Lumino Industries is launching a ₹700 crore mainboard IPO comprising a ₹500 crore fresh issue and a ₹200 crore offer for sale (OFS). The IPO is priced at ₹78 to ₹82 per share and will remain open for subscription from August 27 to August 31, 2026. At the upper price band, the issue values the company at approximately ₹2,497 crore and implies a headline P/E of about 12.48 times FY2026 diluted earnings.
Lumino Industries operates across manufacturing and engineering, procurement and construction (EPC), with a focus on India’s power transmission and distribution infrastructure. This Lumino Industries IPO Analysis examines its business, financial performance, order book, valuation, IPO structure, strengths and key risks before investors decide whether to apply.
This analysis is based primarily on the company’s Red Herring Prospectus (RHP) and official SEBI disclosures available as of August 22, 2026. Investors should read the final prospectus and verify the final issue details before applying.
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Table of Contents
- Lumino Industries IPO Details
- What Does Lumino Industries Do?
- Lumino Industries IPO Structure
- Lumino Industries Financial Performance
- Lumino Industries Cash Flow Analysis
- Lumino Industries Segment-wise Performance
- Lumino Industries Order Book
- Industry Opportunity
- Lumino Industries IPO Valuation
- Key Strengths of Lumino Industries IPO
- Key Risks Investors Must Consider
- What Should Investors Track Before Applying?
- Lumino Industries IPO Pros and Cons
- Lumino Industries IPO Review: Final View
- Lumino Industries IPO FAQs
Lumino Industries IPO is a mainboard, book-built issue of up to ₹700 crore. It consists of a ₹500 crore fresh issue and a ₹200 crore OFS by promoter shareholders.
| Particular |
Details |
| Company |
Lumino Industries Limited |
| IPO type |
Mainboard, book-built issue |
| Total issue size |
₹700 crore |
| Fresh issue |
₹500 crore |
| Offer for sale |
₹200 crore |
| Price band |
₹78 to ₹82 per share |
| Face value |
₹5 per share |
| IPO opening date |
August 27, 2026 |
| IPO closing date |
August 31, 2026 |
| Anchor bidding |
August 25, 2026 |
| Minimum lot size |
182 shares |
| Minimum retail investment |
₹14,924 at ₹82 |
| Proposed listing |
BSE and NSE |
| Tentative listing date |
September 3, 2026 |
| Book-running lead managers |
Motilal Oswal Investment Advisors, JM Financial and Monarch Networth Capital |
| Registrar |
Bigshare Services |
The final number of shares will depend on the price band and final offer structure. The RHP confirms the fresh issue size at up to ₹500 crore and the OFS at up to ₹200 crore.
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Get the latest details on the Lumino Industries IPO, including its price band, issue structure, lot size, key dates, and proposed listing details.
Lumino Industries is an integrated manufacturing and EPC company focused on India's power transmission and distribution sector. Its operations cover both the manufacturing of power-related products and execution of infrastructure projects.
The company has two principal business segments:
Manufacturing
Lumino manufactures:
EPC
The EPC business executes projects across:
Lumino Industries operates two manufacturing facilities in West Bengal with a combined installed capacity of 40,000 metric tonnes.
As of March 31, 2026, the company also operated four warehouses and had business operations across 26 states and four Union Territories in India. It served customers in 17 countries.
Its customer base includes large EPC companies and power-sector entities such as Kalpataru Projects International, Uttar Gujarat Vij Company, Jackson Limited, Warora Kurnool Transmission Company, K.G.N. Electricals, WRSS XXI (A) Transco, Monte Carlo and R.S. Infraprojects.
The company also serves government-owned electricity companies and electricity boards in countries including the United States, Nepal, Bangladesh, Kenya, Ghana, Rwanda and Ethiopia.
The ₹700 crore IPO consists of a ₹500 crore fresh issue and a ₹200 crore OFS. The two components have different implications for the company and investors.
Fresh Issue: ₹500 Crore
The fresh issue will provide new capital to Lumino Industries. The company proposes to use the proceeds as follows:
| Use of proceeds |
Amount |
| Repayment or prepayment of borrowings |
₹337 crore |
| Equipment, machinery, civil works and interior development |
₹15.01 crore |
| General corporate purposes |
Balance amount |
The amount allocated to general corporate purposes cannot exceed 25% of the gross proceeds under the disclosed offer structure.
