Power cables aren’t exactly a glamorous business, but they’re the kind of infrastructure that quietly keeps everything else running. When a company that’s spent nearly four decades manufacturing them decides to hit the stock market, it tends to draw attention from a specific type of investor — the kind who cares more about order books and margins than flashy headlines.
Laser Power & Infra is one of those names now sitting in front of investors, and the subscription window opens in just a couple of days. Before you decide whether this belongs in your IPO application list, it helps to look past the grey market noise and actually understand what the company does, how its numbers stack up, and where the real risks sit.
This article walks through all of it — dates, pricing, financials, and a fair look at both sides of the story.
Who Is Laser Power & Infra Limited?
Laser Power & Infra was set up back in 1988 and operates out of Kolkata, West Bengal. Over the decades, it’s built itself into an integrated manufacturer of power cables, conductors, and other specialised products used across India’s power transmission and distribution network — the sort of infrastructure that sits behind every substation, transformer, and rural electrification project you never think about until the lights go out.
Everything the company makes goes out under the “LASER” brand, and the product basket is fairly wide for a company its size.
What the Company Actually Makes
- HT and LT power and control cables
- Aerial bunched cables
- Instrumentation cables
- Conductors — ACSR, AAC, and AAAC types
- Aluminium rods, alloy rods, and related raw components
Beyond manufacturing, the company has also pushed into the EPC side of the power distribution business — engineering, procurement, and construction work covering substation installation, distribution infrastructure, rural electrification, and system-strengthening projects for utilities and railway clients. That combination of manufacturing plus turnkey execution is fairly common among mid-sized cable players trying to capture a bigger share of the project value chain rather than just supplying raw material to someone else’s contract.
Manufacturing Footprint and Reach
As of March 31, 2026, Laser Power & Infra runs three manufacturing units, all located in West Bengal, with a combined installed capacity of roughly 85,448 MT. The company’s footprint isn’t limited to its home state, though — it currently serves customers across 26 states and 4 Union Territories in India, and has some presence in 10 countries as well.
One detail worth noting is the company’s regional strength: it positions itself as one of the leading players in the power cables and conductors segment specifically in the North-East region, while selling on a pan-India basis. Management has also pointed to backward integration and a shift toward higher-value, higher-margin products as a deliberate strategy to improve profitability over time.
The order book stood at ₹3,243 crore as of March 31, 2026 — a figure that gives a reasonable sense of near-term revenue visibility, assuming execution stays on track.
Laser Power & Infra IPO: Key Dates and Details
| Detail | Information |
|---|---|
| IPO Type | Mainboard (Book Build Issue) |
| Issue Size | ₹742 crore |
| Fresh Issue | ₹542 crore (2,53,27,102 shares) |
| Offer for Sale | ₹200 crore (93,45,794 shares) |
| Price Band | ₹203 to ₹214 per share |
| Face Value | ₹5 per share |
| Lot Size | 70 shares |
| Opening Date | Thursday, July 9, 2026 |
| Closing Date | Monday, July 13, 2026 |
| Allotment Finalisation | Tuesday, July 14, 2026 |
| Refund / Shares Credited to Demat | Wednesday, July 15, 2026 |
| Listing Date (Tentative) | Thursday, July 16, 2026 |
| Listing Exchanges | BSE, NSE |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Lead Managers | IIFL Capital Services Ltd., ICICI Securities Ltd. |
A Mixed Structure: Fresh Issue Plus OFS
Unlike some recent mainboard IPOs that were structured purely as an Offer for Sale, Laser Power & Infra’s issue is a genuine mix. Of the total ₹742 crore, ₹542 crore comes through a fresh issue of shares, meaning that portion actually flows into the company’s own books for growth and operational needs. The remaining ₹200 crore is an Offer for Sale, where existing shareholders are cashing out part of their stake.
It’s also worth knowing that this issue was originally planned to be considerably larger — around ₹1,200 crore — before the company scaled it down to ₹742 crore shortly before the price band was announced. That kind of last-minute resizing is worth keeping in mind; it can reflect anything from a more conservative capital plan to a read on investor appetite ahead of the launch, and the RHP addendum is the best place to check the company’s own stated reasoning.
Post-listing, promoter holding is expected to come down from a full 100% currently to roughly 75.29%, which is still a fairly dominant, concentrated ownership structure by most standards.
Lot Size and Minimum Investment Breakdown
Here’s how the numbers work out at the upper price band of ₹214.
