Synopsis: Laser Power & Infra Limited has hit its 10% upper circuit for the second straight session, with the stock now up 34.9% from its listing price of Rs 214, as institutional investors including Nippon India Mutual Fund and Buoyant Capital acquired significant stakes on the company’s debut trading day.
India’s power transmission and distribution sector continues to see robust demand for cables, conductors, and specialised infrastructure products as the country scales grid capacity, rural electrification, and renewable energy integration. Companies combining manufacturing capabilities with EPC execution are increasingly favoured by investors given the sector’s multi-year revenue visibility tied to government infrastructure spending.
Laser Power & Infra shares are trading at Rs. 288.66, up 10% intraday and locked at the upper circuit, against an opening price of Rs. 271.69. The stock touched a fresh 52-week high of Rs. 288.66, with the previous close at Rs. 262.42. The company’s market capitalization stands at Rs. 4,051.87 crore, with the stock trading 100% on the buy side today, reflecting no sellers at the current price level.
What’s the News?
Laser Power & Infra made its stock market debut on July 16, 2026, opening at Rs 269 on the BSE, a 25.7% premium over its issue price of Rs 214, before closing the first session at Rs 262.85, up 22.83%. The listing attracted strong institutional interest, with four major investors collectively acquiring nearly 4% of the company through open market transactions on debut day alone.
Nippon India Mutual Fund increased its holding by acquiring an additional 16.95 lakh shares across two separate transactions worth a combined Rs 44.22 crore, purchasing 8.95 lakh shares at Rs 260.98 apiece and another 8 lakh shares at Rs 260.75 each. These purchases came on top of the 1.94% stake Nippon Life already held in the company prior to listing.
Alternative asset manager Buoyant Capital, through its Buoyant Opportunities Strategy and Buoyant Opportunities Strategy-III vehicles, acquired 20 lakh shares representing a 1.42% stake for Rs 53.8 crore at Rs 269 per share.
BofA Securities Europe SA purchased 9 lakh shares worth Rs 23.63 crore at Rs 262.63 apiece, while Bank of India Mutual Fund acquired 9.43 lakh shares for Rs 24.83 crore at Rs 263.36 per share.
The stock has continued its upward momentum into its second trading session on July 17, hitting the 10% upper circuit again at Rs 288.66, with the order book showing over 14.26 lakh shares queued on the buy side and effectively no sell-side liquidity at the current price.
Financial & Business Analysis
The strong institutional buying interest on listing day reflects confidence in Laser Power & Infra’s underlying financial trajectory. The company’s revenue grew from Rs 1,079 crore in FY22 to Rs 2,570 crore in FY25, before moderating to Rs 2,326 crore in FY26, a decline that coincides with a notable improvement in profitability metrics, suggesting a deliberate shift toward higher-margin business.
Operating profit margin expanded meaningfully over this period, rising from 8% in FY23 to 13% in FY26, while net profit grew from Rs 22 crore in FY23 to Rs 152 crore in FY26, translating into three-year compounded profit growth of 72%, even as three-year compounded sales growth stood at a more modest 21%. This divergence between profit and revenue growth indicates the company has been successfully improving capital efficiency and cost discipline even as topline growth moderated over the trailing twelve months.
Return on capital employed has strengthened substantially, climbing from 13% in FY23 to over 20% in FY25 and FY26, while return on equity stands at 16.8%, both indicating healthy capital allocation. However, investors should note some balance sheet considerations: the company’s debt-to-equity ratio stands at 1.20, borrowings have risen sharply from Rs 504 crore in FY25 to Rs 871 crore in FY26, and operating cash flow turned negative at Rs 119 crore in FY26 after being positive in the prior three years, alongside free cash flow turning negative at Rs 162 crore for the year.
Debtor days have also risen to 216 from 159 in FY25, a trend flagged as a caution point in the company’s automated financial screening. These working capital dynamics are worth monitoring, particularly given the company’s EPC business model, which often carries longer receivable cycles tied to government and utility client payment timelines. The stock currently trades at a P/E of 37.2, above the broader industry P/E of 18.6, reflecting the premium investors are currently assigning to its growth and margin improvement story following its strong listing debut.
Industry & Strategic Analysis
Laser Power & Infra’s dual positioning as both a manufacturer of power cables and conductors and an EPC contractor for rural electrification, power distribution infrastructure, substations, and turnkey transmission projects provides it with exposure across multiple points of India’s power infrastructure value chain. This integrated model, combining product manufacturing with project execution, can offer better margin capture compared to pure-play component suppliers, since the company can bundle manufacturing output directly into its own EPC contracts.
As one of the leading manufacturers of power cables and conductors in East India, the company holds a regional stronghold that could support continued order flow as state utilities and central government schemes continue investing in transmission and distribution infrastructure upgrades. The strong promoter holding of 75.3%, alongside meaningful institutional buying from established names like Nippon India and Buoyant Capital on listing day itself, suggests both insider confidence and early institutional validation of the company’s growth prospects within the sector.
Company Overview
Laser Power & Infra Limited, incorporated in 1988 and headquartered in Kolkata, is an integrated manufacturer of power cables, conductors, and specialised infrastructure products and components. The company entered the EPC segment in 2015 and undertakes rural electrification, power distribution infrastructure, substation construction, and turnkey transmission projects, positioning itself among the leading power cable and conductor manufacturers in East India.
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