Debt repayment is the primary use of the fresh issue proceeds. Lumino Industries had total borrowings of ₹384.16 crore as of March 31, 2026. If the proposed repayment is completed, it could reduce finance costs and strengthen the balance sheet.
However, investors should not assume that the entire debt will disappear. The company may continue to require borrowings for working capital and business expansion.
Offer for Sale: ₹200 Crore
The ₹200 crore OFS will be sold by promoter shareholders:
The company will not receive any proceeds from the OFS. Only the fresh issue contributes directly towards debt repayment, capital expenditure and general corporate purposes.
The RHP discloses weighted average acquisition costs of approximately ₹0.002 per share for Devendra Goel and nil for Jay Goel, subject to the disclosed methodology and corporate actions.
The significant difference between these acquisition costs and the IPO price is worth noting. However, investors should assess this alongside the company's growth prospects, governance record and post-issue shareholding rather than viewing the OFS in isolation.
Lumino Industries has reported strong growth in revenue and profitability between FY2024 and FY2026. The following figures are from its restated consolidated financial information.
FY2024 Financial Performance
| Particular |
FY2024 |
| Revenue from operations |
₹1,407.32 crore |
| Total income |
₹1,424.63 crore |
| Operating EBITDA |
₹145.09 crore |
| Profit after tax |
₹86.61 crore |
| Operating EBITDA margin |
10.31% |
| PAT margin |
6.08% |
| Total borrowings |
₹40.91 crore |
| Closing order book |
₹1,940.57 crore |
In FY2024, Lumino Industries generated ₹1,407.32 crore in revenue from operations and reported a PAT of ₹86.61 crore. Operating EBITDA stood at ₹145.09 crore, resulting in an operating EBITDA margin of 10.31%. Total borrowings were ₹40.91 crore, while the closing order book stood at ₹1,940.57 crore.
FY2025 Financial Performance
| Particular |
FY2025 |
| Revenue from operations |
₹1,917.97 crore |
| Total income |
₹1,946.68 crore |
| Operating EBITDA |
₹222.94 crore |
| Profit after tax |
₹124.59 crore |
| Operating EBITDA margin |
11.62% |
| PAT margin |
6.40% |
| Total borrowings |
₹418.83 crore |
| Closing order book |
₹2,436.27 crore |
FY2025 saw a significant increase in revenue to ₹1,917.97 crore, while PAT rose to ₹124.59 crore. Operating EBITDA increased to ₹222.94 crore, and the operating EBITDA margin improved to 11.62%. However, total borrowings increased sharply to ₹418.83 crore from ₹40.91 crore in FY2024. The closing order book also grew to ₹2,436.27 crore.
FY2026 Financial Performance
| Particular |
FY2026 |
| Revenue from operations |
₹2,041.07 crore |
| Total income |
₹2,089.31 crore |
| Operating EBITDA |
₹238.95 crore |
| Profit after tax |
₹160.00 crore |
| Operating EBITDA margin |
11.71% |
| PAT margin |
7.66% |
| Total borrowings |
₹384.16 crore |
| Closing order book |
₹3,149.88 crore |
In FY2026, revenue from operations increased to ₹2,041.07 crore, while PAT rose to ₹160 crore. Operating EBITDA increased to ₹238.95 crore and the operating EBITDA margin improved further to 11.71%. PAT margin also increased to 7.66%.
Total borrowings declined from ₹418.83 crore in FY2025 to ₹384.16 crore in FY2026. Meanwhile, the closing order book expanded to ₹3,149.88 crore, its highest level across the three-year period.
Overall Financial Analysis
Revenue increased from ₹1,407.32 crore in FY2024 to ₹2,041.07 crore in FY2026, representing an approximate two-year CAGR of 20.4%. PAT grew from ₹86.61 crore to ₹160 crore during the same period, implying a higher CAGR of approximately 35.9%.
