Laser Power & Infra Limited

1. Overview

Laser Power & Infra Limited is an integrated manufacturer of power cables, conductors and specialised products/components for the power transmission and distribution (T&D) industry in India, with an operating history spanning over three decades. In furtherance of a forward-integration strategy, the Company entered the Engineering, Procurement and Construction (EPC) segment in 2015, focused on rural electrification, distribution infrastructure and turnkey substation projects — giving it a two-segment structure of Manufacturing and EPC.

According to the CRISIL Report commissioned for the Offer, the Company is one of the leading players by manufacturing capacity (85,448 MT) for power cables and conductors among East India-based players in Fiscal 2026. It operates three Manufacturing Units, all located in West Bengal (Dhulagarh ×2, Kharagpur ×1), spread across an aggregate 40.39 acres, strategically positioned near the ports of Kolkata and Haldia and close to key raw-material sources (aluminium, copper).

The Company's customer base spans government utilities and DISCOMs (including Indian Railways and multiple Odisha/Assam/UP distribution companies), private EPC players (Montecarlo Limited, KRYFS Power Components Limited), and international clients across Africa, Bangladesh, Bhutan and Nepal. As of March 31, 2026, operations extended across 26 states and four union territories in India and 10 countries globally. A notable technology differentiator is the Company's status as a licensed stranding partner of TS Conductor Corp (USA), enabling local manufacture of advanced composite-core high-temperature, low-sag (HTLS) conductors.

2. Business Model and Revenue Streams

The Company operates through two interconnected segments:

• Manufacturing — produces cables and conductors sold to external customers and consumed internally by the EPC segment
• EPC — delivers end-to-end turnkey project execution (design, supply, erection, testing, commissioning), using both in-house manufactured products and externally sourced components (transformers, poles, switchgear)

Revenue by Business Segment (₹ Cr)

The sharp jump in EPC's revenue share (from 12.57% in FY2024 to 27.30% in FY2026) reflects the Company's forward-integration strategy gaining scale.

Revenue by Customer Type (₹ Cr)

The Company is increasingly dependent on government and quasi-government counterparties (DISCOMs, state/central utilities), which now account for nearly two-thirds of revenue — a structural shift that brings longer receivable cycles but also revenue visibility via the Order Book.

Client and Vendor Concentration

• Customer concentration: Top 10 customers contributed 72.14%, 68.87% and 53.37% of Revenue from Operations in FY2026, FY2025 and FY2024 respectively — concentration has risen materially over the three-year period
• Supplier concentration: Top 10 suppliers accounted for 67.73%, 60.49% and 61.58% of total purchases in the same periods, with Vedanta Limited (24.06%) and Bharat Aluminium Company Limited (11.15%) the largest single suppliers in FY2026
• Working capital intensity: Debtor days stood at 196 days in FY2026, reflecting long government credit cycles (EPC payment terms typically 60% on supply invoice, 30% post-installation, 10% post-commissioning)

Order Book — Revenue Visibility (₹ Cr)

The Order Book has grown at a ~22% CAGR over FY2024–FY2026, with EPC-sourced orders from state DISCOMs alone constituting 48.55% of the total Order Book as at March 31, 2026.

3. Products and Service Portfolio

Manufacturing Segment — Three Product Categories

• Power and Control Cables — low voltage (LV) and medium voltage (MV) power cables, aerial bunched cables (ABC), control and quad cables; deployed in distribution networks, substations, communication systems and railway signalling. LT control cables alone carry a production capacity of ~36,000 km annually
• Speciality Products — backward-integrated production of aluminium rods, aluminium alloy rods and PVC compounds used in cable insulation/manufacture; also extended into packaging (wooden drums) and PVC/XLPE scrap recycling
• Conductors — a comprehensive range including ACSR, AAC, AAAC, AL-59, ACSS, eco-conductors and MVCC, plus the newer AECC/HTLS range developed jointly with TS Conductor Corp, offering superior thermal stability (up to 200°C) and reduced sag versus conventional ACSR

Manufacturing Footprint

Combined installed capacity: 85,448 MT as of March 31, 2026 — up ~37.82% from Fiscal 2024, reflecting continued capacity expansion. All three units are certified to ISO 9001, ISO 14001 and ISO 45001, with an in-house NABL-accredited testing laboratory.

EPC Segment — Service Lines

Design, supply, erection, testing and commissioning of HT/LT overhead lines and substations up to 33/11 kV

Distribution transformers, switchgear, aerial bunched and underground cabling, feeder segregation and household electrification ("last-mile connectivity")

Prequalified for 18 higher-voltage transmission EPC works (66 kV and above) aggregating approximately ₹900 crore, marking an entry into higher-voltage opportunities

Track record: 43+ completed projects and 34 ongoing projects as of March 31, 2026, spanning West Bengal, Bihar, Jharkhand, Odisha, Assam and Madhya Pradesh, plus one completed international EPC project in Togo

Diversification underway into water distribution (entered 2022) and solar EPC (entered 2018); one project each executed to date in these adjacent segments

4. Key Business Strengths

• Integrated, backward-linked manufacturing base: Three ISO-certified Manufacturing Units in West Bengal with 85,448 MT combined capacity, located near the Kolkata/Haldia ports and key raw-material sources, supported by in-house production of aluminium/alloy wire rods and PVC/XLPE compounds that reduces third-party dependency
• Proprietary technology partnership: Licensed stranding partner of US-based TS Conductor Corp, giving exclusive local manufacturing access to next-generation HTLS/AECC composite-core conductors — a differentiated, higher-margin product line as utilities upgrade ageing transmission corridors
• Established, marquee customer relationships: Pre-qualified vendor status with DISCOMs across multiple states, Indian Railways (RDSO-accredited), and international utilities, translating into 65.16% government-linked revenue in FY2026 with long operating relationships that support repeat business
• Strong and diversified Order Book: ₹3,243 crore Order Book as at March 31, 2026, split roughly evenly between Manufacturing and EPC, providing multi-year revenue visibility across geographies and client categories
• Backward-integrated EPC execution: In-house manufacture of cables/conductors feeds directly into EPC project execution, reducing input cost volatility and enabling more competitive project bidding through cross-segment synergies
• Track record in difficult-geography execution: Demonstrated capability executing rural electrification projects in flood-prone, hilly and logistically challenging terrain across Bihar, Odisha and Assam — a structural barrier to entry for less-experienced competitors

5. Future Growth Strategy

• Expand the product portfolio through R&D-led innovation, including speciality/higher-margin cables and continued scale-up of HTLS/AECC conductor variants, targeting the industry-wide replacement cycle for conventional ACSR conductors (Company has already bid for 18 HTLS reconductoring projects worth ~₹900 crore)
• Diversify the EPC portfolio into adjacent infrastructure segments — water distribution and solar EPC — leveraging overlapping civil execution capability, equipment and technical personnel, in alignment with government programs such as RDSS, Saubhagya and NEP 2.0
• Deepen automation and digitisation of manufacturing operations through MES (manufacturing execution system), ERP and Power BI–based MIS dashboards, aimed at reducing operational costs, minimising material waste and improving real-time visibility across production and project execution
• Broaden domestic and international geographic footprint, consolidating the Eastern India government-project franchise while expanding exports (already supplying Ghana, Mozambique, Nigeria, UAE and other markets) and pursuing further international EPC contracts following the completed Togo project
• Utilise Fresh Issue proceeds to deleverage, with ₹490 crore of the ₹542 crore Net Proceeds earmarked for pre-payment/repayment of outstanding borrowings — expected to lower finance costs and improve the debt-equity position ahead of further capacity-led growth