Lumino Industries IPO is a book-built issue of ₹700.00 crores, comprising a fresh issue of 6.10 crore shares worth ₹500.00 crores and an offer for sale of 2.44 crore shares aggregating to ₹200.00 crores. The IPO will open for subscription on Aug 27, 2026, and close on Aug 31, 2026. The allotment is expected to be finalized on Sep 1, 2026, with the shares proposed to list on NSE and BSE on Sep 3, 2026.
The issue has a price band of ₹78 to ₹82 per share, with a lot size of 182 shares. At the upper price band, retail investors can apply for a minimum of one lot, requiring an investment of ₹14,924. Motilal Oswal Investment Advisors Ltd. is the book-running lead manager, while Bigshare Services Pvt. Ltd. is the registrar to the issue.
For detailed information on the company’s business, financials, risk factors, and the proposed utilisation of proceeds, investors should refer to the Lumino Industries IPO Red Herring Prospectus (RHP) before making an investment decision.
Company Overview
Lumino Industries Ltd., established in 2005, is an integrated engineering, procurement and construction (EPC) company engaged in manufacturing and supplying conductors, power cables, electrical wires and specialised products for the power transmission and distribution sector.
The company also manufactures high-temperature low-sag (HTLS) conductors, which are used in transmission and distribution networks. Its operations are divided into two primary segments: Manufacturing and EPC.
Its manufacturing portfolio includes aluminium conductors, power cables and electrical wires, while its EPC activities cover power transmission and distribution, EHV substations, HTLS re-conductoring, railway electrification, solar power projects and water management.
Lumino Industries supplies its products to major EPC companies in India and serves international customers, including government-owned electricity utilities, public enterprises and electricity boards across the USA, Mali, Burkina Faso, Côte d’Ivoire, Nepal, Bangladesh, Kenya, Ghana, Rwanda and Ethiopia. As of March 31, 2026, the company employed 890 permanent employees.
(Source: RHP)
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 27 to 31 Aug, 2026 |
| Allotment | Tue, Sep 1, 2026 |
| Listing Date | Thu, Sep 3, 2026 |
| Face Value | ₹5 per share |
| Price Band | ₹78 to ₹82 |
| Lot Size | 182 Shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh capital cum OFS |
| Total Issue Size | 8,53,65,851 shares (agg. up to ₹700 Cr) |
| Fresh Issue | 6,09,75,609 shares (agg. up to ₹500 Cr) |
| Offer for Sale | 2,43,90,242 shares (agg. up to ₹200 Cr) |
| Shareholding Pre-Issue | 24,35,78,096 shares |
| Shareholding Post-Issue | 30,45,53,705 shares |
| Listing Exchange | BSE, NSE |
(Compiled from RHP and market updates)
Industry Context
- India’s wires and cables market is projected to grow at 13-14% CAGR between FY26 and FY31, increasing from ~₹1,618 billion in FY26 to ₹2,980-3,120 billion by FY31, driven by transmission expansion, electrification and construction activity.
- Power transmission cables accounted for the largest market share at 43-45% in FY26, followed by building wires at 27-29%. Rising renewable energy integration, grid modernisation and transmission investments are expected to support demand for MV, HV and EHV cable systems.
- Government-led infrastructure investments are expected to support future market growth, particularly through the Revamped Distribution Sector Scheme (RDSS), CTUIL, ISTS and Green Energy Corridor (GEC), alongside rising construction spending projected to grow at 3-5% annually between FY27 and FY31.
- The organised segment is gaining market share as the industry consolidates, with organised players increasing from ~72-74% in FY20 to 76-78% in FY25, while the unorganised segment declined from 26-28% to 22-24%. Data centres, digital connectivity and smart grids are expected to provide additional demand.
- Wire and cable exports grew strongly to ~₹178 billion in FY26 from ₹32 billion in FY20, registering a 33.0% CAGR, supported by renewable energy, EVs, data centres and China+1 diversification. Exports are expected to grow at 9-10% CAGR between FY26-31, reaching ₹270-285 billion by FY31.
