Laser Power and Infra IPO

Laser Power and Infra Limited IPO Strengths

Market Leadership in Power Cables and Conductors

Laser Power and Infra Limited is a rapidly growing manufacturer of power cables and conductors, excelling in revenue from operations growth. According to a CRISIL Report, the company is also one of the leading players in terms of manufacturing capacity, boasting 73,100 MT for power cables and conductors as of Fiscal 2025 among East India-based players. This strong capacity and swift growth rate underscore its influential position in the power transmission sector.

Integrated and Strategic Manufacturing Capabilities

The company maintains robust in-house manufacturing across three integrated units in West Bengal, India, with an aggregate installed capacity of approximately 73,100 MT. Its manufacturing process is backward-integrated, including in-house production of critical inputs like aluminum wire rods and XLPE/PVC compounds. This vertical integration enhances product consistency, operational flexibility, and crucial cost efficiency, utilizing a strategically advantageous location near major ports and raw material sources.

Proven Track Record in Complex EPC Projects

Laser Power and Infra Limited possesses strong execution capabilities demonstrated by its successful track record in handling complex Engineering, Procurement, and Construction (EPC) projects. With over three decades of experience, the company has completed numerous turnkey assignments, notably under government schemes like Saubhagya and RDSS. Its integrated model allows it to execute all EPC-related work in-house, reducing dependence on third parties and ensuring timely, cost-effective project delivery.

Established Marquee Customer Base and Approvals

The company serves a diversified and high-profile customer base that includes government utilities like the Indian Railways and various DISCOMs, private sector EPC players, and international clients in Africa, Bangladesh, and Nepal. Being a registered and approved vendor with key authorities, such as the RDSO, strengthens its market position. This broad and established clientele provides a stable foundation for repeat business and sustained growth.

Strategic Alliances for Advanced Technology

Laser Power and Infra Limited strategically enhances its technological edge through key international partnerships. Specifically, its agreement with TS Conductor Corp, a U.S.-based transmission technology company, qualifies it to manufacture conductors using composite core technologies. This collaboration allows the company to expand its portfolio to include advanced conductors like AECC and other High-Temperature, Low-Sag (HTLS) variants, positioning it at the forefront of innovation in energy-efficient power transmission.

Strong and Diversified Order Book

The company possesses a substantial and diversified Order Book, which reached ₹23,172.49 million as of March 31, 2025, demonstrating an impressive growth of 35.35% from Fiscal 2023. This strong order book, which is spread across its manufacturing and EPC businesses, government and private sectors, and various geographies, provides significant visibility into future revenue growth and highlights the market’s confidence in its execution and quality standards.

Experienced Leadership and Management Team

The company is guided by an experienced management team led by its Promoters, including Deepak Goel, who has over 36 years of industry experience. This leadership has driven the company’s growth from a single unit to a multi-facility operation through a focus on strategic asset acquisition and backward integration. The team’s deep industry knowledge and vision cultivate a culture of excellence and innovation, ensuring the company’s continued success.

More About Laser Power and Infra Limited

Laser Power and Infra Limited is an integrated manufacturer specializing in power cables, conductors, and other specialized products for the power transmission and distribution industry in India. With over three decades of operational history, the company has built a strong reputation for delivering high-quality products tailored to the evolving needs of its clients.

In 2015, the company expanded its business by entering the engineering, procurement, and construction (EPC) segment. This move was aimed at capitalizing on rural electrification projects, power distribution infrastructure development, and substation installations, among other turnkey solutions.

Manufacturing Capacity and Locations

Laser Power and Infra Limited operates three strategically located manufacturing units in West Bengal, India. These facilities have a combined installed capacity of 73,100 MT as of March 31, 2025, making it one of the leading players in East India.

• Manufacturing Unit I focuses on high tension (HT) power cables and RDSO signalling control cables.

• Manufacturing Unit II produces aluminium wire rods and HT covered conductors.

• Manufacturing Unit III specializes in low tension (LT) aerial bunched cables, LT power cables, and ACSR conductors.

The manufacturing units are certified for ISO 9001, ISO 14001, and ISO 45001 standards, ensuring quality and operational excellence. Additionally, the units adhere to stringent quality control measures, with raw material testing and in-process monitoring to meet international benchmarks.

EPC Segment and Market Presence

Laser Power and Infra also has a significant footprint in the EPC sector, offering turnkey solutions for rural and urban electrification, substation development, and power infrastructure. The company has completed over 36 projects and currently has 33 ongoing EPC projects across multiple states in India.

The company’s export footprint is expanding as it continues to serve international clients in Africa, Bangladesh, and Nepal, demonstrating its growing global presence.

Growth and Financial Outlook

With a strategic focus on both manufacturing and EPC, Laser Power and Infra is well-positioned to capitalize on the increasing demand for power infrastructure driven by government electrification initiatives and smart grid investments. The company’s growth trajectory, marked by a CAGR of 39.84% in revenue from operations (FY 2023–2025), highlights its strong performance and competitive edge in the power cable and conductor market.

