Introduction
Lumino Industries Ltd is entering the public markets at an interesting time for India’s power infrastructure sector. The company operates across power transmission and distribution manufacturing as well as EPC services, producing conductors, cables and electrical wires while executing projects involving transmission and distribution, EHV substations, railway electrification, solar and other infrastructure. With India’s electricity demand increasing and large investments being made in transmission networks, renewable integration and distribution infrastructure, Lumino is positioned in a sector with a potentially long growth runway.
The company is currently in the middle of its Rs 700 crore IPO, which opened on August 27 and closes on August 31, 2026. The issue comprises a Rs 500 crore fresh issue and Rs 200 crore offer for sale, with the price band fixed at Rs 78 to Rs 82 per share. The fresh issue is largely intended for debt repayment, with around Rs 337 crore earmarked for repayment or prepayment of borrowings and around Rs 15 crore for capital expenditure.
The IPO has already received strong investor interest, with the issue subscribed 4.87 times based on the latest available exchange data. However, subscription numbers and grey market sentiment should not be confused with long term business quality. The more important question is whether Lumino can convert its growing order book, manufacturing capacity and exposure to India’s power infrastructure spending into sustainable earnings and cash flow.
Business Model
Lumino operates through two main business areas, manufacturing and EPC. Its manufacturing business produces aluminium conductors, power cables, electrical wires and specialised products such as high temperature low sag conductors. These products are used in electricity transmission and distribution networks and other infrastructure applications. Its EPC business executes projects across power transmission and distribution, EHV substations, HTLS reconductoring, railway electrification, solar power and water management.
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Manufacturing contributed approximately 69.74 percent of FY26 revenue while EPC contributed around 30.26 percent. This combination gives Lumino exposure to both product manufacturing and infrastructure execution. The manufacturing business can benefit from increasing demand for cables and conductors, while the EPC division provides an opportunity to capture larger infrastructure contracts.
The company has two manufacturing facilities in Howrah with combined aluminium consumption capacity of approximately 40,000 tonnes annually. It is also developing a larger manufacturing facility in Howrah, with commercial production expected to begin in the second half of FY27. The new facility is intended to expand the company’s product range and increase capacity in higher value cables and conductors.
The Order Book Is the Biggest Attraction
Lumino’s order book is one of the strongest aspects of the business. As of March 2026, the company had an order book of approximately Rs 3,149.88 crore, compared with Rs 2,436.27 crore a year earlier. The order book therefore provides meaningful revenue visibility relative to the company’s FY26 revenue of approximately Rs 2,041 crore.
The composition of the order book is also interesting. Approximately Rs 1,992 crore came from EPC contracts while around Rs 1,158 crore came from manufacturing. Around 82.2 percent of the order book was from government entities, with the balance coming from non government customers. This provides visibility but also creates customer concentration and government dependency risks that investors should monitor.
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A large order book by itself does not guarantee profitability. The key is execution, working capital management and the ability to maintain margins while completing projects. Lumino therefore needs to demonstrate that its order book can translate into operating cash flow rather than simply higher reported revenue.
Financial Performance
Lumino has delivered strong growth over the past few years. Consolidated revenue increased from approximately Rs 760 crore in FY23 to Rs 1,400 crore in FY24, Rs 1,915 crore in FY25 and Rs 2,040 crore in FY26. Net profit increased from approximately Rs 19 crore in FY23 to Rs 87 crore in FY24, Rs 125 crore in FY25 and approximately Rs 160 crore in FY26.
The important point is that profit has grown faster than revenue in the recent period. FY26 revenue increased approximately 7 percent, while profit after tax increased about 28 percent. Operating EBITDA increased from approximately Rs 223 crore in FY25 to around Rs 239 crore in FY26, with the operating EBITDA margin remaining around 11.7 percent.
The company reported FY26 ROE of approximately 24.6 percent and ROCE of around 25.8 percent, which indicate reasonably strong profitability relative to the capital employed. However, investors also need to consider the company’s debt and working capital requirements because infrastructure businesses can show good accounting profits while consuming significant cash.
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Management Strategy and Comments
Lumino’s management has positioned the company around India’s long term power infrastructure opportunity. Founder and Chairman Purushottam Dass Goel has been associated with the business since its early development and has focused on building manufacturing capabilities and expanding the company’s presence in the power and energy sector. The company is now led operationally by Managing Director Devendra Goel and Whole Time Director Jay Goel, with Jay Goel particularly involved in business development and modernising operations.
Management has previously highlighted the opportunity created by India’s expansion of power transmission and distribution infrastructure, renewable energy capacity and related networks. The company has also been moving toward higher value products and niche applications rather than depending entirely on conventional conductors. Its strategy includes expanding into high voltage cables, advanced conductors, railway applications and other infrastructure segments.
The upcoming manufacturing facility is an important part of this strategy. Management expects the new facility to expand the range of products that Lumino can manufacture and increase its ability to participate in larger and more specialised projects. If utilisation ramps up successfully, this could become an important contributor to future revenue and margins.
Competitive Advantage and Moat
Lumino’s moat is not exceptionally strong in the traditional sense because cables, conductors and EPC services are competitive businesses. However, the company has built several practical advantages over time.
