Lumino Industries Limited is set to enter the Indian primary market with a ₹700 crore mainboard IPO. The company operates across the power transmission and distribution ecosystem, combining manufacturing of conductors, power cables and electrical wires with EPC services for power infrastructure projects. The IPO is scheduled to open on August 27, 2026 and close on August 31, 2026, with the shares proposed to be listed on both BSE and NSE.
Lumino Industries IPO Details
| IPO Details | Information |
|---|---|
| Company Name | Lumino Industries Limited |
| IPO Type | Mainboard IPO |
| Issue Type | Book-Built Issue |
| IPO Open Date | August 27, 2026 |
| IPO Close Date | August 31, 2026 |
| Price Band | ₹78 – ₹82 per share |
| Face Value | ₹5 per share |
| Issue Size | ₹700 crore |
| Fresh Issue | ₹500 crore |
| Offer for Sale | ₹200 crore |
| Lot Size | 182 shares |
| Minimum Investment | ₹14,924 |
| Listing | BSE & NSE |
| Basis of Allotment | September 1, 2026 |
| Refund Initiation | September 2, 2026 |
| Demat Credit | September 2, 2026 |
| Expected Listing Date | September 3, 2026 |
| Business | Power Transmission, Distribution & EPC |
| Key Products | Conductors, Power Cables, Electrical Wires, HTLS Conductors |
The company has fixed the price band at ₹78 to ₹82 per share. At the upper price band, one retail lot of 182 shares requires ₹14,924. The ₹700 crore issue consists of a ₹500 crore fresh issue and a ₹200 crore Offer for Sale by promoter shareholders.
What Does Lumino Industries Do?
Lumino Industries is an integrated engineering, procurement and construction company with a strong focus on India’s power transmission and distribution industry. The company manufactures conductors, power cables, electrical wires and specialised products used in electricity transmission and distribution networks. It also undertakes EPC projects covering power transmission, substations, railway electrification, solar projects, water management and HTLS reconductoring.
One of the company’s notable products is High Temperature Low Sag, or HTLS, conductors. These conductors can carry higher electrical loads while allowing existing transmission corridors to be upgraded without necessarily building completely new transmission lines. This gives Lumino exposure to the broader requirement for grid modernisation and increased transmission capacity.
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The company’s integrated model is also important. Lumino can manufacture electrical products and participate in EPC execution, giving it exposure to both product sales and infrastructure project opportunities. Its customers include major EPC companies and power-sector organisations, while the company also exports to markets across Africa, South Asia and the United States.
Why Is Lumino Industries Raising Money?
The IPO’s fresh issue will provide capital directly to Lumino Industries. A significant portion of the proceeds is intended for repayment or prepayment of outstanding borrowings, while another portion is planned for capital expenditure and general corporate purposes.
Earlier IPO disclosures indicated that around ₹420 crore was earmarked for debt reduction and around ₹15 crore for capital expenditure. The updated ₹700 crore issue structure reflects a ₹500 crore fresh issue and ₹200 crore OFS.
Debt reduction is particularly important because the company’s borrowings increased substantially in FY2025 before declining to around ₹384 crore by March 2026. Successful repayment using IPO proceeds could reduce interest costs and strengthen the balance sheet.
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Lumino Industries Financial Performance
Lumino Industries has reported strong growth in profitability over the last three financial years.
According to financial data reported for the IPO, revenue from operations increased from approximately ₹1,407 crore in FY2024 to ₹1,918 crore in FY2025 and ₹2,041 crore in FY2026. Profit after tax increased from approximately ₹86.6 crore in FY2024 to ₹124.6 crore in FY2025 and ₹160 crore in FY2026.
The FY2026 numbers show that profit growth has remained stronger than revenue growth. This is a positive sign because it indicates improvement in operating efficiency and profitability rather than growth being driven only by higher sales.
The company’s reported FY2026 return ratios are also noteworthy. Data compiled from the IPO financials indicates ROE of around 24.6% and ROCE of around 25.8%, while debt-to-equity was approximately 0.53 times.
