Lumino Industries
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 48.66×
- Big non-institutionalbNII · above ₹10 lakh
- 155.26×
- Small non-institutionalsNII · ₹2–10 lakh
- 116.49×
- Retail individualRII · up to ₹2 lakh
- 29.64×
- Employeesreserved quota
- 8.24×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 14 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 03 Sep 2026 | ₹38 | +46.34% | ₹5,300 | ₹120 | ₹6,916 |
| 02 Sep 2026 | ₹39.50 | +48.17% | ₹5,500 | ₹121.50 | ₹7,189 |
| 01 Sep 2026 | ₹38 | +46.34% | ₹5,300 | ₹120 | ₹6,916 |
| 31 Aug 2026 | ₹48 | +58.54% | ₹6,600 | ₹130 | ₹8,736 |
| 30 Aug 2026 | ₹61 | +74.39% | ₹8,400 | ₹143 | ₹11,102 |
| 29 Aug 2026 | ₹63 | +76.83% | ₹8,700 | ₹145 | ₹11,466 |
| 28 Aug 2026 | ₹61.50 | +75.00% | ₹8,500 | ₹143.50 | ₹11,193 |
| 27 Aug 2026 | ₹56 | +68.29% | ₹7,700 | ₹138 | ₹10,192 |
| 26 Aug 2026 | ₹50 | +60.98% | ₹6,900 | ₹132 | ₹9,100 |
| 25 Aug 2026 | ₹46 | +56.10% | ₹6,400 | ₹128 | ₹8,372 |
| 24 Aug 2026 | ₹47 | +57.32% | ₹6,500 | ₹129 | ₹8,554 |
| 23 Aug 2026 | ₹49 | +59.76% | ₹6,800 | ₹131 | ₹8,918 |
| 22 Aug 2026 | ₹52 | +63.41% | ₹7,200 | ₹134 | ₹9,464 |
| 21 Aug 2026 | ₹46 | +56.10% | ₹6,400 | ₹128 | ₹8,372 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 1,68,29,268 | 3,91,76,11,516 | ₹32,124 Cr | 232.79× |
| Non-institutional | 1,26,21,951 | 2,33,77,12,286 | ₹19,169 Cr | 185.21× |
| Big non-institutionalwithin NII | 84,14,634 | 1,69,89,36,512 | ₹13,931 Cr | 201.90× |
| Small non-institutionalwithin NII | 42,07,317 | 63,87,75,774 | ₹5,238 Cr | 151.82× |
| Retail individual | 2,94,51,219 | 1,18,59,81,342 | ₹9,725 Cr | 40.27× |
| Employees | 12,19,512 | 1,50,80,884 | ₹124 Cr | 12.37× |
| Total | 6,01,21,950 | 7,45,63,86,028 | ₹61,142 Cr | 124.02× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 31 Aug, 06:55 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 27 Aug 2026 – 31 Aug 2026
- Listing date
- 03 Sep 2026
- Face value
- ₹5 per share
- Price band
- ₹78 – ₹82
- Issue price
- ₹82 per share
- Lot size
- 182 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹700 Cr
- Fresh issue
- ₹500 Cr 6,09,75,609 shares
- Offer for sale
- ₹200 Cr 2,43,90,242 shares
- Market cap at offer price
- ₹2,497 Cr
- Promoter holding
- 100.00% → 71.97% pre-issue → post-issue
- ISIN
- INE185Q01025
- CIN
- U14293WB2005PLC102556
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Motilal Oswal Investment Advisors Ltd.
