Lumino Industries Limited IPO Details
This article is based entirely on publicly available information disclosed in the Red Herring Prospectus (RHP) of Lumino Industries Limited, dated August 20, 2026, and is intended for general market and financial education purposes only.
1. IPO Snapshot
| Particulars | Details |
|---|---|
| Company Name | Lumino Industries Limited |
| IPO Type | 100% Book Built Offer; Fresh Issue and Offer for Sale |
| Fresh Issue | Up to ₹5,000.00 million |
| Offer for Sale | Up to ₹2,000.00 million |
| Total Issue Size | Up to ₹7,000.00 million |
| Face Value | ₹5 per Equity Share |
| Price Band | ₹78 – ₹82 per Equity Share |
| Lot Size | 182 Equity Shares |
| IPO Opening Date | August 27, 2026 |
| IPO Closing Date | August 31, 2026 |
| Listing Exchange | BSE and NSE; NSE is the Designated Stock Exchange |
| Registrar | Bigshare Services Private Limited |
| BRLMs | Motilal Oswal Investment Advisors Limited; JM Financial Limited; Monarch Networth Capital Limited |
2. IPO Details
| Particular | At Floor Price of ₹78 per Equity Share | At Cap Price of ₹82 per Equity Share |
|---|---|---|
| Fresh Issue – No. of Equity Shares | 64,102,563 | 60,975,609 |
| Fresh Issue – Amount (₹ million) | 5,000.00 | 5,000.00 |
| Offer for Sale – No. of Equity Shares | 25,641,025 | 24,390,242 |
| Offer for Sale – Amount (₹ million) | 2,000.00 | 2,000.00 |
| Total Offer Size – No. of Equity Shares | 89,743,588 | 85,365,851 |
| Total Offer Size – Amount (₹ million) | 7,000.00 | 7,000.00 |
| Post-Offer Shares | 307,680,659 shares | 304,553,705 shares |
| Market Capitalisation | ₹23,999.09 million | ₹24,973.40 million |
3. IPO Timetable
| Event | Date |
|---|---|
| Anchor Investor Bidding | Tuesday, August 25, 2026 |
| IPO Opens | Thursday, August 27, 2026 |
| IPO Closes | Monday, August 31, 2026 |
| Basis of Allotment | Tuesday, September 1, 2026 — tentative / external cross-check |
| Initiation of Refunds | Wednesday, September 2, 2026 — tentative / external cross-check |
| Credit of Equity Shares | Wednesday, September 2, 2026 — tentative / external cross-check |
| Listing Date | Thursday, September 3, 2026 — tentative / external cross-check |
4. Issue Reservation
| Category | Reservation / Disclosure |
|---|---|
| QIB | Not more than 50% of Net Offer |
| Anchor Investors | Up to 60% of QIB Category may be allocated at the discretion of the Company in consultation with BRLMs |
| Mutual Fund Portion | 5% of the Net QIB Category, subject to the conditions stated in the RHP |
| NII | Not less than 15% of Net Offer; one-third of NII portion for bids above ₹2 lakh and up to ₹10 lakh, and two-thirds for bids above ₹10 lakh |
| Retail Individual Investors | Not less than 35% of Net Offer |
| Eligible Employees | Up to ₹100.00 million |
| Shareholder / Other | Not Disclosed in the RHP |
5. IPO Lot Size
| Particular | Shares | Amount @ ₹78 (₹) | Amount @ ₹82 (₹) |
|---|---|---|---|
| Lot Size / Minimum Retail Application | 182 | 14,196 | 14,924 |
| Maximum Retail Application | 2,366 | 1,84,548 | 1,94,012 |
| sNII – Minimum | 2,548 | 1,98,744 | 2,08,936 |
| sNII – Maximum | 12,194 | 9,51,132 | 9,99,908 |
| bNII – Minimum | 12,376 | 9,65,328 | 10,14,832 |
6. About the Company
Lumino Industries Limited was incorporated at Kolkata, West Bengal as a public limited company on March 30, 2005. The business originated from a partnership firm named Lumino Industries, formed with effect from September 1, 1989 to manufacture cables, conductors and other electrical goods. In 2005, the Company took over that partnership business as a going concern.
The Company describes itself as a product-driven integrated engineering, procurement and construction (EPC) player with a focus on manufacturing and supplying conductors, power cables, electrical wires and specialised products and components for India's power transmission and distribution industry. It operates through two key business segments: Manufacturing and EPC.