Retail Investors
- Minimum lot: 1 lot (70 shares)
- Minimum investment: ₹14,980
- Maximum retail investment: 13 lots (910 shares), amounting to ₹1,94,740
Small Non-Institutional Investors (sNII)
- Minimum application: 14 lots (980 shares)
- Investment amount: ₹2,09,720
Big Non-Institutional Investors (bNII)
- Minimum application: 67 lots (4,690 shares)
- Investment amount: ₹10,03,660
Reservation Structure
- Qualified Institutional Buyers (QIB): Not more than 50% of the net offer
- Non-Institutional Investors (NII): Not less than 15%
- Retail Individual Investors: Not less than 35%
Laser Power & Infra IPO GMP Today: What the Grey Market Is Saying
If you’ve been checking multiple IPO tracking sites for this one, you’ve probably already noticed something odd — the GMP figures don’t line up cleanly across sources. Different platforms have quoted anywhere from ₹22 to ₹45 over the past couple of days leading up to the opening, with one tracker showing a high of ₹45 on July 6 and a low of ₹30 the very next day.
Taking the broader picture, GMP for this issue has generally hovered somewhere in the ₹20–₹40 range against the ₹214 upper price band, implying a potential listing gain in the ballpark of 10–15%, though the exact number keeps shifting depending on which tracker you check and at what hour.
Why the GMP Numbers Are All Over the Place
This isn’t unusual for a mid-sized mainboard issue, and there’s a simple explanation: the grey market is an informal, unregulated space where a handful of trades can shift the quoted premium noticeably. SEBI has no oversight here, and different platforms often source their numbers from different local dealer networks, which is exactly why you’ll see three different GMP figures reported on the same afternoon.
A more useful way to read this data is to watch the trend rather than fixate on any single number. If GMP is climbing steadily as the subscription window progresses — particularly once institutional demand becomes visible on the final day — that tends to be a more meaningful signal than a single quote pulled from one tracker a few days before the issue even opens.
Financial Performance: What the Numbers Actually Show
This is where Laser Power & Infra’s story gets genuinely interesting, and it’s worth reading carefully rather than skimming past.
Revenue Dipped, But Profit Jumped
- Total income: ₹2,347.89 crore in FY26, down from ₹2,592.53 crore in FY25 — a decline of a little over 9%
- Profit After Tax (PAT): ₹151.59 crore in FY26, up sharply from ₹106.75 crore in FY25 — growth of roughly 42%
- Net worth: grew from ₹574.58 crore in FY25 to ₹725.41 crore in FY26
At first glance, a revenue decline paired with a strong profit jump might look contradictory, but it’s actually a fairly common pattern in the cable manufacturing business. It usually points to the company either shifting its product mix toward higher-margin items, benefiting from lower input costs during the year, tightening operational efficiency, or some combination of all three. The company’s own commentary around backward integration and a push into higher-value products lines up with that explanation, though the RHP’s detailed segment breakdown would give a clearer picture of exactly where the margin improvement came from.
Either way, this is a detail worth digging into rather than glossing over. A one-year profit jump built on a shrinking topline isn’t automatically a red flag, but it does deserve more scrutiny than a straightforward growth story would.
Strengths Worth Considering
- Long operating history. Close to four decades in the power cable and conductor business gives the company real institutional knowledge of a technically demanding industry.
- Regional leadership. A strong position in the North-East India market, combined with pan-India distribution, gives the company a defensible niche rather than competing purely on scale against national giants.
- Diversified product basket. Cables, conductors, and EPC services together reduce dependency on any single product line or contract type.
- Healthy order book. ₹3,243 crore in confirmed orders as of March 2026 provides reasonable revenue visibility, assuming timely execution.
- Improving margins. The sharp jump in PAT despite a revenue dip suggests the company’s push toward backward integration and higher-value products is genuinely showing up in the bottom line.
- Partial fresh issue. Unlike an entirely OFS-driven listing, a meaningful chunk of this IPO’s proceeds will actually flow into the business itself.
Risks and Red Flags Worth Noting
- Revenue declined in FY26. A 9% drop in total income is worth understanding fully before assuming the profit growth trend will simply continue.
- Raw material price volatility. Cable manufacturing is heavily dependent on copper, aluminium, and PVC prices, all of which are commodity-linked and can swing sharply, squeezing margins if not hedged or passed through effectively.