- Registered office
- Unit No- 12/4, Merlin Acropolis 1858/1 Rajdanga Main Road, Kolkata 700 107, West Bengal, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 1,76,92,307 | 28.57% | 27.99% |
| Anchor investor · within QIB | 2,52,43,901 | — | 39.94% |
| NII (HNI) | 1,32,69,231 | 21.43% | 20.99% |
| bNII > ₹10L · within NII | 88,46,154 | — | 14.00% |
| sNII < ₹10L · within NII | 44,23,077 | — | 7.00% |
| Retail (RII) | 3,09,61,538 | 50.00% | 48.99% |
| Employee | 12,82,051 | — | 2.03% |
| Market maker | 0 | — | 0.00% |
| Total issue | 6,32,05,127 | — | 100.00% |
Net offer to the public of 6,19,23,076 shares, out of a total issue of 6,32,05,127. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 182 shares per lot, in multiples, at ₹82
| 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 |
| S-HNI (max) | 67 | 12,194 | ₹9,99,908 |
| B-HNI (min) | 68 | 12,376 | ₹10,14,832 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹82 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.57 | 5.25 |
| P/E (×) | 12.48 | 15.62 |
| Price to book (×) | 3.50 | — |
| Market cap | — | ₹2,497 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 24.52%
- ROCE
- 31.89%
- Debt / equity
- 0.73
- PAT margin
- 6.40%
- EBITDA margin
- 11.62%
- NAV per share
- ₹23.41
- Price to book
- 3.50
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 2,089.31 | 1,946.68 | 1,424.63 |
| Revenue from operations | 2,041.07 | 1,917.97 | 1,407.32 |
| Other income | 48.24 | 28.71 | 17.31 |
| Total expenses | 1,884.54 | 1,777.37 | 1,308.67 |
| Operating profit | 204.77 | 169.31 | 115.96 |
| Operating margin | 9.80% | 8.70% | 8.14% |
| Profit before tax | 204.8 | 168.77 | 115.93 |
| Profit after tax | 160 | 124.59 | 86.61 |
| PAT margin | 7.66% | 6.40% | 6.08% |
| Balance sheet | |||
| Total assets | 2,174.88 | 1,718.66 | 1,175.44 |
| Current assets | 1,955.17 | 1,565.69 | 1,074.33 |
| Current liabilities | 1,398.42 | 1,116.98 | 691.48 |
| Total liabilities | 1,445.16 | 1,148.21 | 729.47 |
| Net worth | 729.71 | 570.45 | 445.97 |
| Current ratio | 1.40× | 1.40× | 1.55× |
| Return on equity | 21.93% | 21.84% | 19.42% |
| Cash flow | |||
| Operating cash flow | 156.08 | -238.59 | 100.91 |
| Investing cash flow | -40.6 | -12.77 | -3.58 |
| Financing cash flow | -101.72 | 311.48 | -94.25 |
| Net cash flow | 13.76 | 60.11 | 3.07 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by the Company ₹337 Cr
The company intends to utilize funds from the Net Proceeds towards prepayment or repayment of all, or a portion, of the principal amount on certain loans and the accrued interest thereon. This will help reduce overall outstanding indebtedness, debt servicing costs, assist in maintaining a favourable debt-equity ratio and enable better utilisation of internal accruals for further investment in business growth and expansion.
2 Capital expenditure by the Company for purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility ₹15.01 Cr
The company intends to enhance its manufacturing capabilities at Manufacturing Unit I through purchase of equipment and machinery, civil works and interior developments. The investment will increase production capacity and is expected to lead to a decrease in manufacturing costs. The company will invest in procurement of equipment and machineries to enhance production capacity from MT to MT.
3 General corporate purposes —
The company intends to deploy any balance Net Proceeds towards general corporate purposes as approved by management, including but not limited to maintenance of plant and machineries, strategic initiatives, partnership and joint ventures, acquiring fixed assets including furniture and fixtures, meeting any expense including administration, insurance, marketing, repairs and maintenance, payment of taxes and duties, meeting expenses incurred in the ordinary course of business and towards any exigencies.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Lumino Industries
Lumino Industries Limited is a public limited company incorporated in India on March 30, 2005, with registered office in Kolkata, West Bengal. Historically, it operated as a partnership firm 'Lumino Industries' established on September 1, 1989, which was taken over by the company as a going concern on March 31, 2005. The company operates through two business segments: (1) Manufacturing, which produces aluminium conductors, power cables, and electrical wires with a combined capacity of 40,000 MT of aluminium consumption per year across two facilities in Howrah, West Bengal; and (2) EPC (Engineering, Procurement and Construction), which executes power transmission and distribution projects, EHV substation projects, solar power projects, and water management projects primarily for government entities and state electricity boards. The company derives its revenue primarily from the manufacturing of cables and conductors (69.74% of revenue in Fiscal 2026) and EPC project execution (30.26% of revenue in Fiscal 2026). The manufacturing segment contributed 79.08% of profit after tax in Fiscal 2026.
