Laser Power & Infra files DRHP for ₹490 crore IPO
Laser Power & Infra Limited filed its DRHP for a ₹490 crore fresh issue IPO to reduce debt, opening July 9, 2026. The company, a power cable manufacturer and EPC contractor, reported a surge in net profit to ₹151.59 crore in FY2026 despite a decline in revenue. It holds a strong order book of ₹3,243.40 crore but faces risks from high working capital requirements and customer concentration.
*this image is generated using AI for illustrative purposes only.
Laser Power & Infra Limited filed its Draft Red Herring Prospectus (DRHP) to raise ₹490 crore through a fresh issue, aiming to repay outstanding borrowings and reduce overall indebtedness. The initial public offering (IPO) is scheduled to open on July 9, 2026, and close on July 13, 2026. The company intends to utilize the entire net proceeds to strengthen its balance sheet, addressing high working capital requirements and improving financial flexibility.
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. Serving India's power transmission and distribution sector, the company manages three manufacturing units in West Bengal with 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 strong earnings momentum. 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 ₹3,243.40 crore 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 proceeds from the ₹490 crore fresh issue specifically impact the company's working capital cycle given the recent increase in trade receivables days?
What strategies will management employ to mitigate the risks associated with high customer concentration, where the top 10 clients account for over 72% of revenue?
Can the company sustain its profit growth momentum if revenue from operations continues to moderate as seen in FY2026?
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