Financial Performance Summary

Q2 FY27 Performance (YoY Growth):

  • Revenue: ₹148 Crore (+42%)
  • EBITDA: ₹27 Crore (+65%)
  • PAT: ₹16 Crore (+80%)

H1 FY27 Performance (YoY Growth):

  • Revenue: ₹207 Crore (+5%)
  • EBITDA: ₹35 Crore (+29%)
  • PAT: ₹20 Crore (+35%)

Order Book Highlights

  • Unexecuted order book reached ₹1,420 Crore as of September 30, 2026, more than doubling from ₹687 Crore as on March 31, 2026
  • Order book represents approximately 2.8x FY26 revenue, providing strong revenue visibility
  • Order inflows of approximately ₹950 Crore during the year, indicating strong business momentum
  • Company expanded into Maharashtra, one of the largest markets for Power T&D investment
  • Geographic presence now extends to 9 states, further diversifying the order book
  • 79% of order book comprises projects funded by World Bank, ADB, central government and other multi-lateral funding agencies/corporations, indicating low dependence on state government funds

Order Book Segment Mix:

  • Distribution: 85%
  • Renewable: 8%
  • Transmission: 6%
  • Total: 100%

Execution and Operational Context

  • Q1 FY27 execution slowed down as a prudent measure due to sharp increase in "price volatility and supply uncertainty" of components caused by Middle East war disruption
  • Execution accelerated in Q2 FY27 as the situation normalized, evident from strong revenue growth during the quarter
  • Execution is typically weighted towards H2 in line with industry-wide practice
  • Company expects to make up for Q1 slowdown in H2, supported by robust order book
  • Overall yearly growth expected to be in line with previous year

Margin Performance and Outlook

  • Higher Q2 margins driven by higher share of commissioning revenue and certain projects nearing completion milestones
  • On full-year basis, Company expects EBITDA margins to remain in line with previous year
  • Finance cost expected to be lower in H2 FY27, supported by proceeds of recent fund raise
  • Stronger capital base positions Company for improvement in credit rating over time, which would further reduce borrowing costs
  • PAT margins expected to derive sustainable expansion compared to previous year (FY26 PAT margin was 8.2%)

Management Commentary

Mr. Vinay Gupta, Managing Director, commented:

  • Listing on NSE and BSE marks an important milestone in the company's journey
  • Expansion of order book and growing presence across geographies reinforces ability to participate in India's evolving power infrastructure landscape
  • Historically maintained healthy conversion of order book into revenue, supported by execution capabilities and disciplined project management
  • Track record gives confidence in ability to execute significantly larger order book (2.8x FY26 revenue)
  • Continued investments in power transmission and distribution infrastructure present opportunities to further strengthen market presence
  • Focus remains on timely project delivery, operational efficiency and prudent management of financial and human resources
  • Will continue to pursue opportunities aligned with execution capabilities while maintaining disciplined approach to sustainable, long-term growth

Company Background

Headquartered in Jaipur, Rajasthan, Swastika Infra Limited is a Power T&D EPC company providing end-to-end turnkey solutions across substations, underground cabling, transmission and distribution lines, electrification and allied infrastructure. With presence across 9 states, the Company undertakes projects across the complete execution lifecycle, with significant focus on projects funded by multilateral institutions.