Laser Power & Infra files DRHP for ₹490 crore IPO
Laser Power & Infra Limited filed its Draft Red Herring Prospectus (DRHP) in July 2026 to raise ₹490 crore through a fresh issue. Proceeds are earmarked entirely for debt repayment to reduce leverage. The company reported a net profit of ₹151.59 crore in FY2026.
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Laser Power & Infra Limited filed its Draft Red Herring Prospectus (DRHP) in July 2026 to raise ₹490 crore through a fresh issue. The company intends to utilize the entire net proceeds to repay outstanding borrowings, aiming to reduce overall indebtedness and improve financial flexibility. The initial public offering (IPO) is scheduled to open on July 9, 2026, and close on July 13, 2026.
Laser Power & Infra operates as an integrated manufacturer of power cables, conductors, and specialized products, alongside an Engineering, Procurement, and Construction (EPC) segment established in 2015. The company serves India's power transmission and distribution sector, with three manufacturing units in West Bengal boasting a combined installed capacity of 85,448 MT as of March 31, 2026. It is a licensed stranding partner of TS Conductor Corp for advanced AECC conductors.
Financial Performance
The company demonstrated significant profitability growth in recent fiscal years, although revenue experienced moderation in FY2026. Net profit surged from ₹40.41 crore in FY2024 to ₹151.59 crore in FY2026, reflecting a compound annual growth rate (CAGR) of approximately 15.44%. However, revenue from operations declined to ₹2,326.10 crore in FY2026 from ₹2,570.40 crore in FY2025.
Consolidated Financial Highlights
| Metric | FY2024 (₹ Cr) | FY2025 (₹ Cr) | FY2026 (₹ Cr) |
|---|---|---|---|
| Revenue from Operations | 1,747.58 | 2,570.40 | 2,326.10 |
| Total Revenue | 1,763.65 | 2,592.53 | 2,347.89 |
| Total Profit (PAT) | 40.41 | 106.75 | 151.59 |
| Total Assets | 1,986.99 | 2,270.17 | 2,632.36 |
| Total Equity | 640.36 | 744.59 | 725.41 |
Operational Metrics and Risks
Laser Power & Infra maintains a strong order book of ₹32,434.00 million as of March 31, 2026, representing a 49.28% growth from FY2024. The order book is evenly split between manufacturing and EPC segments. Despite the strong order book and profit growth, the company faces high working capital requirements, with trade receivables days increasing to 196 in FY2026. This contributed to negative operating cash flow of -₹119.05 crore in FY2026.
IPO Structure
The issue consists solely of a fresh issue of ₹490.00 crore, with no Offer for Sale (OFS) component. The price band and face value have not yet been announced. The company holds credit ratings of Acuite A+ (long-term) and Acuite A1+ (short-term). Key risks include customer concentration, with the top 10 customers accounting for 72.14% of revenue in FY2026, and geographic concentration with all manufacturing units located in West Bengal.
How will the company address the increasing trade receivables days and negative operating cash flow post-IPO to ensure sustainable liquidity?
What specific strategies will be employed to diversify the customer base beyond the current top 10 clients who contribute over 72% of revenue?
Does the company plan to utilize any portion of future cash flows to expand manufacturing capacity beyond West Bengal to mitigate geographic concentration risks?
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