Laser Power & Infra
Laser Power &Infra, promoted by Deepak Goel, is an integrated manufacturer of power & control cables, conductors and other specialised products and components to the power transmission and distribution industry in India. In 2015, it expanded its business by entering the engineering, procurement, and construction (EPC) segment in power distribution sector, focusing on rural electrification projects, power distribution infrastructure development, and installation of substations, among other turnkey solutions as part of its forward integration strategy.
The company is a licensed stranding partner of USA based TS Conductor Corp, a company renowned for its transmission technology. This collaboration will allow the company to offer energy-efficient transmission conductors that are lighter, stronger, and capable of carrying more power than conventional ACSR or CFCC conductors. Through this partnership, the company locally manufactures advanced, high-capacity conductors in India, significantly reducing import dependency and production lead times.
The company operates two key business segments, namely (i) manufacturing and (ii) EPC. In the manufacturing business, it manufactures low voltage (LV) and medium voltage (MV) power cables, aerial bunched cables (ABC), control and quad cables in the power and control cables category. These products are deployed across diverse applications including power distribution networks, substations, communication systems, machine tools, and railway signaling and electrification.
The specialty products division supports backward integration through the in-house production of aluminium rods, aluminium alloy rods, and PVC compounds used in cable insulation and manufacture of speciality cables. Speciality products are one of the key product categories in its manufacturing segment as these are customized and specially engineered electrical cables, designed to perform in unique, demanding, or harsh environments. Unlike standard power or communication cables, these are tailored for specific applications, offering properties such as high flexibility, resistance to chemicals, heat and water.
The EPC offerings include complete design, supply, erection, testing and commissioning of high tension (HT) and low tension (LT) overhead lines, substations (up to 33/11 kV), distribution transformers and switchgear, aerial bunched cabling and underground cabling, feeder segregation and system strengthening and household electrification and last-mile connectivity. In addition to distribution projects, the company is prequalified and has placed bid for 18 transmission EPC works of 66 kV and above, involving reconductoring of HTLS conductors and aggregates to Rs 900 crore. The expansion positions it to expand into higher-voltage opportunities. The company is actively seeking to diversify its EPC portfolio by expanding into the water distribution lines, solar and battery energy storage systems sectors, which are seeing significant infrastructure development.
As of March 31, 2026, it has completed over 43 projects and have 34 ongoing EPC projects across multiple Indian states, including West Bengal, Bihar, Jharkhand, Odisha, Assam, and Madhya Pradesh, serving government clients. As of March 31, 2026, it had installed over 85,191 ckm of HT and LT distribution lines and commissioned more than 113 substations. The company has also forayed into the international EPC domain and has completed a power distribution EPC project in Togo.
Manufacturing business of the company accounted for 72.70% and 72.25% of its revenue from operations in FY26 and FY25, respectively, with balance 27.3% and 27.75% coming from the EPC business. Of the 72.70% of manufacturing business revenue, India accounts for major junk of about 70.91% [East 53.93%, North 8.25%, South 7.6% and West 1.13%] and the balance 1.79% from outside of India. The EPC business revenue largely from East India.
Order book of the company as of March 31, 2026, stood at Rs 3243.40 crore and of which Rs 1668.892 crore for manufacturing business and Rs 1574.508 crore for its EPC business. Of the manufacturing order book of Rs 1668.892 crore about Rs 985.192 crore is from government sector, Rs 644.973 crore private sector and balance Rs 38.727 crore outside India.
The company has built long-standing relationships with key public sector and private sector clients. It serves many reputed government authorities including Indian Railways, various distribution companies (Discoms) including TP Central Odisha Distribution Limited, TP Western Odisha Distribution Limited, TP Northern Odisha Distribution Limited, TP Southern Odisha Distribution Limited, among others. It also supplies conductors and power cables to some of the private EPC players such as Montecarlo Limited and KRYFS Power Components Limited. Its diverse customer base also includes international clients including government owned and controlled electricity companies, public enterprises and utilities, in Africa, Bangladesh, Bhutan and Nepal.
