Company Overview
Laser Power & Infra Limited is an integrated power infrastructure solutions provider operating in manufacturing of power cables/conductors and engineering, procurement, and construction (EPC) services. The company operates three manufacturing units in West Bengal with combined installed capacity of 85,448 MT and has executed projects across 26 Indian states and 10 countries. Key business segments include manufacturing of aluminum conductors, power cables, and specialized products for transmission/distribution networks, complemented by EPC services for rural electrification, substation installation, and power distribution infrastructure.
Offer Details
The ₹7,420 million Initial Public Offering comprises a fresh issue of 25.33 million shares (₹5,420 million) and an offer for sale of 9.35 million shares (₹2,000 million) by promoters Deepak Goel, Rakhi Goel, and Devesh Goel. The price band is ₹203-214 per share with final offer price set at ₹214. The offer opens July 9-13, 2026, with listing scheduled on BSE and NSE commencing July 16, 2026.
Financial Performance
Strong growth trajectory with revenue reaching ₹23,261 million in Fiscal 2026 (15.37% 2-year CAGR), EBITDA of ₹3,014 million (12.96% margin), and PAT of ₹1,516 million (6.46% margin). Return metrics improved significantly with RoE at 23.32% and RoCE at 17.83% in Fiscal 2026. The company maintains a robust order book of ₹32,434 million (Manufacturing: ₹16,689 million, EPC: ₹15,745 million) as of March 31, 2026.
Use of Proceeds
Net proceeds of ₹5,111 million from the fresh issue will be allocated to:
- Debt repayment (₹4,900 million): Prepayment of specific identified borrowings
- General corporate purposes (₹211 million): Working capital requirements and other corporate needs
CRISIL Ratings Limited appointed as monitoring agency to oversee fund utilization.
Risk Factors
Business risks include high customer concentration (72.14% revenue from top 10 customers), raw material price volatility (aluminum, copper, polymers), working capital intensity with trade receivables of ₹13,750 million, and regulatory compliance requirements. Market risks encompass competitive bidding for EPC projects, economic cycles affecting infrastructure spending, and dependence on government policies. Regulatory risks involve multiple statutory permits, environmental compliance, and tax law changes.
Management & Promoters
Promoter family Deepak Goel (Chairman & MD), Devesh Goel (Whole-time Director & CEO), Akshat Goel (Whole-time Director), and Rakhi Goel collectively hold 99.99% pre-IPO stake. Deepak Goel brings 37+ years of industry experience, with management team including Navin Kumar Saffar (COO) and Amit Kumar Goel (CFO). Post-IPO promoter holding will reduce to approximately 82%.
Market & Industry Outlook
The Indian wires & cables market valued at ₹1,408 billion (FY25) is expected to grow at 11-13% CAGR to ₹2,350-2,550 billion by FY30, driven by infrastructure development, digital connectivity, and railway electrification. Conductor market reached ₹185 billion (FY25) with 5-6% CAGR expected. Growth catalysts include government initiatives (National Rail Plan, RDSS scheme), renewable energy integration, and export demand from international projects.
Legal & Compliance
Ongoing proceedings include GST disputes (₹35.22 million), tax cases, and various civil litigations with aggregate contingent liabilities of ₹267.83 million. The company has obtained necessary regulatory approvals including SEBI observation, stock exchange listings, RDSO certifications for railway products, and multiple ISO certifications. Significant corporate restructuring occurred via NCLT-approved schemes involving demerger and amalgamation of multiple entities.
Additional Business Details
Strategic partnerships include manufacturing agreement with TS Conductor Corp for advanced conductor technologies. Geographic presence spans domestic markets (97.81% revenue) with concentration in East India (53.93% manufacturing revenue) and international operations (2.19% revenue). Employee base includes 699 permanent and 1,002 contract employees. The company maintains Acuite A+/A1+ credit ratings with outstanding borrowings of ₹9,357 million as of June 2026.