Laser Power & Infra Limited IPO Overview
Incorporated in 1988, Laser Power & Infra Limited (LPIL) is a Kolkata-based integrated manufacturer of power cables, conductors, and other specialised products and components for India’s power transmission and distribution industry. Over its 35+ year operating history, the company has built strong manufacturing capabilities and is recognised as one of the leading power cable and conductor manufacturers in the North-East and East India region. The company produces a wide range of products under the LASER brand, including HT/LT power cables, RDSO signalling cables, aerial bunched cables, aluminium wire rods, HT covered conductors, ACSR, AAC, and AAAC conductors. In 2015, the company strategically expanded into the Engineering, Procurement and Construction (EPC) segment, focusing on rural electrification, power distribution infrastructure, and substation installation — creating a fully integrated operating model where manufacturing supports both third-party customers and its own EPC division.
The company is now launching its mainboard IPO on BSE and NSE, aiming to raise ₹742 crore through a combination of a fresh issue of ₹542 crore and an offer for sale of ₹200 crore by promoter selling shareholders. The price band has been fixed at ₹203 to ₹214 per share, with a lot size of 70 shares, making the minimum retail investment ₹14,980. The IPO opens on 9 July 2026 and closes on 13 July 2026, with listing expected on 16 July 2026 on both BSE and NSE. Notably, the company originally planned a ₹1,200 crore issue but reduced it to ₹742 crore before launching.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Investor Date | 8 July 2026 |
| IPO Open Date | 9 July 2026 |
| IPO Close Date | 13 July 2026 |
| Allotment Date | 14 July 2026 (Expected) |
| Refund Initiation | 15 July 2026 |
| Credit to Demat | 15 July 2026 |
| Listing Date | 16 July 2026 (Tentative) |
| Price Band | ₹203 – ₹214 per share |
| Face Value | ₹5 per share |
| Lot Size | 70 shares |
| Minimum Investment (Retail) | ₹14,980 (1 lot) |
| Maximum Investment (Retail) | ₹1,94,740 (13 lots = 910 shares) |
| Minimum Investment (Small HNI) | ₹2,09,720 |
| Issue Size | ₹742 crore |
| Fresh Issue | 2,53,27,103 shares (₹542 crore) |
| Offer For Sale (OFS) | 93,45,794 shares (₹200 crore) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% of Net Offer |
| Non-Institutional Investors (NII/HNI) | ~15% of Net Offer |
| Retail Individual Investors (RII) | ~35% of Net Offer |
OFS / Selling Shareholders
The OFS component of ₹200 crore is being offered by the promoter selling shareholders. The breakdown of the OFS is as follows:
| Selling Shareholder | OFS Amount |
| Deepak Goel | ₹112.5 crore |
| Devesh Goel | ₹62.5 crore |
| Rakhi Goel | ₹25 crore |
Promoter shareholding will reduce from 100% pre-IPO to approximately 75.29–75.30% post-IPO.
Objects of the Issue (Fund Utilization)
The company proposes to utilise the net proceeds from the fresh issue (₹542 crore) as follows:
- Repayment / prepayment of certain outstanding borrowings — ₹490 crore
- General corporate purposes — remaining proceeds
The OFS proceeds of ₹200 crore will go directly to the promoter selling shareholders and will not be received by the company.
Lead Managers & Registrar
- Book Running Lead Managers: IIFL Capital Services Limited and ICICI Securities Limited
- Registrar to the Issue: MUFG Intime India Pvt. Ltd.
Promoters & Management
The promoters of the company are Mr. Deepak Goel, Mr. Devesh Goel, Mr. Akshat Goel, and Mrs. Rakhi Goel. The Goel family has been associated with the power cables and conductors business since the company’s founding in 1988, bringing decades of domain expertise in power infrastructure manufacturing and project execution.
As of March 31, 2026, the company had 2,077 employees.
Company Details
Laser Power & Infra Limited operates through two integrated business segments — Manufacturing and EPC — making it one of the few companies in India with end-to-end capabilities in the power transmission and distribution sector.
