💡Overview & Quick Summary
Lumino Industries Limited IPO Summary: Lumino Industries Limited is launching an Initial Public Offering (IPO) of ₹700.00 Crore (Fresh Issue: ₹500.00 Cr; OFS: ₹200.00 Cr by Promoters Devendra Goel and Jay Goel) open from August 27 to August 31, 2026, at a price band of ₹78 to ₹82 per equity share. The company is an ISO 9001:2015 certified, product-driven, integrated engineering, procurement, and construction (EPC) player with over three decades of experience, specializing in manufacturing and supplying conductors, HTLS conductors, power cables, and electrical wires to power T&D, renewable energy, and railway applications. Operating an integrated model with 23.08% of FY26 project inputs manufactured in-house, Lumino delivered strong financials: Total Income of ₹2,089.31 Cr in FY26, EBITDA of ₹238.95 Cr, PAT of ₹160.00 Cr, and a durable 24.62% RoNW. With ₹337 Cr of fresh issue proceeds allocated to debt repayment and attractive peer valuation room (peer P/E 20x–109x vs Lumino FY26 EPS ₹6.57), Sushil Finance recommends SUBSCRIBE.
1. IPO Overview
Lumino Industries Limited has announced its Initial Public Offering details. The issue opens for subscription on August 27, 2026, and closes on August 31, 2026. The price band has been fixed at ₹78 to ₹82 Per Share with a face value of ₹5 per share. The total issue size aggregates to ₹700.00 crore representing 8,53,65,851 equity shares.
| Issue Parameter |
Details |
| Price Band |
₹78 to ₹82 Per Share |
| Issue Opens On |
Aug 27, 2026 |
| Issue Closes On |
Aug 31, 2026 |
| Lot Size / Bid Multiples |
182 Shares & in Multiples thereafter |
| Total Issue Size |
₹700.00 Cr |
| No. of Shares |
8,53,65,851 Equity Shares |
| Face Value |
₹5/- Per Share |
| Listing Stock Exchanges |
BSE & NSE |
| Lead Managers |
Motilal Oswal Investment Advisors Ltd., JM Financial Ltd., Monarch Networth Capital Ltd. |
| Registrar to the Issue |
Bigshare Services Pvt. Ltd. |
2. Key IPO Details
The total public issue comprises a fresh issue of equity shares and an offer for sale (OFS) by promoter selling shareholders. The offer structure and category reservations across Qualified Institutional Buyers (QIB), Non-Institutional Investors / High Net-Worth Individuals (HNI), and Retail Individual Investors are outlined below:
Offer Structure
| Issuance Segment |
₹ in Cr. |
| Fresh Issue |
500.00 |
| Offer for Sale (OFS) |
200.00 |
| Total Issue Size |
₹700.00 |
Issue Breakup by Investor Category
| Reservation Category |
% of Issue |
₹ in Cr. (at upper band) |
| QIB (Qualified Institutional Buyers) |
50% |
350.00 |
| HNI (Non-Institutional Investors) |
35% |
245.00 |
| RETAIL (Retail Individual Investors) |
15% |
105.00 |
| TOTAL |
100% |
₹700.00 |
3. Company Overview
Lumino Industries Limited (an ISO 9001:2015 Certified Company) is a product-driven, integrated engineering, procurement and construction (EPC) player in India, with a strong focus on manufacturing and supplying conductors, power cables, electrical wires and other specialised products and components to the country's growing power transmission and distribution (T&D) industry.
Key operational and business highlights include:
- High-Temperature Low-Sag (HTLS) Conductors: The Company manufactures specialised HTLS conductors used in distribution and transmission lines.
- Over Three Decades of Track Record: Leverages over three decades of industry experience to operate a product-driven model.
- Broad Application Ecosystem: Operates across power T&D, industrial applications, electrical wiring, renewable energy projects, communication systems, electrical panels, and railway network applications.
4. Objects of the Issue
The Offer comprises a fresh issue aggregating up to ₹500 crore plus an offer for sale aggregating up to ₹200 crore by Promoter Selling Shareholders Devendra Goel and Jay Goel (OFS proceeds do not accrue to the Company).
The Fresh Issue proceeds are allocated as follows, to be deployed across FY2027 and FY2028:
- Prepayment/Repayment of Outstanding Borrowings: ₹337 crore is earmarked for debt retirement.
- Capital Expenditure: ₹15.01 crore for equipment, machinery, and facility upgrades at an existing manufacturing facility.
- General Corporate Purposes: The balance (capped at 25% of gross proceeds) will be deployed for general corporate purposes.
This is predominantly a deleveraging issue, with debt repayment representing the largest single use of proceeds, aimed at strengthening the balance sheet alongside a modest capacity-enhancement component.
5. Key Investment Highlights
- In-House Manufacturing Capabilities: A power EPC company with in-house manufacturing capabilities, reducing external dependence and improving supply chain reliability.
- Cost-Efficient Business Model: Built on integrated business segments spanning manufacturing and EPC execution.
