Aamara Capital21 Oct 2026 · For internal use only

Laser Power & Infra Ltd

NSE: LASERPOWER · BSE: 544822 · ISIN INE17IR01028 · Power cables, conductors and EPC · Kolkata
CMP (Yahoo, 21 Oct)Rs 215.85
Mkt CapRs 3,030 cr
P/E (comparable)~25x
52W H/LRs 343.5 / 207.25

Snapshot

Data as of 21 Oct 2026. Price is the last Yahoo Finance print for the NSE feed (15:29:57 IST), not an official NSE close; the NSE quote API returned 403. Latest reported period: Q1 FY27 (quarter to 30 Jun 2026; board meeting 10 Aug 2026, earnings call 11 Aug 2026). H1 FY27 (Sep 2026) results are not out and no board-meeting date has been announced; SEBI LODR deadline is 14 Nov 2026 [Est.]. Where the six aggregator-based research files conflict with the primary-document gap-fill (RHP, final prospectus, Q1 FY27 transcript, deck, 27 NSE filings, Acuite rationale), the primary documents are used throughout.

Three numbers to hold while reading

Operating cash flow FY26: -Rs 119 cr against reported PAT of Rs 152 cr [Fact] · Debtor days 216 (Screener; RHP states 196) [Fact] · Interest cover about 2.0x (EBIT/interest FY26; EBITDA/interest 2.3x; Q1 FY27 EBITDA/finance cost 1.8x) [Est.]. Each recurs in Tabs 2, 5, 6, 10 and 13.
Market dataValue
CMP (Yahoo, NSE feed, 21 Oct 2026, 15:29:57 IST)Rs 215.85 [Fact] (not an official NSE close)
Previous close (19 Oct 2026; 20 Oct no price data, market holiday [Est.], Dussehra)Rs 230.25; day change -6.25% (-Rs 14.40)
Day rangeOpen Rs 229.30, high Rs 230.20, low Rs 207.25 (3.2% below the Rs 214 issue price)
Volume28.2 lakh shares, about 4x the five-day average of about 7.1 lakh (Trendlyne showed 2.9M, tagged "High volume + loss")
52-week high / lowRs 343.5 (25 Aug 2026) / Rs 207.25 (21 Oct 2026 intraday; Screener shows Rs 208)
vs issue price Rs 214+0.9% [Est.]; vs 52-week high -37% [Est.]; vs close of Rs 284.5 on 7 Oct -24% in nine sessions [Est.]
Market capAbout Rs 3,030 cr (14,03,68,342 shares x Rs 215.85) [Est.]; Rs 3,004 cr at the Rs 214 issue price. Earlier files showed Rs 3,011 cr at Rs 214 (Screener) and Rs 3,010-3,230 cr (aggregators); superseded
Free float24.7% (public); company must reach 25% within 3 years (SHP note)
Listed16 Jul 2026, NSE and BSE, main board. Listing open Rs 250 on NSE (+16.8%), Rs 269 on BSE (+25.7%); day-one close Rs 262.4 (NSE); day-one high about Rs 268-270 (sources differ)
Index membershipNifty IPO index and BSE IPO index (aggregator, file 6). No broad-index membership found
P/EAbout 20x on reported FY26 PAT Rs 152 cr; about 25x on the comparable Rs 119-120 cr [Est.] (Screener consolidated 27.4x at Rs 214 TTM; Trendlyne 19.9x)
Dividend / buybackNone ever (0% payout all years); no buyback
Company overviewDetail
Legal name / CINLaser Power & Infra Limited; L14220WB1988PLC043591 (CIN-change certificate 1 Aug 2026)
Registered office4A Pollock Street, 3rd Floor, Kolkata 700001 [Fact]. Corporate office: Adventz Infinity@5, Salt Lake, Kolkata (earlier files called this the registered office; corrected)
Incorporated7 Jan 1988 as Laser Cables Pvt Ltd (West Bengal); renamed Laser Power & Infra Pvt Ltd (2016); converted to public company Sep 2025 (certificate 8 Sep 2025). Company site: founded 1970s by Shri P.D. Goel, cables from 1990s
Employees1,500+ (company/aggregator)
PromotersDeepak Goel (Chairman and MD), Devesh Goel (WTD and CEO), Akshat Goel (WTD), Rakhi Goel; promoter group 75.30%
SectorPower T&D: power cables, conductors (incl. HTLS), EPC
AuditorV. Singhi & Associates, Kolkata (FRN 311017E), appointed 31 Dec 2024
RatingAcuite A+ / Positive (LT), A1+ (ST), Rs 2,500 cr facilities (5 May 2026)
BRLMs / registrarIIFL Capital Services, ICICI Securities / MUFG Intime; legal counsel Trilegal and DSK Legal
Shareholders38,694 (30 Sep 2026) vs 178,776 at listing (15 Jul 2026)
Company secretaryVacant from 5 Oct 2026: Debendra Banthiya resigned (accepted 23 Sep); no successor announced through 21 Oct
Laser Power & Infra is a Kolkata-based integrated maker of power cables (HT/MV up to 66 kV, LT, aerial bunched, RDSO railway signalling) and conductors (ACSR, AAAC, covered, and HTLS under a stranding licence from TS Conductor Corp, USA), with an EPC arm for distribution and transmission works that is a forward integration of its own cable. Three plants in West Bengal (85,448 MT installed). FY26 revenue Rs 2,326 cr: manufacturing 72.7%, EPC 27.3% (external basis). The July 2026 IPO of Rs 742 cr (Rs 542 cr fresh, Rs 200 cr OFS by promoters) was a deleveraging issue: Rs 490 cr went to repay debt, mostly revolving short-term working-capital loans. The stock now trades at the issue price after touching Rs 343.5 in August.

Quick Verdict Scorecard

BusinessMediumintegrated, 61.6% utilisation, EPC mix
ManagementMediumleaning weak: RPTs, 1% commission, CS churn
FinancialWeakOCF -Rs 119 cr, 216 debtor days, 2x cover
ValuationFair20x reported, 25x comparable, EV/EBITDA about 11x
OverallNeutralverdict TRACK, see Tab 13

Headline KPIs (FY26, consolidated)

Revenue from ops FY26Rs 2,326 cr-9.5% YoY; Q1 FY27 +14.8% (standalone)
PAT FY26Rs 152 crreported; Rs 119-120 cr comparable (ex Rs 32.79 cr exceptional)
EBITDA margin FY2613.0%Rs 301 cr; Q1 FY27 12.6%
RoE / RoCE (RHP)23.3% / 17.8%Screener RoE 17%, RoCE 20.5%
Operating cash flow FY26-Rs 119 crFY25 +60, FY24 +171; FCF -Rs 162 cr
Debtor days FY26216Screener; RHP 196; receivables Rs 1,375 cr
Interest cover FY26~2.0xEBIT/interest; finance cost Rs 133 cr = 44% of EBITDA
Order book 30 Jun 2026Rs 2,788 crdown from Rs 3,243 cr (-14% in one quarter), cause not disclosed
Valuation snapshot at Rs 215.85ValueBasis
Market capRs 3,030 cr14.0368 cr shares [Est.]
P/E, reported FY26 PAT Rs 152 cr~20.0xAt Rs 214 issue price 19.8x [Est.]
P/E, comparable base Rs 120 cr (management) / Rs 119 cr (standalone)~25.3x / ~25.5xExcludes Rs 32.79 cr non-cash exceptional [Est.]
EV, management gross debt Rs 360 crRs 3,390 crMcap + gross debt, no cash credit [Est.]
EV, RHP arithmetic gross debt Rs 446 crRs 3,476 crRs 935.67 cr less Rs 490 cr [Est.]
EV / FY26 EBITDA Rs 301 cr11.3x to 11.5xNet of Rs 240 cr margin-money FDs: 10.5x to 10.8x. Adding about Rs 326 cr debt-like LC/TReDS payables: about 12.4x to 12.6x [Est.]
P/B~4.2x on Mar-26 net worth Rs 725 cr; ~2.5x on estimated post-IPO net worth about Rs 1,225 crRs 725 + 542 - 42 [Est.]
Dividend yield0%No dividend ever
Open status itemsStatus
H1 FY27 resultsNot out. NSE board-meeting and event-calendar APIs on 21 Oct show only the 10 Aug meeting. Trading window closed 15 Oct until 48 hours after the results. Q1 precedent: intimation 4 Aug for a 10 Aug meeting, call 11 Aug, so expect an intimation 5 to 7 days ahead. Deadline 14 Nov 2026 [Est.]
Cause of the 21 Oct fallNo company filing explains it; cables peers fell the same day (KEI -4.76%, Universal Cables -5.35%, Apar -3.91%, Polycab -3.17%, RR Kabel -2.51%, TD Power -6.47%; Nifty -0.34%), so it looks like a sector move, but the cause of the sector move itself is not identified. Not stated as fact
Company secretaryVacancy since 5 Oct; SEBI LODR requires filling within 3 months [Est.; not checked against current text]
Lock-in expiryAbout 55% of the company (promoters) unlocks about 14-16 Jan 2027; promoter 20% minimum contribution locked to 16 Jan 2028. Anchor lock-ins expired 13 Aug and 12 Oct 2026
Gross debt after IPOManagement about Rs 360 cr vs RHP arithmetic about Rs 446 cr: unreconciled
IPO subscriptionNSE snapshot 24.71x (about 26x adjusted) vs aggregators 38.94x: unreconciled

Data freshness: price 21 Oct 2026 15:29 IST (Yahoo); financials to Q1 FY27; shareholding 30 Sep 2026 (NSE XBRL filed 13 Oct); NSE announcements through 5 Oct 2026 (latest filing 5 Oct 17:10).

Analyst Notes

[Analyst View] Aamara Capital, 21 Oct 2026

What happened. Laser Power listed on 16 Jul 2026 at Rs 250 (issue price Rs 214), ran to Rs 343.5 on 25 Aug, and printed Rs 215.85 today with an intraday low of Rs 207.25, below the issue price. The slide is nine sessions old (Rs 284.5 on 7 Oct to Rs 215.85, -24%) and today's -6.25% came on 4x average volume. No company filing explains it: the last NSE announcement is the 5 Oct Power Grid press release. The cables sector fell the same day (KEI -4.76%, Universal -5.35%, Apar -3.91%, Polycab -3.17%), so this looks like a sector move amplified by a thin float. I cannot name the sector catalyst and do not guess.

What the market is pricing. At about 20x reported FY26 PAT the stock looks cheap against the large-cap cable peers at 37 to 52x (Polycab, KEI, RR Kabel, Apar), although the smaller or more levered Finolex (23.0x) and Universal Cables (24.1x) trade where Laser does on the comparable base. The reported Rs 152 cr, however, includes a Rs 32.79 cr non-cash exceptional gain from deconsolidating UIC Udyog (48% sold for Rs 0.48 cr). Management's own comparable base is about Rs 120 cr, which makes the multiple about 25x, not 20x. EV/EBITDA of about 11x versus 23 to 34x for peers is a real discount, but it is explained by what sits below EBITDA.

The cash-flow problem is the thesis. FY26 PAT was the best ever and operating cash flow was -Rs 119 cr (FCF -Rs 162 cr). Receivables reached Rs 1,375 cr (216 days on Screener's calculation, 196 on the RHP's). Interest absorbed 44% of EBITDA in FY26 and 55% in Q1 FY27 (Rs 36.2 cr of Rs 65.9 cr). The IPO repaid Rs 490 cr, but 8 of the 10 loans retired were unsecured short-term working-capital lines (Rs 449 cr) that revolve; management says the objective is "not to eliminate the operating borrowing". The saving of about Rs 40 cr a year (Rs 490 cr at about 8.25%) is real but can re-draw as receivables grow, and the CMD's new commission of 1% of revenue (about Rs 23 cr at FY26 revenue) would absorb much of it.

Hidden leverage and a lender-data gap. About Rs 326 cr of the Rs 782.5 cr of trade payables is bank LC and invoice-discounting (A.Treds, Mynd Solutions) credit, so effective leverage is above reported borrowings. Separately, the auditor's CARO clause shows books exceeded the figures given to banks for inventory plus receivables by Rs 139.3 cr (Sep 2025), Rs 183.0 cr (Dec 2025) and Rs 136.8 cr (Mar 2026), 7 to 11% of the pledged base. That is usually older or disputed receivables left out of the borrowing-base statement, not necessarily misreporting [Est.], but it was not discussed on the call.

The order book fell and nobody said why. The order book went from Rs 3,243.4 cr (31 Mar) to Rs 2,788.4 cr (30 Jun), -Rs 455 cr (-14%). Management pre-empted the point ("the closing order book is only one part of the picture") but gave no reason and no inflow number. Arithmetic implies Q1 inflow of only about Rs 66 to 144 cr [Est.] against FY26 manufacturing inflow of Rs 2,123 cr (about Rs 531 cr a quarter). Acuite's own figure for 31 Mar was Rs 2,442.9 cr, Rs 800 cr below the RHP. Orders since listing total about Rs 121 cr (HPSEBL Rs 4.15 cr, CESC Rs 44 cr, Power Grid Rs 72.77 cr), against a Rs 1,250 cr HTLS bid pipeline "under evaluation".

Earnings quality and mix. Q1 FY27 standalone PAT rose 28.8% (Rs 21.1 cr vs Rs 16.4 cr) but consolidated PAT fell 57% (Rs 20.7 cr vs Rs 48.5 cr) because Q1 FY26 consolidated carried the exceptional gain; management presents standalone only. Within Q1, EPC delivered 42% of EBITDA on 27% of revenue (margin 19.8% vs a 15-20% range management calls variable), while manufacturing revenue fell 2.7% and capacity utilisation sank from 85.8% (FY24) to 61.6% (FY26) as capacity rose 17% and output fell 5.5%. The company still plans 40 more acres at Kharagpur.