As of March 31, 2026, the company managed operations across 26 states and four union territories in India including West Bengal, Bihar, Jharkhand, Odisha, Assam, and Madhya Pradesh and 10 countries.
Aggregate installed manufacturing capacity of the company as of March 31, 2026, is 85448 tonnes spread across three manufacturing units all located in the state of West Bengal, India. Two of its manufacturing units (Manufacturing Unit I) and (Manufacturing Unit II) are located at Dhulagarh and the third at Kharagpur. Its manufacturing processes are backward integrated, supported by in-house production of key inputs such as aluminium wire rods and XLPE/PVC compound, enhancing product consistency, operational flexibility, and cost efficiency.
While manufacturing unit I is dedicated to manufacturing HT power cables, RDSO signaling control, quad cables and conductors, the manufacturing unit II focuses on manufacturing of aluminium wire rods and HT covered conductors. The third manufacturing unit at Kharagpur is dedicated to the manufacturing of LT aerial bunched cables, LT power cables and ACSR conductors.
Manufacturing units of the company are certified for ISO 9001, ISO 14001 and ISO 45001 standards and are equipped with modern machinery and testing systems conforming to Bureau of Indian Standards and other international benchmarks.
The company is a registered supplier to Indian Railways, accredited by the Research Design & Standard Organization and one of the largest approved vendors of PVC insulated armoured unscreened underground power cable, quad cables for signal and telecommunication installations and PVC insulated armoured unscreened underground railway signaling cable, signaling control, quad and power cables based on capacities of these products, among the approved vendors in East India.
The issue, objects of the offer
The issue comprises both offer for sale and fresh issue of equity shares (of Rs 5 face value) worth aggregating to Rs 200 crore and Rs 542 crore respectively. The entire portion of offer for sale is by promoters, i.e.,Deepak Goel (Rs 112.5 crore), Rakhi Goel (Rs 25 crore), and Devesh Goel (Rs 62.5 crore).
Of the net proceeds the company proposed to utilize Rs 490 crore towards repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the company and balance towards general corporate purposes.
Outstanding borrowings end of June 17, 2026,stood at Rs 935.67crore.
Strengths
Established operating history spanning over three decades. Built a strong reputation for delivering high-quality products tailored to the evolving needs of clients and tailor-made for their projects.
Integrated operations with presence in both manufacturing and EPC allow the company to in-source a substantial portion of the products required for EPC projects, reducing dependency on third-party suppliers. Backward integration allows the company to be more competitive during the bidding process by leveraging its cross-feeding capabilities, resulting in operational efficiencies and economies of scale to maintain its costs while ensuring quality control.
Proven capabilities of executing complex electrification and EPC project works in tough geographies (in hilly areas, riverine islands, flood-prone zones, and hilly-terrains etc).
Established track record with a marquee customer base.
Strong and diversified order book (OB). OB translates into 1.4 times of its FY26 sales providing strong revenue growth visibility.
Experienced promoters and management team with skilled workforce.
Strong investment pipeline in Indian power T&D sector.
Weaknesses
Top 1/10 customers contributed 24.82%/72.14% and 21.74%/68.87% of revenue from operations in FY26 and FY25, respectively.
Significant increases or fluctuations in prices of, or delay or disruption in supply of primary raw materials (aluminium, steel, copper, XLPE and PVC compound) could affect estimated costs, expenditures and timelines which may have a material adverse effect on business.
Inter-state transmission systems and intra-state transmission systems are awarded through competitive bidding process and thus a significant business of the company depends on tendering, award and timely execution of projects within the estimated cost.
The business of the company is working capital intensive
Business growth is supported by manufacturing agreement with TS Conductor Corp, and any adverse changes or termination of this agreement could materially and adversely affect the business of the company.
Promoter Group entity, Lumino Industries, operates in a related business segment, and there may be potential conflicts of interest, adversely affecting the business of the company.
Face certain competitive pressures from the existing competitors and new entrants in both public and private sector.
Manufacturing units of the company are concentrated in West Bengal and events impacting those geographical areas may disrupt production and operations.
Business is dependent on the performance and growth of the power infrastructure sector, both in the Indian and overseas markets.
