A three-decade-old integrated power cable and conductor manufacturer from West Bengal hits the market with a Rs 742 crore issue
Laser Power & Infra Ltd., an integrated manufacturer of power cables, conductors, and specialised power transmission and distribution products, opens for subscription on July 9 with the issue closing on July 13. The company has been in operation for over three decades and is one of the leading players by manufacturing capacity in the power cable and conductor segment in East India. The issue is not rated by most brokerages, though independent analysts flag it as fully priced based on recent financial data.
What the Company Does
LPIL manufactures HT and LT power cables, conductors, aluminium wire rods, aerial bunched cables, RDSO-approved signalling and quad cables, and ACSR conductors across three manufacturing units all located in West Bengal — two at Dhulagarh and one at Kharagpur — with a combined installed capacity of 85,448 MT as of March 31, 2026. Its strategic location in eastern India provides proximity to key raw materials including aluminium and copper, and easy access to the Kolkata and Haldia ports for both domestic and export logistics.
The company operates two segments. Manufacturing accounts for the core business, while the EPC segment — entered in 2015 as a forward integration move — covers rural electrification projects, power distribution infrastructure, and turnkey substation solutions. LPIL is a registered supplier to Indian Railways, accredited by RDSO, and serves a range of public sector clients including multiple Tata Power-backed DISCOMs in Odisha, as well as private EPC players and international clients in Africa, Bangladesh, Bhutan, and Nepal.
The company has strengthened margins through backward integration — adding aluminium wire rod manufacturing — and expanding into higher-value, higher-margin products. As of March 31, 2026, its order book stood at Rs 324.34 crore, and it had 699 employees plus 1,002 contract workers.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | July 9, 2026 |
| Issue Closes | July 13, 2026 |
| Price Band | Rs 203 – Rs 214 per share |
| Face Value | Rs 5 |
| Total Issue Size | Rs 742 crore (at upper cap) |
| Fresh Issue | Rs 542 crore |
| Offer for Sale | Rs 200 crore |
| Total Shares | ~3,46,72,897 shares at upper cap |
| Minimum Lot | 70 shares |
| Post-Issue Market Cap | Rs 3,003.88 crore (at upper cap) |
| Issue Constitutes | 24.70% of post-IPO equity |
| QIB / NII / Retail Split | 50% / 15% / 35% |
| BRLMs | IIFL Capital Services, ICICI Securities |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Listing | BSE and NSE |
Post-IPO, paid-up equity capital will increase from Rs 57.52 crore to Rs 70.18 crore.
Objects of the Issue
| Object | Amount (Rs crore) |
|---|---|
| Repayment / prepayment of certain borrowings | 490.00 |
| General corporate purposes | Balance |
| Total Fresh Issue | 542.00 |
The debt repayment represents around 59% of the company’s outstanding borrowings, which is expected to generate meaningful savings on finance costs going forward.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 1,763.65 | 2,592.53 | 2,347.89 |
| Net Profit | 40.41 | 106.75 | 151.18 |
| PAT Margin | 2.29% | 4.12% | 6.46% |
| RoCE | 12.49% | 17.58% | 17.83% |
| Debt/Equity Ratio | — | — | 1.10 |
Revenue surged in FY25 and then contracted in FY26, but the bottom line has continued to grow consistently — a positive divergence driven by backward integration and a higher-margin product mix. PAT margins have expanded meaningfully from 2.29% in FY24 to 6.46% in FY26. RoCE has also improved steadily. The three-year average EPS is Rs 10.17 and average RoNW is 17.86%. One point of caution is the debt-to-equity ratio of 1.10 as of March 31, 2026, though the primary use of IPO proceeds is to address this directly.
Valuation and Peer Comparison
At the upper band of Rs 214, the issue is priced at a P/E of 19.81x on FY26 earnings and 28.12x on FY25 earnings. Against a post-IPO NAV of Rs 90.29, the P/BV stands at 2.37x. Independent analysts consider the issue fully priced at these levels, though the valuation compares favourably to most listed peers.
| Company | P/E (x) |
|---|---|
| Laser Power & Infra | 19.81 (FY26) |
| Apar Industries | 57.5 |
| Polycab India | 57.4 |
| KEI Industries | 54.6 |
| Universal Cables | 24.3 |
| Dynamic Cables | 21.2 |
Note that these listed peers are not directly comparable on a like-for-like basis — they are significantly larger businesses — and the comparison should be treated with caution.
Risks to Consider
Revenue has shown inconsistency across reporting periods, with the top line declining in FY26 despite profit growth — a pattern that raises questions about revenue sustainability as the company works through its order book. The debt-to-equity ratio of 1.10 is elevated, and while the IPO proceeds will address a majority of borrowings, some debt will remain post-listing. Contingent liabilities of Rs 26.78 crore as of March 31, 2026 add a further note of caution.
Geographic concentration in East India, heavy dependence on government and public sector clients, and the competitive and commoditised nature of the broader cables and conductors industry are structural considerations. The issue is also fully priced against recent financial data, leaving limited margin of safety