A Three-Decade Cable Maker Steps Into the Public Markets

Laser Power & Infra Limited, an East India-based integrated manufacturer of power cables, conductors and specialised electrical components, has filed its Red Herring Prospectus (RHP) dated July 3, 2026 for a 100% Book Built Initial Public Offering. Originally incorporated in 1988 as Laser Cables Private Limited in Kolkata, the company has grown from a cable manufacturer into a diversified power infrastructure player with both a Manufacturing arm and an Engineering, Procurement and Construction (EPC) business. Here is a fact-checked breakdown of what the RHP reveals — from the offer structure to the numbers behind the business.

IPO Offer Snapshot

The Offer comprises a Fresh Issue of Equity Shares aggregating up to ₹5,420.00 million and an Offer for Sale (OFS) aggregating up to ₹2,000.00 million by the Promoter Selling Shareholders, taking the total offer size to up to ₹7,420.00 million. Each Equity Share carries a face value of ₹5. Since this is the company's first public issue, the RHP notes there has been no formal trading market for its shares until now.

Source: Cover page and “The Offer”, Red Herring Prospectus dated July 3, 2026. Price band and lot size are yet to be determined and will be advertised ahead of the bid opening.

Company Snapshot

What the Company Actually Does

Manufacturing: The Foundation

According to the RHP, the company operates an integrated manufacturing base across three units with a combined installed capacity of approximately 85,448 MT as of March 31, 2026 — up roughly 37.82% from Fiscal 2024. Its product range spans low- and medium-voltage power cables, aerial bunched cables, control and quad cables, speciality cables, and a range of conductors including ACSR, AAC, AAAC and MV covered conductors. The company describes itself, citing the CRISIL Report it commissioned, as one of the leading players by manufacturing capacity for power cables and conductors among players with manufacturing facilities in East India. It is also a registered supplier to Indian Railways, accredited by the Research Design & Standards Organisation (RDSO).

A notable technology tie-up disclosed in the RHP is a licensed stranding partnership with U.S.-based TS Conductor Corp, aimed at locally manufacturing advanced high-capacity transmission conductors and reducing import dependence for such products.

EPC: The Growth Engine

The company entered the EPC segment in 2015 to pursue forward integration, focusing on rural electrification, distribution infrastructure and substation installation. As of March 31, 2026, it reports having completed over 43 EPC projects with 34 ongoing across states including West Bengal, Bihar, Jharkhand, Odisha, Assam and Madhya Pradesh, having installed over 85,191 circuit kilometres of HT/LT lines and commissioned more than 113 substations. It has also executed an international EPC project in Togo, and the RHP states the company manages operations across 26 states, four union territories and 10 countries.

Order Book

The consolidated Order Book stood at ₹32,434.00 million as on March 31, 2026, split between ₹16,688.92 million for the Manufacturing business and ₹15,745.08 million for the EPC business — up from ₹21,727.39 million as on March 31, 2024. In Fiscal 2026, Manufacturing contributed 72.70% of revenue from operations and EPC contributed 27.30%.

Key Business Strengths Highlighted in the RHP

● A three-decade operating history and, per the CRISIL Report, a leading manufacturing-capacity position among power cable and conductor players with East India manufacturing facilities.

● Strategically located manufacturing units near the ports of Kolkata and Haldia and close to raw-material sources such as aluminium and copper, aiding logistics and cost efficiency.

● Backward integration through in-house production of aluminium wire rods, aluminium alloy rods and PVC/XLPE compounds, reducing reliance on third-party suppliers.

● A largely in-house EPC execution model — the company states none of its EPC work is outsourced to third-party subcontractors, other than certain civil works.

● A demonstrated ability to execute EPC projects in difficult terrain, including riverine islands, flood-prone zones and hilly regions in eastern India.

● ISO 9001, ISO 14001 and ISO 45001 certified manufacturing units with in-house, NABL-accredited testing laboratories.

Objects of the Offer: Where the Fresh Issue Money Goes

The company intends to utilise the Net Proceeds from the Fresh Issue for two stated objects: (i) prepayment or repayment, in full or in part, of certain outstanding borrowings, and (ii) general corporate purposes. As of June 17, 2026, the RHP discloses total sanctioned borrowings of ₹15,279.84 million against outstanding borrowings of ₹9,356.70 million.

Note: General corporate purposes are capped at 25% of the Gross Proceeds from the Fresh Issue, as per SEBI ICDR Regulations. Source: “Objects of the Offer”, RHP, page 137.

Financial Performance (FY2024–FY2026)

The company's Restated Consolidated Financial Information shows revenue growth alongside a meaningful improvement in profitability metrics over the three fiscal years leading up to the Offer.

Source: “Key Performance Indicators” and Restated Consolidated Financial Information, RHP. Two-year revenue CAGR (FY2024–FY2026) is disclosed as 15.37%.

Working capital intensity is a defining feature of the business. As on March 31, 2026, trade receivables stood at ₹13,749.57 million, trade payables at ₹7,825.47 million, and net working capital at ₹10,206.62 million, with debtor days at 196 in Fiscal 2026 — a reflection of the longer payment cycles typical of government and state-utility customers.

Industry Backdrop

The RHP draws on a CRISIL report commissioned by the company for its industry data. Per this report, India's wires and cables market was valued at ₹1,408 billion in Fiscal 2025, up from ₹787 billion in Fiscal 2020 — a CAGR of about 12.30% — and is projected to grow at 11-13% CAGR to reach ₹2,350-2,550 billion by Fiscal 2030. The conductor market was valued at ₹185 billion in Fiscal 2025, up from ₹102 billion in Fiscal 2020 (a 12.60% CAGR), and is projected to grow at a slower 5-6% CAGR through Fiscal 2030. Wire and cable exports from India rose to approximately ₹145 billion in Fiscal 2025 from ₹49 billion in Fiscal 2020, a CAGR of roughly 24.40%, aided by international transmission investments.

Risk Factors Worth Noting

The RHP lists numerous risk factors; some of the more prominent operational and financial ones include:

● Customer concentration: the top 10 customers accounted for 72.14% of revenue from operations in FY2026, 68.87% in FY2025 and 53.37% in FY2024.

● High working-capital intensity linked to long government payment cycles, with debtor days at 196 in FY2026.

● Dependence on tender-based contracts from state and central government entities, distribution companies and public utilities, exposing revenue to shifts in government policy or budgetary allocation.

● The Objects of the Fresh Issue, including the borrowing prepayment plan, have not been appraised by any bank or financial institution.

● Industry and market figures cited in the RHP are derived from a CRISIL report that was exclusively commissioned and paid for by the company.

This is not an exhaustive list — investors are advised to read the complete “Risk Factors” section of the RHP, beginning on page 22, before forming a view.

The Bottom Line

Laser Power & Infra Limited's RHP paints the picture of a vertically integrated cable-and-conductor manufacturer that has used its EPC arm to move up the power infrastructure value chain, backed by rising margins and a sizeable order book. As with any IPO, the price band, lot size, and final valuation multiples were not yet determined at the time of RHP filing and will be disclosed closer to the bid opening. Prospective investors should read the full Red Herring Prospectus and consult a qualified financial advisor before making any investment decision.