Laser Power & Infra Limited

Laser Power & Infra Limited operates three manufacturing units in West Bengal — two at Dhulagarh and one at Kharagpur — with a combined installed capacity of 85,448 MT as of March 31, 2026, producing HT power cables, RDSO signalling cables, aluminium wire rods, HT covered conductors, LT aerial bunched cables, LT power cables and ACSR conductors.

The company entered the EPC segment in 2015, delivering turnkey solutions for rural and urban electrification, power distribution infrastructure development and substation installation, complementing its manufacturing business with on-ground execution capabilities. As of March 31, 2026, it had an order book of ₹32,434 million (₹3,243 Cr) and operated across 26 states and four union territories in India and 10 countries internationally. Its marquee customers include state electricity distribution companies (DISCOMs) and infrastructure companies. As of March 31, 2026 the company had 2,077 employees and promoters Deepak Goel, Devesh Goel, Akshat Goel and Rakhi Goel hold 100% pre-IPO stake.

The issue comprises a fresh issue of ₹542 Cr and OFS of ₹200 Cr at a price band yet to be declared, listing on both BSE and NSE mainboard on July 16, 2026.

Fresh issue proceeds will primarily fund debt repayment of ₹490 Cr with the balance for general corporate purposes; OFS proceeds go to promoter selling shareholders. Price band not yet declared so P/E and market cap cannot be determined, though EPS for FY26 is ₹13.18. Key strengths include 30+ year operating track record, one of the leading power cable manufacturers in East India by capacity, strong order book of ₹3,243 Cr, vertically integrated manufacturing with backward integration, marquee DISCOM customer base, and improving PAT margins from 2.31% to 6.46% over FY24-26; key risks include revenue declining 9% in FY26 (₹2,326 Cr vs ₹2,570 Cr in FY25), significantly rising debt (₹828 Cr in FY26 vs ₹394 Cr in FY24), high D/E of 1.10, 100% promoter concentration in a single geography (West Bengal), and valuation premium expected vs Dynamic Cables (21x P/E) — the most comparable listed peer by revenue scale.