Swastika Infra's maiden listed quarter: PAT up 187% YoY to ₹16.4 Cr, margins expand
PAT +186.9% YoY · revenue +61% · margins expanding
₹147.89 Cr
+61% YoY
₹16.38 Cr
+186.9% YoY
11.03%
₹6.01
Swastika Infra Limited, a Jaipur-based EPC contractor for power distribution infrastructure (underground cabling, substations, rural electrification and street lighting for state utilities), reported its first financial results as a listed company for the quarter ended September 30, 2026 (Q2 FY27) — its IPO listed on NSE and BSE on the same date the quarter closed. Standalone revenue from operations was ₹147.89 Cr, up 61.0% YoY from ₹91.88 Cr and up 151.8% QoQ from ₹58.74 Cr in Q1 FY27. Standalone PAT was ₹16.38 Cr, up 186.9% YoY from ₹5.71 Cr and up 354.9% QoQ from ₹3.60 Cr. We have no prior company guidance or Street estimate on record for this quarter, and given the stock only began trading on September 30, 2026, no formal brokerage previews for the print were found either — both the guidance and Street comparisons are unknown rather than beats or misses.
Q2 FY-2027 vs prior quarters
No year-ago quarter on record — YoY cells may be blank.
The margin move is the bigger story: net profit margin expanded to 11.1% from 6.2% a year ago and 6.1% in the preceding quarter, while PBT margin rose to 14.8% from 8.3% YoY. The expansion sits on operating leverage — total expenses grew roughly 36% YoY against 61% revenue growth, with EPC procurement costs (₹9,051.16 lakh) scaling broadly in line with the topline while employee costs (₹428.68 lakh) and finance costs (₹493.83 lakh) grew more slowly. Neither the current nor the year-ago quarter carries an exceptional item, so the improvement is operational rather than one-off driven; the effective tax rate was steady at 25.3% versus 25.0% a year ago.
What the summary numbers don't show
EPS (basic & diluted, not annualised) ₹6.01 for the quarter vs ₹2.31 a year ago and ₹1.33 in Q1 FY27
The quarter closed exactly as the company's maiden IPO listed (a ₹160.87 Cr issue — ₹128.50 Cr fresh issue plus ₹32.38 Cr offer-for-sale — at ₹185/share), which shows up on the balance sheet as cash and equivalents of ₹113.13 Cr at Sep 30, 2026 versus ₹1.67 Cr at March 2026, and equity roughly doubling to ₹290.15 Cr. Order momentum has continued past quarter-end: the company disclosed a ₹615.76 Cr order from MSEDCL on October 7, 2026, against an unexecuted order book of ₹916.55 Cr reported as of July 31, 2026 — a backlog that, if executed, would run well ahead of this quarter's revenue pace. No management press release accompanying this filing was available to cross-check the company's own framing of the quarter.
W1
Whether the 11.1% NPM holds as the ₹916.55 Cr+ order book (plus the new ₹615.76 Cr MSEDCL order) scales into execution over coming quarters
W2
Utilisation of the ₹109.38 Cr net IPO proceeds — ₹90.00 Cr earmarked for working capital — fully unutilised as of Sep 30, 2026
W3
Whether the 151.8% QoQ revenue jump reflects EPC project-completion/billing seasonality or a sustained run-rate, with no prior listed quarter to benchmark against