Valuation
Revenues of the company for the fiscal ending March 2026 were down by 10% to Rs 2326.10 crore with manufacturing revenue down 15.4% (impacted due to shortage of raw materials as well as postponement of customer order amid geopolitical uncertainty) and that of EPC down by 2.9%(due to lower execution). But with operating profit margin expanding by 330 bps to 13%, the operating profit grew by 20% to Rs 301.44 crore. After accounting for lower other income, higher interest and lower depreciation, the PBT before EO was up 16% to Rs 160.86 crore. Finally, PAT was higher by 46% to Rs 151.59 crore gained by higher EO income of Rs 32.79 crore (against nil) and lower tax incidence.
The EPS for FY2026 on expanded equity (on the upper price band) was Rs 9. The PE on upper price band works out to 23.8 times of its FY26 EPS. The P/BV stood at 2.4 times and EV/sales stood at 1.6 times its FY26 sales.
Consolidated total borrowings as of June 17, 2026, stood at Rs 935.67. The company proposes to utilize Rs 490 crore of the net proceeds from fresh issue towards prepayment of the borrowing. Repayment of Rs 490 crore will bring the borrowings down by about 52.4% resulting in lower interest outgo and boosting the net-profit substantially. The EPS forFY26 works out to Rs 13.8 if 52.4% of its interest cost is removed, keeping all other items, including tax rate, same. The re-worked P/E at the upper price band moderates to 15.5 times its FY26 EPS.
In comparison Universal Cables and Dynamic Cables quotes at a PE of 23.6 times and 20.5 times respectively of their FY26 EPS. Though not an apple-to-apple comparison the other cable & wires companies such as Polycab India and KEI industries quote at a PE of 53 times and 53.1 times of their FY26 EPS. Apar Industries, which is a leading manufacturer of conductors as well as transformer oil quotes at a PE of 56.7 times.
| Laser Power &Infra : Re-stated Consolidated Financials |
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| 2403 (12) | 2503 (12) | 2603 (12) | |||
| Sales | 1747.58 | 2570.40 | 2326.10 | |||
| OPM (%) | 8.9 | 9.7 | 13.0 | |||
| OP | 156.10 | 250.39 | 301.44 | |||
| Other income | 16.08 | 22.13 | 21.79 | |||
| PBIDT | 172.18 | 272.52 | 323.23 | |||
| Interest | 91.08 | 102.50 | 133.11 | |||
| PBDT | 81.10 | 170.02 | 190.13 | |||
| Depreciation | 27.05 | 31.87 | 29.27 | |||
| PBT | 54.05 | 138.14 | 160.86 | |||
| EO Exp | 0.00 | 0.00 | -32.79 | |||
| PBT after EO | 54.05 | 138.14 | 193.65 | |||
| Tax | 13.64 | 31.39 | 42.06 | |||
| PAT | 40.41 | 106.75 | 151.59 | |||
| Share of Profit from Associates | 0.00 | 0.00 | 0.00 | |||
| Minority Interest | 0.48 | 3.19 | 0.00 | |||
| Net profit after MI | 39.93 | 103.56 | 151.59 | |||
| EPS (Rs)* | 2.8 | 7.4 | 9.0 | |||
| * on post IPO fully dilluted equity (on upper price band) of Rs 70.18 crore. Face Value: Rs 5 | ||||||
| EPS is calculated after excluding EO and relevant tax | ||||||
| Figures in Rs crore | ||||||
| Source: Capitaline Corporate database | ||||||
| Laser Power &Infra : Issue Highlights |
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| Fresh Issue (Rs crore) | 542 |
| Offer for sale (Rs crore) | 200 |
| Price band (Rs.) ** |
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| Upper | 214 |
| Lower | 203 |
| Post-issue equity (Rs crore) | |
| in Upper price band | 70.18 |
| in Lower Price Band | 70.87 |
| Post-issue promoter (including promoter group) stake (%) | 75.30 |
| Minimum Bid (in nos.) | 70 |
| Issue Open Date | 09-07-2026 |
| Issue Close Date | 13-07-2026 |
| Listing | BSE, NSE |
| Rating | 45 /100 |
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