Services / Products
The Manufacturing segment comprises aluminium conductors, power cables and electrical wires. The Company entered the electrical wire business under the 'Lumicon' brand in Fiscal 2023. The EPC segment comprises power transmission and distribution, EHV substations, re-conductoring with HTLS conductors, railway electrification, solar power projects and water management projects. The Company operates two integrated manufacturing facilities in Howrah, West Bengal, with combined aluminium-consumption capacity of 40,000 MT. The facilities cover an aggregate area of 264,208 sq. ft. and are supported by four warehouses covering approximately 156,600 sq. ft. A 250,000 sq. ft. manufacturing facility is proposed at Ranihati, Howrah, for which approximately 650,000 sq. ft. of land has been acquired.
Competitive Strengths
The RHP identifies the Company's integrated Manufacturing and EPC model, backward integration, in-house production of specialised products, manufacturing capabilities, diversified product portfolio, project execution experience, geographic presence and UL certification among the factors supporting its business model. In Fiscal 2026, 23.08% of specialised products used in EPC projects were manufactured in-house.
7. Restated Consolidated Financial Information
| Particulars (Millions) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations | 20,410.73 | 19,179.68 | 14,073.15 |
| Other Income | 482.40 | 287.13 | 173.12 |
| Total Income | 20,893.13 | 19,466.81 | 14,246.27 |
| Total Expenses | 18,845.43 | 17,773.71 | 13,086.72 |
| Profit Before Tax | 2,048.03 | 1,687.68 | 1,159.28 |
| PAT | 1,599.99 | 1,245.86 | 866.07 |
| Basic & Diluted EPS (₹) | 6.57 | 5.11 | 3.56 |
| Equity Share Capital | 1,217.89 | 1,217.89 | 304.47 |
| Other Equity | 6,079.22 | 4,486.57 | 4,155.21 |
| Total Equity | 7,297.11 | 5,704.46 | 4,459.68 |
| Borrowings – Non-current | 277.44 | 104.49 | 200.09 |
| Borrowings – Current | 3,564.17 | 4,083.79 | 208.96 |
| Total Assets | 21,748.75 | 17,186.60 | 11,754.41 |
| Finance Costs | 660.00 | 660.14 | 362.35 |
| Depreciation & Amortisation | 164.17 | 163.26 | 102.14 |
| Inventory | 3,640.73 | 2,590.96 | 1,788.52 |
| Trade Receivables | 8,948.58 | 7,211.64 | 4,595.23 |
| Trade Payables | 2,554.72 | 1,001.38 | 1,362.61 |
Cash Flow
| Cash-flow Item | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Net Cash from / (Used in) Operating Activities | 1,560.82 | (2,385.93) | 1,009.07 |
| Net Cash from / (Used in) Investing Activities | (406.01) | (127.74) | (35.81) |
| Net Cash from / (Used in) Financing Activities | (1,017.18) | 3,114.77 | (942.54) |
| Net Increase / (Decrease) in Cash and Equivalents | 137.63 | 601.10 | 30.72 |
8. Key Performance Indicators (KPI)
| KPI | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations | 20,410.73 | 19,179.68 | 14,073.15 |
| PAT | 1,599.99 | 1,245.86 | 866.07 |
| Operating EBITDA | 2,389.47 | 2,229.37 | 1,450.92 |
| Operating EBITDA Margin | 11.71% | 11.62% | 10.31% |
| PAT Margin | 7.66% | 6.40% | 6.08% |
| Tangible Net Worth | 7,295.81 | 5,702.88 | 4,458.55 |
| Return on Equity | 24.62% | 24.52% | 21.52% |
| Return on Capital Employed | 25.75% | 31.89% | 32.27% |
| Asset Turnover Ratio | 15.80 | 18.62 | 18.80 |
| Total Debt | 3,841.61 | 4,188.28 | 409.05 |
| Total Debt / Equity | 0.53 | 0.73 | 0.09 |
| Total Debt / Operating EBITDA | 1.61 | 1.88 | 0.28 |
| Closing Order Book | 31,498.78 | 24,362.69 | 19,405.66 |
| Manufacturing Order Book | 11,579.02 | 10,901.88 | 12,027.56 |
| EPC Order Book | 19,919.76 | 13,460.81 | 7,378.10 |
