Laser Power & Infra IPO brings a Kolkata-based power transmission and distribution company to the main board market with a ₹742 crore public issue. The company combines manufacturing capabilities with engineering, procurement and construction services, giving investors exposure to India’s growing power infrastructure, cables and conductors market.
The issue comes at a time when India is investing heavily in electricity distribution, renewable energy integration, railway electrification, and grid modernisation. Laser Power & Infra has benefited from these trends through a ₹3,243.40 crore order book, improving operating margins and a presence across India and select international markets.
However, the investment case is not based on sector growth alone. Rising debt, negative operating cash flow, stretched receivable days, customer concentration and a one-off gain in FY26 profitability require careful assessment. This Laser Power & Infra IPO analysis examines the company’s business model, financial performance, IPO details, valuation, strengths, risks, GMP and investor considerations to help readers understand what supports the issue and where caution is required.
Table of Contents:
- Laser Power & Infra IPO Details
- What Does Laser Power & Infra Do?
- Laser Power & Infra Business Model
- Manufacturing Capacity, Presence and Order Book
- Power Infrastructure and Cables Industry Opportunity
- Laser Power & Infra Financial Performance
- Debt, Cash Flow and Working Capital Analysis
- How Will Laser Power & Infra Use the IPO Proceeds?
- Laser Power & Infra IPO Valuation
- Peer Comparison
- Strengths of Laser Power & Infra
- Risks Investors Should Consider
- Laser Power & Infra IPO GMP and Listing Expectations
- Laser Power & Infra IPO Review
- Should Investors Apply for the IPO?
- Conclusion
Laser Power & Infra IPO is a ₹742 crore main-board public issue comprising a fresh issue of ₹542 crore and an offer for sale of ₹200 crore. The IPO will remain open from 9 July to 13 July 2026, while the tentative listing date is 16 July 2026 on the NSE and BSE.
The company is offering approximately 3.47 crore equity shares through the IPO. Of these, around 2.53 crore shares form part of the fresh issue, while approximately 0.93 crore shares will be sold by existing shareholders through the offer for sale.
The Laser Power & Infra IPO price band has been fixed at ₹203 to ₹214 per share, with a face value of ₹5 per equity share.
| IPO Detail |
Information |
| IPO size |
₹742 crore |
| Fresh issue |
₹542 crore |
| Offer for sale |
₹200 crore |
| IPO dates |
9 July to 13 July 2026 |
| Price band |
₹203 to ₹214 per share |
| Face value |
₹5 per share |
| Lot size |
70 shares |
| Minimum retail investment |
₹14,980 |
| Maximum retail application |
13 lots or 910 shares |
| Maximum retail investment |
₹1,94,740 |
| Listing exchanges |
NSE and BSE |
| Tentative listing date |
16 July 2026 |
| Pre-IPO market capitalisation |
Around ₹3,003.88 crore |
| Post-IPO market capitalisation |
Around ₹3,004 crore at ₹214 |
| Book running lead managers |
IIFL Capital Services and ICICI Securities |
| Registrar |
MUFG Intime India |
The net offer allocation reserves not more than 50% for qualified institutional buyers. Retail investors are allocated not less than 35%, while non-institutional investors receive not less than 15% of the net offer.
The minimum retail application is one lot of 70 shares, requiring an investment of ₹14,980 at the upper price band. A retail investor can apply for a maximum of 13 lots, equivalent to 910 shares and an investment of ₹1,94,740.
The promoters of the company are Deepak Goel, Devesh Goel, Akshat Goel and Rakhi Goel. Their combined shareholding will decline from 100% before the issue to 75.29% after the IPO.
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Get all the latest updates on the Laser Power & Infra IPO, including issue details, price band, subscription status and important listing dates.
Laser Power & Infra is an integrated power transmission and distribution company operating across manufacturing and EPC services. The company manufactures cables, conductors and related products while also executing electrification, distribution infrastructure and substation projects, allowing it to participate across multiple parts of the power infrastructure value chain.