Management
Purushottam Dass Goel
CEO
Devendra Goel
MD
Jay Goel
COO
Hemant Sultania
Director
Strengths
As stated in the offer document
Growing player in power EPC industry with in-house manufacturing capabilities
The company is a product-driven integrated EPC player with strong focus on manufacturing conductors, power cables and electrical wires. The company achieved an Operating EBITDA Margin of 11.71% in Fiscal 2026 and has in-sourced 23.08% of products for EPC projects.
Cost efficient and unique business model with complimentary and integrated business segments
The company's integration of Manufacturing and EPC segments through product-driven strategy creates competitive advantage. Revenue from Operations grew at a CAGR of 20.43% from Fiscal 2024 to 2026, achieving second highest RoE of 24.62% amongst peers.
Well-developed and integrated manufacturing facilities with extensive product range
The company operates two manufacturing facilities with combined capacity of 40,000 MT aluminium consumption per year. The company has received UL Certification and ISO certifications, enabling expansion into U.S. and European markets.
Strong and diversified order book
The company's order book was ₹31,498.78 million as at March 31, 2026, comprising ₹19,919.76 million for EPC projects and ₹11,579.02 million for Manufacturing. The company has pan India presence across 26 states and four union territories.
Strong strategic alliances and partnerships with prominent international companies
The company has strategic collaboration with CTC Global Corporation for ACCC conductors and joint venture agreements for railway electrification and water EPC projects, enhancing product portfolio and market capabilities.
Experienced Promoters and committed management team with skilled workforce
The company is led by experienced management with over three decades of experience in power infrastructure industry. As at March 31, 2026, the company employed 890 permanent employees with 452 qualified engineers in execution team.
Risk factors
As stated in the offer document
Substantial Dependence on Government Entities for Revenue
The company derives 53.12%, 79.89% and 85.58% of revenue from operations in Fiscal 2026, 2025 and 2024 respectively from government entities and state-owned electricity boards. Any cessation of tender issuance by these clients could adversely affect business operations and financial performance.
High Customer Concentration Risk
Revenue from top 10 customers comprises 46.52% for Fiscal 2026, 80.33% for Fiscal 2025 and 90.78% for Fiscal 2024 of total revenue from operations. Loss of any major customers or adverse changes affecting their financial condition could significantly impact business and cash flows.
Manufacturing Segment Revenue Dependence
Sale of cables and conductors contributes over 60% of revenue from operations across all fiscals (69.74% in Fiscal 2026, 64.96% in Fiscal 2025, 65.60% in Fiscal 2024). Any adverse development in manufacturing performance could severely impact business operations and financial position.
Raw Material Price Volatility and Supply Chain Risk
Cost of materials consumed represents 83.73%, 82.44% and 83.40% of total expenses for Fiscals 2026, 2025 and 2024 respectively. The company relies on limited suppliers, with top 10 suppliers providing 87.50% of raw materials in Fiscal 2026, exposing operations to supply disruption and price fluctuation risks.
High Working Capital Requirements and Cash Flow Challenges
Working capital requirements are 35.11%, 35.67% and 16.09% of revenue from operations for Fiscals 2026, 2025 and 2024 respectively. The company experienced negative cash flows from operating activities in Fiscal 2025 of ₹2,385.93 million, which could strain financial resources if external borrowings are required.
Critical Manufacturing Facility Operations Risk
The company operates two manufacturing facilities in Howrah, West Bengal with combined capacity of 40,000 MT aluminium consumption per year. Any disruption, breakdown or shutdown could materially affect business operations, with manufacturing segment contributing 69.74% of revenue in Fiscal 2026.
Competitive Bidding and Project Execution Risks
EPC revenues depend on competitive bidding success, with the company making 121 bids and winning 17 projects worth ₹25,451.10 million in Fiscal 2026. EPC contracts have long execution periods of 24-30 months, exposing the company to cost overruns, delays and penalty risks.
Company Analysis
from RHPLumino Industries Limited manufactures aluminium conductors, power cables, and electrical wires, and provides engineering, procurement, and construction (EPC) services for power transmission and distribution projects in India.
