IPO closes on 31 Aug'26
Lumino Industries Limited
Minimum Investment
₹ 14,924 / 182 shares
Our Verdict:
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- Lumino Industries is an integrated EPC and manufacturing company serving India's power transmission and distribution sector, combining conductor/cable manufacturing with project execution; revenue grew from ₹1,407.31 crore (FY24) to ₹2,089.31 crore (FY26), and PAT reached ₹160 crore in FY26.
- Of the ₹700 crore issue, ₹500 crore is Fresh Issue and ₹200 crore is Offer for Sale by promoters Devendra Goel and Jay Goel (reduced from an originally planned ₹400 crore OFS at the DRHP stage) — most of the raise still funds the business, primarily debt repayment (~₹337 crore).
- Price Band ₹78–₹82; Lot Size 182 shares. Opens Aug 27, Closes Aug 31, Allotment Sept 1, tentative Listing Sept 3, 2026 on BSE/NSE. GMP has been running very hot, around ₹44–₹47 (~54–57%) as of Aug 27.
- The objects of the Fresh Issue have not been appraised by a bank or financial institution, working capital needs remain high even after debt repayment, and a meaningful share of revenue depends on government and public-sector utility customers and international project execution.
- Strong revenue growth, an integrated manufacturing-plus-EPC model, and peer-leading efficiency metrics (asset turnover, RoE) support the fundamentals, and the very hot GMP signals strong near-term demand, but reliance on government customers, high working capital needs, and unappraised use of proceeds are worth weighing before assuming the grey-market enthusiasm fully translates into a sustained re-rating.
About the company
Founded in
1 Jan'05
Managing director
Devendra Goel
- Lumino Industries is an integrated engineering, procurement and construction (EPC) and manufacturing company serving India's power transmission and distribution ecosystem, combining in-house production of aluminium conductors (including HTLS conductors), power cables and electrical wires with execution of power infrastructure projects.
- EPC activities span power transmission and distribution, extra-high-voltage substations, HTLS reconductoring, railway electrification, solar projects and water management; the Company supplies government-owned electricity utilities internationally, including in the USA, Nepal and Ghana, alongside a domestic electrical wire distribution network across four states through roughly 122 distributors.
- Manufacturing runs through two ISO-certified units in Howrah, West Bengal, with combined aluminium processing capacity of 40,000 MT per year and approximately 110,000 sq. ft. of warehouse space across three facilities; the Company had 890 permanent employees as of March 31, 2026.
- Promoters: Purushottam Dass Goel (Chairperson & Founder), Devendra Goel (Managing Director) and Jay Goel (Executive Director).
STRENGTHS
- Integrated Manufacturing and EPC Model: Combines in-house manufacturing of aluminium conductors (including HTLS conductors), power cables and electrical wires with EPC execution across power T&D, EHV substations, railway electrification, solar and water management projects.
- Revenue and Profit Growth: Revenue grew from ₹1,407.31 crore (FY24) to ₹2,089.31 crore (FY26); PAT reached ₹160 crore in FY26.
- § Diversified Order Book and Customer Base: Serves domestic and international customers including government-owned electricity utilities in the USA, Nepal and Ghana, alongside a domestic distribution network of ~122 distributors across four states.
- Strong Peer-Relative Metrics: Reported the highest asset turnover ratio (18.80x) and among the highest PAT margin (6.07%) and RoE (21.52%) among listed Indian peers in FY24, per the DRHP’s own peer comparison.
- Established Manufacturing Infrastructure: Operates two ISO-certified manufacturing units in Howrah, West Bengal, with combined aluminium processing capacity of 40,000 MT per year and ~110,000 sq. ft. of warehouse space.
RISK FACTORS
Customer and Government Dependency: A significant share of revenue comes from government and public sector power-utility customers, exposing the Company to public-tender timelines, payment cycles and policy dependency.
- High Working Capital Intensity: The EPC and manufacturing businesses are working-capital intensive; the Company may require additional borrowings even after using issue proceeds to reduce existing debt.
- Unappraised Use of Proceeds: The objects of the Fresh Issue have not been appraised by any bank or financial institution, meaning the funding requirements are based on management estimates rather than independent assessment.
- Execution and International Project Risk: EPC execution risk on capacity expansion and international projects (including supply to government utilities in the USA, Nepal and Ghana) exposes the Company to cross-border, currency and delivery risk.
- Offer for Sale by Promoters: ₹200 crore of the issue is Offer for Sale by promoters Devendra Goel and Jay Goel, alongside the ₹500 crore Fresh Issue.
Financials
All Values are in Cr.
Issue details
Issue type
Mainboard
Issue size
₹ ₹700 crore
Fresh Issue
₹ ₹500 crore
OFS
₹ ₹200 crore
Price range
₹ 78 - 82
Lot size
182 shares
Issue Objective
Net Proceeds from the Fresh Issue (₹500 crore) are proposed to be used for: (i) prepayment/repayment of certain outstanding borrowings (~₹337 crore); (ii) capital expenditure for equipment, machinery, civil works and interior development at an existing manufacturing facility (~₹15.01 crore); and (iii) general corporate purposes (balance amount, capped at 25% of Gross Proceeds). *FY24/FY25 PAT not consistently disclosed on a comparable basis in available sources; FY26 PAT is confirmed at ₹160 crore.
Dates
Bidding open
27 Aug'26
Bidding close
31 Aug'26
Allotment date
1 Sep'26
Refund date
2 Sep'26
Listing
3 Sep'26
IPO Reservations
Qualified institutional buyers
<50%
Non-institutional investors
>15%
Retail individual investors
>35%
Read the Offer Document (PDF)
© 2026 by Liquide Solutions Private Limited, SEBI Registered Research Analyst (Registration number - INH000009816)
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