Governance texture. No SEBI action, no pledge, unmodified audit opinion, and promoters sold only Rs 200 cr in the OFS. Against that: Unit III (41% of capacity) was acquired from a promoter-family company; Unit II land is leased from a related party (rent Rs 4.22 cr vs Rs 1.40 cr); the ex-subsidiary UIC Udyog remains a supplier (Rs 25.8 cr purchases) after a sale to an undisclosed buyer at face value; Deepak Goel was paid Rs 15.4 cr in FY26 and moves to Rs 5.0 cr plus 1% of revenue; two independents sit together on the Lux Industries board; the CS left after 5.5 months with no successor; and a state-discom debarment chain (UP, Rajasthan, Manipur) is still in litigation.

Where I land. A reasonable business at a discount, but unproven cash conversion, an unexplained order-book fall, bank-statement gaps and 55% of the company unlocking in mid-January make committing capital premature. The H1 FY27 print (due by 14 Nov) can settle OCF, receivables, order inflow and gross debt. Verdict in Tab 13: TRACK, with dated triggers.

What the primary documents corrected in the earlier research files

#Earlier claim (files 1 to 6)Corrected fact (primary source)
1"23 Sep resignation" and "5 Oct CS resignation" treated as separate or unknownOne event: Company Secretary Debendra Banthiya; board accepted 23 Sep, effective close of 5 Oct; reason "personal reason and to pursue career opportunities outside the Company"
2Concall 14 Aug 2026Held Tue 11 Aug 2026, 11:00 AM, hosted by ICICI Securities (Aniruddha Joshi); 14 Aug is the transcript filing date
3Subsidiary sale: buyer and name unknown; PAT gap unexplainedUIC Udyog Ltd; Rs 32.787 cr exceptional item in consolidated FY26 only; explains PAT 152 vs 119 and other income 55 vs 22
4Q1 FY27 PAT +28.8% vs -57%Both right: +28.8% is standalone (Rs 21.1 cr vs Rs 16.4 cr); consolidated Rs 20.7 cr vs Rs 48.5 cr
5Wins since Sep about Rs 190 crPower Grid NERES-XXIV award (Rs 72.77 cr on 1 Oct, Rs 72.76 cr press release 5 Oct) counted twice. Since listing (17 Jul to 5 Oct): HPSEBL Rs 4.15 cr + CESC Rs 44 cr + Power Grid Rs 72.77 cr = about Rs 121 cr
6Registered office Adventz Infinity@54A Pollock Street, 3rd Floor, Kolkata 700001; Adventz Infinity@5 is the corporate office
7Navin Saffar a directorCeased whole-time director 30 Jun 2025; COO from 4 Jul 2025 (RHP Note 47.9). Board is 6: Deepak, Devesh, Akshat Goel + 3 independents. The 10 Aug 2026 Reg 30(5) filing still labels him "Executive Director and COO"
8CFO Amit Goel possibly a promoter relativeNot disclosed as a relative; RHP relationship table lists only Deepak (father) with sons Devesh and Akshat. Appointed CFO 18 Nov 2024. Shared surname unexplained
9Two CS namesPayal Agarwal CS until close of 9 Mar 2026; Banthiya appointed 25 Apr 2026, left 5 Oct 2026
10Lock-ins unverified / "3 years"Promoter 20% minimum contribution to 16 Jan 2028; rest of pre-IPO capital (including promoters' other 55.3%) free about 14-16 Jan 2027
11Price Rs 214, -6.8%Yahoo: Rs 215.85, -6.25%, low Rs 207.25
12EPC share 27.3% vs 35-40%Basis difference: 27.3% external; 42.5% (FY26) / 39.6% (FY25) including in-house cable
13Working capital "100 to 120 days"RHP net working capital Rs 1,020.7 cr = 138 days of revenue; debtor days 196 (RHP) / 216 (Screener)
14(absent)FY26 books-vs-bank-statement gaps of Rs 137 to 183 cr in each of the last three quarters
15Order book "+49% YoY"+49% is the two-year FY24 to FY26 move; FY25 to FY26 is +40.0% (Rs 2,317 cr to Rs 3,243 cr)
16Production "flat"Fell 5.5% in FY26 (55,724 to 52,629 MT) while capacity rose 16.9%; utilisation 85.8% to 76.2% to 61.6%
17"No credit rating found" (file 2); interest saving Rs 45-55 crAcuite A+ Positive / A1+ on Rs 2,500 cr; saving about Rs 40 cr at about 8.25% weighted rate
18EPC about 65% of order book (file 4, Aug 2025 data)48.5% at 31 Mar 2026 and 48.6% at 30 Jun 2026
19Government 65.16% of FY26 revenue (file 1)Deck: 58.9% / 58.0% / 65.2% for FY26 / FY25 / FY24; 65.2% is the FY24 figure
20Nippon about 2% of company impliedNSE SHP: Nippon India Value Fund alone holds 4.14%

Open questions

QuestionWhy it mattersWhere searched
Why did the order book fall Rs 455 cr in Q1?Lumpy March orders, de-bookings or scope cuts all change the revenue visibility storyTranscript, press release, deck, NSE filings: not disclosed
Basis of Acuite's Rs 2,442.9 cr order bookRs 800 cr below the RHP at the same dateAcuite rationale; unreconciled
Who is the largest customer (24.82% of FY26 revenue)?Single-counterparty riskRHP withholds identity
Who bought the 48% UIC Udyog stake?Related-party and quality-of-earnings questionRHP text read: not named
Who is the Rs 20.35 cr ICD lender (12% fixed)?Possible related lenderRHP debt table: not named
Gross debt: Rs 360 cr or Rs 446 cr?EV and interest forecastAwait Sep-26 balance sheet
Why do books exceed bank statements by Rs 137 to 183 cr?Receivable qualityRHP CARO read; standalone Note 45.12 not read
Has a new CS been appointed?Compliance capacityNSE feed and company page to 21 Oct; BSE not checked
Cause of the 21 Oct sector sell-offInformation versus driftYahoo peers, NSE feed: none found
Sell-side targetsNone locatedAggregators, primary sources

Business Deep-Dive

Sources: RHP (3 Jul 2026), final prospectus (13 Jul 2026), Q1 FY27 transcript and deck, company website, aggregator IPO pages where flagged. Manufacturing certifications such as IATF, ISO 13485 and AS9100 are not applicable to this business.

Identity and history

YearEvent
1988Incorporated 7 Jan as Laser Cables Pvt Ltd (company site: founded 1970s by Shri P.D. Goel; cables from 1990s)
2009Unit I commissioned (Poly Park, Howrah; WBIDC lease from 2008)
2010First export order: AAAC conductors, Ethiopian Electric Power Corp rural electrification
2015Backward integration (polymer compounding, aluminium) and entry into EPC
2016Renamed Laser Power & Infra Pvt Ltd
2018First solar EPC; Unit II; CCV line up to 66 kV
2019Aluminium rod rolling mill; Lumino scheme appointed date 1 Apr 2019
2020ERP and Power BI MIS
2021First international EPC (electricity distribution in six cities of Togo); Lumino NCLT order 14 Dec 2021; UIC Udyog acquired out of IBC (NCLT order 7 Apr 2021)
2022First water EPC
2024Solar SPV commissioned; Bhuvee scheme board approval 16 Mar 2024
2025Mar: TS Conductor tie-up; 3 Apr: UIC Udyog sale completed; 30 Jul/6 Aug: 8:1 bonus; Aug: face value split Rs 100 to Rs 5; Sep: converted to public company, DRHP filed; Unit III (Kharagpur) acquired via Bhuvee scheme (NCLT Jaipur 18 Dec 2024, Kolkata 2 Jan 2025)
20262 Feb SEBI nod; 5 May Acuite rating; 3 Jul RHP; 9-13 Jul IPO; 16 Jul listing; 24 Sep provisional LOI for 40 acres at Vidyasagar Industrial Park

Products, product by product

ProductDetailPlant / customers
HT/MV power cables (XLPE, up to 66 kV on CCV line)Key margin driver. HT cables grew from 9% to "almost 29%" of revenue in nine quarters (call); Acuite: 24-25% of FY26 revenue vs 12% (FY25). Two measures, not reconciled. HT cables earn 2 to 3 points more EBITDA than normal cables (call)Unit I; utilities, industrial
LT power cables (armoured, unarmoured)Commodity-leaningUnit III
LT aerial bunched cables (ABC)Discom overhead distributionUnit III
Railway signalling and control cables, quad cablesRDSO-approved vendor list; control and instrumentation cablesUnit I; Indian Railways
Conductors: ACSR, AAC, AAAC, AL-59, AL-7, ASTER, ACSS; MV covered conductors (MVCC)"The lowest margin in the portfolio... commoditized" (CFO). Manufacturing is about 90% cable and 10% conductor (call)Units II and III
Advanced conductors: HTLS / AECC (aluminium encapsulated carbon core)Licensed stranding with TS Conductor Corp (USA); carbon core imported from the US. AECC: "1.5x more strength", easier installation, aluminium encapsulation vs glass, proven since 2016 in US/Europe/China. Margins "a little higher side"; "till now we have not booked any revenue" (Aug 2026); first orders since listingPower Grid, HPSEBL
IntermediatesEC-grade aluminium wire rods, alloy rods, armour rods (Unit II rolling mill); PVC/XLPE compounds in-house. Part captive, part sold externallyUnit II
EPCRural/urban electrification (Saubhagya, RDSS-type), HT/LT lines, substations up to 33/11 kV, cabling, last-mile, transmission (HTLS reconductoring), solar EPC, water distribution; mostly in-house without subcontractors (RHP summary). 43 projects completed, 34 ongoing; 85,191+ ckm distribution lines and 113+ substations commissioned; Togo international EPC100% government customers (call)
DiversificationSolar, battery energy storage (BESS), water distribution pipelines (IndMoney); 50 MW AC solar via subsidiary Akshat Builders (Maharashtra Mukhyamantri Saur Krushi Vahini Yojana 2.0, PPA with MSEDCL); first 220 kV EHV underground cabling in CESC orderRevenue from solar SPV expected from FY28

How it is made

Process chain. Aluminium/copper ingots, continuous cast and rolled EC aluminium rod (Unit II), wire drawing, stranding (ACSR/AAAC) or core stranding, insulation extrusion (PVC/XLPE, CCV line to 66 kV), armouring, sheathing, testing, drums. HTLS: TS Conductor carbon core stranded with aluminium under licence. Technology: CCV line, rolling mill (2019), ERP plus Power BI MIS, MES automation planned. Port-proximate (Kolkata/Haldia) for imported metal and exports.

Raw materials. Copper and aluminium about 60% of raw materials (Acuite); raw materials 63.35% of FY26 total costs; also PVC/XLPE, carbon core, steel, drums. FundsIndia noted raw-material shortages hit FY26 volumes [secondary].

Facilities (all West Bengal; 40.39 acres; 85,448 MT at 31 Mar 2026)

UnitAddressAreaTenureCapacity / products
IPoly Park, Plot PPB-1, Mouza Kandua, Block Sankrail, Howrah 7113026.26 acPartly owned, partly WBIDC lease (since 2008)Units I+II together 50,380 MT; HT cables, RDSO signalling, quad, conductors
IIPoly Park, Plot PPA-1 (part), PPC-1, Mouza Kanduah J.L. 65, Dhulagori, Howrah 7113028.84 acLand leased 10 years from 1 Apr 2025 from Devesh Buildcon Pvt Ltd (related party); property table also shows a 3-year lease from Pratap Synthetics from 9 May 2025Rolling mill, compounding, covered conductors. Kandua and Dhulagori are one campus ("Dhulagarh"); the Unit I/II location confusion in earlier files is resolved
IIIPlot F1 and F5, Sector F, Vidyasagar Industrial Park, Kharagpur, Paschim Medinipur 72130125.29 ac99-year WBIDC leases (2010, 2011); acquired via Bhuvee Stenovate scheme35,068 MT; LT ABC, LT cables, ACSR

Charges: first charge on Poly Park leasehold (4.25 acres) and on the Adventz Infinity@5 office. Warehouses are mentioned in risk factors without detail. All manufacturing is in one state.

Capacity, output and utilisation

FY24FY25FY26
Installed capacity (MT)~62,000 (implied)73,10085,448 (+16.9%)
Production (MT)53,19155,72452,629 (-5.5%)
Overall utilisation85.8%76.2%61.6%
Dhulagarh (Units I+II) utilisation88.8%77.4%64.9%
Kharagpur (Unit III) capacity (MT)18,60022,72035,068
Kharagpur utilisation78.8%73.6%56.8%
Capacity (black) vs production (gold), '000 MT: capacity up 38% in two years, output flat62.053.273.155.785.452.6FY24 (85.8% utilised)FY25 (76.2%)FY26 (61.6%)Management calls output "flat" and says capacity is "optimized" and can run 90-95%; RHP shows it fell.

Capacity and expansion

Management: capacity "around 85,000 metric tons", sufficient for the next phase; "immediate focus is on improving utilization"; land available within the footprint; "you can't increase your capacity overnight"; capex phased, expansion at 75-80% utilisation. Yet on 24 Sep 2026 the company announced a provisional LOI for about 40 further acres at Vidyasagar Industrial Park, Kharagpur (99-year WBIDC lease) for an "integrated power cables and conductors" plant. Capex plan, size and timeline were not disclosed. [Fact / Est.] Unit III (41% of installed capacity: 35,068 of 85,448 MT) came from a promoter-family company.

Certifications, IP, exports, GTM

ItemDetail
CertificationsISO 9001, ISO 14001, ISO 45001; BIS standards; RDSO-approved vendor (signalling/power cables); registered Indian Railways supplier; Power Grid and discom vendor registrations
IP / patentsNone disclosed in sources reviewed; key technology licensed (TS Conductor Corp, USA; AECC/HTLS). Brand "LASER". RHP IP section not separately mined
Exports10 countries including Bhutan, Mauritius, Mozambique, Nepal, UAE, Kuwait; earlier Ethiopia, Togo, Bangladesh. FY25 export customer Electricidade de Mocambique 1.99% of revenue
Domestic reach26 states and 4 UTs; East India 53.93% of manufacturing revenue
Go-to-marketTender-based (L1) sales to discoms, Railways, Power Grid, PSUs and private EPC contractors; no dealer network disclosed; manufacturing customers 50% government / 50% private, EPC 100% government (call)
PositioningDescribes itself as the largest cable and conductor manufacturer and exporter in Eastern India (CRISIL: among leading by installed capacity in East India)

Segment Analysis

Two reporting segments: Manufacturing (cables, conductors) and EPC. Segment EBITDA was first disclosed on the Q1 FY27 call; annual segment EBITDA is Not Available (searched: RHP segment note, deck, transcript).

