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Lumino Industries
· NSE upcoming
Opens in 2 days · 27 Aug 2026
₹49
GMP* · 25 Aug, 10:20 pm
Price Band
₹78 – ₹82
Issue Size
₹700 Cr
1 lot at upper band
₹14,924
Lot Size
182
Open
27 Aug 2026
Close
31 Aug 2026
Allotment
—
Listing
03 Sept 2026
Scheduled dates
- Open27 Aug 2026
- Close31 Aug 2026
- Refund02 Sept 2026
- Demat credit02 Sept 2026
- Listing03 Sept 2026
GMP Trend*
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Latest GMP: ₹49 5 sessions
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Latest per-category subscription.
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About Lumino Industries
Lumino Industries Limited is a product-driven integrated engineering, procurement and construction (EPC) player in India with strong focus on manufacturing and supplying conductors, power cables and electrical wires to the power transmission and distribution industry. The company operates two key business segments: Manufacturing (aluminium conductors, power cables, and electrical wires) and EPC (power transmission and distribution, EHV substation, re-conductoring with HTLS conductors, railway electrification, solar power projects, and water management projects). The company achieved an Operating EBITDA Margin of 11.71% in Fiscal 2026 and leverages over three decades of experience in the power transmission and distribution industry.
www.luminoindustries.com ↗Strengths
- Growing player in power EPC industry with in-house manufacturing capabilitiesThe 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 segmentsThe 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 rangeThe 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 bookThe 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 companiesThe 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 workforceThe 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
- Substantial Dependence on Government Entities for RevenueThe 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 RiskRevenue 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 DependenceSale 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 RiskCost 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 ChallengesWorking 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 RiskThe 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 RisksEPC 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.
Objects of the Issue
- Prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by the CompanyThe 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.337.00 crores
- Capital expenditure by the Company for purchase of equipment and machinery, civil works and interior development of an existing manufacturing facilityThe 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.15.01 crores
- General corporate purposesThe 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.
Financial Snapshot
Annual values as reported in the offer document.
| Year end | Revenue | Rev. growth | Profit | Profit growth | Assets | Equity | Operating cash flow |
|---|---|---|---|---|---|---|---|
| 31/03/2026 | 2089.31 | +7.3% | 160.00 | +28.4% | 2174.88 | 729.71 | 156.08 |
| 31/03/2025 | 1946.68 | +36.6% | 124.59 | +43.9% | 1718.66 | 570.45 | -238.59 |
| 31/03/2024 | 1424.63 | — | 86.61 | — | 1175.44 | 445.97 | 100.91 |
Units: crores
Issue Details
- Face Value
- ₹5
- P/E
- 12.48
- ROCE
- 31.89%
- Shares / Lot
- 182
- Minimum Bid
- 182 shares
- Refund
- 02 Sept 2026
- Credit to Demat
- 02 Sept 2026
- 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
Management
Purushottam Dass GoelCEO
Devendra GoelMD
Jay GoelCOO
Hemant SultaniaDirector
* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.