Laser Power & Infra wins ₹72.76 crore order from Power Grid
- Laser Power & Infra secured a ₹72.76 crore order from Power Grid Corporation
- Contract covers HTLS conductors and reconductoring under NERES-XXIV scheme
- Project scope includes 164 circuit-km with a 12-month completion timeline
- Order value represents approximately 12.8% of average quarterly revenue
*this image is generated using AI for illustrative purposes only.
Laser Power & Infra has received a confirmed work order worth ₹72.76 crore from Power Grid Corporation of India Limited. The contract covers the supply of High Temperature Low Sag (HTLS) conductors and reconductoring of two existing 132 kV transmission lines under the North Eastern Region Expansion Scheme-XXIV (NERES-XXIV).
The scope includes approximately 164 circuit-km of existing transmission corridors. The timeline mandates completion within 12 months from the notification of the award. This disclosure was made to the exchange on October 5, 2026.
Order in Financial Context
The ₹72.76 crore order value equates to approximately 12.8% of the company's average quarterly revenue of ₹566.77 crore. When combined with the previously reported orders from CESC Limited and the earlier Power Grid disclosure, the total disclosed order book for the last three fiscal quarters stands at ₹160.77 crore across three orders. Consequently, the total order book coverage rises to 0.28 quarters of average quarterly revenue. The book-to-bill ratio remains low given the limited visibility in the recent window relative to annual revenues.
Company Order Track Record
Order inflow velocity has increased in the recent period with multiple significant disclosures in Q3FY27. The current order size is consistent with the magnitude of recent wins. The client base has diversified to include a central public sector undertaking alongside private distribution companies.
| Quarter | Total Order Inflow (₹ Cr) | Key Awarding Entities |
|---|---|---|
| Q3FY27 (Oct-Dec 2026) | 72.77 (1 order) | Power Grid Corporation of India Limited |
| Q2FY27 (Jul-Sep 2026) | 88.00 (2 orders) | CESC Limited |
Execution and Revenue Quality
Recent quarterly performance shows a sequential decline in revenue and profitability. Q1FY27 revenue stood at ₹527.80 crore, down from ₹679.60 crore in Q4FY26. Net profit decreased to ₹20.70 crore in Q1FY27 from ₹36.00 crore in the preceding quarter. Operating Profit Margin (OPM) remained relatively stable around 12.6%, suggesting margin resilience despite lower top-line conversion.
| Quarter | Revenue (₹ Cr) | Net Profit (₹ Cr) | OPM (%) |
|---|---|---|---|
| Q1FY27 | 527.80 | 20.70 | 12.62% |
| Q4FY26 | 679.60 | 36.00 | 12.70% |
| Q1FY26 | 492.90 | 49.50 | 11.54% |
Revenue Growth - Order Wins Translating to Revenue
As Laser Power & Infra has sustained order wins, its annual revenue declined from ₹2592.50 crore in FY25 to ₹2347.90 crore in FY26, representing a YoY growth of -9.4%. Despite the revenue contraction, net profit grew by 41.9% year-on-year, driven by improved operating margins which rose to 12.96% in FY26 from 9.74% in FY25.
Working Capital and Execution Capacity
The company's liquidity position shows a Current Ratio of 1.31x, providing moderate coverage for short-term obligations. However, Total Liabilities/Equity stands at 2.63x, indicating elevated leverage when including trade payables and other non-debt liabilities. Operating cash flow turned negative at -₹119.10 crore in FY26, compared to a positive ₹60.30 crore in FY25, suggesting that backlog conversion to cash has slowed or working capital cycles have stretched.
What to Watch
- Execution rate: Monitor if the ₹72.76 crore Power Grid order converts to revenue within the 12-month timeline, impacting near-term quarterly figures.
- Cash conversion: Watch for improvement in operating cash flow, which was negative in FY26, as new orders mobilize.
- Client diversification: The inclusion of Power Grid Corporation reduces reliance on CESC Limited, which previously accounted for a significant portion of the disclosed order book.
- Margin trajectory: Observe if the stable ~12.6% OPM in recent quarters holds as the new conductor supply and installation works execute.
Key Observations
- Valuation check (as of 05 Oct 2026): P/E of 24.3x against ROCE of 35.93%. At the time of this article, valuation was pricing in execution improvement not yet visible in return ratios.
- Cash conversion: Operating cashflow of -₹119.10 crore in FY26; backlog is not converting to cash efficiently, and receivables or working capital cycle may be stretched.
- Client mix: Power Grid Corporation now represents a substantial portion of the total disclosed order book value in the tracked period.
Historical Stock Returns for Laser Power & Infra
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.15% | +2.19% | -9.30% | +25.30% | +25.30% | +25.30% |
How will the negative operating cash flow of -₹119.10 crore in FY26 impact Laser Power & Infra's ability to fund working capital for the new ₹72.76 crore Power Grid order?
Can the company sustain its ~12.6% Operating Profit Margin as it executes the HTLS conductor supply and reconductoring work, given the recent sequential decline in net profits?
What specific milestones in the North Eastern Region Expansion Scheme-XXIV could trigger further order inflows from Power Grid Corporation beyond the current 132 kV transmission lines?
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