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IPO Note / Laser Power & Infra Limited IPO Analysis: Comprehensive Deep Dive, Key Financials, and Expert Recommendation
By Sushil Finance
9 July 2026 • 9 MINUTES READ
Laser Power & Infra Limited IPO Analysis: Comprehensive Deep Dive, Key Financials, and Expert Recommendation
Laser Power & Infra Limited is launching its ₹742 crore public issue on July 9, 2026. The price band is set at ₹203 to ₹214 per share. From a fundamental perspective, We suggests a cautious approach due to declining revenues, high leverage (2.66x Net Debt/EBITDA), and stretched receivables compared to industry peers like Dynamic Cables.
IPO Overview
Laser Power & Infra Limited (originally incorporated in 1988 as Laser Cables Private Limited) has announced its public issue details. The company is structured as an integrated manufacturer of power cables and conductors alongside an active Engineering, Procurement & Construction (EPC) execution vertical specialized in power distribution infrastructure.
Key IPO Details
| Parameter |
Details |
| Price Band |
₹203 to ₹214 Per Share |
| Issue Opens On |
July 9, 2026 |
| Issue Closes On |
July 13, 2026 |
| Lot Size |
70 Shares & in Multiples thereafter |
| Issue Size |
₹742 Crores |
| No. of Shares |
3,46,00,000 Equity Shares |
| Face Value |
₹5/- Per Share |
| Listing Exchanges |
BSE & NSE |
Offer Structure
| Issuance Category |
Amount (in ₹ Cr.) |
| Fresh Issue |
542.00 |
| Offer for Sale (OFS) |
200.00 |
| Total Issue Size |
742.00 |
Issue Allocation Breakup
| Reservation Category |
% of Issue Allocation |
Amount (in ₹ Cr. at Upper Band) |
| Qualified Institutional Buyers (QIB) |
50% |
371.00 |
| Non-Institutional Investors (HNI) |
35% |
259.70 |
| Retail Category |
15% |
111.30 |
| Total |
100% |
742.00 |
HNI Category Structure
| HNI Category Tier |
Minimum Lot Shares |
Minimum Bid Application Amount (₹) |
| Small HNI |
980 Shares |
₹2,09,720 |
| Big HNI |
4,690 Shares |
₹10,03,660 |
Retail Investment Lot Matrix
| Lots |
Total Shares |
Application Amount (@ Upper Band ₹214) |
| 1 Lot | 70 | ₹14,980 |
| 2 Lots | 140 | ₹29,960 |
| 3 Lots | 210 | ₹44,940 |
| 4 Lots | 280 | ₹59,920 |
| 5 Lots | 350 | ₹74,900 |
| 6 Lots | 420 | ₹89,880 |
| 7 Lots | 490 | ₹10,4860 |
| 8 Lots | 560 | ₹11,9840 |
| 9 Lots | 630 | ₹1,34,820 |
| 10 Lots | 700 | ₹1,49,800 |
| 11 Lots | 770 | ₹1,64,780 |
| 12 Lots | 840 | ₹1,79,760 |
| 13 Lots | 910 | ₹1,94,740 |
Company Overview & Financials
Laser Power & Infra Limited is a Kolkata-based manufacturer with operational origins starting in 1988. In 2015, the firm integrated into the EPC infrastructure framework to consume its manufactured output internally for power transmission projects.
The company operates 3 manufacturing plants located across West Bengal: Dhulagarh, Howrah (Units I and II), and Kharagpur (Unit III). Combined installed capacity stands at 85,448 MT as of March 31, 2026, marking a 38% increase from FY24. According to CRISIL, it is a prominent player by manufacturing capacity in East India, and maintains an active RDSO-approved status for Indian Railways.
Its product suite includes LV/MV power cables, aerial bunched cables (ABC), control/quad cables, ACSR/AAC/AAAC conductors, specialty cables, and aluminum wire rods. Additionally, as a licensed partner of TS Conductor Corp (USA), it possesses advanced carbon-fiber-core conductor manufacturing privileges.
Audited Financial Performance (FY24 - FY26)
| Particulars |
FY 2026 (Cr) |
FY 2025 (Cr) |
FY 2024 (Cr) |
| Total Income |
2,347.89 |
2,592.53 |
1,763.65 |
| Total Expenditure |
2,187.03 |
2,454.39 |
1,709.60 |
| EBITDA |
301.44 |
250.39 |
156.10 |
| EBITDA Margin (%) |
12.96% |
9.74% |
8.93% |
| Profit Before Tax (PBT) |
193.65 |
138.14 |
54.05 |
| Profit After Tax (PAT) |
151.59 |
106.75 |
40.41 |
| Revenue Growth (%) |
-9.50% |
+47.09% |
-- |
| EPS - Diluted (₹) |
13.18 |
9.00 |
3.47 |
| RONW (%) |
20.90% |
18.02% |
8.43% |
*Note: Financial performance metrics are presented on a non-annualized basis
Objects of the Issue
The gross capital raised via the public offering sums up to ₹7,420 million (₹742 Crores), allocating ₹5,420 million via Fresh Issue mechanics and ₹2,000 million through an Offer for Sale (OFS) execution by 3 prominent promoter selling shareholders. Net proceeds received from the fresh capital allocation will be deployed towards:
- ₹4,900 million (₹490 Crores): Targeted towards pre-payment or full repayment of outstanding credit facilities and borrowings.
- Balance proceeds (Capped at 25% of gross proceeds): Allocated towards general corporate purposes.
Key Highlights & Core Strengths
- Leading manufacturing footprint by capacity in East India for cable and conductor utilities.
- Substantial operational backward integration bridging manufacturing lines and EPC field contracts.
- Diversified and expanding order book holding orders worth ₹32,434 million.
- Entrenched corporate relationships with notable marquee clients.
- Advanced technology collaboration through its partnership with TS Conductor Corp (USA).
IPO Timeline & Tentative Milestones
| Tentative Corporate Events |
Indicative Date Schedule |
| Issue Opening Date |
July 9, 2026 |
| Issue Closing Date |
July 13, 2026 |
| Finalisation of Basis of Allotment with Stock Exchange |
14/07/2026 |
| Initiation of refunds / Unblocking of ASBA Funds |
15/07/2026 |
| Credit of Equity Shares to Allottees Demat Accounts |
15/07/2026 |
| Commencement of Trading on BSE & NSE Exchanges |
16/07/2026 |
Our View / Recommendation
Cautious Approach
At the sector-wide average industry P/E multiple of 46x, the implied price structure of ₹609 per share is fundamentally unjustified for a firm showing a recent contraction in top-line scaling (declining revenues at -9.50% in FY26), stretched working capital assets/receivables, and leverage profiles scaling up to 2.66x Net Debt/EBITDA.
Its closest operational listing peer, Dynamic Cables, trades at a valuation multiple of just 21x P/E, implying a comparative fair baseline value closer to ₹277 per share. Given alternative peer companies provide lower relative entry multiples and cleaner capital distribution options, our research desks recommend a highly cautious approach regarding this public offering.
Frequently Asked Questions (FAQs)
Q1: Who are the lead managers and registrar handling the Laser Power & Infra IPO?
The Lead Managers are IIFL Capital Services Ltd and ICICI Securities Ltd. The appointed Registrar for this public listing issue is MUFG Intime India Pvt. Ltd.
Q2: What are the primary concerns highlighted by analysts?
Analysts from Sushil Finance have highlighted structural revenue declines (-9.50% growth in FY26), elongated receivable collections, and elevated leverage of 2.66x Net Debt/EBITDA as major areas of caution.
Disclaimer & Disclosures:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