The faster growth in PAT compared with revenue was accompanied by improving margins. Operating EBITDA margin increased from 10.31% in FY2024 to 11.71% in FY2026, while PAT margin rose from 6.08% to 7.66%. For FY2026, Lumino Industries reported a return on equity of 24.61% and a debt-to-equity ratio of 0.53.
The improvement in profitability is positive, but investors should assess whether these margins are sustainable. Lumino's operations are exposed to raw-material prices, competitive bidding, project execution and working-capital movements. Therefore, one strong financial year should not automatically be treated as evidence of permanently higher margins.
Cash-flow performance is an important consideration for Industries because its operations require funds for inventory, receivables and project execution.
FY2024 Cash Flow
| Cash-flow metric |
FY2024 |
| Cash flow from operations |
₹100.91 crore |
| Cash flow from investing |
-₹3.58 crore |
| Cash flow from financing |
-₹94.25 crore |
In FY2024, Lumino Industries generated ₹100.91 crore in cash from operations. Cash flow from investing was negative at ₹3.58 crore, while financing activities resulted in a cash outflow of ₹94.25 crore.
FY2025 Cash Flow
| Cash-flow metric |
FY2025 |
| Cash flow from operations |
-₹238.59 crore |
| Cash flow from investing |
-₹12.77 crore |
| Cash flow from financing |
₹314.48 crore |
FY2025 saw a sharp deterioration in operating cash flow, which turned negative at ₹238.59 crore. At the same time, the company recorded a financing cash inflow of ₹314.48 crore. The negative operating cash flow is an important point for investors because it shows that reported accounting profits did not translate into operating cash generation during the year.
FY2026 Cash Flow
| Cash-flow metric |
FY2026 |
| Cash flow from operations |
₹156.08 crore |
| Cash flow from investing |
-₹40.60 crore |
| Cash flow from financing |
-₹101.72 crore |
Operating cash flow improved materially in FY2026, turning positive at ₹156.08 crore. However, investing activities resulted in a cash outflow of ₹40.60 crore, while financing activities recorded a cash outflow of ₹101.72 crore.
The improvement in operating cash flow is positive, but investors should continue to monitor the company's cash conversion because the business remains working-capital intensive. After listing, key areas to track include:
- Receivables
- Inventory levels
- Advances
- Payable days
- Operating cash flow
- EBITDA-to-cash conversion
- Free cash flow after capital expenditure
Overall, the FY2025 negative operating cash flow makes cash-flow quality an important consideration in the Lumino Industries IPO Review, despite the recovery in operating cash flow during FY2026.
Manufacturing is Lumino Industries' larger business segment, accounting for 69.74% of FY2026 revenue from operations.
| Segment |
FY2026 revenue and share |
| Manufacturing |
₹1,423.45 cr, 69.74% |
| EPC |
₹617.63 cr, 30.26% |
Manufacturing revenue increased from ₹923.15 crore in FY2024 to ₹1,246 crore in FY2025 and ₹1,423.45 crore in FY2026.
In comparison, EPC revenue rose from ₹484.16 crore in FY2024 to ₹671.97 crore in FY2025 before declining to ₹617.63 crore in FY2026.
This indicates that recent revenue growth has been driven more strongly by the manufacturing business.
Manufacturing Segment
The manufacturing business can benefit from demand for conductors, cables and wires as power infrastructure expands. However, it remains exposed to aluminium and other raw-material prices, customer concentration and competitive pricing.
EPC Segment
The EPC business gives Lumino exposure to large infrastructure projects but carries execution and margin risks. Potential challenges include:
Therefore, the size of the EPC order book needs to be assessed alongside execution timelines and expected project profitability.
Lumino Industries reported a closing order book of ₹3,149.88 crore as of March 31, 2026.
| Order book segment |
Amount and share |
| Manufacturing products |
₹1,157.90 cr, 36.76% |
| EPC services |
₹1,991.98 cr, 63.24% |
| Total |
₹3,149.88 cr, 100% |
The order book increased from ₹1,940.57 crore in FY2024 to ₹2,436.27 crore in FY2025 and ₹3,149.88 crore in FY2026.
At FY2026 levels, the order book was approximately 1.54 times the company's revenue from operations.