Lumino Industries Limited is a public limited company incorporated in India on March 30, 2005, with registered office in Kolkata, West Bengal. Historically, it operated as a partnership firm 'Lumino Industries' established on September 1, 1989, which was taken over by the company as a going concern on March 31, 2005. The company operates through two business segments: (1) Manufacturing, which produces aluminium conductors, power cables, and electrical wires with a combined capacity of 40,000 MT of aluminium consumption per year across two facilities in Howrah, West Bengal; and (2) EPC (Engineering, Procurement and Construction), which executes power transmission and distribution projects, EHV substation projects, solar power projects, and water management projects primarily for government entities and state electricity boards. The company derives its revenue primarily from the manufacturing of cables and conductors (69.74% of revenue in Fiscal 2026) and EPC project execution (30.26% of revenue in Fiscal 2026). The manufacturing segment contributed 79.08% of profit after tax in Fiscal 2026.
Objects of the Issue
- Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by our Company p.42
- Capital expenditure for purchase of equipment and machinery p.42
- Capital expenditure for civil works of an existing manufacturing facility p.42
- General corporate purposes p.42
- Repayment or prepayment of borrowings availed by the Company p.77
- Funding capital expenditure for purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility p.77
- General corporate purposes p.77
- Prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by our Company ₹3,370.00 million p.149
- Capital expenditure by our Company for purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility ₹150.13 million p.153
- General corporate purposes p.155
- Not specified in this document part
- Not disclosed in this section of the document
Issue Structure
- Total Issue
- Up to ₹7,000.00 million
- Fresh Issue
- Up to ₹5,000.00 million (up to [●] Equity Shares of face value of ₹5 each)
- Offer for Sale
- Up to ₹2,000.00 million (up to [●] Equity Shares of face value of ₹5 each)
- Face Value
- ₹5 per Equity Share
Business Model
The company generates revenue through two primary channels: (1) Manufacturing and Sale of Products—manufacturing and selling aluminium conductors, power cables, and electrical wires to customers including government entities, state electricity boards, and private sector companies; and (2) EPC Services—securing and executing contracts for power transmission and distribution infrastructure development, EHV substations, solar power projects, and water management projects, primarily awarded through government tenders. The company integrates both segments through captive consumption of manufactured products in its EPC projects, which ensures stable and predictable sales while streamlining production planning. Revenue from government entities and government-controlled entities comprised 53.12%, 79.89%, and 85.58% of total revenue from operations in Fiscal 2026, 2025, and 2024, respectively.
Business Segments
SWOT Analysis
- • Integrated manufacturing and EPC business model with captive consumption ensuring stable sales and supply chain reliability(p.34)
- • Significant revenue contribution from manufacturing segment providing stable cash flows(p.34)
- • Geographic diversification across multiple Indian states reducing regional concentration risk(p.31)
- • Price escalation clauses in contracts protecting margins against raw material cost fluctuations(p.44)
- • Backward integration with manufacturing facilities provides competitive advantage in EPC bidding(p.51)
- • Products comply with international quality standards and certifications(p.51)
- • Power EPC company with in-house manufacturing capabilities(p.159)
- • Cost efficient business model with integrated business segments(p.159)
- • Manufacturing facilities with diverse product offerings(p.159)
- • Order book across various regions in India(p.159)
- • Partnerships with global companies for advanced technology(p.159)
- • Strong Return on Equity of 24.62% in FY26(p.162)
- • Substantial order book of ₹31,498.78 million with EPC segment at ₹19,919.76 million(p.162)
- • Diversified customer base across government-owned utilities and public enterprises(p.279)
- • Strong quality certifications and regulatory approvals(p.279)
- • UL certification for products meeting global standards(p.279)
- • Integrated EPC business model with product manufacturing capabilities(p.291)