Headquartered in Kolkata, Laser Power & Infra operates primarily through two business segments: manufacturing and engineering, procurement and construction.
The manufacturing business contributed approximately 73% of FY26 revenue. Its product portfolio includes power and control cables, conductors and speciality products and components used across electricity transmission and distribution infrastructure.
The EPC segment accounted for around 27% of FY26 revenue. Through this business, the company undertakes rural and urban electrification projects, power distribution infrastructure development, substation installations and related turnkey projects.
This combination differentiates Laser Power & Infra from companies operating exclusively as manufacturers or EPC contractors.
Laser Power & Infra follows an integrated manufacturing and EPC business model that combines product manufacturing with infrastructure project execution. A significant portion of the materials required for its EPC projects is produced internally, helping the company improve supply-chain control, product quality and project execution reliability.
The manufacturing business generates revenue by supplying cables, conductors and other power infrastructure products. The EPC division earns revenue through the execution of electrification, distribution and substation projects.
Backward integration is an important part of this structure. Since the company manufactures a significant portion of the products required for its EPC projects, dependence on external suppliers can be reduced.
This structure offers several potential operational benefits:
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Greater control over product quality and availability.
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Better coordination between manufacturing and project execution.
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Lower dependence on third-party suppliers.
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Opportunities to participate in both product demand and infrastructure spending.
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Potential for improved cost control.
However, an integrated business model also creates additional working capital requirements. Manufacturing requires investment in raw materials and inventory, while EPC projects can involve delayed collections and long execution cycles.
Therefore, the effectiveness of the business model depends not only on revenue growth but also on working capital discipline and timely collection of receivables.
Laser Power & Infra has three manufacturing facilities in West Bengal with a combined installed capacity of 85,448 MT as of 31 March 2026. Its operations span 26 states, four union territories and 10 countries, while a ₹3,243.40 crore order book provides visibility for future project execution.
The company has developed a broad geographical presence within India. Its customers include state power utilities, government electricity boards and Indian Railways.
Internationally, Laser Power & Infra has a presence in 10 countries, including Bhutan and Togo.
One of the most important operational indicators is the company’s order book. It increased from ₹2,172.74 crore in FY24 to ₹3,243.40 crore as of 31 March 2026, representing growth of approximately 49%.
A growing order book can provide near-to-medium-term revenue visibility. However, the conversion of an order book into profitable revenue and operating cash flow remains equally important.
The company has also expanded into adjacent sectors such as solar projects, battery energy storage systems and water distribution pipelines.
Its partnership with TS Conductor Corp for advanced conductors is another strategic development. These products are designed to improve transmission capacity and reduce electricity losses, aligning the business with grid modernisation requirements.
India’s expanding electricity demand, renewable energy capacity, industrial investment and urban infrastructure development are creating long-term opportunities for power transmission, distribution, wires and cables companies. The domestic wires and cables market was valued at approximately ₹1.41 lakh crore in FY25 and is expected to reach around ₹2.55 lakh crore by FY30.
The industry is expected to grow at an annual rate of approximately 11% to 13% until FY30.
Several structural trends are supporting this growth.
Electricity consumption continues to increase as urbanisation, industrial activity and household demand expand. At the same time, renewable energy projects require new transmission infrastructure to transport electricity from generation centres to consumption markets.
Government-led infrastructure programmes are another major demand driver.
The Green Energy Corridor supports the integration of renewable energy into India’s electricity grid. The Revamped Distribution Sector Scheme, or RDSS, focuses on reducing aggregate technical and commercial losses while improving distribution infrastructure.
Railway electrification and capacity enhancement projects also create demand for cables, conductors and related electrical infrastructure.
Laser Power & Infra is positioned to participate in these trends through its manufacturing and EPC businesses.