Revenue by segment (consolidated, external basis)

Rs crFY24FY25FY26Q1 FY27 (standalone)
Manufacturing revenue~1,528 [Est.]~1,857 [Est.]~1,691 [Est.]382.4 (Q1 FY26 393.2, -2.7%)
Manufacturing share87.43%72.25%72.70%73.3%
EPC revenue219.75713.35635.07139.1 (Q1 FY26 60.9, +129%)
EPC share12.57%27.75%27.30%26.7%
Total revenue from ops1,7482,5702,326521.5 (Q1 FY26 454.1, +14.8%)

EPC share reconciled: 27.3% vs 42.5%

BasisFY25FY26Meaning
External EPC revenue (RHP p.58)Rs 713.35 cr (27.75%)Rs 635.07 cr (27.30%)Revenue recognised from outside parties
Gross EPC segment revenue (Note 47)Rs 1,018.6 crRs 989.45 crIncludes in-house cable transferred from Manufacturing
of which in-house cable (eliminated)~Rs 305 cr [Est.]Rs 354.39 crCaptive cable
Gross EPC / total (Rs 23,261.04 mn in FY26)39.6%42.5%Acuite's "35-40%" corresponds to this basis
Q1 FY27 external-26.7% (139.1/521.5)On the call

The 27% figure is correct for revenue from outside parties; the 40%+ figure is the one that matters for EPC execution risk and working capital. [Est. arithmetic on Fact data]

Q1 FY27 segment results (first disclosure, standalone)

Rs crQ1 FY27 revenueQ1 FY26 revenueYoYQ1 FY27 EBITDAMarginQ1 FY26 EBITDA
Manufacturing382.4393.2-2.7%~38.810.1%~42.9 (10.9%) [Est.]
EPC139.160.9+129%27.619.8%9.3 (15.3%)
Total521.5454.1+14.8%65.912.6%~52.2 (11.5%)
Q1 revenue by segment (Rs cr): manufacturing down, EPC up 129%393.2382.460.9139.1Mfg Q1 FY26Mfg Q1 FY27EPC Q1 FY26EPC Q1 FY27EBITDA margin: Mfg 10.1%, EPC 19.8%. 42% of Q1 EBITDA came from 27% of revenue.

Management on EPC margin

"EPC profitability can vary between quarters... Q1 margins should therefore be viewed in context of projects executed during the quarter rather than treat as a steady quarter run-rate." EPC EBITDA margin "somewhere 15% to 20%". "We consider EPC as a forward integration for our products." Mix "will remain similar". [Fact] [Est.] 42% of Q1 EBITDA from 27% of revenue.

Order book by segment (Rs cr, 31 Mar unless stated)

FY24FY25FY2630 Jun 2026
Manufacturing543.8849.31,668.91,432.7
EPC (includes in-house cable value)1,628.91,468.01,574.51,355.7
Total2,172.72,317.23,243.42,788.4
EPC share of book75.0%63.4%48.5%48.6%
Manufacturing order inflow1,354.31,776.62,123.2Not disclosed
Government share of book83.6%86.5%78.9%Not disclosed

Management focus by segment

SegmentStated focus (Q1 FY27 call)
ManufacturingValue not volume; specialised, lower-volume product; improve utilisation; HT cable mix; HTLS ramp (Rs 1,250 cr bids of about Rs 3,500 cr tenders floated, all under evaluation)
EPCForward integration of cable; Rs 8,000 mn (about Rs 800 cr) of projects commenced in Q4 FY26 and Q1 FY27 needing procurement and mobilisation ahead of billing and collection; 100% government; cycles 18-36 months (manufacturing 3-6 months)
NewSolar (50 MW AC SPV), BESS, water; no revenue before FY28

Financials: P&L

Earnings-quality headline

FY26 reported PAT Rs 152 cr (consolidated) vs Rs 119 cr (standalone). The Rs 32.79 cr difference is a non-cash exceptional gain from deconsolidating UIC Udyog Ltd (48% stake sold for Rs 0.48 cr). Management's comparable base is about Rs 120 cr. FY26 operating cash flow was -Rs 119 cr. [Fact]

5-year consolidated P&L (Screener; Rs cr)

FY22FY23FY24FY25FY26
Revenue from ops1,0791,3141,7482,5702,326
YoY-+21.8%+33.0%+47.1%-9.5%
Expenses9541,2101,5912,3202,025
EBITDA125104156250301
EBITDA margin11.6%7.9%8.9%9.7%13.0%
Other income (FY26 incl. Rs 32.79 cr exceptional)4818162255
Depreciation7620273229
EBIT (EBITDA less dep.)4984129218272
Interest476891102133
PBT503354138194
PBT margin4.6%2.5%3.1%5.4%8.3%
Tax rate25%35%25%23%22%
PAT372240107152
PAT margin3.4%1.7%2.3%4.2%6.5%
EPS (Rs, as shown)3.441.873.448.9313.18
Revenue (Rs cr) FY22 to FY26: first decline in FY261,0791,3141,7482,5702,326FY22FY23FY24FY25FY26EBITDA margin: 11.6% / 7.9% / 8.9% / 9.7% / 13.0%. PAT: 37 / 22 / 40 / 107 / 152.

Standalone P&L (Trendlyne / Screener; Rs cr)

FY21FY22FY23FY24FY25FY26
Sales8379111,2301,6182,4382,326
Operating profit15010799150234302
OPM18%12%8%9%10%13%
Interest5347668899133
Depreciation--18.426.425.829.1
PBT--31.951.5131.8161.5
PAT64482238101119
EPS (Rs)2.944.411.893.278.6710.36

Trendlyne standalone: employee cost FY26 70.6 (FY25 49.6, FY24 42.9, FY23 29.3); other expenses FY26 155.6; EBITDA incl. other income FY26 323.5 (13.8%); PAT margin 5.1%. Five-year ROE per Screener 14% (3-year 16%, last year 17%). Screener's standalone balance sheet and cash flow columns were not used (misaligned: shows CFO 49 vs consolidated -119).

FY26 PAT bridge: consolidated Rs 152 cr to comparable Rs 119 cr

Rs crFY26Note
Consolidated PBT before exceptional items160.86RHP MD&A [Fact]
Exceptional: net gain on fair value of disposal of group (UIC Udyog)32.787Non-cash; de-recognition of UIC assets/liabilities when it ceased to be a subsidiary on 1 Apr 2025
Consolidated PBT193.65
Tax~42.1 (21.7%)[Est.]
Consolidated PAT151.59Reported
Less exceptional gain-32.79
Consolidated PAT ex-exceptional~118.8Standalone PAT Rs 119.2 cr; management "comparable number would be around INR120 crores"
Other income (Screener 55 vs standalone 22)33The exceptional gain is bucketed into other income by Screener
PBT ex all other income~139160.86 less about 22 genuine other income [Est.]

Quarterly results

Only three quarters are available (a July 2026 listing has no earlier public series): Q1 FY26, Q4 FY26, Q1 FY27. The 8-quarter series is Not Available (searched: Screener, Trendlyne, RHP; quarterly data before Jun 2025 not published).

Rs cr, consolidatedQ1 FY26 (Jun-25)Q4 FY26 (Mar-26)Q1 FY27 (Jun-26)
Sales454674522
Operating profit528666
OPM12%13%13%
Other income3966
Interest303536
Depreciation788
PBT554828
Tax rate10%25%26%
PAT493621
EPS (Rs)4.263.131.80
Standalone PAT16.436.321.1
Standalone EPS (Rs)1.413.161.84

Q1 FY27: standalone vs consolidated

Rs crQ1 FY27Q1 FY26YoYBasis
Revenue521.5454.1+14.8%Standalone (QoQ -22.6% vs Q4 Rs 674 cr)
EBITDA65.9~52.2+26%Margin 12.6% vs 11.5%
Finance cost36.229.6+22%55% of EBITDA
PBT28.6~22.5+27%
PAT, standalone21.116.4+28.8%Margin 4.1%; Sahi's figure; tax about 26%
PAT, consolidated20.748.5-57%Base effect of Rs 32 cr exceptional and 10% tax

Margin, one-offs and earnings quality

ItemFinding
Margin driversHT cable mix (9% to about 29% of revenue in nine quarters; 24-25% FY26 per Acuite vs 12%); EPC in Q1 FY27 at 19.8%. Conventional conductors lowest margin
InterestFY26 Rs 133 cr = 44% of EBITDA; Q1 FY27 Rs 36.2 cr = 55%. Planned saving about Rs 40 cr a year (Rs 490 cr x about 8.25%)
CMD payFixed Rs 5.0 cr plus 1% of revenue as commission; FY26 paid Rs 15.4 cr (commission Rs 10.4 cr, about 0.45% of revenue). At FY26 revenue 1% is about Rs 23 cr, total about Rs 28 cr a year, about 70% of the interest saving [Est.]. Whether 1% applies from the Sep 2025 agreement or the 23 Jun 2026 revision is not stated
Total KMP pay FY26Rs 20.5 cr (FY25 3.7, FY24 1.6); four executives Rs 19.4 cr = 16% of standalone PAT
Tax-loss shieldCFO: acquisition brought carry-forward losses (FY23) of about Rs 500 cr; saving about Rs 125-130 cr over 3 years, shown as deferred tax with "no cash outflow"; "the entire deferred benefit will be set off in this financial year" so "FY28, tax amount would be normal". FY28 cash tax and cash flow will rise [Est.]
Auditor feesRs 0.417 cr FY26, Rs 1.031 cr FY25 (incl. IPO work), Rs 0.258 cr FY24 [Est. on column mapping]
Cash backingFY26 PAT Rs 152 cr vs OCF -Rs 119 cr; see Tab 6

Financials: Balance Sheet, Cash Flow & Ratios

Cash-flow vs profit: loud flag

FY26 operating cash flow was -Rs 119 cr against PAT of Rs 152 cr. Cumulative FY22-26 CFO Rs 196 cr vs PAT Rs 358 cr (55% conversion); FY25+FY26 CFO -Rs 59 cr vs PAT Rs 259 cr. Debtor days 216 (Screener; RHP 196), inventory days 124, cash conversion cycle 168 days. FY26 was financed by borrowings (CFF +Rs 213 cr). Interest cover about 2.0x. [Fact / Est.]

Balance sheet (consolidated, Screener; Rs cr)

FY22FY23FY24FY25FY26
Equity capital366658
Reserves270390467568668
Net worth273396473574725
Borrowings (Screener)324361403504871
Borrowings (RHP year-end)--392.9 (393.75)502.5 (502.95)828.8 (828.23)
Other liabilities6056141,1111,1911,036
Total liabilities1,2021,3721,9872,2702,632
Fixed assets (net)107144192176214
CWIP5263628
Investments23432
Other assets (inventory, receivables, cash, loans)1,0891,2231,7862,0542,389

Cash flow and PAT reconciliation (consolidated; Rs cr)

FY22FY23FY24FY25FY26
CFO-5614017160-119
CFI-2-107-65-61-72
CFF59-31-1095213
Net cash flow12-4422
FCF (Screener)-738113611-162
FCF (Trendlyne)-8613642-171
PAT372240107152
CFO / PATn.m.6.4x4.3x0.56xnegative
CFO / EBITDA [Est., recomputed]-45%135%110%24%-40%
Implied capex (CFO less FCF)1759354943
FCF yield on Rs 3,030 cr [Est.]n.m.2.7%4.5%0.4%-5.3%
PAT (black) vs operating cash flow (gold; red = negative), Rs cr37-56221404017110760152-119FY22FY23FY24FY25FY26

Divergence analysis

  1. FY26: debtor days 159 to 216 and inventory days 98 to 124 drove a working-capital build of more than Rs 300 cr while revenue fell; cash conversion cycle worsened 57 days to 168.
  2. FY23 and FY24 CFO exceeded PAT 4 to 6x because creditors rose (other liabilities Rs 614 cr to Rs 1,111 cr); the earlier cash was supplier-financed and the FY26 reversal looks like the unwind plus slower collections. About Rs 326 cr of FY26 payables is LC/TReDS credit.
  3. Management: Q1 FY27 OCF "very minuscule negative"; "in past 3, 4 years, we never had a negative cash flow [except last year]". Rs 8,000 mn of projects started in Q4 FY26/Q1 FY27 need mobilisation ahead of billing; FG/WIP spiked about Rs 90 cr at June. No FY27 OCF target.
  4. The FY26 net other income of Rs 55 cr was largely the non-cash exceptional; CFI of -Rs 72 cr exceeds implied capex (loans/advances, e.g. Rs 9.89 cr lent to the subsidiary, unverified remainder).

Working capital

Days (Screener)FY22FY23FY24FY25FY26
Debtor days232167164159216
Inventory days1,291 (anomalous)12416198124
Creditor days1,621 (anomalous)159169146173
Cash conversion cycle-97132157111168
Working-capital days10963466059
Debtor days (Screener): FY26 jump to 216232167164159216FY22FY23FY24FY25FY26RHP: debtor days 196 (FY26), 145 (FY24); Acuite FY25: 154. Net working capital Rs 1,020.7 cr = 138 days (FY25 88, FY24 101).