- • Strategic partnership with leading international conductor manufacturer CTC Global(p.291)
- • Growing revenue scale with ₹20,000 million gross turnover milestone achieved(p.290)
- • Manufacturing and EPC services integration with established operational presence(p.337)
- • Strong revenue growth trajectory across both segments(p.363)
- • Solid profitability with growing net profit and profit margins(p.333)
- • Improved equity base through bonus share issuances(p.332)
- • Established customer base including PSU relationships(p.355)
- • Diversified revenue streams from manufacturing exports and domestic EPC projects(p.363)
- • Integrated manufacturing and EPC business model with captive consumption(p.386)
- • ISO and quality certifications including UL certification for international markets(p.387)
- • Strong order book position across segments(p.388)
- • Established presence across 26 states and 4 union territories in India plus 17 countries(p.388)
- • High return on equity and capital employed(p.390)
- • Secured borrowing facilities with favorable interest rates and extended tenors(p.422)
- • Diversified lender base across major Indian banks reducing concentration risk(p.424)
- • Material real estate collateral backing secured borrowings(p.422)
- • High dependency on government and public sector entities for 53.12% of revenue(p.23)
- • Top 10 customers represent 46.52% of revenue creating significant customer concentration risk(p.32)
- • High working capital requirements with 145 debtor days indicating extended payment cycles(p.37)
- • Negative operating cash flows in Fiscal 2025 indicating liquidity stress(p.39)
- • Heavy reliance on limited supplier base with top supplier representing 30.89% of raw material sourcing(p.42)
- • Manufacturing facilities concentrated in single geographic location (Howrah, West Bengal) creating regional concentration risk(p.40)
- • High concentration of manufacturing and warehouse facilities in West Bengal exposes to regional risks(p.48)
- • History of project delays and cost overruns(p.46)
- • High trade receivables relative to revenue with extended payment cycles(p.60)
- • Dependence on government customers with lengthy payment processes(p.60)
- • Delays in payment of statutory dues(p.55)
- • Promoters have provided personal guarantees for company loans, creating personal liability risk(p.57)
- • Unsecured loans repayable on demand from banks and financial institutions(p.66)
- • Related party transactions represent significant portion of expenses(p.47)
- • Dependence on India's sovereign credit ratings for borrowing costs and debt capital access(p.89)
- • Accounting differences between Ind AS and other frameworks may affect financial data comprehension(p.89)
- • Vulnerability to financial difficulties in Indian financial institutions(p.89)
- • Total debt of ₹3,841.61 million(p.162)
- • Debt to equity ratio of 0.53 indicating reliance on borrowings(p.162)
- • Asset turnover ratio declined from 18.80 in FY24 to 15.80 in FY26(p.162)
- • Return on Capital Employed declined from 32.27% in FY24 to 25.75% in FY26(p.162)
- • High dependence on state and central government authorities for revenue(p.279)
- • Lease dependence for key operating facilities with renewal risks(p.281)
- • Multiple promoter guarantees creating contingent liabilities(p.294)
- • Concentration of manufacturing operations in West Bengal region(p.281)
- • High leverage with significant current borrowings relative to equity(p.332)
- • Heavy dependence on working capital borrowings and supplier finance arrangements(p.360)
- • Significant reliance on commodity price pass-through mechanisms in contracts(p.370)
- • Large inventory holdings with provision for slow-moving stock(p.354)
- • Concentrated promoter shareholding reducing public float(p.357)
- • Exposure to regulatory and litigation risks across multiple jurisdictions(p.366)
- • Significant dependence on government and state electricity entities for revenue(p.418)
- • High cost of materials consumed relative to revenue(p.391)
- • Reliance on limited number of raw material suppliers(p.418)
- • Increasing working capital requirements and elongating cash conversion cycle(p.392)
- • Rising debt levels and finance costs(p.390)
- • Heavy reliance on secured borrowing with substantial collateral pledged(p.422)
- • Personal guarantees from promoters creating director-level liability exposure(p.422)
- • Multiple material litigation involving company, including customs and arbitration disputes(p.431)
- • Restrictive covenants on borrowing limiting operational flexibility(p.423)
