IPO closes on 13 Jul'26
Laser Power & Infra
Minimum Investment
₹ 14,980 / 70 shares
Our Verdict:
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Integrated Power Infrastructure Player Positioned to Benefit from India's Grid Expansion
- Laser Power & Infra Ltd. is an integrated manufacturer of power cables, conductors and EPC solutions, well positioned to benefit from India's expanding power transmission and distribution infrastructure. Its manufacturing base in West Bengal provides strategic access to key markets, ports and raw material sources across Eastern India.
- The company combines manufacturing with in-house EPC execution, enabling better project control, timely delivery and improved operating efficiency. Its partnership with TS Conductor Corp (USA) strengthens its product portfolio with advanced transmission conductors, positioning it to capitalize on growing investments in grid modernization.
- The company has delivered strong financial performance, with Revenue, EBITDA and Adjusted PAT recording CAGRs of 15.4%, 39.0% and 72.5%, respectively, during FY24–FY26. At the upper price band of ₹214, the IPO is valued at ~25x FY26 post-issue earnings, which appears reasonable relative to peers. IPO proceeds will also be used to reduce debt, supporting lower finance costs and stronger profitability.
- Recommendation: We recommend SUBSCRIBE to the IPO with a long-term investment horizon, backed by favorable industry tailwinds, strong earnings growth and reasonable valuations.
About the company
Founded in
7 Jan'88
Managing director
Deepak Goel
- Laser Power & Infra Ltd. (LPI) is an integrated manufacturer of power cables, conductors and other specialized products catering to India's power transmission and distribution (T&D) sector. The company has established a backward-integrated manufacturing model through in-house production of aluminium rods, aluminium alloy rods and XLPE/PVC compounds. Since 2015, LPI has expanded into the EPC business, executing rural electrification, power distribution, substation installation and other turnkey infrastructure projects. The company operates three manufacturing facilities in West Bengal with a combined installed capacity of 85,448 MT.
STRENGTHS
- Among the leading manufacturers of power cables and conductors in East India by installed capacity.
- Strategically located manufacturing facilities with strong backward integration, enhancing operational efficiency and cost competitiveness.
- Integrated manufacturing and EPC execution capabilities with a proven track record in delivering complex power infrastructure projects.
- Well-established relationships with marquee customers across the power transmission and distribution sector.
- Strategic technology partnerships with international players, strengthening its advanced conductor portfolio.
- Robust and diversified order book, providing healthy long-term revenue visibility.
- Experienced promoters and management team supported by a skilled workforce.
RISK FACTORS
- High customer concentration: The top 10 customers contributed 72.1% of FY26 revenue, making the business vulnerable to the loss of key clients, lower order volumes or adverse customer-specific developments.
- Product concentration: Power cables and conductors accounted for 72.7% of FY26 revenue, exposing the company to demand slowdown, pricing pressure, technological changes and lower transmission & distribution spending.
- Raw material volatility: Fluctuations in aluminium, copper, steel, XLPE and PVC prices could impact margins. Although contracts generally include price-escalation clauses, the company may not be able to fully pass on higher input costs.
- Supplier concentration: The top 10 suppliers accounted for 67.7% of FY26 purchases, increasing the risk of supply disruptions, procurement delays and input cost volatility.
- Low EPC bid conversion: The EPC business remains dependent on competitive bidding, with bid conversion rates of 8/47 in FY26, 9/39 in FY25 and 3/32 in FY24, which could lead to volatility in future order inflows and revenues.
Financials
All Values are in Cr.
Issue details
Issue type
Mainboard
Issue size
₹ 742Cr
Fresh Issue
₹ 542Cr
OFS
₹ 200Cr
Price range
₹ 203 - 214
Lot size
70 shares
Issue Objective
- From the fresh issue net proceeds, Rs.490 cr will be utilized towards the pre-payment/re-payment, in full or in part, of certain outstanding borrowings of the company; with the remaining proceeds allocated towards general corporate purposes.
Dates
Bidding open
9 Jul'26
Bidding close
13 Jul'26
Allotment date
14 Jul'26
Refund date
15 Jul'26
Listing
16 Jul'26
IPO Reservations
Qualified institutional buyers
<50
Non-institutional investors
>15%
Retail individual investors
>35
Read the Offer Document (PDF)
© 2026 by Liquide Solutions Private Limited, SEBI Registered Research Analyst (Registration number - INH000009816)
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