Company Overview

Laser Power & Infra Limited is an integrated manufacturer of power cables, conductors, and specialized components for the power transmission and distribution industry in India. With over three decades of operating history, the company operates through two primary business segments: Manufacturing (power and control cables, specialty products, and conductors) and EPC (engineering, procurement, and construction services for power distribution infrastructure). The company has three manufacturing units in West Bengal with a combined installed capacity of 85,448 MT and maintains RDSO approval for railway signalling cables.

Offer Details

The Initial Public Offering (IPO) comprises up to ₹7,420 million, consisting of a Fresh Issue of up to ₹5,420 million and an Offer for Sale of up to ₹2,000 million by promoter selling shareholders (Deepak Goel, Rakhi Goel, and Devesh Goel). The price band will be determined through the book building process and announced two working days prior to the bid opening date. The offer opens on July 9, 2026, and closes on July 13, 2026, with anchor investor bidding on July 8, 2026.

Financial Performance

The company has demonstrated strong financial growth with revenue from operations increasing from ₹17,475.78 million in Fiscal 2024 to ₹25,703.97 million in Fiscal 2025 and ₹23,261.04 million in Fiscal 2026. Profit After Tax showed significant improvement from ₹404.09 million in Fiscal 2024 to ₹1,067.54 million in Fiscal 2025 and ₹1,515.91 million in Fiscal 2026. EBITDA margins improved from 8.93% in Fiscal 2024 to 12.96% in Fiscal 2026, while PAT margins increased from 2.29% to 6.46% over the same period.

Use of Proceeds

The net proceeds from the Fresh Issue will be utilized for:

  • Prepayment/repayment of borrowings (₹4,900 million specifically allocated)
  • Funding working capital requirements
  • General corporate purposes (not exceeding 25% of gross proceeds)

CRISIL Ratings Limited has been appointed as the monitoring agency to oversee fund utilization.

Market Position & Industry

The company operates in the Indian wires and cables market, valued at ₹1,408 billion in FY25 and expected to grow at 11-13% CAGR to reach ₹2,350-2,550 billion by FY30. The conductor industry reached ₹185 billion in FY25 with expected 5-6% CAGR growth. Key growth drivers include infrastructure development, construction activities, digital connectivity, railway electrification, and smart grid investments. The company maintains a strong order book of ₹32,434 million as of March 31, 2026, split between manufacturing (₹16,688.92 million) and EPC (₹15,745.08 million) segments.

Risk Factors

Business Risks: High dependence on top 10 customers (72.14% of Fiscal 2026 revenue), raw material price volatility (aluminium, copper, steel, PVC, XLPE compounds constituting 59.56% of revenue), working capital requirements with inventory days of 84 and trade receivables days of 196, and intense competition from both domestic and international players.

Market Risks: Foreign currency fluctuations affecting international operations (2.19% of Fiscal 2026 revenue), geopolitical tensions impacting raw material costs, and economic conditions affecting demand.

Regulatory Risks: Compliance with multiple regulations including SEBI, Companies Act, environmental laws, and pending tax proceedings aggregating ₹35.22 million in indirect tax cases.

Regulatory Approvals & Status

SEBI issued the final observation letter on February 2, 2026, while BSE and NSE granted in-principle listing approvals on December 15, 2025. The company has received all necessary regulatory clearances including NCLT approvals for past schemes of arrangement. The offer is being managed by IIFL Capital Services Limited and ICICI Securities Limited as Book Running Lead Managers.

Corporate Governance & Management

The company maintains full compliance with SEBI Listing Regulations requirements with constituted committees including Audit, Nomination and Remuneration, Stakeholders' Relationship, Risk Management, and CSR Committees. The promoter family (Deepak Goel, Devesh Goel, Akshat Goel, and Rakhi Goel) holds 99.99% of pre-IPO shares and will reduce their stake through the Offer for Sale. The management team includes experienced professionals with Deepak Goel (Chairman and MD) having over 37 years of industry experience.