Ratios

FY22FY23FY24FY25FY26
Interest cover (EBIT/interest) [Est.]1.0x1.2x1.4x2.1x2.0x
EBITDA / interest [Est.]2.7x1.5x1.7x2.5x2.3x
Borrowings / net worth [Est.]1.190.910.850.881.20 (871) or 1.14 (828)
Asset turns0.900.960.881.130.88
ROCE (Screener)13%16%21%21%20.5% current
RHP: ROE / ROCE / RoNW FY2623.32% / 17.83% / 20.90% (FY25 ROE 19.76%)PAT margin 6.46%, EBITDA margin 12.96%

Debt/equity per deck (standalone) 0.7 / 0.8 / 1.1 (FY24 / FY25 / FY26); RHP FY26 1.10; DRHP-era FY25 0.67 (basis not verified); Acuite FY25 0.79 (counts promoters' unsecured loans). Other ROE/ROCE: Trendlyne ROE 20.9%, ROA 5.8%; Screener standalone ROE 19.6%, ROCE 27.1%. Acuite FY25: interest cover 2.60x, DSCR 1.92x, TOL/TNW 2.27x, Debt/EBITDA 1.87x. Q1 FY27 EBITDA/finance cost 1.8x [Est.].

Debt at 17 Jun 2026 (RHP p.431, certified by V. Singhi on 3 Jul 2026; before IPO repayment; Rs cr)

FacilitySanctionedOutstanding
Cash credit (secured)325.0222.30
Working-capital short-term loans (secured)119.06.07
Term loans (secured)385.45126.29
Vehicle loans9.182.80
Secured total838.63357.46
Unsecured WC facilities200.0108.86
Unsecured WC short-term loans469.0449.0
Inter-corporate deposit (12% fixed; lender not named)20.3520.35
Unsecured total689.35578.21
Total1,527.98935.67

What the Rs 490 cr repaid (10 loans, Rs 507.9 cr outstanding)

Lender / loanRs crType
DCB25.0Unsecured short-term WC
HDFC80.0Unsecured short-term WC
ICICI100.0Unsecured short-term WC
Federal24.0Unsecured short-term WC
Yes Bank60.0Unsecured short-term WC
IndusInd70.0Unsecured short-term WC
IDFC First50.0Unsecured short-term WC
CSB40.0Unsecured short-term WC
Subtotal, 8 short-term loans (7-180 day tenors, 7.35-9.0%)449.0
RBL term loan (Kharagpur property purchase, repo + 3.45%)31.8Term
IndusInd term loan (plant)27.1Term
Total507.9Weighted rate about 8.25%; Rs 490 cr x 8.25% = Rs 40.4 cr saving (management: "about Rs 40 crores")

Gross debt after IPO: unreconciled

Management (call): "Approximately INR 4,900 million of IPO proceeds was utilized towards repayment... Gross debt currently stands at approximately INR 3,600 million... fixed deposits of approximately INR 2,400 million with bankers primarily as margin money... net debt position becomes negligible." RHP arithmetic: Rs 935.67 cr less Rs 490 cr = Rs 445.7 cr; the Rs 86 cr gap is unexplained (further internal repayment, definition or seasonality) [Est.]. On the CFO's numbers net debt is Rs 120 cr (0.4x FY26 EBITDA); on RHP arithmetic Rs 206 cr. The Rs 240 cr FDs are lien-marked margin money, not free cash. The RHP concedes "a significant portion of our working capital loans have been repaid within three to 12 months of availing".

Material creditors (31 Mar 2026): bank and platform credit inside "trade payables"

CreditorRs crNature
Mynd Solutions Pvt Ltd100.5TReDS operator (invoice discounting)
Vedanta Ltd78.1Aluminium/power supplier
Canara Bank (LC payable)70.6Bank LC
A.Treds Ltd63.1TReDS operator
Union Bank of India (LC payable)48.9Bank LC
HDFC Bank (LC payable)43.3Bank LC
Six material creditors (each over Rs 39.1 cr)404.552% of Rs 782.5 cr trade payables
Bank LC payables Rs 162.9 cr + TReDS Rs 163.5 cr~326Debt-like [Est.]; reported borrowings understate effective leverage

Source: company website material-creditors PDF (amounts follow printed row order). At 31 Mar 2025 the five non-Vedanta names totalled Rs 458.8 cr. MSME dues Rs 28.4 cr to 118 creditors; 1,590 creditors in all.

Auditor's CARO: books vs bank-statement figures (inventory + trade receivables; Rs cr)

QuarterPer booksPer bank statementExcess
30 Jun 20251,394.01,394.0nil
30 Sep 20251,569.21,430.0139.3
31 Dec 20251,650.31,467.2183.0
31 Mar 20261,868.71,731.9136.8

Banks: Canara, BoB, IDFC First, Axis, IndusInd, HDFC, SBI, RBL, Union, PNB, IDBI, UCO. FY25: one RHP passage gives books Rs 1,459.4 cr vs bank Rs 1,366.0 cr (gap Rs 93.4 cr) at 31 Mar 2025, another gaps of only Rs 0.07 cr to Rs 0.01 cr; the RHP is internally inconsistent on FY25 and the FY26 table is the solid one. Management's FY25 explanation: bank returns were prepared before Ind AS adjustments and counted only debtors under 90 days. FY26 reason sits in standalone Note 45.12 (not read). [Est.] The gap is 7 to 11% of the pledged base; not discussed on the call.

Credit rating

ItemDetail
RatingACUITE A+ / Positive (LT), ACUITE A1+ (ST), standalone approach, rationale 5 May 2026; prior review 8 Oct 2025 (A+/Positive)
FacilitiesReaffirmed Rs 2,000 cr and assigned Rs 500 cr: total Rs 2,500 cr (LT Rs 576 cr reaffirmed + Rs 200 cr assigned; ST Rs 1,424 cr reaffirmed + Rs 300 cr assigned)
Strengths citedHT cable mix 24-25% of FY26 revenue vs 12%; operating margin about 13.7% (FY26 est.) vs 9.7%; order book Rs 2,442.9 cr; "robust net worth, low gearing"; liquidity "Strong" (FY25 accruals Rs 126 cr vs maturing debt Rs 18 cr; FY26-27 accruals Rs 140-250 cr vs repayments Rs 28-40 cr; fund-based utilisation about 63%, non-fund about 78% over six months to Feb 2026); HTLS: has participated in tenders aggregating about Rs 1,000 cr and expects to win 10-15% of the tendered value (about Rs 100-150 cr), against bids of about Rs 1,250 cr cited on the Aug call
Weaknesses citedWorking-capital intensity (GCA 260 days FY25; debtor days 154), commodity exposure (copper and aluminium about 60% of raw materials)
Positive outlook basisExplicitly factored a proposed IPO of about Rs 1,200 cr (Rs 800 cr fresh); the IPO done was Rs 742 cr (Rs 542 cr fresh), about one-third smaller equity infusion [Est.]
TriggersUpside: scale of Rs 3,000 cr or more and a better financial risk profile. Downside: "EBITDA margin declines to 7% or more" (as printed; presumably "or less") and any further elongation of the working-capital cycle
Post-IPO actionNone found. FY26 revenue Rs 2,326 cr is below the Rs 3,000 cr upgrade trigger; the cycle lengthened in FY26 (196 debtor days vs 154), a downside trigger [Est.]. The rationale pre-dates the IPO

Equity dilution and share count

DateEventShares
FY22-FY25Equity capital Rs 3-6 cr (pre-split, face value Rs 100)n/a
2021Lumino scheme: 2,28,354 shares (pre-split FV Rs 100) issued to Lumino shareholdersn/a
30 Jul / 6 Aug 20258:1 bonus; Aug 2025 split Rs 100 to Rs 511,50,41,240 pre-IPO
Dec 2024 / Jan 2025Bhuvee scheme: redeemable non-cumulative preference shares Rs 0.876 cr-
Jul 2026Fresh issue 2,53,27,102 shares (22% of pre-IPO base); OFS 93,45,793 shares14,03,68,342
Post-IPONo QIP, preferential, warrants or buyback found. ESOP scheme and overhang: Not Available (Groww: not mentioned; RHP not separately mined)-

Use of proceeds

ObjectRs cr
Prepayment / repayment of borrowings490.00
General corporate purposes (Chittorgarh; capped at 25% of gross proceeds; file 3 said about Rs 52 cr)21.15
Issue expenses42.24
Total per Chittorgarh553.38

The Rs 553.38 cr total exceeds the Rs 542 cr fresh issue; unreconciled (possibly part of expenses borne by selling shareholders). The company receives nothing from the Rs 200 cr OFS; whether promoters use it for debt reduction is not stated. No capex object. Monitoring-agency disclosure not found.

Key balance-sheet risks

Management, Promoters & Governance

Promoters and key management

PersonRoleNotes
Deepak GoelChairman and MD; promoter36+ years industry experience; "does not have any formal education" (RHP p.313). Pre-IPO 45.41%; sold 52,57,009 shares in OFS (Rs 112.5 cr); about 33.47% post-IPO. FY26 pay Rs 15.4 cr. Personal guarantor on 100+ facilities. Father of Devesh and Akshat
Devesh GoelWTD and CEO; promoterHigher secondary. Pre-IPO 25.00%; sold 29,20,560 (Rs 62.5 cr); holds 1,63,73,869 minimum-contribution shares locked to 16 Jan 2028. Director of Bhuvee Stenovate and UIC Udyog (promoter-group entities); complainant at WB-RERA for unit 29A, Trump Tower Kolkata (paid 99%). Pay Rs 1.5 cr
Akshat GoelWTD; promoterHigher secondary. Pre-IPO 16.13%; did not sell; holds 1,17,00,000 locked shares. Director of Bhuvee. Pay Rs 1.5 cr
Rakhi GoelPromoter, not on boardPre-IPO 13.45%; sold 11,68,224 (Rs 25.0 cr)
Navin SaffarCOO (not a director)Ceased WTD 30 Jun 2025; COO from 4 Jul 2025. Pay Rs 1.0 cr. Wife Mrs Swati Saffar receives legal fees of Rs 0.18 cr a year
Amit Kumar GoelCFO (from 18 Nov 2024)Not disclosed as a promoter relative; surname shared; prior employers Not Available
Debashish RoutPresident, ProjectsCo-petitioner with the three promoters in the Calcutta HC criminal quashing matter
Praveen Kumar Paul / Aniruddha Banerjee / Sanjay AgarwalPresident, Manufacturing / VP Marketing / GM FactoryPrior employers Not Available (searched: RHP extracts, website)
Company SecretaryVacant since 5 Oct 2026Payal Agarwal until 9 Mar 2026; Banthiya 25 Apr to 5 Oct 2026
P. Dass Goel / Devendra GoelFamily names in RPT and guarantee tablesFounder P.D. Goel per website; Devendra Goel gives personal guarantees (role not stated in extracts)

Other businesses and track record of the promoters: Not Available beyond the 77 Group Companies listed in RHP p.333 (searched: RHP extracts, website). Education of promoters as stated above.

Board (6; 50% independent)

NameRoleExec / IndependentBackground
Deepak GoelChairman and MDExecutive, promoterExecutive chair
Devesh GoelWTD and CEOExecutive, promoterSon of Deepak
Akshat GoelWTDExecutive, promoterSon of Deepak
Ajit Kumar DasIndependentIndependent; 17 Sep 2025, 5-year termEx-banker: Punjab & Sind, United Bank, Canara, NABARD
Rajnish RikhyIndependentIndependent; 17 Sep 2025, 5 yearsDirector at Linc Ltd and Lux Industries
Ratnabali KakkarIndependentIndependent; 17 Sep 2025, 5 yearsAged 68, London-based; director at Vikram Solar, Century Plyboards, Lux Industries. Woman-director status not confirmed in extracts

Remuneration terms

Rs crFY26 paidTerms
Deepak Goel15.4 (5.0 + commission 10.4)Fixed Rs 5.0 cr (basic 2.5 + HRA 1.25 + special 1.25) plus 1% of revenue from operations (board 23 Jun 2026; shareholders 12 Sep 2025)
Devesh Goel1.5Fixed
Akshat Goel1.5Fixed
N. Saffar1.0-
Four executives19.416% of standalone FY26 PAT; total KMP Rs 20.5 cr (FY25 3.7, FY24 1.6)

Shareholding

%Pre-IPO15 Jul 2026 (listing)30 Sep 2026
Promoter and group10075.30 (8 holders)75.30
Mutual funds06.07 (8 holders)9.04 (Nippon India Value Fund 4.14, Mirae Asset Small Cap 1.35, Bank of India Small Cap 1.03)
AIFs01.383.32 (Buoyant Capital, two schemes)
Banks / NBFC / insurance01.49 / 0.70 / 0.620 / 0 / 0.39
FPIs02.09 (Sep 2025 0.00)2.45 (12 FIIs; Arihant 2.59)
Retail up to Rs 2 lakh-12.30 (178,465 holders)5.21 (36,987 holders)
DII total (Screener) / public--12.75 / 9.50 (individuals 6.73)
Total holders-178,77638,694
Holder shift, listing (black) to 30 Sep (gold), % of company12.305.216.079.041.383.322.092.45RetailMutual fundsAIFsFPIsRetail sold about 7% of the company (about 10 mn shares), absorbed by MFs, AIFs and bodies corporate [Est.]

Promoter pledge: none; encumbrance none (SHP). Historical pledge: none disclosed. Sources conflict on interim snapshots (Sharpely DII 9.43%, public 7.58%; Bajaj Finserv DII 10.25%, public 12.35%; HDFC Sky DII 0%); the NSE XBRL figures above are used. DII 12.75 = MF 9.04 + AIF 3.32 + insurance 0.39. Nippon India Small Cap shows only 0.06% of scheme AUM despite a Rs 33 cr anchor bid (partial sale or data lag, unverified).