- • Unsecured borrowing on demand callable basis creating liquidity risk(p.423)
- • Growing government expenditure on power transmission and distribution infrastructure(p.24)
- • Expansion into higher-margin EHV substation projects showing growth from near-zero to 4.46% of revenue(p.34)
- • Diversification into renewable energy projects including solar and water management(p.34)
- • Increasing market share in manufacturing segment with private sector contribution rising from 14.42% to 45.81% between Fiscal 2024 and 2026(p.24)
- • Growing order book with diversification across regions and client types(p.48)
- • Expansion into B2C market with Lumicon brand(p.55)
- • Geographic expansion of B2C operations to new states(p.55)
- • Capital expenditure plans for equipment and capacity enhancement(p.77)
- • Expand manufacturing capabilities and product development(p.152)
- • India's wires and cables market projected to grow at 13-14% CAGR between FY26-31(p.201)
- • Conductor industry to grow at 12-15% CAGR from FY26-31(p.207)
- • Power demand expected to maintain 5-7% CAGR over FY27-31(p.190)
- • Renewable energy capacity additions of 260-270 GW expected over FY27-31(p.213)
- • Green Energy Corridor and transmission expansion creating demand for high-voltage conductors(p.216)
- • Railway electrification nearing completion with 99.2% of broad gauge network electrified(p.216)
- • Data centre capacity in India to grow at CAGR of 30-32% by FY30(p.213)
- • Exports of wires and cables to grow at 9-10% CAGR between FY26-31(p.203)
- • Expansion into renewable energy and solar EPC segments(p.290)
- • Entry into water and rural infrastructure projects(p.290)
- • B2C expansion in electrical wires product line(p.280)
- • Government infrastructure and power transmission expansion requirements(p.284)
- • Manufacturing of advanced conductor products like HTLS conductors(p.290)
- • International expansion through foreign branch operations(p.328)
- • Expansion of EPC project execution capacity with growing infrastructure investment cycle(p.363)
- • Geographic expansion through export market penetration(p.363)
- • Strategic utilization of subsidiary structure for renewable energy business development(p.329)
- • Joint venture opportunities in EPC infrastructure projects(p.329)
- • Leverage of operational cash generation for debt reduction and reinvestment(p.335)
- • Significant growth in India's power transmission and distribution infrastructure investment(p.390)
- • Strong conductor and cables market growth trajectory(p.391)
- • Government support through multiple policy initiatives for power sector(p.390)
- • Expansion into renewable energy segment through solar and water management projects(p.410)
- • Planned manufacturing facility expansion to increase production capacity(p.387)
- • Access to capital markets through IPO for debt reduction and growth funding(p.472)
- • Refinance existing unsecured borrowings with proceeds from public offering(p.424)
- • Dependence on government budgetary allocations and policy changes affecting project awards(p.32)
- • Volatility in raw material prices, particularly aluminium comprising 83.25% of material costs(p.36)
- • Geopolitical tensions disrupting commodity supply chains and increasing procurement costs(p.36)
- • Power supply disruptions affecting manufacturing operations and increasing production costs(p.41)
- • Significant workplace safety hazards with 20 fatalities recorded in EPC projects over review period(p.45)
- • Long EPC project execution periods expose to cost and time overrun risks(p.46)
- • Vulnerability to raw material price fluctuations(p.46)
- • Foreign currency exchange rate fluctuations impact project costs and revenues(p.46)
- • Intense competition in manufacturing and EPC segments from domestic and international players(p.51)
- • Dependence on power sector growth affecting business demand(p.63)
- • Labor-intensive operations vulnerable to strikes and wage pressures(p.63)
- • Occupational hazards in manufacturing and EPC operations(p.46)
- • Order book not representative of future results due to project execution uncertainties(p.48)
- • Regulatory non-compliance risks and changing regulatory environment(p.58)
- • Geopolitical tensions and supply chain disruptions(p.85)
- • Global financial instability and volatility in international securities markets(p.89)
- • China's economic slowdown and strained India-China trade relations(p.89)
- • Constraints on foreign currency borrowing from exchange controls(p.89)
- • Dependence on securities analyst coverage for equity price support(p.89)