However, government-linked infrastructure spending creates its own challenges. Project payments can take longer to collect, increasing receivables and working capital requirements. The company’s financial performance shows why this issue deserves close attention.
Laser Power & Infra recorded strong improvement in profitability between FY24 and FY26, even though total income declined in the latest financial year. EBITDA nearly doubled over the period, while PAT increased substantially. However, FY26 earnings included a ₹32.79 crore one-off gain, which investors should consider when assessing recurring profitability.
FY24 Financial Performance
| Metric |
FY24 |
| Total income |
₹1,763.65 crore |
| EBITDA |
₹156.10 crore |
| PAT |
₹40.41 crore |
| Net worth |
₹473.44 crore |
| Total borrowings |
₹393.75 crore |
FY25 Financial Performance
| Metric |
FY25 |
| Total income |
₹2,592.53 crore |
| EBITDA |
₹250.39 crore |
| PAT |
₹106.75 crore |
| Net worth |
₹574.58 crore |
| Total borrowings |
₹502.95 crore |
FY26 Financial Performance
| Metric |
FY26 |
| Total income |
₹2,347.89 crore |
| EBITDA |
₹301.44 crore |
| PAT |
₹151.59 crore |
| Net worth |
₹725.41 crore |
| Total borrowings |
₹828.23 crore |
Total income increased significantly from ₹1,763.65 crore in FY24 to ₹2,592.53 crore in FY25. However, it declined by approximately 9% to ₹2,347.89 crore in FY26.
Despite the decline in total income, operating profitability continued to improve.
EBITDA increased from ₹156.10 crore in FY24 to ₹301.44 crore in FY26. The EBITDA margin expanded from 8.93% to 12.96% during the same period.
PAT increased from ₹40.41 crore in FY24 to ₹151.59 crore in FY26. Compared with FY25, profit after tax increased by approximately 42%.
The margin improvement indicates better operating efficiency. However, the quality of FY26 earnings needs closer examination because PAT includes a non-recurring gain of ₹32.79 crore from the sale of a subsidiary.
This means headline profitability is higher than the company’s underlying recurring earnings.
Key profitability and return ratios
The company reported an EBITDA margin of 12.96% and a PAT margin of 6.46% in FY26.
Return on equity stood at 23.32%, while return on capital employed was 17.83%. Return on net worth was 20.90%.
The debt-to-equity ratio stood at 1.10.
These ratios indicate improving profitability and returns, but they must be assessed alongside the company’s rising debt and weak operating cash flow.
Rising borrowings, negative operating cash flow and slower receivable collection are among the most important concerns in the Laser Power & Infra IPO analysis. Total borrowings increased to ₹828.23 crore in FY26, while operating cash flow turned negative at ₹119.05 crore due largely to higher receivables and working capital requirements.
The company’s net worth increased from ₹473.44 crore in FY24 to ₹725.41 crore in FY26.
However, total borrowings increased at a much faster pace.
Debt rose from ₹393.75 crore in FY24 to ₹502.95 crore in FY25 and further to ₹828.23 crore in FY26.
A major reason for the increase is the company’s working capital cycle.
Average receivable days increased from 145 days in FY24 to 196 days in FY26. This means the company is taking longer to collect payments from customers.
Delayed collections are particularly relevant because several major customers are government utilities and public-sector entities.
The effect is visible in operating cash flow.
Operating cash flow declined from a positive ₹60.34 crore in FY25 to a negative ₹119.05 crore in FY26.
This creates an important difference between accounting profitability and cash generation.
A company can report rising PAT while still facing financial pressure if cash remains locked in receivables. In such situations, additional borrowings may be required to fund daily operations and future projects.
For investors, receivable days and operating cash flow are therefore among the most important metrics to monitor after the IPO.
Laser Power & Infra plans to use approximately ₹490 crore from the fresh issue proceeds to repay or prepay outstanding borrowings. The remaining amount will be used for general corporate purposes. Debt reduction is central to the investment case because high borrowings have increased financial risk and reflect the company’s working capital requirements.
