Kolkata-headquartered power infrastructure player Laser Power & Infra has filed IPO papers with the Securities and Exchange Board of India (SEBI) to raise up to INR 1,200 crore through an IPO. The issue will comprise a fresh issue of shares worth INR 800 crore and OFS of INR 400 crore by promoter shareholders.
Laser Power IPO will be managed by IIFL Capital Services and ICICI Securities, while MUFG Intime India has been appointed as the registrar. The IPO proceeds will be used for debt repayment of INR 600 crore and general corporate purposes. Promoter shareholders including Deepak Goel, Devesh Goel and Rakhi Goel will partially offload stakes via the OFS.
Pre-offer, the promoter group collectively holds nearly 100% equity, with Deepak Goel being the largest shareholder (45.4%). Post-IPO, promoter shareholding is expected to dilute significantly.
Company Overview
Founded over three decades ago, Laser Power & Infra is an integrated manufacturer of power cables, conductors and specialty products for the power transmission and distribution industry. The company entered the EPC (engineering, procurement, and construction) segment in 2015, focusing on rural electrification, substations, and turnkey power distribution projects.
It operates three manufacturing units in West Bengal with an installed capacity of 73,100 MT in FY25, making it one of the largest players in eastern India. CRISIL, in its industry report, notes that the company is also the fastest-growing cable and conductor manufacturer, clocking a 39.8% revenue CAGR between FY23 and FY25.
Market Positioning & Industry Tailwinds
India’s cables and wires market has surged from INR 78,100 crore in FY20 to INR 1,95,100 crore in FY25, and is projected to grow at 11–13% CAGR till FY30, driven by rural electrification, smart grid expansion, and railway electrification.
The conductor market, pegged at INR 18,500 crore in FY25, is expected to expand steadily at 5–6% CAGR. Rising exports, which grew threefold between FY20 and FY25, are further fuelling industry growth.
Laser Power is also strategically positioned as an RDSO-accredited supplier to Indian Railways, with strong approval credentials in underground cables and signaling products.
Strategic Partnerships
In a bid to diversify technologically, the company has entered into a manufacturing agreement with U.S.-based TS Conductor Corp, allowing it to produce advanced high-capacity, low-sag conductors in India. These next-generation products are lighter, stronger and more energy-efficient than conventional alternatives, significantly reducing line losses and installation costs for utilities.
This partnership could serve as a key growth lever, enabling Laser Power to tap into upgrade demand in transmission infrastructure without utilities needing costly new corridors.
Order Book Strength
As of March 2025, Laser Power’s total order book stood at INR 2,317.2 crore, up from INR 1,712.0 crore in FY23, providing multi-year revenue visibility.
- Manufacturing pending orders: INR 849.3 crore
- EPC pending orders: INR 1,468.0 crore
The client base is well-diversified across government utilities (56% of FY25 revenue), private sector players (44%) and select international clients in Africa, Bangladesh and Nepal.
Financial Performance
Laser Power has delivered strong financial growth over the last three years:
- Revenue: INR 1,314.5 crore (FY23) → INR 1,747.6 crore (FY24) → INR 2,570.4 crore (FY25)
- PAT: INR 23.2 crore → INR 40.4 crore → INR 106.8 crore
- EBITDA Margin: expanded from 8.5% to 9.7%
- ROE: improved from 8% in FY23 to nearly 20% in FY25
Strengths & Differentiators
- Integrated Manufacturing + EPC Model: Backward integration into aluminium rods, PVC/XLPE compounds, and in-house packaging lowers costs and improves supply security.
- Execution in Complex Geographies: Proven track record in hilly, flood-prone, and island terrains under schemes like DDUGJY and Saubhagya.
- Strategic East India Location: Proximity to raw material hubs and ports (Kolkata, Haldia) ensures logistics and cost efficiency.
- Diversified Customer Base: Repeat business from both government and private players; increasing international footprint.
- Technology Edge: Collaboration with TS Conductor Corp positions it in advanced conductor space.
Key Risks
- High dependence on government contracts, which accounted for over half of FY25 revenues.
- Debt load: Though manageable, deleveraging hinges on successful IPO fund utilization.
- Geographic concentration: Manufacturing footprint is entirely in West Bengal, making it vulnerable to regional disruptions.
Outlook
Laser Power IPO comes at a time when India’s power distribution and transmission sector is witnessing heavy capex cycles backed by government schemes, railway electrification, and renewable integration.
With strong financial momentum, a robust order book, and differentiated positioning via advanced conductor technology, the company is well placed to ride the electrification and infrastructure boom. However, execution discipline, working capital management and reduction of government contract dependence will be critical for sustaining long-term growth.
If executed well, Laser Power IPO could provide investors with an opportunity to play India’s power distribution capex story through a niche yet scaling player.
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