Lock-in and float overhang

BlockSharesUnlockStatus
Anchor, 50%~52.0 lakh13 Aug 2026Expired
Anchor, remaining 50%~52.0 lakh12 Oct 2026Expired (SHP 30 Sep showed 52.0 lakh still locked)
Promoters' 20% minimum contribution (Devesh 1,63,73,869; Akshat 1,17,00,000; bonus shares of 6 Aug 2025)2,80,73,86916 Jan 2028 (18 months)Locked
Rest of promoter holding and all other pre-offer capital (promoters' other 7.76 cr shares = 55.3% of company; about Rs 1,675 cr at Rs 215.85 [Est.])~7.76 crAbout 14-16 Jan 2027 (6 months from 14 Jul allotment) [Fact rule; Est. date]SHP 30 Sep: 11.09 cr shares (79.0%) locked

Promoter group applied to reclassify two zero-holding entities (Chaitak Sales Pvt Ltd, Dailmer Industries Pvt Ltd) to Public (board 23 Sep; filed 28 Sep; "under process" 13 Oct): no change in stated float. The two "other Indian" promoter-group holders (2,800 shares) are family trusts (Priya Goel Private Family Trust 1,800; Deepak Goel Business Trust 1,000). Public float 24.7% vs 25% requirement within 3 years.

Insider, bulk and block activity

ItemFinding
Bulk deal17 Aug 2026: Yuga Stocks sold 11,74,660 shares at Rs 308.8 (about Rs 36.3 cr; Groww news). Source of shares (IPO allotment or pre-IPO) unknown
Other bulk/blockNot Available (NSE bulk-deal pages and Trendlyne not accessible)
Promoter dealingsNone found since listing; OFS only. SAST/PIT (Reg 29) disclosures: BSE page 403; not verified
7 Oct 2026Reg 74(5) DP certificate cited by file 3, absent from both NSE and company feeds (routine; feed gap cannot be excluded)
Trading windowClosed from 15 Oct 2026 (announced 28 Sep) until 48 hours after H1 results
Investor meetings23-25 Sep 2026 (one-on-one/group, "no presentation... no UPSI"); 24-31 Jul one-on-ones cancelled on 23 Jul

Related-party transactions (Note 47.9, consolidated; Rs cr)

Item / counterpartyFY26FY25FY24
Purchases: UIC Udyog (ex-subsidiary, promoter group)25.83eliminatedeliminated
Purchases: Ceebuild Company Pvt Ltd18.1627.460.21
Purchases: G.M. Dalui & Sons Pvt Ltd9.001.09-
Purchases: P.S. Enterprise-36.5918.25
Purchases: Lumino Power Infrastructure-3.70-
Total RPT purchases53.0 (2.3% of revenue)68.8 (2.7%)18.5
Sales: UIC Udyog 2.82; Ceebuild 0.343.2smallsmall
Rent: Devesh Buildcon (Unit II land, 10 years from 1 Apr 2025)4.221.401.40
Rent: P. Dass Goel, Bhuvee, others~0.1~0.1~0.1
Rent received / deposit: G.M. Dalui0.30 / 0.075--
Factory electricity: Priya Goel Trust 0.51, Samidha Goel Trust 0.54, Bhuvee reimbursement 1.27~2.3~4.3 (Bhuvee 3.21)1.25
Legal fees: Mrs Swati Saffar (relative of COO)0.180.180.18
AJ Finance Pvt Ltd (promoter-linked lender): advance given/repaid-3.9 / 14.3510.45 given
Loans taken/repaid: AJ Finance, Laser Solar LLP (name-to-amount mapping ambiguous)-taken 5.2 and 2.4; repaid 9.4 and 25.7-
Interest paid: AJ Finance-0.33-
Executive pay: Deepak Goel15.41.51.2

Auditor

ItemDetail
Statutory auditorV. Singhi & Associates, Kolkata (FRN 311017E, peer review 016400), appointed 31 Dec 2024; tenure about 22 months
PredecessorSDP & Associates (FRN 322176E): appointed 29 Sep 2023, resigned 13 Dec 2024 "due to appointment of other auditor for the purpose of undertaking the IPO". SDP still audits Akshat Builders and UIC Udyog
OpinionNo qualification: "no reservations, qualifications, adverse remarks, except some explanatory and informative remarks"
CARO / emphasis items (RHP p.425-427)Title deeds of certain properties not in the company's name (Appendix A); working-capital statements to banks differ from books (Rs 137-183 cr); loans/guarantees to related and other parties; disputed statutory dues
FeesRs 0.417 cr FY26; Rs 1.031 cr FY25; Rs 0.258 cr FY24 [Est. mapping]

Subsidiaries and group structure

EntityFacts
Akshat Builders Pvt Ltd (only subsidiary)CIN U70102WB2010PTC152818; 99% Laser, 1% Devesh Goel as nominee; 100% bought 11 Feb 2025 for Rs 0.01 cr (goodwill Rs 0.019 cr). Real-estate object; used for the 50 MW AC solar project (MSEDCL PPA). Rs 200 cr Bandhan term loan sanctioned 16 Mar 2026, guaranteed by Deepak Goel, agreement "under execution". Parent lent Rs 9.89 cr in FY26 (Rs 0.35 cr FY25), Rs 1.05 cr repaid, Rs 9.19 cr outstanding. SDP-audited cash losses Rs 51.3 lakh FY26 and Rs 29.0 lakh FY25. CFO: nil revenue; revenue "most likely from next year"
UIC Udyog Ltd (ex-subsidiary)Bought out of IBC (NCLT Kolkata 7 Apr 2021; plan Rs 30.57 cr; Laser took 51% for Rs 0.51 cr). 26 Mar 2025 board approved sale of 4,82,400 shares (48%, 94% of Laser's holding) for Rs 0.48 cr (Rs 10/share); completed 3 Apr 2025; ceased subsidiary 1 Apr 2025. RHP calls it a Group Company and member of the promoter group; Devesh Goel a director. Buyer not named. FY25 consolidated receivables Rs 1,119.9 cr included Rs 102.8 cr belonging to UIC. Still a supplier
Lumino Industries schemeAppointed date 1 Apr 2019; NCLT Kolkata 14 Dec 2021: EPC and manufacturing division (Tamil Nadu, Assam) demerged into Laser; Lumino real estate to Lumino Power Infrastructure Pvt Ltd; about 10 small trading/investment companies amalgamated into Lumino
Bhuvee Stenovate schemeBoard 16 Mar 2024; NCLT Jaipur 18 Dec 2024, Kolkata 2 Jan 2025. Cookware/sink business to Suncity Metals & Tubes Pvt Ltd; kitchen-utensil/steel-coil undertaking (Kharagpur Unit III, 25.29 acres) to Laser against preference shares of Rs 0.876 cr; net-assets valuation; Devesh and Akshat Goel are directors of the seller. The company website calls the two schemes the "Demerger Composite Scheme"
Strategic partnerTS Conductor Corp (USA): licensed stranding partner, not a subsidiary (tie-up March 2025)

Litigation (RHP p.435-441; materiality threshold Rs 4.98 cr)

MatterDetail
Against the company, subsidiary, promoters (defendants), directorsNil criminal, regulatory, material civil and material tax matters; no SEBI/exchange action on promoters in 5 years
1. Cheque-bounce cases (by company)3 cases, Rs 0.41 cr
2. Calcutta HC FMAT 166/2023 v MVVNL (UP), Universal MEP ProjectsRejection of technical drawings on 1 Apr 2023 for RDSS purchase orders of Rs 81.1 cr, citing prior debarment
3. Calcutta HC FMAT 246/2022 v Manipur discom MSPDCL5-year blacklisting letter 13 Apr 2022; stay in force
4. Title suit v UPPCLName still shown as blacklisted despite Allahabad HC quashing earlier Paschimanchal orders (17 Dec 2019)
5. Rajasthan HC writ v JVVNLL1 bid rejected citing "prior debarment and ongoing proceedings before Allahabad HC Writ C 14365 of 2021"
6. Calcutta suit v JVVNLEMD/award; ad interim injunction 17 Oct 2022
7. Patna HC CWJC 1394/2025 and 1227/2025Refund of 5% liquidated damages and dues Rs 7.14 cr and Rs 11.66 cr (sub-contract under EMC Ltd rural electrification, 2016)
8. Jharkhand HC writLabour cess refund Rs 0.8 cr
Promoters as petitioners (criminal)Deepak, Devesh, Akshat Goel and Debashish Rout seek quashing in Calcutta HC of a private complaint by Shree Jagannath Iron Foundry (cheating, breach of trust, conspiracy) over goods supplied to related party G.M. Dalui & Sons; Devesh Goel complainant at WB-RERA (unit 29A, Trump Tower Kolkata)

[Est.] The debarment chain across UP, Rajasthan and Manipur is the real litigation risk (market access to state discom tenders), not the quantum; the Allahabad HC writ is pending and has been cited by two other discoms.

Tax and contingent liabilities

ItemDetail
Indirect tax8 cases, Rs 3.52 cr (GST); demand orders Rs 3.40 cr (FY2017-18, FY2018-19) under Sec 74 CGST on ITC discrepancies; writ with stay (RHP contingent note says Patna HC, FY25 CARO said Calcutta HC: internal inconsistency)
Income taxFY25 CARO listed demands of about Rs 38.07 cr across AY2016-AY2023 (AY2020 Rs 29.63 cr). FY26 contingent table shows nil as CIT(A) orders are favourable and appeal-effect orders pending; the department may appeal [Est.]
Contingent liabilities 31 Mar 2026Rs 26.78 cr (see Tab 6)

Governance red flags

  1. CS exits: Payal Agarwal (9 Mar 2026), Banthiya (5 Oct 2026, 11 weeks after listing); no successor named.
  2. Unit III and Unit II land from promoter-family entities; UIC Udyog sold at face value then retained as supplier.
  3. 1% of revenue commission for the CMD.
  4. CARO bank-statement gaps and title-deed remarks.
  5. Debarment chain in three states.
  6. Rikhy and Kakkar share a board; Reg 30(5) filing still labels the COO an Executive Director.
  7. Positives: no pledge, no promoter action by SEBI, unmodified opinion, promoters sold only Rs 200 cr.

Supply Chain

Value-chain map

Vedanta / BALCOHindalco, LMERods, compounds(partly in-house)LASERcables, conductorsDiscoms, RailwaysPower Grid, EPCGrid users(end consumers)Metal supplier (price taker) to Laser to government buyers (price setters)Carbon core for HTLS is imported from TS Conductor (USA), the licensor, effectively single-source.

Where pricing power sits

With the buyer (government tenders are L1 price-based, discoms hold bargaining power and pay slowly) and with the metal market (LME-linked copper and aluminium, 60% of raw materials). Pricing power is low in commodity LT cables and conductors; moderate in HT cables, RDSO signalling cables and licensed HTLS/AECC (few approved vendors). [Analyst View]

Upstream: what Laser depends on

Supplier concentration (% of purchases)FY26FY25FY24
Top 10 suppliers67.73%60.49%61.58%
Vedanta Ltd (aluminium and power)24.06% (Rs 429 cr)13.8% or 10.2% (as printed)3.3% or 17.9%
Bharat Aluminium Co (BALCO, Vedanta group)11.15% (Rs 199 cr)(see above)(see above)
Vedanta group combined~35% (Rs 628 cr) [Est.]24.0%21.2%
Supplier 3 / 4 / 56.41% / 5.98% / 4.74%--
Kritika Wires2.82%--
OFB Tech Pvt Ltd (nature of supply not stated)2.80%10.5%11.1%

Downstream: who depends on Laser

Customer concentration (% of revenue)FY26FY25FY24
Customer 1 (identity withheld; a rank, may differ by year)24.82% (Rs 577.4 cr)21.74%11.95%
Customer 2 / 3 / 4 / 58.48% / 8.28% / 7.88% / 5.12%--
Top 1072.14%68.87%53.37%
Daw Infraprojects Pvt Ltd3.07%--
TP Southern Odisha Distribution-3.27%(TP Southern/Western/Central Odisha named)
Electricidade de Mocambique-1.99%-
Government share of revenue58.9%58.0%65.2%
Government share of order book78.9%86.5%83.6%

Competitive Position

Laser is a regional (East India) integrated cables and conductors maker with an EPC arm. No credible national share figure exists. Using CRISIL's Rs 1,951 bn (about Rs 1,95,100 cr) power cables and conductors market for FY25, Laser's FY26 manufacturing revenue (about Rs 1,691 cr) is under 1% [Est.]; in conductors (CRISIL Rs 18,500 cr in FY25) Laser's roughly 10% conductor share of manufacturing (about Rs 170-205 cr) is about 1% [Est.]. Outside the top 10 nationally [Unverified].

Peer comparison (FY26 consolidated; Screener, 21 Oct 2026; EV = market cap + borrowings, cash not netted)

CompanyRevenue (Rs cr)GrowthEBITDA %PAT %RoEP/EEV/EBITDAMoat
Laser Power & Infra2,326-9.5%12.9%6.5%17% (Trendlyne 20.9%)20x reported / 25x comparable12.9x on pre-IPO debt basis; 11.3-11.5x post-IPOEast-India integration, RDSO and Power Grid approvals, TS Conductor licence; weak brand
Polycab India28,884+28.9%13.9%9.4%23%37.0~29.1xScale, brand, dealers, FMEG
KEI Industries11,748+20.7%10.5%7.8%14.7%40.8~33.3xEHV/HV leader, institutional channel
R R Kabel9,722+27.6%8.1%5.1%21%43.0~33.9xConsumer brand, distribution
Apar Industries22,902+23.3%8.4%4.3%20%52.5~33.4xConductor leader, global exports; closest in HTLS
Universal Cables3,022+25.6%8.6%5.4%9%24.1~23.0xLegacy HT/EHV, railway; borrowings Rs 1,177 cr
Finolex Cables6,321+18.8%9.8%11.3%12.3%23.0~29.8x (overstated)Brand, net cash
Dynamic CablesNot Available----15.7 (DRHP time)-Small Rajasthan conductor/cable maker

Trendlyne cross-check: Polycab 37.0, KEI 40.6, RR Kabel 43.3, Finolex 23.0, Universal 23.8; ROE Polycab 22.2%, KEI 13.8%, RR Kabel 19.1%, Finolex 11.7%, Universal 8.9%. Sharpely: KEI 42.7x, Polycab 37.7x, RR Kabel 44.4x, Universal 25.3x, V-Marc 36.8x, Paramount Communications 35.6x. Groww (IPO time): peers 24.5x (Finolex) to 107x (Diamond Power); Laser lowest P/E and P/B. Peer prices were pulled on 21 Oct when the sector fell 3 to 5%.

