Indore-based Laxyo Ltd., an integrated infrastructure and mining services player, has marked a significant milestone by expanding its operations into the African mining market through a ₹200 crore raise boring contract at Mopani Mines in Zambia. The project, which is being executed through its subsidiary, Laxyo Evapeta Zambia Limited, represents the company’s first overseas raise boring contract and currently accounts for approximately 12.6% of its total order book.
Laxyo’s African operations, centred on its Zambia business, have witnessed significant growth over the last year. Revenue from Zambia increased from ₹1.02 crore in FY25 to ₹2.53 crore during the six months ended September 30, 2025, contributing 2.28% of total operating revenue during the period compared with 0.48% in FY25. The increase in both revenue contribution and share of overall operations reflects the ramp-up of activities at the Mopani Mines project and underscores the growing importance of the African market within the company’s mining services portfolio.
Laxyo’s entry into Zambia is built upon a unique competitive position in the domestic market. The company holds the distinction of being the only Indian firm with in-house raise boring machinery and allied accessories. Raise boring is a modern underground mining technique used to create shafts and tunnels without the use of explosives. The method is widely preferred in underground mining operations due to its superior safety standards, operational efficiency and ability to create critical infrastructure such as ventilation shafts and escape routes.
The Zambia contract marks an important step in Laxyo’s international expansion strategy and places the company alongside established global raise boring specialists operating in African mining markets, including Master Drilling, Murray & Roberts and Redpath.
Laxyo’s model of owning and operating specialised, high-value mining equipment has helped it emerge as India’s second-largest raise boring operator with a market share of 22%. According to the company’s Draft Red Herring Prospectus (DRHP), the Indian raise boring market is expected to grow at a CAGR of approximately 27.3% between FY25 and FY31, reaching an estimated market size of ₹575 crore.
The company’s transition towards specialised, mechanised execution extends beyond mining services. Since its incorporation in 2007, Laxyo has evolved into a diversified infrastructure services company with four core business verticals — Railway Infrastructure, Mining Services & Raise Boring Operations, Dredging and Reclamation, and Operation & Maintenance (O&M) services for industrial and thermal plants. Mr. Yogesh Sharma is the Managing Director and one of the promoters of Laxyo.
In the railway infrastructure segment, which remains the company’s largest revenue contributor, Laxyo is among a select group of companies in India that own and operate Quick Relaying System (QRS) machines for mechanised track renewal. This specialised asset base has enabled the company to execute complex railway projects efficiently, including track-laying assignments in challenging desert terrain in the North Western Railway zone.
As Laxyo prepares for its initial public offering (IPO) to raise fresh capital of up to ₹150 crore for debt reduction, equipment acquisition and working capital requirements, its expansion into Zambia highlights a broader trend of Indian infrastructure and mining contractors moving from labour-intensive execution models towards technology-led and specialised engineering solutions with global ambitions.
DRHP Link: https://www.sebi.gov.in/filings/public-issues/mar-2026/laxyo-limited-drhp_100686.html