The IPO comprises a ₹542 crore fresh issue and a ₹200 crore offer for sale.
Of the fresh issue proceeds, approximately ₹490 crore will be used for the prepayment or repayment of certain outstanding borrowings.
According to the supplied analyst assessment, this could reduce debt by approximately 59%.
A significant reduction in borrowings could have several implications:
- Lower finance costs.
- Improved interest coverage.
- Stronger balance sheet ratios.
- Greater financial flexibility.
- Potential improvement in future cash available for business expansion.
However, debt repayment alone does not resolve the underlying working capital issue.
If receivable days remain elevated and operating cash flow continues to remain weak, the company may again need external financing to support operations.
Therefore, investors should monitor whether the post-IPO reduction in debt is accompanied by better cash collection and working capital efficiency.
At the upper price band of ₹214, Laser Power & Infra is valued at a post-IPO P/E ratio of approximately 19.82 times and an EV/EBITDA multiple of around 12.62 times. The valuation appears lower than several larger listed peers, but the discount should be viewed alongside higher leverage, weaker cash flows and smaller operating scale.
The company reported a pre-IPO FY26 EPS of ₹13.18.
Based on the upper price band, this translates into a pre-IPO P/E multiple of approximately 16.24 times.
After dilution, EPS is estimated at ₹10.80, resulting in a post-IPO P/E multiple of approximately 19.82 times.
The price-to-book ratio is around 3.39 times.
The company’s post-IPO market capitalisation is estimated at approximately ₹3,004 crore at the upper price band.
On an EV/EBITDA basis, the issue is valued at approximately 12.62 times FY26 EBITDA.
The EV/EBITDA multiple is particularly relevant in this case because Laser Power & Infra has substantial debt. P/E alone does not fully capture the effect of leverage on the business.
Another important valuation consideration is the ₹32.79 crore one-off gain included in FY26 PAT.
Since the gain is non-recurring, investors assessing the issue on a P/E basis should consider that normalised earnings are lower than reported PAT.
Therefore, the IPO may appear reasonably priced compared with larger listed peers, but the valuation does not automatically make the company undervalued.
Laser Power & Infra operates in the same broad cables, conductors and power infrastructure ecosystem as larger listed companies such as Apar Industries, Polycab India and KEI Industries. However, differences in business scale, leverage, brand strength and cash flow quality mean that a direct valuation comparison requires careful interpretation.
| Company |
Business and valuation positioning |
| Laser Power & Infra |
Integrated cables and EPC company with smaller scale, higher leverage, P/E of around 19.8 times and EV/EBITDA of approximately 12.6 times |
| Apar Industries |
Larger conductors, cables and speciality oils company with a more balanced leverage profile and typically higher valuation |
| Polycab India |
Significantly larger wires, cables and FMEG company with a stronger balance sheet and premium valuation supported by scale and brand presence |
| KEI Industries |
Larger wires, cables and EPC company with moderate leverage and higher multiples reflecting its established track record |
The relatively lower valuation of Laser Power & Infra should not be viewed in isolation.
Larger peers generally have stronger market positions, longer operating track records, better balance sheets or greater scale.
Laser Power & Infra’s valuation discount partly reflects its higher leverage, negative operating cash flow and working capital risks.
The main strengths of Laser Power & Infra are its integrated business model, expanding order book, improving operating margins, geographical presence and exposure to India’s power infrastructure investment cycle. These factors support the company’s medium-to-long-term growth potential, provided project execution and working capital management remain under control.
1. Integrated manufacturing and EPC operations
The combination of manufacturing and EPC services provides greater control over the value chain.
In-house manufacturing of products required for EPC projects can reduce external supplier dependence while supporting cost, quality and execution control.