Strengths and weaknesses vs peer

PeerLaser strongerLaser weaker
PolycabValuation; HTLS partnership; margin only 1 point lowerScale 12x; brand; +29% growth vs -9.5%; net cash vs leverage; RoE 17% vs 23%
KEIHigher EBITDA margin (12.9% vs 10.5%); cheaperEHV leadership; +21% growth; low debt (Rs 253 cr); Laser EPC-heavy
RR KabelEBITDA margin 12.9% vs 8.1%Brand and retail reach; +28%
AparValuation 13x vs 33x; HTLS tie-upConductor leader, 10x revenue, stronger credit
Universal CablesFaster profit growth, higher RoE (17% vs 9%)Longer HT/EHV heritage; similar leverage
FinolexGrowth potential, HT/railway mixDebt-free, consumer brand
Dynamic CablesLarger, diversifiedSmaller simpler pure-play (data Not Available)

Conductor competitors named in file 4 are [Unverified]: Gupta Power, Sterlite Power, Kalpataru, Tulsi, Nicco. On the call, tenders for TS-technology reconductoring are "technology-neutral" and "in some of the tenders there are multiple bidders": no exclusivity moat is claimed.

Industry size, drivers and policy

ItemDetail
Power cables and conductors marketRs 1,951 bn (FY25) to Rs 3,350-3,550 bn by FY30, 11-13% CAGR (CRISIL via HDFC Sky)
Conductor marketCRISIL: Rs 10,200 cr (FY20) to Rs 18,500 cr (FY25) to Rs 23,000-25,000 cr by FY30 (call)
HTLS / reconductoringTenders of about Rs 3,500 cr floated in the last year; Laser bid about Rs 1,250 cr, all under evaluation
DriversTransmission and distribution capex, green energy corridors, renewable evacuation, railway electrification, RDSS, data centres, EV charging, real estate, exports
TrendsHTLS/composite-core reconductoring, EHV demand, covered conductors, backward integration; large-cap capacity additions (Polycab, KEI, Apar, RR Kabel)
RDSSFunds discom loss reduction, smart metering, distribution upgrades; source of EPC and cable demand; Saubhagya last-mile
Other policyBIS quality control orders, Power Grid/discom vendor norms, RDSO approvals, LME-linked price variation, GST and customs duty on metals [Unverified]. No PLI scheme applies to power cables
MetalsCopper and aluminium 60% of raw materials (Acuite); file 4's 70-80% of cost is [Unverified]

Porter's Five Forces, barriers, moat

ForceLevelEvidence
Buyer powerHighDiscoms, Power Grid, Railways; L1 bidding; 216 debtor days; top 10 = 72%
Supplier powerModerateLME pricing; Vedanta group 35% of purchases; no long-term contracts
New entrantsModerateType tests, approvals and bank-guarantee capacity needed; large caps entering covered conductors; imports
SubstitutesLowUnderground vs overhead is a mix choice; HTLS is an upgrade
RivalryHighFragmented tail plus consolidated large caps expanding capacity

Moat: narrow and regional. Sources: approvals, East-India logistics, backward integration, HTLS licence. No brand moat; the FY26 margin gain needs two more years of confirmation. [Analyst View]

Risks & Red Flags

#RiskCategorySeverityExplanationMitigant
1Negative operating cash flow and receivables (OCF -Rs 119 cr; debtor days 216/196; receivables Rs 1,375 cr)FinancialHighPAT Rs 152 cr burned cash; Rs 8,000 mn of projects needing mobilisation; Q1 OCF "minuscule negative"; no OCF targetIPO repayment; H1 FY27 print will show
2Books exceed bank-statement figures by Rs 137-183 crFinancial / GovernanceHigh7 to 11% of the pledged base in three consecutive quarters; not discussed on the call; FY25 RHP passages inconsistentNo qualified opinion; Note 45.12 explanation unread
3Thin interest cover (about 2.0x EBIT/interest; Q1 EBITDA/finance cost 1.8x)FinancialHighFinance cost 44% of FY26 EBITDA, 55% in Q1Rs 490 cr repaid, saving about Rs 40 cr; Acuite A+
4Hidden leverage: about Rs 326 cr LC/TReDS payables; Rs 200 cr SPV loan to comeFinancialHighReported borrowings understate; gross debt Rs 360 cr vs Rs 446 cr unreconciledMargin-money FDs Rs 240 cr
5Working capital re-draw of IPO-retired linesFinancialMedium8 of 10 loans retired were short-term revolving lines; RHP says repaid within 3 to 12 months of drawingManagement intent
6Order book fall Rs 3,243 cr to Rs 2,788 cr, cause undisclosedBusinessHighInferred Q1 inflow Rs 66-144 cr [Est.]; Acuite figure Rs 2,442.9 cr; since-listing wins only about Rs 121 crOrder book 1.2x FY26 revenue; HTLS pipeline Rs 1,250 cr
7Declining utilisation (61.6%) with fresh expansionExecutionMediumCapacity +16.9%, output -5.5%; 40 more acres announcedManagement: land in footprint; phased capex
8Customer concentration (top 10 72.14%; largest 24.82%, unnamed)BusinessHighRising from 53.37% (FY24)Government counterparties
9Government/discom counterparty and payment cycleBusinessHighEPC 100% government; government 58.9% of revenuePower Grid stronger credit
10Debarment/blacklisting chain (UP, Rajasthan, Manipur)RegulatoryHighRs 81.1 cr RDSS orders rejected; bids rejected citing prior debarment; Allahabad HC writ pendingCalcutta HC stays; Allahabad HC quashing 2019
11Related-party patternGovernanceHighUnit III (41% of capacity) from promoter-family company; Unit II land lease (rent Rs 4.22 cr vs 1.40); UIC Udyog supplier Rs 25.8 cr after face-value sale; AJ Finance loans; RPT purchases Rs 53.0 crNet-assets valuation; disclosure in RHP
12CMD commission 1% of revenueGovernanceMediumAbout Rs 28 cr a year vs Rs 15.4 cr FY26; about 70% of interest savingShareholder-approved
13Non-cash exceptional gain (Rs 32.79 cr) inflating FY26 PATFinancialMediumP/E 25x not 20x; standalone-only presentationManagement discloses the item
14Company secretary churn, vacancyGovernanceMediumTwo exits in seven months; no successor by 21 Oct; 3-month rule [Est.]Appointment pending
15Lock-in expiry mid-Jan 2027 (about 55% of company)MarketMediumFloat only 24.7%; retail already halved to 5.21%No pledge; promoters hold 75.3%
16Post-IPO price weaknessMarketMedium-37% from high, at issue price; RSI 28; momentum 15.6/100; no sell-side coverageDiscount to peers
17Commodity (copper, aluminium) and Vedanta group dependenceMacroMedium35% of purchases from one group; partial pass-through; inventory 124 daysIn-house rod; LME-linked orders
18West Bengal concentrationBusinessMediumAll three plants in one stateNone stated
19EPC execution and mixExecutionMediumEPC 42.5% gross; bid-to-win 23.76% to 16.42%; margin volatileForward integration
20Competition from large capsBusinessHighPeers growing 19-29% vs -9.5%; HTLS tenders have multiple biddersNiche approvals
21TS Conductor dependenceBusinessMediumLicence and carbon core imported; terms and exclusivity not disclosed; no HTLS revenue until the first ordersPower Grid orders
22Tax: FY28 cash tax step-up; income-tax demands Rs 38 cr (CIT(A) favourable)RegulatoryMediumRs 500 cr loss shield used up in FY27Deferred tax asset
23Rating: Positive outlook premised on larger IPO; downside triggers (working-capital elongation)FinancialMediumPre-IPO rationaleStrong liquidity assessment
24Promoter-guaranteed borrowings; covenant consentsFinancialMedium100+ personal guarantees; change-in-control consentsAligned incentives
25Litigation (promoter criminal quashing, G.M. Dalui related)GovernanceMediumRout and three promoters petitionersQuantum small
26Safety, environment, ESGESGMediumFlammable/hazardous materials; fire riskISO 14001, 45001
27Key-person and family controlGovernanceMediumGoel family runs three board seats and the CFO shares the surnameThree independents
28Interest-rate/FXMacroLowFloating-rate debt; export receivablesDebt reduction
29Policy delays (RDSS, Saubhagya)RegulatoryMediumState elections, funding slippageMulti-year pipeline
30DilutionFinancialLowNo further issuance found; ESOP overhang Not AvailableDeleveraged

Red-flag checklist

CheckResult
Rising debtYES: Rs 504 cr to Rs 828-871 cr in FY26, Rs 935.67 cr by 17 Jun 2026; Rs 200 cr SPV loan to come
Margin deteriorationNO at EBITDA (13.0% FY26, 12.6% Q1); net margin fell in Q1 (4.1% standalone)
Revenue declineYES: -9.5% FY26; manufacturing -2.7% in Q1
Negative cash flowYES: OCF -Rs 119 cr, FCF -Rs 162 cr
Receivable daysYES: 216 / 196
Auditor concernsYES: CARO items (bank-statement gaps, title deeds, guarantees); auditor changed Dec 2024 for the IPO; opinion unqualified
Related-party abuseNot proven; material, recurring promoter-family transactions
Promoter sellingOFS Rs 200 cr only; no post-listing sales found; pledge nil
Customer lossNo loss found; concentration high
Litigation / taxDebarment suits; Rs 38 cr income-tax demands (CIT(A) favourable)
Management exitsCS twice; COO left board 2025
Key-personYES: family management

Concall Highlights & Guidance

Only one call exists

The company listed on 16 Jul 2026, so the Q1 FY27 call (Tue 11 Aug 2026, 11:00 AM, hosted by ICICI Securities, Aniruddha Joshi; transcript filed 14 Aug; 19 pages) is the first and only call. A 4 to 6 quarter history does not exist. Speakers: Deepak Goel (CMD), Amit Kumar Goel (CFO). Earlier summaries (Arthneeti, Sahi) dated it 14 Aug; corrected. This tab is taken from the primary transcript.

Prepared remarks (standalone)

TopicStatement
ResultsRevenue Rs 521.5 cr (+~15%); EBITDA Rs 65.9 cr (+26%), margin 12.6% vs 11.5%; PBT Rs 28.6 cr (+27%); PAT Rs 21.1 cr (4.1%); finance cost Rs 36.2 cr vs Rs 29.6 cr
SegmentsManufacturing Rs 382.4 cr (down 2.7%), EBITDA about Rs 38.8 cr (10.1%); EPC Rs 139.1 cr (+129%), EBITDA Rs 27.6 cr (19.8%). "Q1 margins should therefore be viewed in context of projects executed during the quarter"
Order bookRs 2,788.4 cr (Mfg Rs 1,432.7 cr + EPC Rs 1,355.7 cr). "The closing order book is only one part of the picture... important to consider order inflow and execution together"
Debt"Approximately INR 4,900 million of IPO proceeds was utilized towards repayment... Gross debt currently stands at approximately INR 3,600 million... fixed deposits of approximately INR 2,400 million... net debt position becomes negligible"
Working capital"Approximately INR 8,000 million" of projects commenced in Q4 FY26 and Q1 FY27 requiring procurement and mobilisation ahead of billing and collection; FG/WIP up about Rs 90 cr at June
Capacity"Around 85,000 metric tons"; "sufficient... immediate focus is on improving utilization... land available within our manufacturing footprint"
MarketCRISIL conductor market Rs 10,200 cr (FY20) to Rs 18,500 cr (FY25) to Rs 23,000-25,000 cr (FY30); HTLS tenders about Rs 3,500 cr floated; Laser bid about Rs 1,250 cr; TS Conductor tie-up March 2025

Guidance statements

TopicVerbatim / substance
Growth"We expect the margins to remain stable and the revenues also to grow at a steady level as we have been growing in the last 5 years at around 15% to 16%." CFO: "We are not actually trying to provide any specific guidance on how the FY27 will look like." Later: "It's very difficult to comment, sitting at Q1"
Interest"Our cost of capital is roughly 9%, and we have repaid INR490 crores of debt... nearly somewhere INR40 crores in a year at PBT level"
Mix"It will remain similar... EPC as a forward integration"; EPC EBITDA "somewhere 15% to 20%"; conductors "lowest margin... commoditized"; HT cables 2-3 points higher; HTLS "a little higher side"
Cash flowQ1 OCF "very minuscule negative"; "in past 3, 4 years, we never had a negative cash flow"; OCF expected to normalise positively
Working capital"Typically range between 110 to 120 days, 100 to 120 days, actually" (RHP: 138 days NWC, 196 debtor days)
Capex"We invest every year in some capex... at 75%, 80% [utilisation] we enhance our capacity"
Customers"EPC... is 100% coming from the government... manufacturing side, usually it's 50-50"
SplitManufacturing "90% cable and 10% conductor"; HT cables 9% to "almost 29%" of revenue in nine quarters
CompetitionTenders technology-neutral; "single bids would not be something that I would really stress upon... in some of the tenders there are multiple bidders"

Analyst Q&A (11 participants)

Analyst (firm)QuestionAnswer
Praful Kumar (Dymon Asia)New products, HTLS differentiation, 12-18 month marginsAECC carbon core "1.5x more strength", easier installation; margins stable; revenue +15-16%
Bala Murali Krishna (Oman Investment Advisors)Why standalone only? PAT fell from about 50 to 20One nil-revenue subsidiary; Q1 FY26 consolidated carried Rs 32 cr one-time; no PAT guidance; comparable base Rs 120 cr; asked twice
Vidit Trivedi (Asian Market Securities)HTLS size and margin, cable/conductor split, utilisation90/10; Rs 1,250 cr bids; "you can't increase your capacity overnight"
Raman KV (Sequent)Interest saving, utilisation about 80%, margin gapsAbout Rs 40 cr; 85,000 MT "optimized", can run 90-95%; HT vs normal 2-3 points
Sidhaant (Sanshi Fund)Who makes the carbon coreImported from the US (TS Conductor); Laser strands and installs
Gaurav Uttrani (Mirae Asset)Deferred tax assetRs 500 cr acquired losses; Rs 125-130 cr saving; FY28 tax normal
Pranav Jain (Ageless Capital)Competition in TS-tech reconductoring; Power Grid incentivesTechnology-neutral tenders; multiple bidders
Krupa Desai (Electrum)Capacity 62k to 85k MT but production flat; guidance basis; EPC margin; OCFSpecialised lower-volume product; guidance is revenue not volume; EPC 15-20%; OCF "minuscule negative"
Dharma Teja (Teja Investments)65% government dependenceEPC 100% government; manufacturing 50-50
Akash Ravel (Sanghvi Family Office)AECC vs first-generation HTLSAluminium encapsulation vs glass; proven since 2016 in US/Europe/China
Pratham Samdadiya (Vasuki Capital)Working-capital days"100 to 120 days"; June spike from FG/WIP Rs 90 cr

Not asked, not addressed

The order-book decline (Rs 3,243 cr to Rs 2,788 cr); the Rs 200 cr SPV loan; the CS and Reg 31A items (later events); the FY26 books-vs-bank-statement gaps; receivables of Rs 1,375 cr; the negative FY26 operating cash flow (-Rs 119 cr). The CMD's 1% commission and related-party items were also not raised.

