Laser Power & Infra Limited is an integrated manufacturer of power cables, conductors, and other specialized products for the Indian power transmission and distribution (T&D) industry. With an established operating history of over three decades, the company has built a strong reputation across domestic and international markets. In 2015, the company strategically expanded its operations by entering the engineering, procurement, and construction (EPC) segment in the power distribution sector, focusing on rural electrification, power distribution infrastructure development, and the installation of substations. The company operates through two primary segments: Manufacturing and EPC. A core strength of its business model is its robust backward integration. Laser Power & Infra uses its internally manufactured power cables, conductors, PVC/XLPE compounds, and aluminium wire rods in its own EPC projects. This integration reduces dependency on third-party suppliers, secures the supply chain, improves overall cost efficiency, and protects profit margins. In fact, the internal consumption of captive products for its EPC segment has grown steadily, increasing from Rs 2,596.41 million in FY24 to Rs 3,543.86 million in FY26. The company serves a marquee and diversified customer base across both public and private sectors. It is a registered, RDSO-accredited supplier to Indian Railways and is an approved vendor for various cables and conductors,. The company's clients include state DISCOMs (such as TP Central Odisha, TP Western Odisha, and TP Southern Odisha) and prominent private sector EPC players like Montecarlo Limited and KRYFS Power Components Limited,. It also caters to international clients—including government-owned utilities and enterprises—in countries like Bangladesh, Bhutan, Nepal, and across Africa. However, its business remains heavily concentrated, with its top 10 customers accounting for 72.14% of its total Revenue from Operations in FY26,. The company operates three Manufacturing Units strategically located in West Bengal (two units in Dhulagarh and one in Kharagpur) near key ports and raw material hubs, offering significant logistical advantages,. As of March 31, 2026, these facilities covered a combined area of 40.39 acres with an aggregate installed capacity of 85,448 MT,. During FY26, the company produced 52,628.52 MT, resulting in a capacity utilization rate of 61.59%, which was a decline from 76.23% in FY25 and 85.79% in FY24. This drop in utilization percentage primarily reflects the company's aggressive 37.82% capacity expansion between FY24 and FY26 to meet a larger share of internal EPC demand. AAs per financial performance, Laser Power & Infra Limited has posted total income / net profits of Rs 1,763.65 Cr / Rs 40.41 Cr (FY24), Rs 2,592.53 Cr / Rs 106.75 Cr (FY25) and Rs 2,347.89 Cr / Rs 151.59 Cr (FY26),. So as per previous financials data, the company has shown good profit growth, though its debt has significantly increased due to working capital stress. The company has an average EPS of Rs 10.17 (pre-issue basis) and an average RoNW of 17.86% for the last three fiscals,. At the upper price band of Rs 214, the issue is priced at a P/BV of 2.37x based on an estimated post-issue NAV of Rs 90.29 (pre-issue NAV is Rs 63.06/- as on 31.03.26). If we attribute the earnings of FY24, FY25 and FY26 on equity post-issue, then the asking price is at a P/E of around 74.31x, 28.12x and 19.81x respectively. As per the RHP, a comparison between listed peers is shown in the above table. On BRLM's front, IIFL Capital Services Limited, ICICI Securities Limited are associated with this IPO, and has handled 93 IPOs in last three fiscal years. ( As on 06.07.26 ) As per financials, Laser Power & Infra Limited has shown robust profit growth, the latest FY26 RoNW is 20.90% and the post-issue P/E is 74.31x, 28.12x and 19.81x respectively as per FY24, FY25 and FY26 earnings. While the issue looks attractively priced compared to larger peers, our forensic audit reveals significant red flags, including extreme customer concentration, a 196-day receivable cycle, and exceptional items inflating FY26 profits. The company is an integrated manufacturer of power cables and conductors and executes turnkey EPC projects in the power distribution sector,. Considering the strong sector tailwinds but severe corporate governance and working capital concerns, we give an NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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