2. Growing order book
The order book increased by approximately 49% from ₹2,172.74 crore in FY24 to ₹3,243.40 crore as of 31 March 2026.
This provides visibility for future project execution and revenue generation.
3. Improving operating profitability
The EBITDA margin increased from 8.93% in FY24 to 12.96% in FY26.
The improvement indicates stronger operational efficiency despite the decline in FY26 total income.
4. Broad geographical presence
The company operates across 26 states and four union territories in India and has a presence in 10 international markets.
This provides exposure to multiple infrastructure markets.
5. Exposure to structural industry growth
Renewable energy expansion, electricity demand, grid modernisation, urban development and railway infrastructure investment are creating long-term demand for power transmission and distribution products.
6. Product development and strategic partnerships
The collaboration with TS Conductor Corp gives Laser Power & Infra exposure to advanced conductors designed to increase transmission capacity and reduce electricity losses.
The major risks in the Laser Power & Infra IPO Review are customer concentration, government contract dependence, high debt, negative operating cash flow, delayed receivables, project execution challenges and commodity price volatility. These risks are material because they directly affect revenue visibility, cash generation, borrowing requirements and the sustainability of profitability.
1. High customer concentration
The company’s top 10 customers contributed more than 72% of operating revenue in FY26, compared with approximately 53% in FY24.
The rising concentration increases business risk.
The loss of a major customer, payment delays, project cancellations or contractual disputes could materially affect revenue and cash flow.
2. Dependence on government-linked customers
Major customers include state power utilities, electricity boards and Indian Railways.
Government-linked projects provide significant business opportunities but can also expose the company to tender cycles, pricing pressure, policy changes and delayed payments.
3. Stretched working capital cycle
Average receivable days increased from 145 days in FY24 to 196 days in FY26.
The longer collection cycle means more capital remains locked in receivables.
4. Rising debt
Total borrowings increased to ₹828.23 crore in FY26 from ₹393.75 crore in FY24.
Although IPO proceeds will be used to reduce debt, the long-term benefit depends on whether the company can improve cash generation and working capital management.
5. Negative operating cash flow
Operating cash flow was negative at ₹119.05 crore in FY26 despite the company reporting a PAT of ₹151.59 crore.
The divergence between profits and operating cash flow is an important risk indicator.
6. EPC execution risk
Infrastructure projects can face delays, cost overruns and contractual disputes.
Any of these factors can reduce project profitability and affect cash flow.
7. Commodity price volatility
Aluminium and copper are important raw materials for cables and conductors.
Significant changes in commodity prices could affect margins if higher costs cannot be passed on to customers or adequately managed.
8. One-off gain in FY26 profitability
FY26 PAT includes a ₹32.79 crore non-recurring gain from the sale of a subsidiary.
Investors should consider normalised earnings rather than relying only on reported PAT while assessing valuation.
Laser Power & Infra IPO GMP is approximately ₹21, indicating an unofficial expected premium of around 10% over the upper price band of ₹214. However, grey market premium is not an official market indicator and should not be treated as a reliable forecast of the actual listing price or post-listing performance.
The current GMP suggests some positive sentiment around the issue.
However, the grey market is informal and can change rapidly based on market conditions, investor demand and subscription data.
The final listing performance may depend on several factors:
- Overall stock market sentiment.
- Investor appetite for power infrastructure companies.
- QIB subscription.
- Institutional participation.
- Demand across retail and NII categories.
- Broader capital goods and infrastructure sector performance.
The issue appears reasonably priced rather than deeply discounted. Therefore, listing performance could remain sensitive to subscription trends and broader market conditions.
Investors focused on short-term returns should not make an application decision based solely on GMP.
The Laser Power & Infra IPO Review presents a mixed but potentially constructive investment case. The company benefits from power infrastructure growth, an integrated business model, improving margins and a strong order book. At the same time, rising debt, negative operating cash flow, customer concentration and stretched receivables prevent the issue from being a low-risk investment proposition.
