Laser Power & Infra Ltd.
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Overview
Laser Power & Infra Limited is an integrated player in India’s power transmission and distribution ecosystem, manufacturing power and control cables, speciality cable-related inputs (such as aluminium/alloy wire rods and PVC/XLPE compounds) and a range of conductors, while also executing turnkey EPC works in power distribution and substations. The company operates three manufacturing units in West Bengal with combined installed capacity of 85,448 MT (FY26), serves government utilities and Indian Railways (RDSO-related approvals/vendor status mentioned), and has a customer footprint spanning multiple Indian states as well as select overseas markets.
Opening Date
Jul 09, 2026
Closing Date
Jul 13, 2026
Listing Date
Jul 16, 2026
IPO Type
Mainboard
IPO Status
Closed
Issue Size
742 Cr
Fresh Issue
542 Cr
Offer for Sale
200 Cr
Price Band
₹203 - ₹214
Lot Size
70
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
Use of IPO funds
Key Performance Indicator
P/E Ratio
16.24
EPS
13.18
ROE
23.32%
ROCE
17.83%
RONW
20.9%
Debt to Equity Ratio
1.1
PAT Margin
6.46%
EBITDA Margin
12.96%
P/B
3.39
Bull vs Bear
Bull case
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Scale-plus-integration edge: 85,448 MT installed capacity and 32,434.00 million Order Book (Mar-31-2026) support internal EPC sourcing and faster delivery.
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EPC execution visibility: 47 bids and 8 wins in FY2026, with projects awarded worth 12,932.90 million (incl. GST) shows repeat tender participation.
- •
Industry tailwind: India power demand expected to grow 5–7% CAGR over FY27–31, supporting ongoing grid capex and cable/conductor offtake.
Bear case
- •
Customer concentration: top 10 customers contributed 72.14% of revenue in FY2026; losing one large customer can quickly hit volumes and collections.
- •
Manufacturing dependence: cables and conductors contributed 72.70% of FY2026 revenue; any quality lapse or demand drop impacts most of the P&L.
- •
Raw-material sensitivity: cost of materials consumed was 63.35% of FY2026 total expenses; inventory is only ~20–31 days, so supply shocks affect timelines.
Net takeaway
At its core, this is a bet on operating leverage: FY2026 PAT margin 6.46% on revenue 23,261.04 million, with manufacturing at 72.70% of revenue. If you believe order visibility (32,434.00 million order book) converts without working-capital strain (138 NWC days), the upside holds; otherwise, the risk holds. Keep watching cash conversion: FY2026 trade receivables days 196 and net debt/EBITDA 2.66—these show whether growth is self-funded or debt-funded.