- • Raw material price risk and stiff competition in cables and conductors industry(p.200)
- • Organized players increasing market share, with organized industry growing from 72-74% to 76-78% by FY25(p.203)
- • Global power sector facing challenges including lengthy permitting processes and financing difficulties(p.195)
- • Grid infrastructure bottleneck limiting deployment of new large-scale generation capacity(p.195)
- • Global economic uncertainty and potential slowdown may hinder power sector investments(p.195)
- • Global renewable investments facing moderation with solar investments declining from peak of $436 billion in 2024(p.196)
- • Intense competition from established industry players(p.280)
- • Raw material price volatility affecting margins(p.280)
- • EPC project execution risks including time and cost overruns(p.291)
- • Regulatory compliance requirements across multiple jurisdictions(p.283)
- • Environmental and pollution control compliance obligations(p.284)
- • Commodity price volatility impacting input costs and margin sustainability(p.370)
- • Regulatory risk from pending tax and duty assessments across multiple authorities(p.366)
- • Interest rate sensitivity with variable rate borrowings comprising 88.6% of total debt(p.371)
- • Foreign exchange exposure from international operations and USD-denominated contracts(p.371)
- • Cyclicality and project-dependency of EPC revenue stream(p.363)
- • Dependence on consortium banking relationships for working capital facilities(p.360)
- • Volatility in raw material prices driven by geopolitical and global commodity market factors(p.391)
- • Inability to immediately pass on raw material cost increases to customers(p.392)
- • Global supply chain disruptions affecting material availability and delivery(p.392)
- • Exposure to foreign currency exchange rate fluctuations(p.393)
- • Intense competition from larger multinational competitors with greater resources(p.393)
- • Regulatory and policy changes affecting power sector budgetary allocations(p.391)
- • Interest rate volatility linked to benchmark rates affecting borrowing costs(p.422)
- • Regulatory and customs compliance risks with ongoing disputes and potential duty assessments(p.431)
- • Lender acceleration risk from material adverse effect or creditworthiness deterioration(p.423)
- • Arbitration and litigation exposure with substantial amounts at stake(p.431)
- • Risk of failure to meet financial covenants triggering default provisions(p.423)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Purushottam Dass Goel | Promoter | — | — |
| Devendra Goel | Promoter Selling Shareholder | 49.03% | — |
| Jay Goel | Promoter Selling Shareholder | 35.54% | — |
| Purushottam Dass Goel | Promoter | — | — |
| Devendra Goel | Promoter/Selling Shareholder | — | — |
| Jay Goel | Promoter/Selling Shareholder | — | — |
| Devendra Goel | Promoter/Managing Director/Promoter Selling Shareholder | 49.03% | — |
| Jay Goel | Promoter/Whole-time Director/Promoter Selling Shareholder | 35.54% | — |
| Purushottam Dass Goel | Promoter/Chairperson and Non-Executive Director | 0.33% | — |
| Rashmi Goel | Promoter Group Member | 9.26% | — |
| Devendra Goel | Promoter | — | — |
| Rashmi Goel | Promoter | — | — |
| Jay Goel | Promoter | — | — |
| Purushottam Dass Goel | Promoter | — | — |
| Purushottam Dass Goel | Promoter and Chairman | — | — |
| Devendra Goel | Promoter and Managing Director | — | — |
| Jay Goel | Promoter and Executive Director | — | — |
| Purushottam Dass Goel | Promoter | 0.33% | — |
| Devendra Goel | Promoter | 49.03% | — |
| Jay Goel | Promoter | 35.54% | — |
| Devendra Goel | Promoter | 49.03% | — |
| Jay Goel | Promoter | 35.54% | — |
| Purushottam Dass Goel | Promoter | 0.33% | — |
| RAG Private Family Trust | Promoter | 5.75% | — |
| Devendra Goel | Managing Director and Promoter | — | — |
| Jay Goel | Promoter and Executive Director | — | — |
| Purushottam Dass Goel | Chairperson and Founder | — | — |
| Devendra Goel | Promoter | — | — |
| Jay Goel | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Our Company THIS ISSUE | — | 29.95 | 15.62, computed at the offer price | 3.50, computed at the offer price | 24.62% |
| — | 1,341.55 | 68.98 | 12.49 | 19.76% | |
| — | 64.61 | 108.66 | 2.95 | 0.98% | |
| — | 438.28 | 22.13 | 3.08 | 15.80% | |
| — | 219.80 | 19.81 | 2.05 | 11.10% | |
| — | 697.07 | 58.79 | 8.10 | 14.76% | |
| — | 544.62 | 35.51 | 3.07 | 8.91% | |
| — | 357.43 | 25.97 | 2.96 | 12.00% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.