A growing order book can provide potential revenue visibility, but it should not be treated as equivalent to future revenue or profit. Investors should consider:
The order book's composition is also notable because EPC services accounted for 63.24% of the total order book, even though EPC contributed only 30.26% of FY2026 revenue. This makes future EPC execution an important factor to monitor.
Lumino Industries operates in sectors linked to the expansion and modernisation of electricity infrastructure.
The key demand areas include:
-
Expansion of electricity transmission and distribution networks
-
Renewable-energy integration and evacuation infrastructure
-
Power-grid modernisation
-
Re-conductoring and higher-capacity transmission lines
-
Railway electrification
-
Rural and urban power-distribution upgrades
-
Export opportunities for conductors and cables
According to the RHP, citing the CRISIL Report, the conductors and cables-and-wire markets were valued at approximately ₹227 billion and ₹1,618 billion respectively in FY2026.
The conductor industry is estimated to grow at a CAGR of approximately 12% to 15% between FY2026 and FY2031, while the wires and cables market is expected to grow at approximately 13% to 14% during the same period.
These industry growth rates indicate a sizeable addressable opportunity. However, sector growth does not automatically translate into shareholder returns. Lumino still needs to convert demand into profitable orders while managing commodity exposure, receivables, debt and project execution.
At the upper price band of ₹82, Lumino Industries' implied post-issue market capitalisation is approximately ₹2,497 crore.
Based on FY2026 diluted EPS of ₹6.57, the IPO valuation is as follows:
| Valuation metric |
At ₹78 |
At ₹82 |
| FY2026 diluted EPS |
₹6.57 |
₹6.57 |
| P/E ratio |
11.87× |
12.48× |
| P/B ratio based on FY2026 NAV of ₹29.95 |
2.60× |
2.74× |
The offer document indicates an average FY2026 P/E of approximately 48.55 times for the identified peer group.
On a headline P/E basis, Lumino's IPO valuation therefore appears lower than the stated peer average. However, a simple peer P/E comparison does not capture differences in business mix, profitability, leverage, scale, order-book quality or cash-flow conversion.
Investors should compare Lumino on factors such as:
Post-Issue P/E Matters
The headline P/E should not be the only valuation measure used by new investors.
The fresh issue increases the company's share count, resulting in dilution. Based on the available offer data, post-issue EPS is approximately ₹5.25.
At the upper price band of ₹82, this implies a post-issue P/E of roughly 15.6 times.
Therefore, while the IPO appears to trade at 11.87 to 12.48 times FY2026 diluted earnings based on the stated pre-dilution earnings figure, the post-issue valuation is closer to 15.6 times earnings. This is the more relevant figure for investors buying shares through the IPO after dilution.
Want to benchmark Lumino Industries against other recent mainboard offerings across industrial and infrastructure sectors? Use this IPO dashboard to compare issue pricing, valuation metrics, subscription trends, and listing performance.
Lumino Industries has several business and financial strengths that support its IPO proposition, including an integrated business model, strong growth, a sizeable order book and exposure to the expanding power infrastructure sector.
Below are the key strengths of the Lumino Industries IPO:
1. Integrated Manufacturing and EPC Model
Lumino combines manufacturing with EPC execution. This gives the company exposure to multiple parts of the power-infrastructure value chain and can support its ability to participate in both product supply and project execution.
2. Strong Revenue and Profit Growth
Revenue increased from ₹1,407.32 crore in FY2024 to ₹2,041.07 crore in FY2026, while PAT rose from ₹86.61 crore to ₹160 crore. Profit growth exceeded revenue growth over the period, accompanied by improving margins.
3. Large Order Book
The ₹3,149.88 crore order book provides a sizeable base of potential future revenue. It was approximately 1.54 times FY2026 revenue from operations.
4. Proposed Debt Reduction
The company plans to use ₹337 crore of the fresh issue proceeds to repay or prepay borrowings. This could reduce leverage and interest costs.
5. Exposure to Power Infrastructure
Lumino operates in power transmission and distribution, renewable-energy infrastructure, re-conductoring, railway electrification and other infrastructure-related areas.