- Concentrated manufacturing base. All three manufacturing units sit in West Bengal, which means any regional disruption — labour, power supply, logistics, or regulatory — could affect the entire production base at once.
- Dependence on government and utility spending. A large part of the demand for power cables, conductors, and EPC services is tied to government infrastructure budgets, tender cycles, and utility capital expenditure, all of which can be lumpy and subject to policy shifts.
- Reduced issue size. The last-minute cut from a planned ₹1,200 crore issue down to ₹742 crore is worth understanding — it’s not necessarily a negative, but it’s a change investors should be aware of rather than overlook.
- Working-capital-intensive business. Cable manufacturing and EPC execution both tend to tie up significant working capital in inventory and receivables, which can pressure cash flows during periods of rapid growth.
How Laser Power & Infra Compares to Listed Peers
The power cable and conductor space in India already has some well-established, much larger listed names — Polycab India, KEI Industries, Apar Industries, and Universal Cables among them. Laser Power & Infra is considerably smaller in scale compared to these players, which is both a limitation and, depending on how you look at it, a growth opportunity if the company continues to gain share in its core North-East stronghold and expands its EPC business further. Investors comparing valuations should keep in mind that smaller, regionally concentrated players typically trade at a discount to national leaders, and that gap usually narrows only if the company demonstrates consistent execution over several quarters post-listing.
How to Apply for the Laser Power & Infra IPO
- Log into your broker’s platform (Zerodha, Upstox, and most other major brokers support this route).
- Navigate to the IPO section of your portfolio or dashboard.
- Locate the Laser Power & Infra IPO listing and select the bid or apply option.
- Enter your UPI ID, the number of lots, and your bid price within the ₹203–₹214 band.
- Submit the application.
- Open your UPI app and approve the payment mandate before the cut-off time.
Alternatively, you can apply through the ASBA route via your bank’s net banking portal if your bank offers that facility. Either way, your funds are blocked rather than debited until allotment is finalised, and released automatically if you don’t get allotted shares.
Frequently Asked Questions
When does the Laser Power & Infra IPO open and close?
The IPO opens on July 9, 2026, and closes on July 13, 2026.
What is the price band for the Laser Power & Infra IPO?
The price band is set between ₹203 and ₹214 per share.
What is the lot size and minimum investment?
One lot consists of 70 shares, requiring a minimum retail investment of ₹14,980 at the upper price band.
When will the allotment be finalised and when will the IPO list?
Allotment is expected to be finalised on July 14, 2026, with shares credited to demat accounts by July 15, 2026. The tentative listing date is July 16, 2026, on both BSE and NSE.
Is this IPO a fresh issue or an Offer for Sale?
It’s a mix of both — ₹542 crore is a fresh issue that goes to the company, and ₹200 crore is an Offer for Sale by existing shareholders.
What is the current GMP of Laser Power & Infra IPO?
GMP figures have varied across trackers, generally ranging between ₹20 and ₹45 as of early July 2026, suggesting a possible listing gain in the 10–15% range. This figure is unofficial and can change right up until listing day.
Who is the registrar for the Laser Power & Infra IPO?
MUFG Intime India Pvt. Ltd. is handling the registrar duties for this issue.
What does Laser Power & Infra Limited actually do?
It manufactures power and control cables, conductors, and related products under the LASER brand, and also runs an EPC business focused on substations, power distribution infrastructure, and rural electrification projects.
Final Verdict: Should You Apply?
Laser Power & Infra brings a genuinely long operating history, a defensible regional stronghold in North-East India, and a healthy order book to the table — not the usual profile of a company chasing a listing on hype alone. The 42% jump in profit, even against a shrinking topline, suggests real margin discipline is at play, and the fact that a meaningful chunk of this issue is a fresh issue rather than a pure exit for existing shareholders adds a bit more confidence to the growth story.
That said, the FY26 revenue decline deserves real scrutiny rather than a passing mention, and the sector’s inherent exposure to commodity price swings and government spending cycles means this isn’t a business that’s immune to macro headwinds. The scattered GMP figures across trackers are also a reminder that grey market sentiment on this particular issue hasn’t settled into a clear consensus yet.
If you’re considering applying, spend time with the RHP’s segment-wise financials and management commentary on the revenue dip before deciding. Treat the GMP chatter as background noise rather than a green light, and size your application according to your own risk appetite — not according to how big a number some tracker happened to show you this morning.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. IPO investments are subject to market risk. Please consult a SEBI-registered investment advisor and read the RHP carefully before applying.