Swastika Infra544949Power transmission and
Deep-dive analysis of Swastika Infra covering business model, Q2 performance, balance sheet, return ratios, valuations and order book, with an overall rating of 5 out of 8
By ScoutQuest · · 1 min read
- IPO price
- Rs 185 per share
- Listing price
- roughly Rs 200
- Current PE valuation
- 14 to 15 times
- Growth-based valuation range
- 11 to 14 times
- Unexecuted order book
- Rs 1,420 crore
Heard on business television between 11:37:53 - 11:40:53 IST.
- Jaipur-based power T&D EPC company providing end-to-end turnkey solutions including substations, cabling, T&D lines and electrification; recently entered Maharashtra and renewable segment.
- 79% of order book funded by World Bank/ADB; bill-to-book ratio at 89%; order book skewed 86% towards distribution segment; key customers include Maharashtra State Electricity, JVNL, WBSEDCL, RRVCL.
- Q2 execution accelerated after a weak Q1, higher commissioning revenue lifted margins; finance cost expected to fall in H2 FY27 aiding PAT.
- Concerns flagged: execution risk, B2G risk, lack of analyst coverage, cash flow lumpiness, heavy reliance on third-party contractors, working capital risk.
- Income statement rated strong thumbs up, balance sheet neutral, cash flow thumbs down, return ratios strong thumbs up (asset-light model), shareholding neutral, valuations neutral (14-15x PE near IPO price), order book strong thumbs up with unexecuted order book of Rs 1,420 crore versus Rs 690 crore in March and order inflows of Rs 950 crore.
- Overall rating given: 5 out of 8.
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23 Oct 2026
Live TV News Channel's KYC segment profiled recently-listed Swastika Infra, a Jaipur-based power T&D EPC company, discussing its Q2 results, order book and expansion plans
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Source: Live TV News Channel · 23 Oct 2026
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