41 times as of Fiscal 2026, 1.92 times for Fiscal 2025 and 2.08 times for Fiscal 2024.

Proceed is being used for: 

• Funding incremental working capital requirements of the company
• General corporate purposes

Industry overview

India’s power EPC (Engineering, Procurement, and Construction) market is characterized by rapid growth due to increasing energy demand, government-led initiatives, and private sector participation. However, the market is also highly competitive and capital-intensive, presenting significant barriers for new entrants. These entry barriers stem from high investment requirements, operational complexities, regulatory challenges, and the dominance of well-established players. The Indian power EPC market offers immense growth potential, but the barriers to entry are formidable. From high capital requirements and regulatory complexities to intense competition and technical challenges, new entrants must navigate a complex landscape to establish themselves. Success in this market requires robust financial backing, technological innovation, strategic partnerships, and a deep understanding of regulatory frameworks. By leveraging niche opportunities, adopting advanced technologies, and building strong client relationships, new players can position themselves for long-term success in this dynamic and competitive market.

The power EPC market in India has witnessed significant growth in recent years, and one of the key driving forces behind this growth is the rising electricity demand and electricity generation. Several factors, including economic growth, urbanization, industrialization, and government policies, influence India's rising electricity demand and generation. According to the Ministry of Finance, India is on track to become the third-largest economy with a GDP of $5 trillion by 2028. India’s growing economy requires an increased power supply to support expanding and setting up new industries, businesses, manufacturing hubs, and services.

In India, increasing population growth, which aligns with higher disposable incomes, has led to greater electricity consumption in city households. Rapid urbanization is also increasing the demand for electricity in residential and commercial areas. Expanding infrastructure, such as housing, transportation, and communication networks, requires substantial power demand. These all contribute to one of the prime factors driving the power EPC market in India: the rising power demand and electricity generation. This surge in electricity demand has created a compelling market for distribution grids, which play a pivotal role in facilitating the safe and efficient transmission of electrical energy from power plants to end-users.

Pros and strengths 

Established EPC execution capability: With fifteen years in the Power EPC sector, the company has developed expertise in power distribution project management and execution, ensuring timely completion while maintaining quality standards. Presently, it is focused on EPC Power Projects and has successfully completed 36 projects and as of July 31, 2026 it was executing 18 projects. Its track record in the power distribution sector has allowed it to secure necessary pre-qualifications for undertaking large EPC power projects. As of July 31, 2026, it has laid 18,579.47 KM of distribution lines.

Growing order book and execution scale: In the EPC industry, the Order Book serves as a key measure of business sustainability, representing the contract value of unexecuted portions of awarded projects. It provides visibility into future revenue streams, operational commitments, and resource planning, enabling it to manage cash flows efficiently and optimize execution strategies. Its growing Order Book is a reflection of its ability to secure contracts, maintain financial stability, and expand its market presence. Since 2012, it has systematically expanded its execution capabilities, allowing it to take on projects of increasing scale and complexity. Its first project, awarded by the RIICO, was for conversion of overhead lines to underground cable line system at Rajasthan, India, with a contract value of Rs 60.00 lakh. Over the years, it has enhanced its technical expertise, operational efficiency, and financial strength, enabling it to bid for and execute larger projects across multiple states.

Asset-light business model: The company operates under an asset-light model, allowing it to execute an increasing number of projects while maintaining a relatively low investment in fixed assets. Instead of owning heavy machinery and equipment, it leases project specific assets from third-party lessors across multiple states. This approach optimizes costs, enhances logistical efficiency, and reduces fixed expenses, ensuring lean operations and improved financial flexibility.

Strong promoter experience and leadership: The company’s business is driven by the leadership of its Promoters, Vinay Gupta, Ruchira Gupta, Manoj Modi, Biren Parnami, and Vatsalya Gupta, who collectively bring over 50 years of experience in the EPC industry. Their deep industry knowledge, strategic foresight, and hands-on involvement in business operations have been pivotal in shaping its growth, expanding its market presence, and strengthening its execution capabilities.

Risks and concerns

Significant reliance on government contracts: The company’s business is primarily dependent on projects awarded by government utilities i.e. state electricity distribution companies (DISCOM), which comprises of power distribution infrastructure projects on turnkey basis. It derives majority of its revenues from contracts with a limited number of government utilities. As on July 31, 2026, 100% of its order book consist of projects awarded by government utilities. Any adverse changes in the government policies may lead to its contracts being foreclosed, terminated, restructured or renegotiated, which may have a material effect on its business and results of operations.

