{"id":6977,"date":"2026-08-26T06:16:40","date_gmt":"2026-08-26T06:16:40","guid":{"rendered":"https:\/\/www.paytmmoney.com\/blog\/?p=6977"},"modified":"2026-08-26T06:19:48","modified_gmt":"2026-08-26T06:19:48","slug":"lumino-industries-ipo-review","status":"publish","type":"post","link":"https:\/\/www.paytmmoney.com\/blog\/lumino-industries-ipo-review\/","title":{"rendered":"Lumino Industries IPO Review: Key Details,Company Overview & Financials"},"content":{"rendered":"

Lumino Industries IPO is a book-built issue of \u20b9700.00 crores, comprising a fresh issue of 6.10 crore shares worth \u20b9500.00 crores and an offer for sale of 2.44 crore shares aggregating to \u20b9200.00 crores. <\/span>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.<\/span><\/p>\n

The issue has a price band of \u20b978 to \u20b982 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 \u20b914,924. <\/span>Motilal Oswal Investment Advisors Ltd. is the book-running lead manager, while Bigshare Services Pvt. Ltd. is the registrar to the issue.<\/span><\/p>\n

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 <\/span>Red Herring Prospectus (RHP)<\/span><\/span><\/a> before making an investment decision.<\/span><\/p>\n

Company Overview<\/b><\/h2>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

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, C\u00f4te d\u2019Ivoire, Nepal, Bangladesh, Kenya, Ghana, Rwanda and Ethiopia. As of March 31, 2026, the company employed 890 permanent employees.<\/span><\/p>\n

(<\/span><\/i>Source:<\/i><\/b> RHP<\/span><\/i><\/a>)<\/span><\/i><\/span><\/p>\n

IPO Details<\/b><\/h2>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Particulars<\/th>\nDetails<\/th>\n<\/tr>\n<\/thead>\n
IPO Date<\/td>\n27 to 31 Aug, 2026<\/td>\n<\/tr>\n
Allotment<\/td>\nTue, Sep 1, 2026<\/td>\n<\/tr>\n
Listing Date<\/td>\nThu, Sep 3, 2026<\/td>\n<\/tr>\n
Face Value<\/td>\n\u20b95 per share<\/td>\n<\/tr>\n
Price Band<\/td>\n\u20b978 to \u20b982<\/td>\n<\/tr>\n
Lot Size<\/td>\n182 Shares<\/td>\n<\/tr>\n
Issue Type<\/td>\nBookbuilding IPO<\/td>\n<\/tr>\n
Sale Type<\/td>\nFresh capital cum OFS<\/td>\n<\/tr>\n
Total Issue Size<\/td>\n8,53,65,851 shares (agg. up to \u20b9700 Cr)<\/td>\n<\/tr>\n
Fresh Issue<\/td>\n6,09,75,609 shares (agg. up to \u20b9500 Cr)<\/td>\n<\/tr>\n
Offer for Sale<\/td>\n2,43,90,242 shares (agg. up to \u20b9200 Cr)<\/td>\n<\/tr>\n
Shareholding Pre-Issue<\/td>\n24,35,78,096 shares<\/td>\n<\/tr>\n
Shareholding Post-Issue<\/td>\n30,45,53,705 shares<\/td>\n<\/tr>\n
Listing Exchange<\/td>\nBSE, NSE<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

(Compiled from RHP and market updates)<\/span><\/i><\/span>
\n<\/b>
\n<\/b>Industry Context<\/b><\/p>\n

    \n
  • India\u2019s wires and cables market is projected to grow at 13-14% CAGR between FY26 and FY31, increasing from ~\u20b91,618 billion in FY26 to \u20b92,980-3,120 billion by FY31, driven by transmission expansion, electrification and construction activity.<\/span><\/li>\n
  • 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.<\/span><\/li>\n
  • 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.<\/span><\/li>\n
  • 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.<\/span><\/li>\n
  • Wire and cable exports grew strongly to ~\u20b9178 billion in FY26 from \u20b932 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 \u20b9270-285 billion by FY31.<\/span><\/li>\n<\/ul>\n

    Business Strengths<\/b><\/h2>\n
      \n
    • 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.<\/span><\/li>\n
    • 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.<\/span><\/li>\n
    • 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.<\/span><\/li>\n
    • 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.<\/span><\/li>\n
    • 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.<\/span><\/li>\n<\/ul>\n

      Business Risks<\/b><\/h2>\n
        \n
      • The company\u2019s performance is linked to power transmission, distribution and infrastructure investments, making revenue vulnerable to changes in government spending, project awards and broader infrastructure activity.<\/span><\/li>\n
      • 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.<\/span><\/li>\n
      • 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.<\/span><\/li>\n
      • The company\u2019s 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.<\/span><\/li>\n
      • 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.<\/span><\/li>\n<\/ul>\n

        Financial Performance<\/b><\/h2>\n

        Lumino Industries Ltd. – Financials (\u20b9 in Million)<\/b><\/h3>\n

        <\/p>\n

        \n\n\n\n\n\n\n\n\n\n\n\n
        Particulars<\/th>\nFiscal 2026<\/th>\nFiscal 2025<\/th>\nFiscal 2024<\/th>\n<\/tr>\n<\/thead>\n
        Revenue from Operations<\/td>\n20,410.73<\/td>\n19,179.68<\/td>\n14,073.15<\/td>\n<\/tr>\n
        Total Income<\/td>\n20,893.13<\/td>\n19,466.81<\/td>\n14,246.27<\/td>\n<\/tr>\n
        EBITDA<\/td>\n2,389.47<\/td>\n2,229.37<\/td>\n1,450.92<\/td>\n<\/tr>\n
        Profit \/ (Loss) After Tax (PAT)<\/td>\n1,599.99<\/td>\n1,245.86<\/td>\n866.07<\/td>\n<\/tr>\n
        PAT Margin (%)<\/td>\n7.66%<\/td>\n6.40%<\/td>\n6.08%<\/td>\n<\/tr>\n
        Return on Capital Employed (ROCE) (%)<\/td>\n25.75%<\/td>\n31.89%<\/td>\n32.27%<\/td>\n<\/tr>\n
        Return on Equity (%)<\/td>\n24.62%<\/td>\n24.52%<\/td>\n21.52%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

        <\/p>\n

        \u2190 Swipe horizontally to view full table \u2192<\/div>\n