6. Export Presence
The company serves customers across 17 countries, providing geographical diversification. However, international operations also expose the business to foreign-exchange, regulatory, political and collection risks.
Lumino Industries faces several business, financial and operational risks that investors should assess alongside its growth prospects and IPO valuation.
1. Government Customer Dependence
Government entities accounted for 53.12% of revenue from operations in FY2026, compared with 79.89% in FY2025 and 85.58% in FY2024.
The reduction is positive from a concentration perspective, but government and public-sector customers remain important to the business.
Changes in tender activity, government budgets, procurement policies or payment cycles could affect revenue and cash flows.
2. Customer Concentration
The top five customers contributed 27.34% of FY2026 revenue, while the top ten contributed 46.52%.
Although customer concentration has improved compared with earlier years, the loss, delay or financial weakness of a major customer could still affect business performance.
3. Raw-Material Price Volatility
Conductors and cables require significant quantities of aluminium and other raw materials. If increases in input costs cannot be passed on to customers in a timely manner, margins could come under pressure.
Investors should monitor:
-
Aluminium and other raw-material prices
-
Inventory gains or losses
-
Hedging policy
-
Contract escalation clauses
-
Gross margin trends
-
EBITDA margin trends
4. Working-Capital Intensity
Lumino's operations require funds for inventory, receivables, project execution and performance guarantees.
Delayed customer payments can increase borrowings even when the company reports accounting profits. The negative operating cash flow in FY2025 highlights why investors should assess cash conversion alongside PAT.
5. EPC Execution Risk
EPC contracts can face land, approval, supply-chain, labour, weather and regulatory delays. Cost overruns or liquidated damages can reduce project profitability.
6. Competitive Bidding
EPC contracts are often won through competitive tenders. Winning more contracts does not necessarily translate into higher profits. Aggressive bidding can result in revenue growth without adequate returns.
7. Manufacturing Concentration
Lumino's manufacturing operations are concentrated in West Bengal. Disruptions caused by equipment breakdowns, labour issues, natural events, utilities or other factors could affect production and deliveries.
8. Debt and Dilution
The fresh issue should reduce debt, but Lumino may continue to require borrowings for working capital and growth.
The fresh issue also increases the number of shares outstanding, diluting the proportionate ownership of existing shareholders and reducing post-issue EPS compared with the pre-issue figure.
9. OFS Proceeds Do Not Benefit the Company
The ₹200 crore OFS proceeds will go to the selling shareholders rather than Lumino Industries. The company's balance sheet benefits only from the fresh issue component.
10. No Established Market Price
This is Lumino Industries' first public issue. The IPO price does not guarantee the listing price or long-term market value.
The RHP also states that there may be no assurance of active or sustained trading in the shares after listing.
11. Litigation and Regulatory Matters
The RHP discloses various outstanding proceedings involving the company, directors and promoters.
The aggregate amounts disclosed include approximately ₹27.79 crore in material civil litigation initiated by the company and ₹9.74 crore in tax proceedings against the company, along with other proceedings.
Investors should review the detailed litigation section of the final prospectus rather than relying only on the summary figures.
Before applying for the Lumino Industries IPO, investors should verify the latest available information and pay particular attention to:
-
Final prospectus and confirmed share count.
-
Anchor investor allocation and quality of anchor participants.
-
Subscription levels from qualified institutional buyers.
-
Any changes in the objects of the issue.
-
Updated debt position after the latest financial period.
-
Receivables and operating cash flow.
-
Aluminium and other raw-material price trends.
-
Order-book execution and cancellation risk.
-
Promoter shareholding after the IPO.
-
Material litigation, related-party transactions and regulatory developments.
