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 Sept 2026 | ₹38 | +46.34% | ₹5,300 | ₹120 | ₹6,916 |
| 02 Sept 2026 | ₹39.5 | +48.17% | ₹5,500 | ₹121.5 | ₹7,189 |
| 01 Sept 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 | ₹61.5 | +75.00% | ₹8,500 | ₹143.5 | ₹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.
Issue details
- IPO date
- 27 Aug 2026 – 31 Aug 2026
- Listing date
- 03 Sept 2026
- Face value
- ₹5 per share
- Price band
- ₹78 – ₹82
- 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 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.
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.
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% |
| — | 1341.55 | 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.