Laser Power & Infra IPO is launching a book-built issue aggregating to ₹742 crore. The public issue comprises a fresh issue of 2.53 crore equity shares aggregating to ₹542 crore and an Offer for Sale (OFS) of 0.93 crore equity shares aggregating to ₹200 crore by existing shareholders.
The IPO will open for subscription on July 9, 2026, and close on July 13, 2026. The basis of allotment is expected to be finalised on July 14, 2026, with refunds and credit of shares scheduled for July 15, 2026. The equity shares are proposed to be listed on both the BSE and NSE with a tentative listing date of July 16, 2026.
The price band for the issue has been fixed at ₹203-₹214 per share. Investors can apply for a minimum one lot of 70 shares, requiring a minimum retail investment of ₹14,980 at the upper price band.
For Non-Institutional Investors (NIIs), the small NII (sNII) category requires a minimum application of 14 lots (980 shares) amounting to ₹2,09,720, while the big NII (bNII) category requires 67 lots (4,690 shares) amounting to ₹10,03,660.
IIFL Capital Services Limited and ICICI Securities Limited are acting as the Book Running Lead Managers (BRLMs) for the issue, while MUFG Intime India Private Limited has been appointed as the registrar.
(Source: RHP)
Company Overview
Incorporated in 1988, Laser Power & Infra Limited is an integrated manufacturer of power cables, conductors, and specialised products catering to India’s power transmission and distribution sector. Over the years, the company has expanded beyond manufacturing into the engineering, procurement and construction (EPC) business, providing turnkey power infrastructure solutions across rural and urban electrification projects.
The company operates through two business verticals. Its Manufacturing Division produces power cables, control cables, speciality cables and conductors, while its EPC Division undertakes projects related to power distribution infrastructure, rural electrification, substations and turnkey execution.
As of March 31, 2026, Laser Power & Infra operated three manufacturing facilities located in West Bengal with a combined installed manufacturing capacity of 85.448 MT. The company has established operations across 26 states and four Union Territories in India and exports its products to 10 countries. The company reported an order book of approximately ₹3,243.40 crore as of March 31, 2026, providing strong revenue visibility across both manufacturing and EPC operations.
(Source: RHP)
Industry Context
- India’s power transmission and distribution sector continues to benefit from rising electricity demand, grid modernisation and infrastructure investments.
- Government initiatives including rural electrification and transmission network expansion are supporting sustained demand for power cables and EPC services.
- Growing renewable energy capacity and industrial infrastructure development are increasing the need for specialised cable and conductor solutions.
- Urbanisation, smart grid implementation and power distribution upgrades continue to drive investments in electrical infrastructure.
- Key industry risks include fluctuations in commodity prices, execution delays, competitive pricing pressure and changes in government infrastructure spending.
(Source: RHP)
Business Strengths
- One of the leading manufacturers of power cables and conductors in Eastern India.
- Strategically located manufacturing facilities with integrated production capabilities.
- Proven EPC execution track record supported by backward integration.
- Established relationships with marquee customers across manufacturing and infrastructure segments.
- Strategic collaborations with international partners.
- Diversified order book providing long-term revenue visibility.
- Experienced promoters, management team and skilled workforce.
Key Risks
- Revenue is significantly dependent on a limited number of key customers.
- Manufacturing of power cables and conductors contributes the majority of the company’s revenue.
- Volatility in raw material prices may impact margins and profitability.
- Dependence on a limited supplier base may disrupt production and operations.
- EPC revenue depends on winning projects through competitive bidding.
- High working capital requirements may affect liquidity if receivables are delayed.
- Business operations are subject to various regulatory approvals and compliance requirements.
(Source: RHP)
Financial Performance
Laser Power & Infra Limited – Financials (₹ in Million)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 23,261.04 | 25,703.97 | 17,475.78 |
| Manufacturing Revenue | 16,708.14 | 18,319.84 | 15,076.02 |
| EBITDA | 3,014.42 | 2,503.87 | 1,561.04 |
| EBITDA Margin | 12.96% | 9.74% | 8.93% |
| PAT | 1,515.91 | 1,067.54 | 404.09 |
| PAT Margin | 6.46% | 4.12% | 2.29% |
| RoE | 23.32% | 19.76% | 10.41% |
| RoCE | 17.83% | 17.58% | 12.49% |
| Net Debt | 8,013.59 | 4,984.96 | 3,931.84 |
| Net Debt/EBITDA | 2.66 | 1.99 | 2.52 |
(Source: RHP)
Key Ratios & Metrics
| KPI | FY26 |
|---|---|
| ROE | 23.32% |
| ROCE | 17.83% |
| Debt/Equity | 1.1 |
| RoNW | 20.90% |
| PAT Margin | 6.46% |
| EBITDA Margin | 12.96% |
| Price to Book Value | 3.39 |
(Source: RHP, Market Updates)
Laser Power & Infra IPO Objects
The company proposes to utilise the net proceeds from the fresh issue towards the following objectives:
- Pre-payment or repayment, in full or in part, of certain outstanding borrowings availed by the company (₹490 crore).
- General corporate purposes.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 9 – 13 July, 2026 |
| Listing Date | Thursday, July 16, 2026 |
| Face Value | ₹5 per share |
| Price Band | ₹203 – ₹214 |
| Lot Size | 70 Shares |
| Issue Type | Book Building IPO |
| Sale Type | Fresh Issue + OFS |
| Total Issue Size | ₹742 Crore |
| Fresh Issue | ₹542 Crore |
| Offer for Sale | ₹200 Crore |
| Minimum Retail Investment | ₹14,980 |
| Maximum Retail Investment | ₹1,94,740 |
| Listing Exchange | BSE, NSE |
Conclusion
Laser Power & Infra Limited operates in India’s power transmission and distribution sector through an integrated business model comprising manufacturing and EPC operations. The company has built a diversified presence across power cables, conductors, and turnkey infrastructure projects, supported by a sizeable order book and operations spanning most Indian states.
Overall, the IPO offers exposure to India’s expanding power infrastructure sector, backed by a diversified business model and improving financial performance. Investors with a medium- to long-term investment horizon may evaluate the issue after considering the valuation and associated business risks.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This content is purely for informational purposes only and should not be considered as investment advice or a recommendation. Securities quoted are for illustration purposes only and not recommendatory. Investors are requested to do their own due diligence before investing.
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