Sectors Served:
- Power Transmission & Distribution
- Rural & Urban Electrification
- Railways (RDSO-grade signalling cables)
- Power Distribution Companies (DISCOMs)
- Private EPC Players
Key Products Manufactured:
- HT & LT Power Cables and Control Cables
- RDSO Signalling Cables (for Indian Railways)
- Aluminium Wire Rods and Alloy Rods
- HT Covered Conductors
- LT Aerial Bunched Cables
- ACSR, AAC, and AAAC Conductors
- Advanced High-Capacity Conductors (under TS Conductor license)
Key Capabilities:
- Licensed stranding partner of US-based TS Conductor — enabling manufacture of advanced high-capacity transmission conductors that are lighter, stronger, and more energy-efficient than conventional ACSR or CFCC conductors
- Vertically integrated manufacturing with backward integration
- In-house quality testing laboratories and R&D capabilities
Manufacturing Facilities:
- 3 manufacturing units in West Bengal — two at Dhulagarh and one at Kharagpur
- Combined installed capacity of 85,448 MT (as of March 31, 2026)
Key Customers:
- Indian Railways
- Tata Power-managed Odisha DISCOMs (TP Central, TP Western, TP Northern, TP Southern Odisha Distribution)
- Montecarlo Ltd and KRYFS Power Components Ltd (private EPC players)
Geographic Presence:
- Operations across 26 states, 4 Union Territories in India, and 10 countries internationally
- Order book of ₹3,243 crore as of March 31, 2026 (₹1,668 crore — Manufacturing; ₹1,574 crore — EPC)
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹1,763.65 | ₹40.41 |
| FY25 | ₹2,592.53 | ₹106.75 |
| FY26 | ₹2,347.89 | ₹151.59 |
Key Financial Metrics
- Revenue declined by ~9% in FY26 vs FY25, primarily due to project execution timing and order-cycle adjustments — but PAT grew sharply by ~42% YoY, reflecting significant improvement in margins.
- PAT margin improved from ~4.12% in FY25 to ~6.46% in FY26 — indicating strong operational leverage and better product mix.
- Post-Issue EPS: ₹10.80 | Post-Issue P/E: ~19.82x | P/B Ratio: ~3.39x | RoNW: ~20.90%
- Estimated post-listing market capitalisation: ~₹3,003.88 crore
- Grey Market Premium (GMP) as of 6–7 July 2026: ₹22–₹29 per share (~10–13.5% premium over upper price band)
- Borrowings have risen notably in FY26 — a significant portion of fresh issue proceeds (₹490 crore) is earmarked for debt repayment.
Company Strengths
- 35+ year operating track record in the power cables and conductors business, with a well-established LASER brand across India
- Fully integrated business model — manufacturing feeds both third-party customers and in-house EPC division, creating cost and execution advantages
- Licensed stranding partner of US-based TS Conductor — one of very few Indian companies capable of manufacturing advanced high-capacity conductors locally
- Strong and growing order book of ₹3,243 crore as of March 2026 — providing near-term revenue visibility across both segments
- Marquee customer base including Indian Railways and Tata Power-managed DISCOMs — highly credible long-term clients
- Domestic cables and wire market projected to grow at CAGR of 13% driven by infrastructure projects, railway electrification, smart grid investments, and export demand
Key Risks & Challenges
- Revenue declined ~9% in FY26 compared to FY25, indicating some vulnerability in top-line consistency despite strong profit growth
- Significant debt position — ₹490 crore out of ₹542 crore fresh issue proceeds (over 90%) is earmarked purely for debt repayment, meaning very little fresh capital goes towards growth
- OFS of ₹200 crore represents partial promoter exit — proceeds go to promoters, not to the company
- Business depends significantly on timely execution of EPC projects — delays or cost overruns could affect profitability
- Operates in a highly competitive segment alongside larger, more established peers such as Polycab India, KEI Industries, Apar Industries, and Dynamic Cables
- Operations require a continuous supply of key raw materials (aluminium, copper) — disruptions or price increases may impact margins
- Company originally filed for a ₹1,200 crore IPO but reduced it to ₹742 crore — signalling possible valuation concerns or investor demand uncertainty ahead of launch
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
