Financial Performance Q1 FY27

Revenue from operations increased by approximately 15% year-over-year to ₹5,215 million compared with ₹4,541 million in Q1 FY26.

EBITDA grew by approximately 26% year-over-year to ₹659 million compared with ₹524 million in Q1 FY26.

EBITDA margins improved to 12.6% from 11.5% in Q1 FY26.

Profit before tax increased approximately 27% year-over-year to ₹286 million compared with ₹222 million in Q1 FY26.

PAT stood at ₹211 million with PAT margin approximately at 4.1%.

Segment Performance

Manufacturing Business: Reported revenue of ₹3,824 million compared with ₹3,932 million in Q1 FY26. Manufacturing EBITDA stood at approximately ₹388 million.

EPC Business: Delivered strong year-on-year growth with revenue increasing approximately 129% to ₹1,391 million from ₹609 million in Q1 FY26. EBITDA increased to ₹276 million from ₹93 million. EPC margins typically range between 15-20% but can vary between quarters depending on project mix and execution stage.

Order Book Position

As of June 2026, the company maintained an order book of approximately ₹27,884 million, comprising:

  • Manufacturing orders: ₹14,327 million
  • EPC orders: ₹13,557 million

Capital Structure and IPO Impact

Finance cost stood at ₹362 million during Q1 FY27 compared with ₹296 million in corresponding quarter last year, absorbing approximately 55% of quarterly EBITDA.

IPO proceeds utilization: Approximately ₹4,900 million of IPO proceeds was utilized towards repayment of loan outstanding. Gross debt currently stands at approximately ₹3,600 million.

The company maintains fixed deposits of approximately ₹2,400 million with bankers primarily as margin money. After adjusting these deposits, the company's net debt position becomes negligible.

The reduction in borrowing is expected to result in progressive decline in finance cost, with full benefit accruing over subsequent quarters starting Q2 FY27.

Business Operations and Strategy

Laser Power operates across power transmission and distribution value chain with two principal business segments:

1. Manufacturing: Production of cables, conductors, and specialty products

2. EPC: Power distribution infrastructure projects covering supply, installation, testing, and commissioning

The company has three manufacturing units with aggregate installed capacity of around 85,000 metric tons.

Technology Partnership and Growth Opportunities

The company has partnered with TS Conductors, a US-based technology company, for advanced AECC conductor technology. This technology offers:

  • 1.5x more strength than existing conductors
  • Simplified installation practices compared to earlier generation technologies
  • Reduced transmission losses and improved reliability

Market Opportunity: Utilities have floated tenders worth approximately ₹3,500 crores involving HTLS conductors and re-conductoring over the last year. The company has participated in approximately ₹1,250 crores of these tenders, which are under active evaluation.

Product Mix Evolution: High-voltage cable sales have increased from 9% of total revenue to 29% over the last nine quarters.

Working Capital Management

Working capital typically ranges between 100-120 days. In Q1 FY26, there was a spike in inventory of finished goods and work-in-progress by ₹90 crores due to commencement of projects with aggregate value of approximately ₹8,000 million in the final quarter of FY26.

As these projects progress through installation, certification, billing, and collection, associated working capital is expected to gradually moderate over coming quarters.

Tax Position

The company is utilizing carry forward loss from an acquisition in FY23, providing tax benefits across three years. The total tax saving would be approximately ₹125-130 crores on ₹500 crores. This benefit will be fully utilized in FY27, and normal tax payments will resume from FY28.

Growth Outlook

Management expects revenue growth to continue at historical CAGR of 15-16% supported by:

  • Expansion in advanced conductor technology
  • Growth in high-voltage cable segment
  • Stable EPC and manufacturing business mix

The company has sufficient manufacturing capacity for next phase of growth with land available within manufacturing footprint for future expansion.

Management Participants

  • Mr. Deepak Goel – Chairman and Managing Director
  • Mr. Amit Kumar Goel – Chief Financial Officer
  • Moderator: Mr. Aniruddha Joshi – ICICI Securities Limited