LUMINO INDUSTRIES LIMITED IPO

LUMINO INDUSTRIES LIMITED IPO closed on 31 Aug 2026. Allotment 1 Sept 2026, listing 3 Sept 2026. Price band ₹78–₹82, lot 182 shares, GMP +₹40 (48.78%). Track allotment on Allotly.

About LUMINO INDUSTRIES LIMITED

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.

Strengths

• 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.
• The company has certain quality and product certifications. The company’s manufacturing facilities are ISO 9001:2015 certified for quality management systems, ISO 14001:2015 certified for environmental management systems and ISO 45001:2018 certified for occupational health and safety management systems. Its testing laboratory is also accredited by NABL, while the company received UL certification in 2024.
• The company claims to have a large and diversified order book: As of March 31, 2026, Lumino Industries had an aggregate order book of Rs 3,149.88 crore, comprising Rs 1,991.98 crore from EPC projects and Rs 1,157.90 crore from Manufacturing. The orders covered customers across different regions in India as well as overseas.
• The company has a strategic collaboration with CTC Global Corporation for the manufacture, sale and distribution of aluminium conductor composite core (ACCC) conductors. It has also entered into joint ventures for railway electrification and water EPC projects.
• The company has executed EPC projects across several Indian states, and its FY26 EPC order book was spread across the Central, East, West, and South regions, with the East and West accounting for 38.08% and 33.36%, respectively. Its manufacturing order book was also distributed across all major regions and included overseas orders.
• The revenue from operations and profit after tax increased consistently in FY24, FY25, and FY26, respectively. Revenue from operations went from Rs 1,407.31 crore to Rs 1,917.97 crore and Rs 2,041.07 crore during the said period. PAT went from Rs 86.61 crore to Rs 124.59 crore and Rs 160 crore during the same period.

Risks

• 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.
• The company had trade receivables of Rs 894.86 crore, Rs 721.16 crore, and Rs 459.52 crore in FY26, FY25, and FY24, respectively. Any delay or failure in collecting these receivables, particularly from government and public sector customers with longer payment cycles, could adversely affect the company’s liquidity, cash flows, and financial condition.
• The company recorded negative cash flow from operating activities of Rs 238.59 crore in FY25, primarily due to an increase in trade receivables, retention money against EPC contracts, and inventory on account of higher business volumes. It also recorded negative cash flows from investing activities of Rs 40.60 crore, Rs 12.77 crore, and Rs 3.58 crore in FY26, FY25, and FY24, respectively, and negative cash flows from financing activities of Rs 101.72 crore and Rs 94.25 crore in FY26 and FY24, respectively. Any recurrence of negative operating cash flows could adversely affect its liquidity, business operations, and financial performance, particularly if external borrowings are required to fund such shortfalls.
• The company is dependent on a limited number of suppliers for its raw materials, with its top 10 suppliers accounting for Rs 1,013.64 crore (87.50%), Rs 913.21 crore (87.86%), and Rs 669.79 crore (85.67%) of total raw material costs in FY26, FY25, and FY24, respectively. Any disruption in supplies, insolvency or commercial disagreements with key suppliers, or inability to source raw materials on similar terms could increase production costs, delay deliveries, and adversely affect the company’s business and financial performance.
• The company’s cost of materials consumed accounted for Rs 1,577.83 crore (83.73%), Rs 1,465.22 crore (82.44%), and Rs 1,091.48 crore (83.40%) of its total expenses in FY26, FY25, and FY24, respectively. Although various customer contracts contain price escalation clauses for products such as aluminium-based cables and conductors, transformers, GI structures, and circuit breakers, these clauses may not fully offset future increases in input costs. If the company is unable to pass on higher material costs to customers, its gross margins, cash flows, and financial performance could be adversely impacted.
• As of July 31, 2026, the company had aggregate outstanding borrowings of Rs 1,856.78 crore. Failure to service or repay these borrowings, or inability to obtain financing on favourable terms, could adversely affect the company’s business, liquidity and financial condition.

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