Lumino Industries Ltd IPO
Infrastructure Developers & Operators
Price Band
₹78 – ₹82
Lot Size
182
Minimum Bid Quantity
182
Minimum Investment
₹14924
Issue Size
₹700Cr
Opens
2026-08-27
Closes
2026-08-31
Listing
03-09-2026
Subscription Status
Qualified Institutional Buyers
33.18 x
Non-Institutional Investor
130.83 x
Retail Individual Investor
27.7 x
Employees
7.52 x
Total
50.48 x
IPO Details
Issue Type
EQUITY
Face Value
₹5
Tick Size
1
ISIN
INE185Q01025
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Lumino Industries Limited is an engineering, procurement and construction (EPC) company involved in manufacturing and supplying conductors, power cables, electrical wires and other specialised products and components for power transmission and distribution and industrial applications. Its manufacturing segment covers aluminium conductors, power cables, and electrical wires, including HTLS conductors, ACSS conductors, ACFR conductors, LV aerial bunch cables, railway signalling cables, thermoset insulated wires, earth wires, and house wires. Its EPC segment undertakes power transmission and distribution, EHV substation, HTLS re-conductoring, railway electrification, solar power, and water management projects. The company operates two manufacturing facilities in Howrah. The company also operates four warehouses covering 156,600 sq. ft.
Pros
- • Lumino Industries combines its manufacturing and EPC businesses, allowing it to use a portion of its in-house manufactured products in its EPC projects. In FY26, 23.08% of the specialised products used in its EPC projects were manufactured in-house.
- • As of March 31, 2026, the company had executed approximately 80,000 km of distribution lines, 44 substations and 41.03 MW of solar projects. It has also undertaken EPC projects across multiple states and completed a power distribution project in Rwanda.
- • The company operates two manufacturing facilities with a combined capacity of 40,000 MT based on aluminium consumption for cables and conductors. Its products include aluminium conductors, power cables and electrical wires used across power transmission, renewable energy, railway, communication and industrial applications.
Cons
- • The company depends substantially on orders from government entities, including state-owned electricity boards and public sector power utilities. Revenue from government and government-controlled entities stood at Rs 1,084.14 crore (53.12%), Rs 1,532.27 crore (79.89%), and Rs 1,204.40 crore (85.58%) of revenue from operations in FY26, FY25, and FY24, respectively. Any adverse changes in government budgetary allocations, policies or tendering activity, or a decision by key government clients to reduce or cease issuing tenders, could hurt the company’s business and financial performance.
- • The company derives a significant portion of its revenue from its top 10 customers, which contributed Rs 949.77 crore (46.52%), Rs 1,540.76 crore (80.33%), and Rs 1,277.61 crore (90.78%) to revenue from operations in FY26, FY25, and FY24, respectively. Any failure to retain these key customers, cancellation or termination of contracts, or adverse changes affecting their business or financial condition could hurt the company’s business and finances.
- • The company’s manufacturing segment, which primarily comprises the sale of aluminium conductors and power cables, contributed Rs 1,423.45 crore (69.74%), Rs 1,246.00 crore (64.96%), and Rs 923.15 crore (65.60%) to revenue from operations in FY26, FY25, and FY24, respectively. The manufacturing segment also supplies products for captive consumption in the company’s EPC projects, creating interdependence between the two business segments. Disruption in manufacturing operations, decline in demand for cables and conductors, or reduction in expenditure on transmission and distribution networks could adversely affect the company’s business, cash flows, and financial performance.
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