Investors should also avoid treating grey-market premium as a substitute for fundamental analysis. GMP is unofficial, can change rapidly and does not guarantee listing gains or long-term performance.
| Positives |
Concerns |
| Revenue and PAT growth between FY2024 and FY2026 |
Working-capital-intensive operations |
| Large ₹3,149.88 crore order book |
Raw-material price volatility |
| Integrated manufacturing and EPC model |
Customer and government-sector dependence |
| Proposed debt repayment of ₹337 crore |
EPC execution and competitive-bidding risk |
| Exposure to power transmission and distribution |
₹200 crore OFS does not benefit the company |
| IPO P/E below the disclosed peer average |
Post-issue dilution must be considered |
| Improving FY2026 operating cash flow |
Negative operating cash flow in FY2025 |
Lumino Industries combines exposure to power infrastructure with an integrated manufacturing and EPC business model. The company has reported strong revenue and PAT growth, an expanding order book and improved operating cash flow in FY2026. The proposed use of ₹337 crore from the fresh issue towards debt repayment is another positive factor.
At the headline IPO valuation of 11.87 to 12.48 times FY2026 diluted earnings, the issue appears lower-valued than the approximately 48.55 times average FY2026 P/E of the identified peer group disclosed in the offer document. However, investors should not rely solely on this comparison.
After accounting for the impact of fresh-issue dilution, post-issue EPS is approximately ₹5.25, putting the valuation at roughly 15.6 times earnings at the upper price band of ₹82. This provides a more relevant valuation reference for new IPO investors.
The key factors to monitor are working-capital requirements, cash-flow consistency, customer concentration, government-sector dependence, aluminium and other commodity prices, EPC execution and the quality of the order book.
For medium- to long-term investors who are comfortable with infrastructure, manufacturing and working-capital risks, Lumino Industries may merit further consideration after reviewing the final prospectus and subscription quality. Investors seeking predictable cash flows, lower business concentration and lower execution risk should approach the issue more cautiously.
The Lumino Industries IPO should not be viewed as a guaranteed listing-gain opportunity. The final investment decision should be based on the company's post-issue valuation, financial performance, balance sheet, cash-flow quality, order-book execution and the latest disclosures available before subscription.
1. What are the key dates and lot size for the Lumino Industries IPO?
The Lumino Industries IPO opens for subscription on August 27, 2026, and closes on August 31, 2026. Anchor bidding takes place on August 25, 2026, with tentative listing scheduled for September 3, 2026, on the BSE and NSE. The minimum lot size is 182 shares, requiring a minimum retail investment of ₹14,924 at the upper price band of ₹82 per share.
2. What is the issue size and valuation of the Lumino Industries IPO?
The IPO is a mainboard issue of up to ₹700 crore, comprising a ₹500 crore fresh issue and a ₹200 crore offer for sale (OFS). At the upper price band of ₹82, the company is valued at approximately ₹2,497 crore. On pre-issue FY2026 diluted earnings, the headline P/E is 12.48×, while the post-issue diluted P/E stands at approximately 15.6× (based on a post-issue EPS of ~₹5.25).
3. How will Lumino Industries utilize the funds raised from the fresh issue?
Out of the ₹500 crore fresh issue proceeds, Lumino Industries plans to allocate ₹337 crore toward the repayment or prepayment of existing borrowings, ₹15.01 crore for equipment, machinery, civil works, and interior development, and the remaining amount for general corporate purposes. Proceeds from the ₹200 crore OFS will go directly to the selling promoters and not to the company.
4. What are the main business segments and financial performance of Lumino Industries?
Lumino Industries operates across two principal segments: Manufacturing (power cables, conductors, HTLS conductors) and EPC (power transmission, substations, railway electrification). In FY2026, the company reported:
-
Revenue: ₹2,041.07 crore (69.74% from Manufacturing, 30.26% from EPC)
-
Profit After Tax (PAT): ₹160.00 crore (7.66% PAT margin)
-
Order Book: ₹3,149.88 crore as of March 31, 2026 (1.54× FY2026 revenue)
5. What are the key strengths and risks of investing in the Lumino Industries IPO?
- Key Strengths: Integrated manufacturing-EPC model, strong revenue and PAT growth (FY24–26 PAT CAGR of ~35.9%), a robust order book of ₹3,149.88 crore, and lower post-issue leverage following debt repayment.
-
Key Risks: High working-capital intensity, cash-flow volatility (negative operating cash flow of -₹238.59 crore in FY2025), raw material price fluctuations (aluminium), reliance on government contracts (53.12% of FY2026 revenue), and potential project execution delays in the EPC division.