Credibility ledger and tone

ItemSaidOutcomeRead
Growth 15-16% a year "for last 5 years"Aug 2026FY26 revenue -9.5%; Q1 +14.8%; the claim rests on a FY24 baseUnproven for FY27; no formal guide
Volume flat, capacity 62k to 85k MTAug 2026RHP: production -5.5%, utilisation 61.6%Call framing flattering
Working capital 100-120 daysAug 2026RHP 138 days NWC; 196 debtor daysDifferent definitions
Net debt "negligible"Aug 2026Rs 120 cr on CFO's numbers; nets lien-marked FDsOverstated
Interest saving about Rs 40 crAug 2026Ties to RHP loan table (Rs 40.4 cr)Consistent
Order-book 12-18 months visibility (SBI Securities at IPO)Jul 2026Book 1.2x FY26 revenue and fallingWeaker

Tone: confident and strategic on mix; evasive on near-term profit (asked twice) and silent on cash flow and order inflow. Management used standalone figures throughout. Third-party summaries (FundsIndia: FY26 volumes hit by raw-material shortages) were not corroborated on the call. Recurring themes: value over volume, HT mix, HTLS, interest saving. Contradiction: "capacity sufficient" vs a 40-acre expansion LOI six weeks later.

Growth, Outlook & Valuation

Order book

Order book (Rs cr): EPC black, manufacturing gold2,172.72,317.23,243.42,788.4Mar-24Mar-25Mar-26Jun-26Mfg: 543.8 / 849.3 / 1,668.9 / 1,432.7. EPC: 1,628.9 / 1,468.0 / 1,574.5 / 1,355.7. Acuite put 31 Mar 2026 at Rs 2,442.9 cr.
ItemDetail
Size and coverRs 3,243.4 cr = 1.39x FY26 revenue (+40.0% YoY, +49% over two years); Rs 2,788.4 cr at 30 Jun = 1.20x FY26 revenue, 1.17x TTM revenue [Est.]. Fell Rs 455 cr (-14.0%) in Q1; the Jun book is about 5.3x Q1 revenue
Why it fellNot disclosed in the transcript, press release, deck or NSE filings [Fact: absent]. Simple basis: Rs 3,243 cr less Q1 revenue Rs 521.5 cr = Rs 2,722 cr with zero inflow; actual Rs 2,788 cr implies net inflow only about Rs 66 cr. By segment: Mfg Rs 1,669 cr to Rs 1,433 cr with revenue Rs 382 cr implies about Rs 146 cr inflow (FY26 average Rs 531 cr a quarter); EPC Rs 1,575 cr to Rs 1,356 cr with revenue Rs 139 cr implies about -Rs 80 cr, or about zero with in-house cable grossed up at 1.56x. Consistent-basis total about Rs 144 cr. Either Rs 66-144 cr inflow or de-bookings/scope cuts [Est.]. The March manufacturing book nearly doubled (Rs 849 cr to Rs 1,669 cr), suggesting lumpy orders
Roll-forward checkFY25 Mfg book 849.3 + inflow 2,123.2 - FY26 book 1,668.9 = Rs 1,303.6 cr implied burn vs ~Rs 1,691 cr external Mfg revenue: does not tie (book excludes internal orders; definitions differ) [Est.]
Acuite vs companyAcuite Rs 2,442.9 cr (Mfg Rs 723.5 cr + EPC Rs 1,719.4 cr) vs RHP Rs 3,243.4 cr: gaps Mfg -Rs 945 cr, EPC +Rs 145 cr; basis unknown [Est.: timing or unconfirmed LOIs]. RHP defines the book as ongoing orders less invoiced value including approved scope changes. Trendlyne showed 31 Aug 2025: Mfg ~Rs 1,045 cr + EPC ~Rs 1,969 cr = ~Rs 3,014 cr
Book-to-billNot disclosed. Q1 well below 1 on the arithmetic [Est.]
Contracted visibilityMostly government utility work; percentage contracted Not Available

Orders since listing (17 Jul to 5 Oct 2026)

DateOrderRs crNotes
17 JulHPSEBL LOI (HTLS)4.15Billed as a "first commercial" HTLS order
29 SepCESC EPC LOI, Kabitirtha distribution station44.00Includes 220 kV EHV underground cabling (new segment); due Mar 2027
1 OctPower Grid NERES-XXIV HTLS72.77Rs 58.92 cr goods + Rs 13.85 cr services; about 164 ckm; 12 months; reconductoring of two 132 kV lines
5 OctPower Grid press release(same award, Rs 72.76 cr)Not additive
Total~121Against Rs 1,250 cr HTLS bid pipeline; HTLS total about Rs 77 cr
24 SepWBIDC provisional LOI, about 40 acres, Vidyasagar Industrial Park, Kharagpur-99-year lease; integrated cables/conductors plant; capex Not Available

"Since Sep" alone would be about Rs 117 cr; the Rs 121 cr includes the 17 Jul HPSEBL LOI. File 5's Rs 190 cr double-counted the Power Grid award. An unverified secondary report (ET EnergyWorld, Nov 2025) cites a Rs 836 cr order from NTPC and two state utilities.

Catalysts, drivers and guidance

ItemDetail
FY27 revenue"Steady" growth, 15-16% historical rate; no formal guide
Margins"Stable"; interest saving flows to PAT; no FY27 PAT guide
12-month catalystsH1 FY27 results by 14 Nov (OCF, receivables, inflow, gross debt); CS appointment; HTLS tender awards (Rs 1,250 cr bid pipeline); Acuite review; lock-in expiry mid-Jan 2027; Sep-26 balance sheet; annual meeting/ESOP disclosures
Long-term driversConductor market to Rs 23,000-25,000 cr by FY30; reconductoring; HT cable mix; solar SPV revenue from FY28; operating leverage on 61.6% utilisation
HeadwindsWorking capital, debarment chain, commodity, FY28 cash tax, lock-in supply
Analyst consensusNone: Not Available (Trendlyne "No estimates available"; Sharpely "-"; Upstox, Groww, Tickertape, Share.market none)

Illustrative FY27 scenarios

Rs crBearBaseBull
Revenue growth / revenue+5% / 2,442+15% / 2,675+16% / 2,698
EBITDA margin / EBITDA11.5% / 28112.6% / 33713.5% / 364
D&A / finance cost / other income31 / 135 / 2231 / 115 / 2231 / 105 / 22
PBT137213250
PAT at 26% tax / EPS (14.04 cr shares)~101 / Rs 7.2~157 / Rs 11.2~185 / Rs 13.2
Multiple / implied price18x / Rs 12920x / Rs 224 (18-22x: Rs 201-246)22x / Rs 290

[Analyst View] Illustrative arithmetic, not a forecast; assumes no further exceptional items and a 26% tax rate (Q1 actual). Base case values the stock near the current price, so the discount to peers is not a margin of safety until cash conversion is shown.

Valuation

MetricAt Rs 215.85 (21 Oct)At Rs 214 issue priceOther source
Market capRs 3,030 crRs 3,004 crRs 3,011 cr (Screener, Rs 214); listing about Rs 3,660 cr (file 1, basis unstated)
P/E on FY26 PAT Rs 152 cr~20x19.8xChittorgarh 19.8x post-issue on EPS Rs 10.80; 16.2x pre-issue on Rs 13.18
P/E on comparable Rs 120 cr~25x~25xScreener consolidated 27.4x; standalone 24.3x; Trendlyne 19.9x; aggregators 21-24x TTM
P/B4.2x (Mar-26 NW); 2.5x (est. post-IPO NW Rs 1,225 cr)3.4x (prospectus, pre-IPO NAV Rs 63.06)Groww 2.55x; Sharpely 4.46x
EV/EBITDA FY2611.3x to 11.5x gross; 10.5x to 10.8x net of FDs-12.9x on pre-IPO debt (3,030 + 871 / 301); IPO-time 12.6x
EV incl. Rs 326 cr debt-like payables12.4x to 12.6x-[Est.]
P/S1.3x (Trendlyne)--
Dividend yield / buyback0% / none--

Price path

Price landmarks since IPO (Rs)214250262.4308.8343.5284.5230.25215.85IssueList 16 JulDay-1 close17 Aug25 Aug high7 Oct19 Oct21 OctIntraday low Rs 207.25 on 21 Oct. Arthneeti snapshot 25 Aug: Rs 336, market cap Rs 4.7K cr. 17 Aug = Yuga Stocks bulk sale at Rs 308.8.

IPO structure and subscription

ItemDetail
IssueRs 742 cr book-built: fresh Rs 542 cr (2,53,27,102 shares) + OFS Rs 200 cr (93,45,793 shares) = 3,46,72,895 shares (24.7%); QIB 50% / NII 15% / retail 35%; price band Rs 203-214; lot 70; bidding 9-13 Jul 2026; allotment about 14 Jul; DRHP sought Rs 1,200 cr (Rs 800 cr fresh + Rs 400 cr OFS), a cut of about 38%; SEBI nod 2 Feb 2026
OFS sellersDeepak Goel 52,57,009 shares (Rs 112.5 cr); Devesh Goel 29,20,560 (Rs 62.5 cr); Rakhi Goel 11,68,224 (Rs 25.0 cr); Akshat did not sell
NSE bid data (13 Jul 2026 19:00:34, NSE platform only)Total 24.71x (63.2 cr shares vs 2.56 cr offered ex-anchor); QIB 53.61x; NII 32.87x (bNII 36.49x, sNII 25.63x); retail 4.70x (82.6% at cut-off). 'Offered' is inflated by 214/203 (1.054x); adjusted about 26.0x overall, 56.5x QIB, 34.6x NII, 4.96x retail [Est.]
Aggregators38.94x overall (QIB 92.25x, NII 43.34x, RII 6.59x); other snapshots 28.97x, 28.74x, 41.05x (QIB 92-97x, NII 43-46x, retail 6-7x). Day 1 0.17x; day 2 fully subscribed
StatusThe two are NOT reconciled. NSE page excludes BSE bids and was a snapshot; registrar basis of allotment (MUFG Intime) and BSE bid page unreachable (BSE API 403). 38.94x is unverified aggregator data; neither is labelled "final"
Pre-IPO broker viewsChittorgarh tally (11 houses): 8 Subscribe, 1 May Apply, 2 Neutral, 0 Avoid. Named Subscribe houses: BP Equities, Swastika, SBI Securities, Choice, DR Choksey (AskFuzz)
ListingNSE Rs 250 (+16.8%), BSE Rs 269 (+25.7%); day-one close Rs 262.4; high about Rs 268-270; GMP fell before opening

Anchor book (8 Jul 2026, Rs 214, 19 investors, 1,04,01,867 shares = Rs 222.6 cr)

#AnchorRs cr
1Nippon India Small Cap Fund33.0
2Nippon India Power & Infra Fund22.0
3HDFC MF HDFC Manufacturing Fund20.0
4Bandhan Small Cap Fund17.0
5Kotak Manufacture in India Fund15.0
6Mirae Asset Small Cap Fund12.0
7Buoyant Capital AIF (Opportunities Strategy III)10.0
83P India Equity Fund10.0
9Edelweiss Recently Listed IPO Fund10.0
10Societe Generale (ODI)10.0
11Motilal Oswal Large Cap Fund8.5
12Motilal Oswal Innovation Opportunities Fund8.5
13Bank of India Mid Cap Fund8.0
14Kotak Mahindra Life Insurance8.0
15Sageone-Flagship Growth Fund7.6
16Edelweiss Life Insurance7.0
17Mirae Asset Infrastructure Fund5.0
18Kotak Energy Opportunities Fund5.0
19Sanshi Fund-16.0
Total (about 30% of the issue, matching the QIB anchor share)222.6

Groww scheme-level MF weights (% of AUM): Nippon India Power & Infra 0.55, Value 0.53, Aggressive Hybrid 0.48, Small Cap 0.06. Sanshi Fund's analyst asked on the call. Few long-only FIIs beyond the Societe Generale ODI and Sageone.