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Its long operating experience, manufacturing certifications, established relationships with utilities and EPC companies, technical capabilities and project execution track record create barriers for smaller competitors. Lumino says its customers and project relationships include major organisations such as PGCIL, NTPC, L&T, Tata Projects, KEC International and Kalpataru Power Transmission.
The company has also executed around 80,000 kilometres of distribution lines, 44 substations and more than 41 MW of solar projects, according to its IPO-related disclosures. Such execution experience can help with prequalification for larger projects and create a positive cycle where successful execution leads to eligibility for bigger contracts.
The new manufacturing facility could strengthen this advantage further by allowing Lumino to produce a wider range of products internally and reduce dependence on external suppliers for specialised requirements.
Growth Opportunity
The biggest growth driver is India’s ongoing investment in electricity infrastructure. Renewable power capacity is expanding, but renewable generation also requires stronger transmission networks to move electricity from generation centres to consumption centres. Distribution networks also need modernisation and capacity upgrades.
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This creates demand for conductors, cables, substations and EPC services. Railway electrification and renewable energy projects provide additional opportunities beyond traditional transmission and distribution.
Lumino’s growing order book and planned capacity expansion position the company to participate in this spending cycle. The company’s expansion into higher value products could also help improve the quality of future revenue if it can successfully move beyond relatively commoditised products.
IPO and Valuation
The Lumino Industries IPO is priced between Rs 78 and Rs 82 per share. At the upper end, the company is being valued at approximately 12.5 times FY26 earnings based on diluted earnings, according to IPO disclosures. The valuation appears moderate compared with the broader peer group referenced in the offer document, although peer comparisons should be made carefully because Lumino has a different business mix and scale.
The fresh issue is particularly important because a substantial portion of the money is going toward debt reduction. Around Rs 337 crore is intended for repayment or prepayment of borrowings. This could reduce interest costs and improve the balance sheet, assuming the company does not replace the debt quickly with new borrowings for expansion.
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The offer for sale component, however, represents an exit by existing shareholders rather than new capital for the business. Investors should therefore focus more on the impact of the fresh issue and future operating performance than on the headline Rs 700 crore issue size.
Risks
The biggest risk is working capital. EPC and infrastructure businesses often require substantial funds before customer payments are received. Lumino’s debt and working capital cycle therefore need close monitoring as the order book grows.
Raw material price volatility is another important risk because aluminium and other materials form a significant part of manufacturing costs. If the company cannot pass cost increases through to customers, margins can come under pressure.
Government customer concentration is also worth monitoring. More than 80 percent of the March 2026 order book was linked to government entities. Government contracts can provide strong visibility but may also involve long payment cycles, tender competition and execution dependencies.
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The new manufacturing facility creates another execution risk. Capacity expansion can create strong operating leverage when utilisation increases, but it can also increase depreciation, interest and fixed costs if demand does not ramp up as expected.
Finally, investors should not assume that the current IPO excitement automatically translates into long term stock performance. The grey market premium and subscription figures can change rapidly and are not indicators of intrinsic business value.
Investment Thesis
Lumino Industries is an interesting combination of power infrastructure manufacturing and EPC execution. The company has demonstrated strong revenue and profit growth, a growing order book, healthy reported returns on capital and a large opportunity created by India’s ongoing investment in transmission, distribution and renewable infrastructure.
The most interesting aspect is the combination of manufacturing and EPC. Manufacturing provides exposure to recurring demand for cables and conductors, while EPC gives the company access to larger infrastructure projects. The upcoming manufacturing expansion could further increase capacity and move the company toward a broader range of higher value products.
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The IPO also provides an opportunity to strengthen the balance sheet because a significant portion of the fresh issue is being used to reduce debt. If this leads to lower finance costs and stronger cash generation, the company could have greater flexibility for future expansion.
However, Lumino should not be treated as a low risk compounder. Debt, working capital, government customer concentration, raw material volatility and execution risk remain important considerations.
Onetrader Verdict
Lumino Industries is one of the more interesting power infrastructure IPO stories because the company is entering the market with a sizeable order book, established manufacturing capabilities and exposure to India’s long term transmission and distribution spending.
The financial trajectory is encouraging. Revenue has grown strongly over the past few years, profitability has improved and FY26 PAT increased significantly faster than revenue. The Rs 3,150 crore order book provides substantial visibility, while the planned new manufacturing facility creates another potential growth engine.
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The key question for long term investors is execution. If Lumino can convert its order book into cash efficiently, reduce debt through the IPO proceeds, ramp up the new facility and maintain margins, the company could have a credible multi year growth opportunity.
For Onetrader, Lumino Industries looks more interesting as a power infrastructure growth story than simply an IPO listing-gain opportunity.
The business has a good sector tailwind, strong order visibility and improving financial performance. The next stage will depend on whether management can scale without allowing debt and working capital to become the limiting factors.
The power infrastructure opportunity is real. The question is how efficiently Lumino can capture it.
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Rating
4 out of 5
Category: Power Infrastructure and EPC
Theme: Power Transmission, Cables, Conductors and Infrastructure Growth
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Disclaimer
This article is for educational and informational purposes only. It is not a buy or sell recommendation or financial advice. IPO subscription data, grey market premiums and market sentiment can change quickly. Investors should independently evaluate the company’s offer documents, valuation, financial statements, debt, working capital, risks and future execution before making any investment decision.
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