Lumino Industries IPO

The Lumino Industries mainboard IPO runs from 27 Aug 2026 to 31 Aug 2026, offered at a price band of ₹78–82 per share, and is set to list on NSE and BSE. The company is looking to raise ₹700 crore through the offer. Retail investors bid in lots of 182 shares, a minimum application of ₹14,924.

Issue structure

The offer combines a fresh issue of ₹500 crore with an offer for sale (OFS) of ₹200 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward prepayment or re-payment, in full or in part,of certain outstanding borrowings availed by company (₹337 crore), alongside capital expenditure by company for purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility (₹15.01 crore). In all, 3 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, Lumino Industries reported revenue of ₹2,089.31 crore and a net profit of ₹160 crore. Revenue grew from ₹1,424.63 crore in FY2024 to ₹2,089.31 crore in FY2026 (+47.0%). Net worth stood at ₹729.58 crore at the end of FY2026. At the upper band, that puts the issue at roughly 12.5× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 15.62× post-issue earnings and 2.74× book value, against a return on net worth of 24.62% and a debt-to-equity ratio of 0.53. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Apar Industries and Bajel Projects, with a median peer P/E of about 35.5×. The issue's own post-issue P/E works out to 15.62×.

Promoters

The promoters of the company are <p>Purushottam Dass Goel, Devendra Goel, Jay Goel</p>. Promoter holding stands at 100% before the issue and comes down to 71.97% after listing.

Grey market premium (GMP)

In the unofficial grey market, Lumino Industries shares are quoted at a premium of ₹49 implying an expected listing around ₹131, about +59.8% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

What to weigh

When evaluating the Lumino Industries IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Lumino Industries

Incorporated in 2005, Lumino Industries Limited is a product-driven engineering, procurement, and construction(EPC) company manufacturing and supplying conductors, power cables, electrical wires, and specialised components for India's power distribution and transmission industry. The company manufactures high-temperature, low-sag (HTLS) conductors for distribution and transmission lines and is the fastest-growing player in the conductors, power cables, and EPC industry. The company has developed a product-driven business model focused on designing, manufacturing, and distributing specialised products for power distribution, industrial, renewable energy, and communication applications. The company supplies products to international clients, including government-owned electricity companies in countries like the USA, Nepal, and Ghana. In Fiscal 2024, 62.38% of EPC project products were manufactured in-house. The company's electrical wire business operates in four states in India through a network of approximately 122 distributors. The company operates two manufacturing facilities in Howrah, West Bengal, with a combined capacity of 40,000 MT of aluminium per year, and three warehouses covering approximately 110,000 sq. ft. Business Segments: Manufacturing: The company is the fastest-growing player in the conductors, power cables, and EPC industry (CAGR 2022-2024). Its products include aluminium conductors, power cables, and electrical wires under the 'Lumicon' brand. EPC: The company's EPC segment includes power distribution, EHV substations, HTLS re-conductoring, railway electrification, and solar projects. It serves clients in India and Rwanda, ensuring efficient project planning and execution. Products: Aluminium Conductors: Aluminium conductors are vital for transmitting electrical energy efficiently over long distances to power substations via overhead lines. The company uses them in distribution networks, industrial applications, and power plants. Power Cables: Power cables are used for transmitting and distributing high-voltage electrical power in various industrial and commercial applications. The company manufactures low voltage, aerial bundled, railway signalling, and concentric cables. Electrical Wires: The company entered the wire business in 2023 under the 'Lumicon' brand, manufacturing thermoset insulated wire, earth wires, and house wires. Competitive Strengths: The fastest growing player in the power EPC industry with in-house manufacturing capabilities. Cost-efficient and unique business model with complementary and integrated business segments. Well-developed and integrated manufacturing facilities with an extensive product range Strong and diversified order book. Strong strategic alliances and partnerships with prominent international companies. Experienced Promoters and committed management team, with skilled workforce.