Rs 615.76 Crore Order Win! This Infra Player Doubles Its Order Book

Swastika Infra Limited has secured a Letter of Award worth about Rs 615.76 crore from Maharashtra State Electricity Distribution Company Limited for distribution-infrastructure development and system-strengthening works in Mumbai’s Bhandup Zone.

The contract is the power-distribution EPC company’s largest single order to date and is sizeable relative to its business scale. At about 1.2 times Swastika Infra’s FY26 revenue of Rs 504 crore, the award gives the company a substantially larger project base to execute over the coming period.

Following the MSEDCL award, Swastika Infra’s unexecuted Order Book has risen to about Rs 1,400 crore, compared with Rs 687 crore in March. The backlog has therefore more than doubled within roughly seven months, improving revenue visibility while also raising the importance of timely mobilisation, procurement and working-capital management.

The Bhandup Zone project includes Construction of new substations, high-tension and low-tension distribution lines, and distribution Transformers. The scope also covers augmentation of existing assets, underground cabling, renovation, GIS mapping, asset tagging and other associated works.

The project is funded by the Asian Development Bank, fitting with Swastika Infra’s stated focus on contracts supported by multilateral development agencies. Such projects can offer an important addition to a company whose core business has historically depended on government agencies and public-sector utilities, though execution remains subject to project timelines, site conditions, approvals and customer payment cycles.

The award also takes Swastika Infra into Maharashtra for the first time and expands its operational footprint to nine states. The company has previously executed power-distribution work across states including Rajasthan, Assam, Uttarakhand, West Bengal, Goa, Haryana, Himachal Pradesh and Gujarat.

Maharashtra is one of India’s largest electricity-consuming states and has continuing requirements for network strengthening, urban distribution upgrades and underground cabling. For Swastika Infra, the MSEDCL contract could help establish credentials in a large state-level transmission and distribution market, particularly because the company said it participated in and won the tender independently on its own financial and technical qualifications.

The company said its qualifications were built through 15 years of project-execution experience. Its business primarily involves turnkey engineering, procurement and construction work covering supply, erection, installation, testing and commissioning of distribution infrastructure. Historically, it has also used project-specific joint ventures in certain tenders to meet eligibility conditions, making the independently won Maharashtra contract relevant from a bidding-capability perspective.

The enlarged order book follows Swastika Infra’s recently concluded initial public offering, through which it raised around Rs 130 crore of equity capital. The timing is notable because distribution EPC contracts typically require financing for material procurement, receivables, bank guarantees and other execution requirements before collections are received from clients.

The company’s earlier disclosed financials had shown revenue growth driven by higher EPC execution, but also highlighted the working-capital intensity of the business. The new order therefore provides a larger opportunity pipeline while placing greater emphasis on project delivery discipline and cash-flow management.

As of 10:32 AM on October 7, 2026, Swastika Infra shares were trading at Rs 210.10, up 5 per cent from the previous close of Rs 200.10. The stock was around 2.8 per cent below its 52-week high of Rs 216.10 and about 5 per cent above its 52-week low of Rs 200.10.

Disclaimer: The article is for informational purposes only and not investment advice.