Laser Power and Infra is well-poised for continued growth, leveraging its manufacturing capabilities, strategic partnerships, and an experienced management team led by founder Deepak Goel.

Industry Outlook

The Indian power cable and conductor industry is poised for significant growth, driven by expanding infrastructure development, government electrification initiatives, and increasing demand for energy-efficient solutions. The market is set to grow at a robust pace, with a projected CAGR of 11-13% from FY 2025 to FY 2030. By FY 2030, the total market size is expected to reach ₹3,350-₹3,550 billion, up from ₹1,951 billion in FY 2025.

Key Growth Drivers

• Electrification Initiatives: Rural electrification and the expansion of transmission lines are key drivers of growth. Government projects like the Pradhan Mantri Sahaj Bijli Har Ghar Yojana (Saubhagya) are accelerating electrification in remote areas.

• Railway Electrification: The Indian Railways’ electrification program and the shift towards electric trains are contributing to the demand for power cables and conductors, especially for high-tension cables and signalling control systems.

• Infrastructure Development: The growing infrastructure sector, including smart grids, construction activities, and urbanization, is leading to higher demand for power cables, especially in urban areas and under smart distribution networks.

Products in Focus

• Power and Control Cables: The demand for low voltage (LV), medium voltage (MV), and high voltage (HV) cables is increasing due to widespread infrastructure expansion.

• Conductors: Products like ACSR (Aluminium Conductor Steel Reinforced) and AAC (All Aluminium Conductor) are seeing growth in both domestic and international markets, particularly for long-distance power transmission.

• Speciality Cables: With industries focusing on efficiency and performance in extreme conditions, the demand for specialty cables such as elastomeric cables and rubber-insulated cables is increasing.

Market Dynamics and Opportunities

The rising focus on smart grid investments, coupled with increasing exports of cables and conductors, positions the Indian industry for continued growth, enhancing opportunities for companies like Laser Power and Infra to expand their footprint both domestically and internationally.

How Will Laser Power and Infra Limited Benefit

• The growth in rural electrification and government projects such as Saubhagya will expand demand for the company’s power cables and conductors, positioning it well to benefit from these initiatives.

• Railway electrification programs provide an opportunity for Laser Power and Infra to supply high-tension cables and signalling control cables, tapping into the growing infrastructure needs of Indian Railways.

• Infrastructure development and urbanization in India, along with smart grid investments, will fuel demand for the company’s power and control cables, especially in urban and commercial projects.

• As exports of cables and conductors rise, Laser Power and Infra can capitalize on increasing international demand, expanding its global footprint in markets like Africa, Bangladesh, and Nepal.

• The company’s established manufacturing capabilities and strategic partnerships enable it to meet growing market requirements while maintaining cost-efficiency and high-quality standards.

Peer Group Comparison

Name of the Company	Face Value per Equity Share (₹)	P/E (Basic)	EPS (Diluted)	RoNW (%)	NAV (₹ per share)
Laser Power and Infra Limited	5	9.00	9.00	18.02	49.95
Peer Group
Apar Industries Limited	10	43.27	204.47	18.46	1,107.88
Polycab India Limited	10	56.42	134.34	20.55	653.31
KEI Industries Limited	2	55.59	75.65	12.04	605.21
Dynamic Cables Limited	10	15.66	27.31	17.34	154.31
Universal Cables Limited	10	31.11	25.76	5.04	510.72

Key Strategies for Laser Power and Infra Limited

Expand Product Portfolio in Power Distribution

The company plans to capitalize on robust growth in the power distribution sector by expanding its product portfolio. This includes introducing advanced, high-margin specialty conductors like ACSS and HTLS to cater to niche market segments. Leveraging its R&D, the strategy minimizes reliance on single products while positioning the firm for a Pan-India presence in transmission efficiency projects.

Diversify EPC Portfolio to Infrastructure Sectors

Building on its strong foundation in rural electrification, the company seeks to expand its EPC portfolio by leveraging existing capabilities. It aims to enter high-growth infrastructure sectors such as water distribution, solar EPC, and Battery Energy Storage Systems (BESS). This diversification strategy supports alignment with major government schemes and mitigates sector-specific risks, broadening the revenue base.

Advance Manufacturing Through Technology and Automation

The company is strategically focused on adopting advanced technology and automation to enhance its manufacturing capabilities. Key initiatives include implementing systems like MES and ERP for real-time visibility and cost optimization, while also utilizing a strategic partnership to manufacture advanced conductors like AECC. This focus on R&D and automation aims for higher efficiency and a sustainable competitive advantage.

Increase Domestic and Global Market Footprint

Laser Power and Infra Limited intends to expand its geographical presence both in India and internationally. Domestically, it will capitalize on its reputation in Eastern India while also broadening its reach across various states. Globally, the company aims to increase exports and expand its EPC business outside India to diversify its revenue base and hedge against regional market volatility