July 28, 2025
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Listing Review:
On 28th July 2025, the scrip is listed at Rs.67, premium of only Rs. 2. The listing has been very much below the expectations of the grey market, which expected the listing to be in the range of Rs. 75.
Subscription Status
| Size Rs. 13.35 Crore, LM: Horizon | ||||
| QIB | NII x | RII x | Total x | Applications |
| – | 2.42 | 7.75 | 5.05 | 2242 |
| Subscription Review: Overall unimpressive trend seen |
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About Swastika Castal Limited
Incorporated in 1996, Swastika Castal Limited is engaged in the manufacturing of high-quality aluminum castings, catering to a wide range of industrial applications. The company employs various casting techniques such as sand casting, gravity casting, and centrifugal casting, allowing it to deliver precision components with complex geometries and high dimensional accuracy.
Swastika Castal’s expertise includes:
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Sand casting for intricate components weighing up to 250 kg
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Gravity casting for high-quality parts up to 80 kg with excellent surface finish and mechanical strength
The company is equipped with an in-house heat treatment facility, ensuring better quality control, enhanced mechanical properties, dimensional stability, and cost efficiency across production cycles.
Key Product Segments:
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Electrical Equipment & Transmission: Critical aluminum castings for transformers and transmission systems
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Railways & Diesel Engines: Durable castings used in railway and heavy-duty engine components
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Industrial Applications: Components for air compressors, insulators, and other general engineering applications
With a focus on quality, customization, and timely delivery, Swastika Castal has positioned itself as a reliable player in the aluminum casting industry serving diverse industrial sectors.
Swastika Castal IPO Details
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Sector: Infrastrucutre |
|
| IPO opens on | 21 July 2025 |
| IPO closes on | 23 July 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 21,74,000 Shares / Rs 14.07 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 110,000 Shares |
| Net offer to Public | 2054,000 Shares Rs.13.35 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 65 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 2000 Shares |
| Listing will at | BSE SME |
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 1,10,000 |
| NII (HNI) Shares Offered | 10,26,000 |
| Retail Shares Offered | 10,28,000 |
| Total Shares Offered | 21,64,000 |
| Application | Lots | Shares | Amount Rs. |
| Individual investors (Retail) (Min) | 2 | 4,000 | 2,60,000 |
| Individual investors (Retail) (Max) | 2 | 4,000 | 2,60,000 |
| S-HNI (Min) | 3 | 6,000 | 3,90,000 |
| S-HNI (Max) | 7 | 14,000 | 9,10,000 |
| B-HNI (Min) | 8 | 16,000 | 10,40,000 |
Who are the Promoters of Swastika Castal IPO?
The promoters of the company are Varun Sharda and Indra Sharda.
What are the Objects of Swastika Castal IPO?
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
1.Capital Expenditure for acquisition of Plant & Machinery and Construction of Shed & Building Rs. 5 Cr.
2.Working Capital requirements Rs. 5 Cr.
Swastika Castal IPO Timetable
Tentative timetable |
|
| IPO opens on | 21 July 2025 |
| IPO Closes on | 23 July 2025 |
| IPO Allotment on | 24 July 2025 |
| Refund Initiation | 25 July 2025 |
| Credit of Shares | 25 July 2025 |
| Listing on | 28 July 2025 |
| Registered Office of the Company Swastika Castal Ltd. 117A, Chittaranjan Avenue, Kolkata Kolkata, West Bengal, 700073 |
| Lead Manager of this IPO Horizon Managment Pvt Ltd |
| Who is the Registrar to the IPO? Accurate Securities & Registry Pvt Ltd |
Swastika Castal IPO IPO GMP grey market premium, review, Subscription, allotment, listing estimate
Swastika Castal IPO Financials
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 30.83 | 23.82 | 26.24 |
| Revenue | 30.31 | 23.35 | 24.41 |
| Profit After Tax | 2.63 | 0.65 | 0.58 |
| EBITDA | 4.55 | 2.48 | 2.33 |
| Net Worth | 10.67 | 8.03 | 7.39 |
| Reserves and Surplus | 4.67 | 6.53 | 5.89 |
| Total Borrowing | 9.12 | 8.97 | 9.64 |
| Amount in Rs. Crore | |||
Performance Indicators
| KPI | Values |
| ROE | 28.17% |
| ROCE | 32.74% |
| Debt/Equity | 0.85 |
| RoNW | 24.70% |
| PAT Margin | 8.88% |
| EBITDA Margin | 15.36% |
| Price to Book Value | 3.66 |
| EPS | 4.39 |
| PE Ratio | 14.8 |
How Swastika Castal IPO compares with the Peers?
| Company Name | P/E (x) | RoNW (%) |
| Swastika Castal Limited | 14.8 | 17.78 |
| Thaai Casting Limited | 107.2 | 36.81 |
# This is only coverage of News related to Grey Market Premium & subject to rates. We do not deal in grey market premium. We do not recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
Swastika Castal IPO Review by Paresh Gordhandas, CA & Research Analyst.
Swastika Castal Limited is involved in the manufacturing of high-quality aluminium castings for a wide range of industrial applications. The company uses multiple casting techniques including sand casting, gravity casting, and centrifugal casting, enabling it to deliver precision components with complex designs and high dimensional accuracy.
Its core strengths include:
🔹 Sand casting for components up to 250 kg – suitable for intricate and large-sized parts
🔹 Gravity casting for parts up to 80 kg – known for superior surface finish and mechanical strength
The company also has an in-house heat treatment facility, allowing better quality control and consistency in mechanical properties.
Financial Snapshot:
In FY 2024-25, just ahead of the IPO, the company reported a sharp surge in profitability – net profit jumped from Rs. 65 lakh on revenue of Rs. 23.35 crore to Rs. 2.65 crore on revenue of Rs. 30.31 crore.
However, as of March 31, 2025, the company reported trade receivables of Rs. 10.69 crore and inventory of Rs. 7.74 crore, compared to an average monthly revenue of Rs. 2.52 crore. This appears elevated and may indicate a stretched working capital cycle, warranting closer examination.
Chanakya’s Take: So-So/May avoid
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