Lumino IndustriesIPO Review — Financials, Valuation & Peers
A data-only look at the Lumino Industries IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 1,424.63 | 86.61 | 145.09 | 445.86 | 1,175.44 | 40.91 | — |
| FY 2025 | 1,946.68 | 124.59 | 222.94 | 570.29 | 1,718.66 | 418.83 | — |
| FY 2026 | 2,089.31 | 160 | 238.95 | 729.58 | 2,174.88 | 384.16 | 6.57 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 12.48x
- P/E (post-issue)
- 15.62x
- RoNW
- 24.62%
- RoE
- 24.62%
- RoCE
- 25.75%
- Debt / Equity
- 0.53
- EPS (pre-issue)
- ₹6.57
- EPS (post-issue)
- ₹5.25
- EBITDA Margin
- 11.71%
- PAT Margin
- 7.66%
- P/BV
- 2.74x
- NAV / share
- ₹29.95
- Market Cap
- ₹2,497.34 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Lumino Industries | — | 29.95 | — | 24.62% | — | Consolidated |
| Apar Industries | — | 1,341.55 | 68.98x | 19.76% | 12.49x | Consolidated |
| Bajel Projects | — | 64.61 | 108.66x | 0.98% | 2.95x | Consolidated |
| KEC International | — | 219.8 | 19.81x | 11.1% | 2.05x | Consolidated |
| KEI Industries | — | 697.07 | 58.79x | 14.76% | 8.1x | Consolidated |
| Kalpataru Projects International | — | 438.28 | 22.13x | 15.8% | 3.08x | Consolidated |
| Techno Electric & Engineering Company | — | 357.43 | 25.97x | 12% | 2.96x | Consolidated |
| Universal Cables | — | 544.62 | 35.51x | 8.91% | 3.07x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Purushottam Dass Goel, Devendra Goel, Jay Goel</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 71.97%
- Dilution
- 28.03%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | May Apply |
Third-party analyst views on the Lumino Industries IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
30 anchor investors participated in the Lumino Industries IPO ahead of the public offer, together allocated ₹206.98 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to HDFC INFRASTRUCTURE FUND (₹14.98 crore), ABAKKUS GROWTH FUND-OPEN ENDED (₹14.94 crore) and KOTAK MANUFACTURE IN INDIA FUND (₹9.99 crore). Investor categories represented include Other, Insurance, Bank and FII/FPI. The lock-in on half the anchor shares ends on 1 Oct 2026, with the remainder locked until 30 Nov 2026.
Analyst view tally
ipostation tracks 1 third-party reviewer on the Lumino Industries IPO, including Capital Market. Of the 1 with a stated verdict, 1 says "May Apply". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Lumino Industries operates at an EBITDA margin of 11.71% and a net (PAT) margin of 7.66% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 25.75% and a return on equity (RoE) of 24.62%. At the upper band, the post-issue market capitalisation works out to about ₹2,497.34 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
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 general corporate purposes (₹110.58 crore). In all, 4 objects are disclosed.
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.
Frequently asked questions
- What is the reservation split in the Lumino Industries IPO?
- Of the total shares offered, retail investors get 34.5%, QIBs 19.71% (plus 29.57% anchor), non-institutional investors 14.79%.
- Who are the promoters of Lumino Industries and what is their holding?
- The promoters are <p>Purushottam Dass Goel, Devendra Goel, Jay Goel</p>. Promoter holding is 100% before the issue and 71.97% after listing.
- What is the P/E ratio of the Lumino Industries IPO?
- At the upper price band, the Lumino Industries IPO is valued at 12.48× pre-issue earnings and 15.62× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Lumino Industries IPO?
- The net proceeds go primarily toward prepayment or re-payment, in full or in part,of certain outstanding borrowings availed by company, among 4 disclosed objects.