| Capacity (MT) | 40,000 | 40,000 | 40,000 |
9. IPO Valuation
| Valuation Measure | Disclosure |
|---|---|
| Price Band | ₹78–₹82 per share |
| RHP P/E based on diluted FY2026 EPS | 11.87x at Floor; 12.48x at Cap |
| Industry P/E – High / Low / Average | 108.66x / 19.81x / 48.55x (FY2026 peer set) |
| RHP Weighted Average RoNW | 24.07% |
| RHP NAV per Share | ₹29.95 (FY2026); ₹23.41 (FY2025); ₹18.30 (FY2024) |
| Post-offer NAV | ₹39.96 at Floor; ₹40.37 at Cap |
| Supplied Secondary-Source P/E | 12.48x pre-IPO; 15.62x post-IPO |
| Supplied Secondary-Source Price-to-Book | 2.74x FY2026; 3.50x FY2025 |
10. Peer Comparison
| Company | Revenue (₹ million) | PAT | Op. EBITDA | Op. EBITDA Margin | PAT Margin | Tangible NW | RoE | RoCE | Debt | Debt/Equity |
|---|---|---|---|---|---|---|---|---|---|---|
| Lumino Industries Limited | 20,410.73 | 1,599.99 | 2,389.47 | 11.71% | 7.66% | 7,295.81 | 24.62% | 25.75% | 3,841.61 | 0.53 |
| Apar Industries Limited | 229,021.20 | 9,769.30 | 18,759.30 | 8.19% | 4.25% | 53,887.80 | 19.76% | 31.78% | 8,405.10 | 0.16 |
| Bajel Projects Limited | 27,915.75 | 69.03 | 977.09 | 3.50% | 0.24% | 7,475.64 | 0.98% | 11.14% | 3,499.61 | 0.47 |
| Kalpataru Projects International Limited | 271,430.60 | 10,306.30 | 22,399.00 | 8.25% | 3.78% | 74,846.00 | 15.80% | 17.86% | 33,069.60 | 0.44 |
| K E C International Limited | 235,055.40 | 6,055.90 | 16,585.70 | 7.06% | 2.57% | 58,509.70 | 11.10% | 15.33% | 51,032.30 | 0.87 |
| KEI Industries Limited | 117,477.65 | 9,184.33 | 12,290.44 | 10.46% | 7.71% | 66,640.64 | 14.76% | 20.24% | 1,862.00 | 0.03 |
| Universal Cables Limited | 30,226.73 | 1,631.09 | 2,606.41 | 8.62% | 5.35% | 18,895.89 | 8.91% | 8.80% | 11,756.49 | 0.62 |
| Techno Electric & Engineering Company Limited | 32,516.33 | 4,738.65 | 4,618.43 | 14.20% | 13.93% | 41,568.77 | 12.00% | 14.85% | 724.93 | 0.02 |
11. Shareholding Structure - Offer for Sale
| Name | Pre-Offer Shares | Pre-Offer % | Post-Offer Shares @ ₹78 | Post-Offer % @ ₹78 | Post-Offer Shares @ ₹82 | Post-Offer % @ ₹82 |
|---|---|---|---|---|---|---|
| Promoters | ||||||
| Purushottam Dass Goel | 800,000 | 0.33% | 800,000 | 0.26% | 800,000 | 0.26% |
| Devendra Goel (Selling Shareholder) | 119,431,856 | 49.03% | 100,201,087 | 32.57% | 101,139,174 | 33.21% |
| Jay Goel (Selling Shareholder) | 86,560,000 | 35.54% | 80,149,744 | 26.05% | 80,462,440 | 26.42% |
| Total Promoters | 206,791,856 | 84.90% | 181,150,831 | 58.88% | 182,401,614 | 59.89% |
| Promoter Group | ||||||
| Rashmi Goel | 22,544,904 | 9.26% | 22,544,904 | 7.33% | 22,544,904 | 7.40% |
| Rohit Goel | 1,336 | 0.00% | 1,336 | 0.00% | 1,336 | 0.00% |
| RAG Private Family Trust | 14,000,000 | 5.75% | 14,000,000 | 4.55% | 14,000,000 | 4.60% |
| Devendra Goel Private Family Trust | 80,000 | 0.03% | 80,000 | 0.03% | 80,000 | 0.03% |
| Jay Goel Private Family Trust | 80,000 | 0.03% | 80,000 | 0.03% | 80,000 | 0.03% |
| Rohit Goel Private Family Trust | 80,000 | 0.03% | 80,000 | 0.03% | 80,000 | 0.03% |
| Total Promoter Group | 36,786,240 | 15.10% | 36,786,240 | 11.96% | 36,786,240 | 12.08% |
| Total Promoters + Promoter Group | 243,578,096 | 100.00% | 217,937,071 | 70.84% | 219,187,854 | 71.97% |
| Public Shareholders | — | — | 89,743,588 | 29.16% | 85,365,851 | 28.03% |
| Total Post-Offer Share Capital | 243,578,096 | 100.00% | 307,680,659 | 100.00% | 304,553,705 | 100.00% |
12. IPO Objects of the Issue
| Object | Amount / Deployment | Timeline |
|---|---|---|
| Prepayment / repayment of certain borrowings | Up to ₹3,370.00 million | Fiscal 2027 |