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Strong Order Book
Another important factor in the Lumino Industries IPO is its order book. CRISIL reported that the company had orders worth approximately ₹2,791 crore as of March 2026, providing revenue visibility for future periods. The rating agency expects continued demand from power infrastructure and sees potential for the company to grow its revenue over the medium term.
A strong order book can provide confidence regarding future revenue, but investors should remember that orders still need to be executed profitably. Delays, cost increases, raw-material price movements and working-capital requirements can affect the final profitability of these projects.
Strengths of Lumino Industries
Lumino’s biggest strength is its exposure to India’s long-term power infrastructure requirements. Electricity demand, renewable-energy integration, transmission expansion and grid modernisation require significant investment in conductors, cables, substations and related infrastructure.
The company’s integrated manufacturing and EPC model is another advantage. Instead of depending entirely on third-party products, Lumino manufactures several of the products required for its projects. Its presence in HTLS conductors also provides exposure to reconductoring and transmission-capacity upgrades.
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The company has an established customer base and more than two decades of operating experience. Its export presence across several countries provides additional geographical diversification.
The recent financial performance is another positive. Revenue has grown substantially since FY2024, while PAT increased to ₹160 crore in FY2026. The planned reduction in debt through IPO proceeds could further improve the company’s financial profile.
Key Risks
Lumino Industries is exposed to fluctuations in raw-material prices, particularly metals used in manufacturing conductors and cables. Raw-material costs can have a significant effect on margins if increases cannot be passed through to customers.
The company also operates in a competitive industry. Large established players and new entrants compete for manufacturing contracts and EPC projects, which can put pressure on pricing and margins.
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Working capital is another important consideration. Manufacturing and EPC businesses can require substantial funds to support inventory, receivables and project execution. Delays in customer payments can increase the company’s working-capital requirement.
The company’s manufacturing operations are concentrated in West Bengal, which creates a geographical concentration risk. Any significant disruption affecting the region could affect production and operations.
There is also exposure to the power infrastructure cycle. If government spending, private-sector capex or transmission investment slows, new order inflows could be affected.
Lumino Industries IPO Valuation
At the upper price band of ₹82, the IPO implies a post-issue market capitalisation of approximately ₹2,497 crore based on the expanded share capital. Using the FY2026 post-issue EPS of approximately ₹5.25, the implied P/E is around 15.6 times.
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This valuation appears relatively moderate compared with many high-growth IPOs, particularly considering the company’s recent PAT growth, order book and return ratios. However, investors should compare the valuation with listed peers while considering differences in business mix, scale, debt and margins.
The valuation also needs to be considered alongside the company’s debt history and exposure to raw-material prices. A reasonable P/E does not automatically make an IPO attractive if future earnings growth slows.
Should You Invest in Lumino Industries IPO?
Lumino Industries offers investors exposure to a combination of power equipment manufacturing and infrastructure EPC, with its business positioned around India’s expanding electricity transmission and distribution requirements.
The company’s strong FY2026 profitability, established customer relationships, sizeable order book, HTLS conductor capabilities and planned debt reduction are important positives. At the upper price band, the valuation also appears more reasonable than many richly valued IPOs.
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However, investors should monitor raw-material costs, working capital, project execution, order inflows and debt levels. The business remains sensitive to infrastructure spending and commodity prices, so future earnings growth cannot be assumed solely from the current order book.
The Onetrader view is that Lumino Industries is an interesting IPO from a power-infrastructure perspective. Its combination of manufacturing and EPC capabilities, strong recent profit growth and a sizeable order book makes it worth studying. The valuation at ₹82 also appears relatively reasonable, but investors should evaluate the risks around raw materials, execution, working capital and leverage before making a decision.
Investors should read the latest RHP and verify the final issue documents before applying, as IPO information can change during the issue process. SEBI lists Lumino Industries’ RHP and related filings, including a recent corrigendum to the DRHP.
Disclaimer: This article is for educational and informational purposes only and should not be considered investment advice or a recommendation to apply for the Lumino Industries IPO. IPO investments carry market and business risks. Investors should conduct their own research and consult a qualified financial professional where appropriate.
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