Street coverage, sentiment and media

Analyst / houseRatingTargetDate
Not Available: no post-listing sell-side initiation locatedn/an/an/a

Final Verdict

Business QualityMediumintegrated, HT mix, but 61.6% utilisation, EPC mix
Management QualityMediumno pledge; RPTs, 1% commission, CS churn
Financial QualityWeakOCF -Rs 119 cr, 216 days, 2x cover
ValuationFair20x reported, 25x comparable, EV/EBITDA about 11x
Overall ViewNeutralunproven cash conversion; verdict TRACK

Bull case

  1. Deleveraged balance sheet: Rs 490 cr repaid, about Rs 40 cr annual interest saving, EV/EBITDA about 11x vs 23-34x for peers, Acuite A+ Positive.
  2. Margin step-up from HT cables (9% to about 29% of revenue) with EPC at 15-20% and an Rs 1,250 cr HTLS bid pipeline against a Rs 23,000-25,000 cr FY30 conductor market.
  3. Order book of Rs 2,788 cr (1.2x revenue), institutions accumulating (MFs 9.04%), a stock at the issue price after a 37% fall.

Bear case

  1. Earnings are not cash: OCF -Rs 119 cr, 216 debtor days, 2x interest cover, Rs 326 cr debt-like payables, and books Rs 137-183 cr above bank statements.
  2. Visibility is eroding: order book -14% in a quarter with no explanation, utilisation 61.6%, manufacturing revenue -2.7%, and the comparable P/E is 25x, not 20x.
  3. Governance and supply: promoter-family related parties, 1% revenue commission, CS vacancy, a debarment chain, and about 55% of the company unlocking in mid-January 2027 on a 24.7% float.

Base case (12-18 months)

Most likely [Analyst View]: FY27 revenue growth of about 15% (about Rs 2,675 cr), EBITDA margin 12.5-13%, finance cost falling to about Rs 115 cr, PAT about Rs 150-160 cr (EPS about Rs 11), OCF still weak in H1 as receivables rebuild. The stock trades in a 18-22x band (about Rs 200-245) on those earnings with the mid-January unlock as a supply event; downside to about Rs 130 if the order book falls again or OCF stays negative, upside to about Rs 290 only if cash conversion, order inflow and gross-debt disclosure all come through. Scenario ranges, not forecasts.

Five things to remember

  1. CMP Rs 215.85 is a Yahoo print for the NSE feed, not an official close; the cause of the 6.25% fall is not established (sector fell too).
  2. FY26 PAT Rs 152 cr includes a Rs 32.79 cr non-cash exceptional gain; comparable base about Rs 120 cr, P/E about 25x. Q1 PAT +28.8% is standalone; consolidated -57%.
  3. OCF -Rs 119 cr, debtor days 216 (RHP 196), interest cover about 2.0x, books above bank statements by Rs 137-183 cr, about Rs 326 cr of payables behave like debt.
  4. Order book Rs 3,243 cr to Rs 2,788 cr in Q1, cause undisclosed; wins since listing about Rs 121 cr (Power Grid counted once).
  5. H1 FY27 date unannounced (deadline 14 Nov); CS vacant; promoters' 55% unlocks about 14-16 Jan 2027; 20% locked to 16 Jan 2028.

Five questions before investing

  1. Why did the order book fall Rs 455 cr in one quarter, and what was Q1 inflow?
  2. What is H1 FY27 operating cash flow, and did receivables and debtor days fall?
  3. Gross debt after the IPO: Rs 360 cr or Rs 446 cr, and what is drawn on the Rs 200 cr Bandhan SPV loan?
  4. What explains books exceeding bank statements by Rs 137-183 cr (standalone Note 45.12)?
  5. Who is the largest customer (24.82%), who bought the UIC Udyog stake, and will the 1% CMD commission apply from FY27?

What would change the verdict

Toward a more positive view: H1 FY27 positive OCF, debtor days toward 160 or below, disclosed order inflow and a stabilised book, reconciled gross debt, a CS appointed, a satisfactory bank-statement explanation, and an entry price after the mid-January unlock. Toward a more negative view: a second negative OCF half, a further order-book fall, wider book-vs-bank gaps, a rating action, undisclosed new promoter-entity transactions, or commission and pay terms that absorb the interest saving.

Opinion [Analyst View]. Laser Power is an integrated cables business at a real discount to peers, but FY26 profit did not turn into cash, effective leverage is above reported debt, the order book fell without explanation, and the lender-data and related-party items are unresolved. The H1 FY27 print (due by 14 Nov 2026) and the mid-January 2027 unlock are dated events that can settle most of this. Keep it on the watch list with explicit triggers; do not commit capital before them.

TRACK

Sources

All sources accessed 21 Oct 2026 unless a date is shown. Where aggregator pages and primary filings conflict, primary filings are used. Extracted filing text is stored in the Aamara research scratchpad (laser_pdfs).

Primary filings and company documents

  • RHP, 3 Jul 2026 (536 pp): https://tl-media.trendlyne.com/IPO/rhp-files/32f99bb00efa4da2a100ed5da60c7dc4/Laser-Power-and-Infra.pdf
  • Final Prospectus, 13 Jul 2026: https://www.sebi.gov.in/sebi_data/attachdocs/jul-2026/1784090483917.pdf and https://www.sebi.gov.in/filings/public-issues/jul-2026/laser-power-and-infra-limited-prospectus_102821.html
  • Q1 FY27 earnings call transcript (call 11 Aug, filed 14 Aug 2026): https://nsearchives.nseindia.com/corporate/LASERPOWER_14082026124948_Regulation_30_Trnsacript_of_Earnings_Call.pdf
  • Press release, 10 Aug 2026: https://nsearchives.nseindia.com/corporate/LASERPOWER_10082026194123_Regulation_30_Press_Release_10-08-2026.pdf
  • Investor presentation, 10 Aug 2026: https://nsearchives.nseindia.com/corporate/LASERPOWER_10082026192923_Regulation_30_Investor_Presentation_10-08-2026.pdf
  • Outcome of board meeting, 10 Aug 2026: https://nsearchives.nseindia.com/corporate/LASERPOWER_10082026180749_Outcome_of_the_Board_Meeting_10-08-2026.pdf
  • Outcome of board meeting, 23 Sep 2026 (CS resignation): https://nsearchives.nseindia.com/corporate/LASERPOWER_23092026150054_Outcome_of_Board_Meeting_23-09-2026.pdf ; KMP doc: https://nsearchives.nseindia.com/corporate/LASERPOWER_ROID_98816_KMP_Doc.zip
  • Reclassification intimation, 22 Sep: https://nsearchives.nseindia.com/corporate/LASERPOWER_22092026123159_Intimation_of_Reclassification_request.pdf ; application 28 Sep: https://nsearchives.nseindia.com/corporate/LASERPOWER_28092026163402_Intimation_for_reclassification_application.pdf
  • Trading window closure, 28 Sep 2026: https://nsearchives.nseindia.com/corporate/LASERPOWER_28092026121102_Intimation_for_trading_window_closure.pdf
  • NSE corporate announcements (27 filings, 16 Jul to 5 Oct 2026): https://www.nseindia.com/api/corporate-announcements?index=equities&symbol=LASERPOWER
  • NSE board meetings and event calendar: https://www.nseindia.com/api/corporate-board-meetings?index=equities&symbol=LASERPOWER ; https://www.nseindia.com/api/event-calendar?index=equities&symbol=LASERPOWER
  • NSE shareholding, 30 Sep 2026 and 15 Jul 2026: https://nsearchives.nseindia.com/corporate/xbrl/SHP_1736983_13102026043035_WEB.xml ; https://nsearchives.nseindia.com/corporate/xbrl/SHP_1694172_16072026035809_WEB.xml
  • NSE IPO bid details: https://www.nseindia.com/api/ipo-bid-details?symbol=LASERPOWER&series=EQ
  • NSE circular CML75203: https://nsearchives.nseindia.com/content/circulars/CML75203.pdf
  • Yahoo Finance price API (NSE quote API returned 403): https://query1.finance.yahoo.com/v8/finance/chart/LASERPOWER.NS?range=3mo&interval=1d
  • Material creditors PDF (company site): https://laserpowerinfra.com/wp-content/uploads/2026/07/AMOUNT-DUE-TO-MATERIAL-CREDITORS.pdf
  • Company website: https://laserpowerinfra.com and https://laserpowerinfra.com/about-us/ (stakeholder information page checked through 21 Oct)
  • Q1 FY27 transcript BSE link (403, unreadable): https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=39825a9b-12c0-4930-943a-d87b2dba769a.pdf

Credit rating

  • Acuite rating rationale, 5 May 2026: https://connect.acuite.in/fcompany-details/LASER_POWER_AND_INFRA_LIMITED_(ERSTWHILE_LASER_POWER_AND_INFRA_PRIVATE_LIMITED)/5th_May_26

Financial data, shareholding and valuation

  • Screener consolidated: https://www.screener.in/company/LASERPOWER/consolidated/ ; standalone: https://www.screener.in/company/LASERPOWER/
  • Trendlyne IPO page: https://next.trendlyne.com/ipo/detail/2236/laser-power-and-infra-ltd/ ; stock page: https://trendlyne.com/equity/LASERPOWER/laser-power-infra-ltd/
  • Chittorgarh IPO: https://www.chittorgarh.com/ipo/laser-power-infra-ipo/ ; listing update: https://www.chittorgarh.com/news-detail/ipo/post-listed-ipo/laser-power-infra-ipo/1410
  • Bajaj Broking IPO: https://www.bajajbroking.in/ipo/laser-power-and-infra-limited-ipo ; Bajaj Finserv: https://www.bajajfinserv.in/investments/laserpower-share-price
  • Groww IPO blog: https://groww.in/blog/laser-power-and-infra-ipo-opens-on-july-9 ; Groww IPO: https://groww.in/ipo/laser-power-infra-ipo ; Groww stock: https://groww.in/stocks/laser-power-infra-ltd ; Groww listing: https://groww.in/blog/laser-power-and-infra-shares-debut-at-a-premium-of-17-percent-on-nse
  • AskFuzz: https://askfuzz.ai/discover/news/ipo/laser-power-infra-ipo-gets-subscribe-rating-at-742-cr-issue
  • Upstox IPO: https://upstox.com/ipo/laser-power-and-infra-limited-ipo/ ; Upstox stock (21 Oct 2026): https://upstox.com/stocks/laser-power-infra-ltd-share-price/
  • Sharpely: https://sharpely.in/stocks/laserpower
  • MarketsMojo: https://marketsmojo.motilaloswal.com/stocks-analysis/laser-power-infra-10040061-0
  • Simply Wall St: https://simplywall.st/stocks/in/materials/nse-laserpower/laser-power-infra-shares/information
  • ICICIdirect: https://www.icicidirect.com/stocks/laser-power-and-infra-ltd-share-price ; HDFC Sky stock: https://hdfcsky.com/stocks/laser-power-and-infra-ltd ; Share.market (shareholding snapshots)

IPO documents and reviews

  • 5paisa: https://www.5paisa.com/ipo/laser-power-infra-ltd-ipo
  • Anand Rathi: https://anandrathi.com/blog/laser-power-and-infra-ipo
  • HDFC Sky IPO: https://hdfcsky.com/ipo/laser-power-and-infra-ipo
  • Angel One listing: https://www.angelone.in/news/stocks/laser-power-and-infra-ipo-lists-at-a-26-premium-on-bse-on-july-16-2026
  • IPO Platform (anchors): https://www.ipoplatform.com/ipo/laser-power-infra-ipo
  • Arihant board and company info: https://www.arihantcapital.com/company-information/board-of-directors/72825 ; https://www.arihantcapital.com/company-information/company-information/72825
  • GMP IPO Watch: https://www.gmpipowatch.in/ipo/laser-power-and-infra
  • Choice India board: https://choiceindia.com/stocks/laser-power-infra-ltd-board-of-directors
  • Business Today: https://www.businesstoday.in/amp/markets/ipo-corner/story/laser-power-ipo-valuations-reasonable-should-you-subscribe-what-gmp-hints-at-541879-2026-07-09
  • IndMoney: https://www.indmoney.com/blog/ipo/laser-power-infra-ipo-review ; Rupeezy: https://rupeezy.in/ipo/laser-power-and-infra-ipo ; FundsIndia: https://www.fundsindia.com/blog/?p=34853
  • IIFL article: https://www.indiainfoline.com/news/ipo/laser-power-hits-high-of-267
  • Google News feed: https://news.google.com/rss/search?q=%22Laser+Power+%26+Infra%22

Concall and news summaries

  • Arthneeti Q1 FY27: https://www.arthneeti.com/insights/laser-power-q1-fy27-earnings
  • Sahi CESC LOI: https://www.sahi.com/news/laser-power-infra-receives-44-crore-cesc-loi-for-kabitirtha-epc-works

Peers (Screener, 21 Oct 2026)

  • https://www.screener.in/company/POLYCAB/consolidated/ ; https://www.screener.in/company/KEI/consolidated/ ; https://www.screener.in/company/RRKABEL/consolidated/ ; https://www.screener.in/company/UNIVCABLES/consolidated/ ; https://www.screener.in/company/FINCABLES/consolidated/ ; https://www.screener.in/company/APARINDS/consolidated/

Not Available (searched, not found)

ItemWhere searched
Reason for the Q1 order-book fallTranscript, press release, deck, NSE filings
Basis of Acuite's Rs 2,442.9 cr order bookAcuite rationale
Largest customer identity (24.82%); UIC Udyog buyer; ICD lender (Rs 20.35 cr)RHP text read
Final combined NSE+BSE subscription; registrar basis of allotmentNSE bid page (snapshot), BSE API (403), MUFG Intime
Exact gross debt after repayment; debt maturity ladderCall, RHP; await Sep-26 balance sheet
FY26 standalone Note 45.12 (books vs bank statements)RHP CARO read; note not read
Cause of 21 Oct sector sell-offYahoo peers, NSE feed; news not accessible
Sell-side targets and consensus; 8-quarter series; gross profit; ESOP overhang; FY26 current ratio; promoter other businessesAggregators, RHP extracts, Screener, Trendlyne
New company secretaryNSE feed and company page to 21 Oct; BSE not checked
H1 FY27 board-meeting dateNSE board-meeting and event-calendar APIs, company page

Report depth note

Laser Power is a main-board name listed only 14 weeks, with no earlier calls, no sell-side coverage, a 24.7% float and no 3-year trading history. Multi-year valuation and concall sections are short for that reason, not by omission.