- Diverse Product Range: Manufacturing facilities offering a diverse range of products across conductors, power cables, and electrical wires.
- Established Order Book: Robust order book across various regions in India, supporting revenue visibility.
- Global Technology Partnerships: Partnerships with global companies for advanced technology, strengthening product capability and quality standards.
6. Brief Financial Performance & Metrics
**Not Annualized
| Particulars |
2024 (in crores) |
2025 (in crores) |
2026 (in crores) |
| Total Income |
1,424.63 |
1,946.68 |
2,089.31 |
| Total Expenditure |
1,308.67 |
1,777.37 |
1,884.54 |
| EBITDA (Operating) |
145.09 |
222.94 |
238.95 |
| Profit Before Tax (PBT) |
115.93 |
168.77 |
204.80 |
| Profit After Tax (PAT) |
86.61 |
124.59 |
160.00 |
| E.P.S. (Diluted) (Rs.) |
3.56 |
5.11 |
6.57 |
| RONW (%) |
21.52% |
24.52% |
24.62% |
7. IPO Timeline & Payment Charts
Indicative Time Table
| Tentative Events |
Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
1/9/2026 |
| Initiation of refunds / unblocking ASBA Fund |
2/9/2026 |
| Credit of Equity Shares to demat accounts of Allottees |
2/9/2026 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
3/9/2026 |
Price Chart (@ ₹82) (Retail Category)
| LOT SIZE (Shares) |
Amount (₹) |
| 182 | 14,924 |
| 364 | 29,848 |
| 546 | 44,772 |
| 728 | 59,696 |
| 910 | 74,620 |
| 1,092 | 89,544 |
| 1,274 | 1,04,468 |
| 1,456 | 1,19,392 |
| 1,638 | 1,34,316 |
| 1,820 | 1,49,240 |
| 2,002 | 1,64,164 |
| 2,184 | 1,79,088 |
| 2,366 | 1,94,012 |
HNI Payment Chart
| Category |
No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
2,548 |
2,08,936 |
| Big HNI |
12,376 |
10,14,832 |
8. Our View / Recommendation
Analyst Recommendation: SUBSCRIBE
Sushil Finance Research Stance & Valuation View
Lumino Industries merits a Subscribe, supported by consistent growth, expanding profitability and a debt-reduction-focused issue.
Total income grew from Rs.1,946.68 crore to Rs.2,089.31 crore in FY26 (7.3% YoY, on top of 36.6% growth the prior year), with EBITDA margin improving from 11.45% to 11.44% broadly stable while PAT margin expanded from 6.40% to 7.66%-evidence of improving cost and finance discipline flowing through to the bottom line.
RoNW has climbed steadily and is now consistently strong across all three years (21.52% to 24.52% to 24.62%), reflecting durable capital efficiency rather than a one-off spike.
The Company's integrated manufacturing-plus-EPC model with 23.08% of FY26 project inputs manufactured in-house provides a genuine structural advantage over pure-EPC peers by insulating it from third-party supply and pricing risk, while still capturing project-execution margins.
The Offer itself is sensibly structured, with the largest share of proceeds (Rs.337 crore) going toward debt repayment, which should further support margin and RoNW trends by easing the finance-cost burden.
At listed peer diluted P/E of 20x–109x (composite ~49x) against Lumino's FY26 diluted EPS of Rs.6.57, there is reasonable valuation room even at a meaningful discount to peers.
9. Frequently Asked Questions (FAQs)
Q1. What is the business profile of Lumino Industries Limited?
Lumino Industries Limited is an ISO 9001:2015 certified, product-driven, integrated EPC player in India that manufactures and supplies conductors, HTLS conductors, power cables, and electrical wires to the power T&D, renewable energy, and railway infrastructure sectors with over three decades of experience.
Q2. What is the price band and total issue size of Lumino Industries IPO?
The price band is set at ₹78 to ₹82 per share (Face Value: ₹5), with a total issue size of ₹700.00 crore comprising a ₹500.00 crore Fresh Issue and a ₹200.00 crore Offer for Sale (OFS).
Q3. What are the key subscription dates for Lumino Industries IPO?
The issue opens on August 27, 2026, and closes on August 31, 2026. The allotment basis will be finalized on September 1, 2026, and listing on BSE and NSE is scheduled for September 3, 2026.
Q4. How will the Fresh Issue proceeds of ₹500 Crore be deployed?
Of the ₹500 crore Fresh Issue, ₹337 crore is allocated for debt prepayment/repayment, ₹15.01 crore for capital expenditure (equipment/machinery upgrades at existing facility), and the remainder (capped at 25%) for general corporate purposes across FY27 and FY28.
Q5. What is the analyst recommendation by Sushil Finance on Lumino Industries IPO?
Sushil Finance recommends a 'SUBSCRIBE' based on consistent top-line growth (₹2,089.31 Cr in FY26), expanding PAT margins (7.66%), strong 24.62% RoNW, 23.08% captive manufacturing integration, balance sheet deleveraging, and attractive peer valuation room.
10. Red Herring Prospectus (RHP) Reference
11. Disclaimer
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
