Laser Power & Infra IPO

Laser Power & Infra makes power cables and conductors and builds the distribution networks they go into. Incorporated at Kolkata in January 1988 as Laser Cables Private Limited, it runs three manufacturing units in West Bengal with a combined installed capacity of 85,448 MT as of March 31, 2026, producing HT and LT power cables, control and railway signalling cables, aluminium wire rods and conductors. A second arm takes turnkey EPC contracts, covering rural and urban electrification, substations, and overhead and underground lines, largely for state and central government bodies, DISCOMs and electricity boards. It supplies the TP Odisha distribution companies and is an RDSO-accredited supplier to Indian Railways. As of March 31, 2026 it operated across 26 states, four union territories and 10 countries, with 699 permanent and 1,002 contract employees.

Revenue is three-quarters product sales and one-quarter project execution: of the Rs 2,326.10 crore revenue from operations in FY26, manufacturing contributed Rs 1,670.81 crore and EPC Rs 635.07 crore. Most work is won through government-utility tenders, so price is bid-determined; the top 10 customers were 72.14% of FY26 revenue. Metal dominates the cost base, with cost of materials consumed at Rs 1,385.54 crore, 63.35% of total expenses in FY26, holding the EBITDA margin to 12.96%. The constraint is working capital against government payment cycles: net working capital days stretched to 138 in FY26 from 88 in FY25, total borrowings rose to Rs 828.23 crore, and Rs 490 crore of net proceeds was earmarked to repay debt.