| Capital expenditure: equipment, machinery, civil works and interior development | ₹150.13 million | ₹74.83 million in FY2027; ₹75.30 million in FY2028 |
| General corporate purposes | Not to exceed 25% of Gross Proceeds | FY2027/FY2028, as applicable |
13. Risk Factors
1. Business & Customer Concentration
Risk: The Company derived 53.12%, 79.89% and 85.58% of Revenue from Operations from government entities in FY2026, FY2025 and FY2024, respectively. The top 10 customers contributed 46.52%, 80.33% and 90.78% of Revenue from Operations during the same periods.
Potential Impact: A reduction in government tenders or orders, or the loss or reduction of business from major customers, could adversely affect the Company's business, revenue and financial performance.
2. Raw Material Costs
Risk: Cost of materials consumed was ₹15,778.35 million, ₹14,652.23 million and ₹10,914.82 million in FY2026, FY2025 and FY2024, respectively, representing 83.73%, 82.44% and 83.40% of total expenses.
Potential Impact: Volatility in raw-material prices or disruptions in availability could increase production costs, put pressure on margins and adversely affect profitability.
3. Working Capital
Risk: Net working capital stood at ₹7,167.22 million in FY2026, ₹6,840.99 million in FY2025 and ₹2,264.79 million in FY2024, representing 35.11%, 35.67% and 16.09% of Revenue from Operations, respectively.
Potential Impact: The Company's business requires substantial working capital, particularly for receivables and inventories. Higher working-capital requirements could increase dependence on external financing and place pressure on liquidity.
4. Cash Flow
Risk: Operating cash flow was ₹1,560.82 million in FY2026, negative ₹2,385.93 million in FY2025 and ₹1,009.07 million in FY2024.
Potential Impact: Negative operating cash flow, particularly in FY2025, may affect the Company's ability to fund its operations, meet financial obligations and maintain adequate liquidity.
5. Supplier Concentration
Risk: The Company's largest supplier accounted for 30.89% of raw-material sourcing in FY2026, while the top five and top ten suppliers accounted for 77.05% and 87.50%, respectively.
Potential Impact: Dependence on a limited number of suppliers exposes the Company to supply disruptions. The loss of key suppliers or an inability to procure raw materials on acceptable terms could affect production and financial performance.
6. EPC Bidding and Execution
Risk: In FY2026, the Company submitted 121 EPC bids and was awarded 17 projects with an aggregate project value of ₹25,451.10 million, representing a 14.05% success ratio.
Potential Impact: Failure to meet qualification criteria, intense competition, unsuccessful bids, execution delays or cost overruns could adversely affect EPC revenue, project timelines and profitability.
7. Competition
Risk: The Company operates in competitive domestic and international markets and competes on factors including pricing, technical capabilities, execution capabilities, financial strength and quality.
Potential Impact: Competitors with greater financial resources, manufacturing capacity or technological capabilities may affect the Company's ability to win new contracts, retain customers or maintain existing profit margins.
8. Geographic Concentration
Risk: The Company's two manufacturing facilities and four warehouses are located in Howrah, West Bengal.
Potential Impact: The concentration of operations in a single geographic region exposes the Company to regional risks, including infrastructure disruptions, natural disasters, workforce disruptions and other unforeseen events that could interrupt operations.
