Lumino Industries IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

Lumino Industries

Price band

₹78 – ₹82

Lot size

182 shares

Min investment

₹14,924

Issue size

₹700 Cr

About the company

Lumino Industries Ltd was started in 2005. It is an integrated engineering, procurement and construction company that also manufactures its own products for the power transmission and distribution industry. The company works through two segments. Its manufacturing segment makes aluminium conductors, power cables and electrical wires, including high-temperature low-sag conductors, known as HTLS conductors, which carry more current on the same line and are used to upgrade existing transmission lines. Its EPC segment takes up power transmission and distribution work, extra high voltage substations, HTLS re-conductoring, railway electrification, solar power projects and water management projects. The company supplies to major EPC companies in India and also sells abroad to government owned electricity companies, public enterprises and electricity boards in countries including the USA, Mali, Burkina Faso, Cote d'Ivoire, Nepal, Bangladesh, Kenya, Ghana, Rwanda and Ethiopia. As on 31 March 2026 it had 890 permanent employees.

Lumino Industries Ltd is an integrated EPC and manufacturing company for the power transmission and distribution industry. It makes aluminium conductors, power cables, electrical wires and high-temperature low-sag conductors, and executes transmission, substation, railway electrification and solar projects in India and ten overseas markets.

IPO details

Issue price: ₹82
Price band: ₹78 – ₹82
Face value: ₹5
Lot size: 182
Min investment: ₹14,924
Issue size: ₹700 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 7910
NSE symbol: LUMINO.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	182	₹14,924
Retail (Max)	13	2,366	₹1,94,012
S-HNI (Min)	14	2,548	₹2,08,936
B-HNI (Min)	68	12,376	₹10,14,832

Investor reservation

CATEGORY	RESERVED
QIB	Not more than 50% of the Net Offer
Retail	Not less than 35% of the Net Offer
NII	Not less than 15% of the Net Offer

Objects of the issue

1Prepayment or re-payment, in full or in part,of certain outstanding borrowings availed by Company337.00

2Capital expenditure by Company for purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility15.01

3General corporate purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	2,174.88	1,718.66	1,175.44
Total Income	2,089.31	1,946.68	1,424.63
Profit After Tax	160.00	124.59	86.61
NET Worth	729.58	570.29	445.86
Reserves and Surplus	606.16	446.66	413.86
Total Borrowing	384.16	418.83	40.91

Key performance indicators

P/E Ratio

15.62

EPS (₹)

5.25

RoE

24.62%

RoCE

25.75%

RoNW

24.62%

PAT Margin

7.66%

EBITDA Margin

11.71%

Debt / Equity

0.53

NAV (₹)

29.95

✓ Strengths

• Profit has grown strongly for three years, from Rs 86.61 crore in FY2024 to Rs 124.59 crore in FY2025 and Rs 160.00 crore in FY2026.

• Return ratios are strong, with RoCE of 31.89% and RoNW of 24.52%.

• The issue is priced reasonably on earnings. At the upper band of Rs 82 the P/E is about 15.62 times on an EPS of Rs 5.25.

• The company both makes the product and does the EPC work, so it earns at two stages of the same project instead of buying conductors from outside.

• It makes HTLS conductors, which are used to increase the capacity of existing transmission lines without laying new ones, an area supported by grid upgrade spending.

• Exports go to ten countries across Africa, South Asia and the USA, mostly to government electricity boards and public enterprises.

• Net worth grew from Rs 445.86 crore in FY2024 to Rs 729.58 crore in FY2026, and borrowing came down slightly in the last year from Rs 418.83 crore to Rs 384.16 crore.

• Rs 337 crore of the issue money will repay borrowings, which should cut interest cost meaningfully from the current level.

⚠ Risks

• Debt rose enormously in FY2025, from Rs 40.91 crore to Rs 418.83 crore, which is about ten times in one year, and was still Rs 384.16 crore as on 31 March 2026.

• Sales growth has slowed sharply. Total income rose only 7% in FY2026, from Rs 1,946.68 crore to Rs 2,089.31 crore, against 37% the year before.

• The profit margin is thin at 6.40%, which is normal for conductor making and EPC work but leaves little cushion if metal prices move.

• Almost all the money goes to repaying debt. Rs 337 crore of the Rs 700 crore issue repays borrowings while only Rs 15.01 crore is for new equipment and civil work, so very little adds to capacity.

• Aluminium and copper prices are the main input cost. A sharp rise that cannot be passed on in fixed price EPC contracts will directly cut margin.

• EPC work for electricity boards and public enterprises usually means slow payments and money blocked in retention and unbilled work.

• A part of the export business is in African countries such as Mali, Burkina Faso, Cote d Ivoire, Rwanda and Ethiopia, which carry higher country, payment and currency risk.

• Promoter holding will come down from 100% to 71.97% after the issue.

Promoters & holding

Purushottam Dass Goel, Devendra Goel and Jay Goel

Pre-issue promoter holding

100%

Post-issue promoter holding

71.97%

Data refreshed 07 Nov 2026, 05:03 pm IST. GMP is unofficial market sentiment, not investment advice.