IPO Overview
Lumino Industries traces its roots to September 1, 1989, when a partnership firm by the name “Lumino Industries” was formed in Calcutta to manufacture cables, conductors, and other electrical goods. The company was subsequently incorporated as a Public Limited Company on March 30, 2005. Headquartered in Kolkata with a manufacturing facility in Howrah, India, Lumino Industries brings over three decades of expertise in the power and energy sector. It is a leading manufacturer of cables, conductors, and wires, and also a major Engineering, Procurement, and Construction (EPC) player delivering projects across power distribution and transmission, railway electrification, HTLS reconductoring, solar power, and EHV substations.
Lumino Industries is entering the primary market with a ₹700 crore mainboard IPO. The ₹700 crore issue consists of a ₹500 crore fresh issue and a ₹200 crore Offer for Sale by promoter shareholders. 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. The company has fixed the price band at ₹78 to ₹82 per share.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| IPO Open Date | 27 August 2026 |
| IPO Close Date | 31 August 2026 |
| Allotment Date | 01 September 2026 (Expected) |
| Refund Initiation | 02 September 2026 |
| Credit to Demat | 02 September 2026 |
| Listing Date | 03 September 2026 (Tentative) |
| Price Band | ₹78 – ₹82 per share |
| Face Value | ₹5 per share |
| Lot Size | 182 shares |
| Minimum Investment (Retail) | ₹14,924 (1 lot = 182 shares) |
| Issue Size | ₹700 crore |
| Fresh Issue | ₹500 crore |
| Offer For Sale (OFS) | ₹200 crore |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
OFS / Selling Shareholders
The promoters of the company are Purushottam Dass Goel, Devendra Goel, and Jay Goel. The OFS of ₹200 crore will allow existing promoter shareholders to sell shares. The company itself will not receive any money from the OFS portion — all OFS proceeds go directly to the selling promoters.
Objects of the Issue (Fund Utilization)
Lumino Industries had total borrowings of ₹384.16 crore as of March 2026. The repayment of these borrowings using IPO proceeds could substantially reduce its debt burden, interest expenses, and financial risk. Only ₹15.01 crore is allocated to machinery, civil works, and improvement of the existing manufacturing facility. The remainder will be used for general corporate purposes.
- Repayment / prepayment of outstanding borrowings — ~₹420 crore (primary use)
- Capital expenditure for equipment, machinery, and civil works — ₹15.01 crore
- General corporate purposes — remaining proceeds
Note: The ₹200 crore OFS proceeds go entirely to the selling promoters and are not available to the company.
Lead Managers & Registrar
- Book Running Lead Managers: Motilal Oswal Investment Advisors Ltd. and JM Financial Ltd.
- Registrar to the Issue: Bigshare Services Pvt. Ltd.
Promoters & Management
The business traces its origins to the Goel family, with the original partnership firm formed by Deepak Goel and Shanti Devi Goel in 1989. The current promoters of the company are Purushottam Dass Goel, Devendra Goel, and Jay Goel. The company is helmed by Mr. Purushottam Dass Goel as Chairman.
Company Details
Lumino Industries Ltd. is an integrated engineering, procurement and construction (EPC) company in India, with a focus on manufacturing and supplying conductors, power cables, electrical wires, and specialised products for the power transmission and distribution industry. The company operates through two key segments: Manufacturing and EPC.
In 2006, the company diversified into the power distribution EPC sector, further into the solar EPC sector in 2018, set up a furnace in Howrah for production of aluminium alloy rods and aluminium wire rods in 2019, and made a diversification into manufacturing of HTLS conductors in 2020. The company acquired its first water EPC project in 2023.
Sectors / Verticals:
- Power Transmission & Distribution
- Extra High Voltage (EHV) Substations
- HTLS Reconductoring
- Railway Electrification
- Solar Power Projects
- Water Management Projects
Key Products Manufactured:
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.
Key Clients:
The company’s brand has been engaged by all major utilities, EPC companies, and electrical consultants in India, including RDSO, PGCIL, NTPC, L&T, Tata Projects, KEC International, and Kalpataru Power Transmission Limited.
International Presence:
The company supplies to government-owned electricity companies, public enterprises, and electricity boards in countries including the USA, Mali, Burkina Faso, Côte d’Ivoire, Nepal, Bangladesh, Kenya, Ghana, Rwanda, and Ethiopia.
Manufacturing Facilities:
The company operates two manufacturing facilities in Howrah with a combined annual capacity of 40,000 MT of aluminium consumption for cables and conductors.
Order Book:
As of March 31, 2026, Lumino Industries had an aggregate order book of ₹3,149.88 crore, comprising ₹1,991.98 crore from EPC projects and ₹1,157.90 crore from Manufacturing.
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, and the company received UL (Underwriters Laboratories) certification in 2024.
Financial Snapshot
| Period | Revenue from Operations (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹1,407.32 | ₹86.61 |
| FY25 | ₹1,917.97 | ₹124.59 |
| FY26 | ₹2,041.07 | ₹160.00 |
Key Financial Metrics
- Revenue from Operations rose from ₹1,407.32 crore in FY24 to ₹1,917.97 crore in FY25 and further to ₹2,041.07 crore in FY26, reflecting consistent top-line growth.
- Revenue grew 36.6% in FY24 and 7.3% in FY25. ROCE stood at 25.75%, indicating strong operational returns.
- Total borrowings jumped from ₹40.91 crore in FY24 to ₹418.83 crore in FY25 before dipping to ₹384.16 crore in FY26 — a significant debt build-up in a short period.
- Manufacturing contributed ₹1,423.45 crore (69.74%) of FY26 revenue, while EPC contributed ₹617.63 crore (30.26%).
Company Strengths
- The company is the fastest-growing player in the conductors, power cables, and EPC industry in terms of revenue growth (CAGR 2022–2024), with high-quality manufacturing and a strong presence in India’s power transmission and distribution sector.
- Strong and diversified order book of ₹3,149.88 crore as of March 31, 2026, spread across both EPC and Manufacturing segments.
- Over three decades of operating history with deep relationships across government utilities, major EPC companies, and international electricity boards
- One of the company’s notable products is HTLS conductors, which can carry higher electrical loads and allow existing transmission corridors to be upgraded without necessarily building completely new transmission lines.
- NABL-accredited testing laboratory and UL certification (2024), along with ISO 9001, ISO 14001, and ISO 45001 certifications — enabling compliance with stringent domestic and international standards.
- Presence in 10+ international markets provides geographic diversification and export revenue
Key Risks & Challenges
- Sharp debt build-up: Total borrowings jumped from ₹40.91 crore in FY24 to ₹418.83 crore in FY25 before dipping to ₹384.16 crore in FY26 — a significant rise in leverage that IPO proceeds are partly intended to address.
- Only ₹15.01 crore of IPO proceeds is allocated to capacity expansion — future growth will depend primarily on better utilisation of existing facilities, order execution, and demand from the power infrastructure sector.
- Revenues from the EPC segment depend on securing contracts through competitive bidding, which may lead to fluctuations in operations and cash flows.
- Licensing risks — the licensing arrangement for carbon fiber core technology is crucial for ACFR conductors, and unfavorable changes or termination could impact the company’s operations and results.
- Profit inconsistency — while PAT improved in FY26, FY25 saw a lower net profit figure due to an extraordinary item of ₹16.97 crore, raising questions about earnings sustainability.
- OFS component of ₹200 crore means promoters are partially exiting at IPO — funds from this portion do not go to the company for business growth
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
