Highlights
| Issue Size –: 3,46,72,896 shares | Issue Open/Close – 9 July / 13 July, 2026 |
| Price Band (Rs.) 203 – 214 | Issue Size (Rs.) – 7420 mn |
| Face Value (Rs) 5 | Lot Size (shares) 70 |
Laser Power & Infra Limited, incorporated in 1988, is engaged in the business of manufacturing power cables and conductors and providing engineering, procurement, and construction (EPC) solutions, establishing a prominent position in the power transmission and distribution industry.
Their business is primarily classified as: (i) manufacturing of power and control cables (ii) conductors and speciality products; and (iii) turnkey EPC solutions for rural and urban electrification. The company develops advanced infrastructure solutions using aluminium encapsulated carbon core (AECC) technology and polymer compounding, offering products designed to meet stringent customer requirements across various high-voltage and utility applications.
Laser Power & Infra manufactures and supplies a diverse portfolio of medium and low-voltage cables, aerial bunched cables, and conductors, serving retail and institutional customers across domestic and international markets. Its products are used in applications such as railway signalling, smart grids, power transmission systems, rural electrification, renewable energy setups, and industrial manufacturing.
The IPO is a combination of a Fresh Issue and an OFS of Rs. 7,420 mn. Out of the ₹7,420 mn total issue size, Rs. 4,900 would be utilized towards repayment of certain borrowing availed by the company, ~Rs. 520 mn will be used general corporate purpose while Rs. 2,000 mn would go towards existing selling shareholders of the company.
Key Highlights
- Wires and cables market is expected to grow at a CAGR of 11 pct – 13 pct between FY25 and FY30, reaching a projected market value Rs. 2,350 bn – Rs. 2,550 bn by FY30 due to ongoing infrastructure development projects, surge in construction activities and increasing digital connectivity, railway electrification, smart grid investments and export demand.
- Laser Power & Infra operates in the specialized high-voltage cable and power EPC market. The company is strategically positioned to benefit from India’s modernization of its power grid. Notably, the firm serves as a licensed stranding partner for US-based TS Conductor, enabling the localized manufacturing of advanced high-capacity conductors that are significantly lighter, stronger, and more energy-efficient than conventional alternatives.
- Its vertically integrated operations—spanning three manufacturing units in West Bengal—and long-standing customer relationships have helped establish a strong position in India’s power infrastructure industry. The company operates a balanced business model driven by two distinct segments. In FY26, the manufacturing segment contributed 73 pct of sales, while the EPC business accounted for 27 pct of sales.
- Laser Power & Infra’s key growth strategies include (i) Capitalize on the growth opportunities in power distribution industry to expand their product portfolio. (ii) Expand EPC portfolio by leveraging existing capabilities and strategic partnerships in the power sector. (iii) Leverage technology and automation to enhance manufacturing capabilities. (iv) Focus on increasing domestic and global presence and enter new markets.
- Laser Power & Infra sales have grown 15.4 pct CGAR over FY24-26 while EBITDA and profit grew 39 pct CAGR and 93.7 pct CAGR over same year. In FY26, the company reported sales of Rs. 23,261 mn, fell 9.5 pct YoY due to lower sales volumes of cables and conductors which was primarily impacted due to shortage of raw material and postponement of customer orders. EBITDA rose 20.4 pct YoY to Rs. 3014 mn, profit increased by 41.9 pct YoY to Rs. 1,561 mn which also includes Rs. 327 mn of exceptional item.
Key Risk
- Growth of their business is supported by manufacturing agreement with TS Conductor Corp and any adverse changes or termination of this agreement could materially and adversely affect business.
- Conflicts of interest may arise out of common business objects shared by Company and Group Companies. Further, their Promoter Group entity, Lumino Industries Limited, operates in a related business segment, and there may be potential conflicts of interest that could adversely affect.
- Under-utilization of manufacturing capacities and an inability to effectively utilize their expanded manufacturing capacities could have an adverse effect on business and future prospect.
Financial Performance
| Particulars | FY24 | FY25 | FY26 |
| Sales (Rs. mn) | 17,476 | 25,704 | 23,261 |
| EBITDA (Rs. mn) | 1,561 | 2,504 | 3,014 |
| EBITDA Margin (%) | 8.93% | 9.74% | 12.96% |
| Profit/Loss (Rs. mn) | 404 | 1,068 | 1,516 |
| Profit/Loss Margin (%) | 2.29% | 4.12% | 6.46% |
| ROE (%) | 10.41% | 19.76% | 23.32% |
| ROCE (%) | 12.49% | 17.58% | 17.83% |
Source: – RHP.
Peer Comparison
| Particulars | Laser Power & Infra | Apar Industries Limited | Polycab India Limited | KEI Industries Limited | Dynamic Cables Limited |
| Sales (Rs. mn) | 23,261 | 2,29,021 | 2,88,838 | 1,17,478 | 11,978 |
| EBITDA (Rs. mn) | 3,014 | 20,670 | 40,057 | 13,876 | 1,300 |
| EBITDA Margin (%) | 12.96% | 9.00% | 13.90% | 11.81% | 10.80% |
| Profit/Loss (Rs. mn) | 1,516 | 9,769 | 27,084 | 9,184 | 844 |
| Profit/Loss Margin (%) | 6.46% | 4.30% | 9.40% | 7.82% | 7.05% |
| ROE (%) | 23.32% | 19.80% | 24.60% | 15% | 20% |
| ROCE (%) | 17.83% | 31% | 31.30% | 24% | 26.80% |
Valuation
Laser Power & Infra Limited, incorporated in 1988, is engaged in the business of manufacturing power cables and conductors and providing EPC solutions, establishing a prominent position in the power transmission and distribution industry. At the upper end of the price band of Rs. 214, the issue is priced at PE of 28.5x its FY26 adjusted earnings. The issue appears to be fully priced.
Disclaimer: The views shared in blogs are based on personal opinions and do not reflect the company’s views. Investment involves risk, and it is advisable to consult a financial advisor before making any investment through the app. The decision to invest is solely that of the investor, and the company or its communication cannot be held responsible for it.