Business Strengths
- Lumino Industries combines manufacturing and EPC capabilities across power transmission and distribution, enabling it to participate in multiple stages of electricity infrastructure development and supply specialised products.
- The company manufactures aluminium conductors, power cables, electrical wires and HTLS conductors, allowing it to cater to varied requirements across transmission, distribution and specialised power infrastructure projects.
- Lumino Industries serves customers across several international markets, including government-owned utilities and electricity boards, providing geographical diversification beyond the domestic Indian power infrastructure market.
- The company manufactures high-temperature low-sag conductors used for transmission and distribution networks, enabling it to participate in specialised applications requiring enhanced power transmission capacity and efficiency.
- Its EPC operations cover transmission, distribution, EHV substations, railway electrification, solar power and water management, providing exposure to multiple infrastructure segments and supporting business diversification.
Business Risks
- The company’s performance is linked to power transmission, distribution and infrastructure investments, making revenue vulnerable to changes in government spending, project awards and broader infrastructure activity.
- Its EPC business involves complex infrastructure projects across multiple segments, where delays in approvals, execution, commissioning or procurement could affect project timelines, costs, profitability and cash flows.
- Manufacturing operations require materials such as aluminium and other inputs, exposing the company to fluctuations in commodity prices that could affect production costs and operating margins.
- The company’s manufacturing and EPC activities require significant working capital for inventory, project execution and receivables, while delayed customer payments could place pressure on liquidity and cash flows.
- Lumino Industries operates in competitive manufacturing and EPC markets where pricing pressure, established competitors and changing customer requirements could affect order wins, margins and overall business performance.
Financial Performance
Lumino Industries Ltd. – Financials (₹ in Million)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 20,410.73 | 19,179.68 | 14,073.15 |
| Total Income | 20,893.13 | 19,466.81 | 14,246.27 |
| EBITDA | 2,389.47 | 2,229.37 | 1,450.92 |
| Profit / (Loss) After Tax (PAT) | 1,599.99 | 1,245.86 | 866.07 |
| PAT Margin (%) | 7.66% | 6.40% | 6.08% |
| Return on Capital Employed (ROCE) (%) | 25.75% | 31.89% | 32.27% |
| Return on Equity (%) | 24.62% | 24.52% | 21.52% |
(Source: RHP)
Key Ratios & Metrics
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| Return on Equity (ROE) | 24.62% | 24.52% |
| Return on Capital Employed (ROCE) | 25.75% | 31.89% |
| Debt-to-Equity Ratio | 0.53 | 0.73 |
| Return on Net Worth (RoNW) | 24.62% | 24.52% |
| PAT Margin | 7.66% | 6.40% |
| EBITDA Margin | 11.71% | 11.62% |
| Net Asset Value (NAV per share) | ₹29.95 | ₹23.41 |
Objects of the Offer
- Repayment or partial prepayment of certain outstanding borrowings.
- Funding capital expenditure for equipment, machinery, civil works and interior development of an existing manufacturing facility.
- Meeting general corporate requirements.
Conclusion
Lumino Industries operates across the power transmission, distribution and infrastructure sectors, with an integrated business model combining manufacturing and EPC capabilities. Its diversified portfolio of conductors, cables, electrical wires and HTLS products, along with exposure to transmission, railway electrification, renewable energy and water management projects, provides multiple avenues for growth.
The company also benefits from an international customer base and specialised capabilities in HTLS conductors, which can support its positioning in evolving power infrastructure markets. However, its performance remains subject to project execution, raw material price movements, working capital requirements and competitive pressures.
Overall, investors should evaluate the company’s business model, financial performance, industry outlook, competitive positioning, valuation, and risk factors in detail, and carefully review the Red Herring Prospectus (RHP) before making an informed investment decision.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This content is purely for informational purposes only and should not be considered as investment advice or a recommendation. Securities quoted are for illustration purposes only and not recommendatory. Investors are requested to do their own due diligence before investing.
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