From a business perspective, the company is positioned in an industry supported by structural demand.
India requires significant investment in transmission infrastructure, electricity distribution, renewable energy integration and grid modernisation. Laser Power & Infra’s manufacturing and EPC capabilities provide exposure to these opportunities.
Financially, the improvement in EBITDA and margins is encouraging.
However, the decline in FY26 total income, negative operating cash flow and sharp rise in borrowings require attention.
The planned repayment of approximately ₹490 crore of debt is an important positive factor. Lower debt could reduce finance costs and strengthen the balance sheet.
The critical question after the IPO will be whether the company can prevent leverage from rising again by improving receivable collection and operating cash generation.
Valuation also requires a balanced interpretation.
The company appears cheaper than several larger peers on headline valuation metrics. However, differences in scale, leverage and cash flow quality explain part of this discount.
Therefore, the investment case depends on both industry growth and the company’s ability to improve financial discipline.
Laser Power & Infra may appeal to medium-to-long-term investors seeking exposure to India’s power transmission and distribution investment cycle and who are comfortable with working capital and government-linked project risks. The IPO offers growth potential, but investors should carefully evaluate cash flows, debt reduction and recurring profitability before making a decision.
The positive investment factors include:
- Exposure to India’s power infrastructure capex cycle.
- An integrated manufacturing and EPC business model.
- EBITDA margin expansion to 12.96% in FY26.
- A ₹3,243.40 crore order book.
- Planned debt repayment of approximately ₹490 crore.
- Exposure to renewable energy integration and grid modernisation.
- A valuation that appears reasonable relative to larger peers.
However, these factors must be balanced against:
- Negative operating cash flow in FY26.
- Total borrowings of ₹828.23 crore.
- Average receivable days of 196 days.
- More than 72% revenue contribution from the top 10 customers.
- Dependence on government-linked projects.
- A ₹32.79 crore one-off gain was included in FY26 PAT.
For medium-to-long-term investors comfortable with infrastructure sector risks, the company can be viewed as a cautiously positive proposition, provided post-IPO debt reduction translates into stronger cash flows and a healthier balance sheet.
The most important monitoring indicators after listing will be operating cash flow, receivable days, debt levels, order execution and the sustainability of operating margins.
Investors primarily seeking listing gains should avoid relying on GMP alone. Institutional subscription and overall market conditions are likely to provide more meaningful signals about near-term sentiment.
Want to compare Laser Power & Infra with other recent infrastructure and capital goods listings? Use this IPO dashboard to analyse pricing, subscription trends and listing performance.
Laser Power & Infra IPO offers exposure to India’s expanding power transmission, distribution and cables market through an integrated manufacturing and EPC business. The company has improved operating margins, expanded its order book and plans to use a substantial portion of the IPO proceeds to reduce debt, strengthening the medium-term investment case.
The business is supported by structural trends such as renewable energy expansion, rising electricity consumption, grid modernisation and government infrastructure programmes.
Its ₹3,243.40 crore order book provides revenue visibility, while EBITDA margin expansion from 8.93% in FY24 to 12.96% in FY26 indicates improving operational efficiency.
However, the Laser Power & Infra IPO analysis also highlights important financial risks.
Borrowings increased sharply to ₹828.23 crore, operating cash flow turned negative and average receivable days reached 196 days in FY26. Customer concentration has also increased, with the top 10 customers contributing more than 72% of operating revenue.
The ₹490 crore planned debt repayment could improve the balance sheet, but sustainable financial improvement will depend on better working capital management and stronger cash conversion.
Overall, the Laser Power & Infra IPO Review indicates a company operating in an attractive industry with improving profitability and meaningful growth opportunities, but also carrying financial and operational risks that require continued monitoring.
For investors considering the issue, the decision should ultimately depend on risk appetite, investment horizon and confidence in the company’s ability to convert its order book and improve margins into sustainable operating cash flow.