Credit rating downgrade may increase borrowing costs: The company’s credit rating issued in Fiscal 2022 by CARE Rating was downgraded from CARE BB; Stable (August 2021) to CARE BB-; Stable (March 8, 2022) by CARE Rating Limited. The company’s latest credit rating review by CRISIL and rational provide dated April 02, 2026 has upgraded the company’s rating at CRISIL BBB+/Stable. Although, post Fiscal 2022, its rating has not been downgraded by the credit rating agencies, it cannot assure that in future its credit rating would not be downgraded. Any future downgrade of its credit ratings may increase interest rates for refinancing its borrowings, which would increase its cost of borrowings, and may have an adverse effect on its future issuances of debt and its ability to borrow on a competitive basis.

Project execution subject to seasonal variations: The company’s project work is subject to seasonal variations. For example, it typically experiences, slower work progress in monsoon season as compared to rest of the year. Due to these factors, comparisons of revenue and operating results between the same periods within a single year, or between different periods in different fiscals, are not necessarily meaningful and should not be relied on as indicators of its performance. It accounts for this seasonality in work progress and cash flow projections. However, it cannot assure, that in future, it will always be able to accurately forecast its project schedule. If its estimates materially differ from actual work progress, it may experience either delay or halt in project completion, which in turn could adversely affect its business, results of operations, financial condition and prospects.

Significant working capital requirements: The company's business requires a high amount of working capital. It is customary in the industry in which it operates to provide earnest money deposit and performance security deposit in the form of bank guarantees in favour of customers to secure obligations under contracts. In addition, letters of credit are often required to satisfy payment obligations to suppliers. Majority of the working capital funds of the company are required for providing margin money for bank guarantee, performance deposit and security deposit, letter of credit. If it experiences insufficient cash flows to enable it to make required payments on its debt or fund working capital requirements, there may be an adverse effect on its results of operations.

Outlook

Swastika Infra is an engineering, procurement and construction (EPC) company specializing in power transmission and distribution (T&D) infrastructure projects. The company has Scalable business model supported by a strong order book. It has proven execution track record across multiple Indian states. On the concern side, the company’s revenue is majorly concentrated from projects undertaken or awarded by government utilities. Any adverse changes in the government policies may lead to its contracts being foreclosed, terminated, restructured or renegotiated, which may have a material effect on its business and results of operations. Moreover, the company’s present orderbook consists large-scale projects. Any delay or impediment to such projects may have adverse impact on its financial position.

The issue has been offering 90,92,857 shares in a price band of Rs 175-185 per equity share. The aggregate size of the offer is around Rs 159.12 crore to Rs 168.22 crore based on lower and upper price band respectively. Minimum application is to be made for 81 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 43.57% to Rs 50,357.32 lakh for Fiscal ended 2026 from Rs 35,075.82 lakh for Fiscal ended 2025. This increase was primarily due to an increase in revenue from Sale of Services. Moreover, profit after tax increased by 50.95% from Rs 2,744.55 lakh in Fiscal 2025 to Rs 4,142.80 lakh in Fiscal 2026.

Meanwhile, the company is strategically focused on executing EPC projects in the power distribution sector, aligning with India’s increasing electricity demand and government-led infrastructure initiatives. It intends to expand its participation in key government initiatives and strengthening its project execution capabilities. By focusing on efficient execution, scalable operations, and technology integration, it aims to increase market share while ensuring the delivery of sustainable and reliable projects. Its growth strategy is built on leveraging its core competencies in power infrastructure development, including underground cabling, substation installations, rural electrification, and street lighting systems and Renewable energy works. With timely completion and adherence to quality standards, it aims to enhance its ability to secure contracts from government utilities, public sector enterprises, and multilateral institution-backed projects.

Pursuant to SEBI (Insider Trading) (Amendment) Regulations, 2018 and clarification issued by BSE vide Circular No. LIST/COMP/O1/2020-20 dated April 02, 2019; VSD Confin has informed that the trading window closure period has been commenced with immediate effect and will end after 48 hours from the date of declaration of declaration of Unaudited Financial Results of the Company for the Quarter ended on 30th September 2026 for Designated Person, Designated Employee and their Immediate Relatives. The date of Board Meeting of the company for consideration and declaration of Unaudited Financial Results of the Company for the Quarter ended on 30th September 2026 will be intimated later. The Trading window will remain closed for above mentioned period for Designated Person, Designated Employee and their Immediate Relatives in terms of ‘Code of Conduct to Regulate, Monitor and Report Trading by Designated Persons' and their immediate relative” have been advised not to deal in the securities of the Company from October 01, 2026 up to the completion of 48 hours after declaration of Results.