Vertically integrated manufacturing to EPC model

• Laser Power both manufactures cables and conductors and executes turnkey EPC projects, supplying a large share of its own project material in-house rather than buying from third parties. This backward integration (captive supply rose from Rs 2,596.41 million in FY24 to Rs 3,543.86 million in FY26, with installed capacity up around 38% over the same period) lowers input costs and lets the company bid more competitively on tenders. The result is better control over quality, lead times and margins across the value chain.

Leadership position and strategic assets in East India

• The company is among the leading power cable and conductor players by capacity in East India, with three West Bengal units totalling 85,448 MT located close to the Kolkata and Haldia ports and to aluminium and copper sources, which aids both procurement and exports. It is an RDSO accredited supplier to Indian Railways and a licensed stranding partner of the U.S. based TS Conductor Corp, giving it access to advanced high-capacity HTLS conductor technology. Also, the order book stood at Rs 32,434.00 million as of March 31, 2026 (up from Rs 21,727.39 million in FY24), roughly 1.4 times FY26 revenue. That provides reasonable medium-term revenue visibility.

Tender dependence and stretched working capital

• A significant portion of contracts are won through competitive tenders floated by government and utility customers, so revenue hinges on the company's continued ability to win bids rather than on recurring relationships. Government contracts also carry long credit periods, and the business must furnish bank guarantees as a condition of many projects, both of which tie up working capital and expose it to payment timing risk. An inability to arrange such guarantees or a squeeze on collections could constrain execution.

Valuations

• Based on the FY2026 financials, the company is seeking a market-to-sales valuation of 1.3x and a price-to-earnings ratio of 19.8x. The company's vertically integrated operations, coupled with a strong portfolio of power cables and conductors, support healthy margins while creating additional growth opportunities through its EPC business. Considering its integrated business model and growth prospects, we recommend subscribing to the issue.