9. Contingent Liabilities
Risk: Contingent liabilities not provided for amounted to ₹248.59 million as at March 31, 2026. The RHP also identifies various direct and indirect tax matters and litigation.
Potential Impact: If any of these contingent liabilities crystallise, the Company may be required to make significant payments, which could adversely affect its financial position, cash flows and profitability.
10. Related-Party Transactions
Risk: Related-party transactions represented 9.20%, 14.92% and 16.22% of Revenue from Operations in FY2026, FY2025 and FY2024, respectively.
Potential Impact: A significant level of related-party transactions may give rise to potential conflicts of interest and could affect the Company's operations or financial position if such transactions are not conducted on favourable or arm's-length terms.
11. IPO / Objects of the Issue
Risk: The Company intends to utilise up to ₹3,370.00 million of the Net Proceeds towards repayment or prepayment of certain borrowings and ₹150.13 million towards specified capital expenditure. The RHP states that the fund requirements have not been appraised by any bank or financial institution.
Potential Impact: The deployment of IPO proceeds may be subject to implementation delays, cost overruns, changes in requirements and other uncertainties. There can be no assurance that the proceeds will be utilised within the expected timelines or generate the anticipated benefits.
14. Litigation and Contingent Liabilities
| Matter | Disclosure |
|---|---|
| Materiality Threshold | Material litigation is generally disclosed where the amount exceeds ₹61.87 million, representing 5% of the average absolute PAT for the last three financial years, subject to the RHP's subjective and tax-matter thresholds. |
| Company Tax Proceedings | Direct Tax: 1 case involving ₹2.30 million. Indirect Tax: 4 cases involving ₹233.54 million. |
| Promoter Tax Proceedings | Direct Tax: 4 cases involving ₹5.68 million. |
| Director Tax Proceedings | Direct Tax: 4 cases involving ₹5.68 million. |
| Company Criminal Proceedings | The RHP discloses criminal complaints/proceedings, including matters relating to alleged breach of trust, unauthorised use of the Company's name and alleged theft/embezzlement of goods. |
| Material Tax Matter | A Customs appeal concerns IGST of ₹64.66 million plus interest of ₹9.63 million paid by the Company. The matter was pending as of the relevant disclosure date. |
| GST Writ Matter | A writ petition concerns an order involving tax of ₹64.66 million, interest of ₹50.57 million and penalty of ₹12.93 million. The Company sought relief, including a refund of ₹74.29 million with applicable interest. |
| Creditors | As at March 31, 2026, total trade payables were ₹2,554.72 million owed to 1,175 creditors, comprising 454 MSME creditors of ₹683.86 million, 3 material creditors of ₹984.71 million and 718 other creditors of ₹886.15 million. |
| Contingent Liabilities | Total contingent liabilities disclosed as at March 31, 2026 were ₹248.59 million. |
15. IPO Registrar
| Particular | Details |
|---|---|
| Registrar | Bigshare Services Private Limited |
| Contact Person | Vinayak Morbale |
| Telephone | +91 22 6263 8200 |
| ipo@bigshareonline.com | |
| Registered Office | S6-2, 6th Floor, Pinnacle Business Park, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India |
16. IPO Lead Managers
| BRLM | Key Disclosed Contact Details |
|---|---|
| Motilal Oswal Investment Advisors Limited | Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai – 400025; Tel. +91 22 7193 4380; SEBI Reg. No. INM000011005; ipo.lumino@motilaloswal.com |
| JM Financial Limited | Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400025; Tel. +91 22 6630 3030; SEBI Reg. No. INM000010361; lumino.ipo@jmfl.com |
| Monarch Networth Capital Limited | Laxmi Towers, G Block, Bandra Kurla Complex, Bandra East, Mumbai – 400051; Tel. +91 22 6647 6400; SEBI Reg. No. INM000011013; ecm@mnclgroup.com |
17. Company Contact Details
| Particular | Details |
|---|---|
| Registered & Corporate Office | Unit No. 12/4, Merlin Acropolis, 1858/1 Rajdanga Main Road, Kolkata – 700107, West Bengal, India |
| Company Secretary & Compliance Officer | Vivek Jain |
| Telephone | +91 33 2441 2008 |
| investor.relation@luminoindustries.com | |
| Website | www.luminoindustries.com |