Lumino Industries IPO
Lumino Industries IPO is a Mainboard book-built issue of ₹700.00 crore comprising a Fresh Issue of ₹500.00 crore and an Offer for Sale of ₹200.00 crore. The price band is ₹78 to ₹82 per share, with a lot size of 182 shares.
Lumino Industries IPO Details
Lumino Industries IPO opened for subscription on 27 August 2026 and will close on 31 August 2026. The basis of allotment is scheduled for 1 September 2026, refunds and Demat credit are scheduled for 2 September 2026, and listing is scheduled for 3 September 2026.
Lumino Industries IPO GMP
Lumino Industries IPO GMP was around ₹56.5 on 28 August 2026 against the upper issue price of ₹82, implying an unofficial indicative price of approximately ₹138.5. GMP is unofficial grey-market information and does not guarantee the actual listing price.
Lumino Industries IPO Timeline (Tentative)
Lumino Industries IPO opened for public subscription on 27 August 2026 and will close on 31 August 2026. The basis of allotment is scheduled for 1 September, refunds and Demat credit are scheduled for 2 September, followed by listing on BSE and NSE on 3 September 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Thu, Aug 27, 2026 |
| IPO Close Date | Mon, Aug 31, 2026 |
| Basis of Allotment | Tue, Sep 1, 2026 |
| Initiation of Refunds | Wed, Sep 2, 2026 |
| Credit of Shares to Demat | Wed, Sep 2, 2026 |
| Listing Date | Thu, Sep 3, 2026 |
| Anchor Investor Bidding | 25 August 2026 |
| IPO Opens | 27 August 2026 |
| IPO Closes | 31 August 2026 |
| Basis of Allotment | 1 September 2026 |
| Refund Initiation | 2 September 2026 |
| Credit of Shares to Demat | 2 September 2026 |
| Listing Date | 3 September 2026 |
Lumino Industries IPO Lot Size
The Lumino Industries IPO lot size is 182 shares. At the upper price band of ₹82 per share, one lot requires a minimum investment of ₹14,924. Retail investors can apply for up to 13 lots, or 2,366 shares, amounting to ₹1,94,012.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 182 | 14,924 |
| Retail (Max) | 13 | 2,366 | 1,94,012 |
| S-HNI (Min) | 14 | 2,548 | 2,08,936 |
| S-HNI (Max) | 67 | 12,194 | 9,99,908 |
| B-HNI (Min) | 68 | 12,376 | 10,14,832 |
Lumino Industries IPO Reservation
The Lumino Industries IPO reserved not more than 50% of the net offer for Qualified Institutional Buyers, not less than 15% for Non-Institutional Investors and not less than 35% for Retail Individual Investors. An employee reservation is also provided in the issue.
Lumino Industries IPO Subscription
Lumino Industries IPO received strong investor interest on the second day of bidding. As of 28 August 2026, the issue was subscribed around 4.25x overall, with QIB subscription at 0.05x, NII at 6.38x, Retail at 5.86x and Employee at 1.60x. The issue remains open until 31 August 2026, so the final subscription figures are not yet available.
| Category | Subscription (times) |
|---|---|
| QIB | 0.05x |
| NII | 6.38x |
| RII | 5.86x |
| Employee | 1.60x |
| Total | 4.25x |
About Lumino Industries
Lumino Industries Limited is an integrated engineering, procurement and construction (EPC) company with a strong focus on manufacturing and supplying conductors, power cables, electrical wires and specialised products and components for India's power transmission and distribution industry. The company operates through Manufacturing and EPC business segments.
The company's business originated from a partnership firm named Lumino Industries, formed with effect from 1 September 1989. Lumino Industries Limited was incorporated as a public limited company on 30 March 2005 and subsequently took over the partnership business as a going concern.
Its manufacturing operations include aluminium conductors, power cables, electrical wires and high-temperature low-sag (HTLS) conductors. Its EPC business covers power transmission and distribution, EHV substations, HTLS re-conductoring, railway electrification, solar power projects and water management projects.
As of 31 March 2026, the company had a closing order book of approximately ₹3,149.88 crore, comprising an EPC order book of approximately ₹1,991.98 crore and a manufacturing order book of approximately ₹1,157.90 crore. Its manufacturing capacity was 40,000 MT.
The company supplies products to major EPC players in India and also serves customers in international markets, including government-owned electricity companies, public enterprises and electricity boards.
Strengths
- Integrated manufacturing and EPC business model.
- Established presence in the power transmission and distribution sector.
- Product portfolio includes conductors, power cables, electrical wires and HTLS conductors.
- Strong and growing order book.
- Exposure to power transmission, distribution, railway electrification, renewable energy and water infrastructure.
- International customer and export presence.
- Revenue and profitability have grown over the reported financial periods.
- FY2026 ROE stood at 24.62% and ROCE at 25.75%.
- Manufacturing capacity of 40,000 MT.
- Established business history dating back to 1989.
Risks to Consider
- The business is exposed to fluctuations in the prices of raw materials used in manufacturing.
- The company operates in a competitive power equipment and EPC industry.
- EPC projects involve execution, cost-overrun and completion risks.
- The company has significant working-capital requirements.
- Total debt remained substantial at ₹384.16 crore as of FY2026.
- The working capital cycle increased materially in FY2026.
- Customer concentration may affect business performance.
- The company is exposed to risks associated with government and infrastructure projects.
- Expansion and capacity-related investments may increase financial requirements.
Lumino Industries Financials (₹ Cr)
Lumino Industries reported revenue of ₹1,424.63 crore in FY2024, ₹1,946.68 crore in FY2025 and ₹2,089.31 crore in FY2026. PAT increased from ₹86.61 crore in FY2024 to ₹124.59 crore in FY2025 and ₹160.00 crore in FY2026. Net worth increased from ₹445.86 crore in FY2024 to ₹729.58 crore in FY2026.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 1,424.63 | 86.61 | 1,175.44 | 445.86 |
| FY2025 | 1,946.68 | 124.59 | 1,718.66 | 570.29 |
| FY2026 | 2,089.31 | 160.00 | 2,174.88 | 729.58 |
KPIs & Valuation
At the upper IPO price band of ₹82, Lumino Industries had a pre-issue P/E of 12.48x based on FY2026 EPS of ₹6.57. The post-issue EPS is ₹5.25, resulting in a post-issue P/E of 15.62x. FY2026 RoNW was 24.62%, ROCE was 25.75% and NAV was ₹29.95 per share.
Objects of the Issue
The Fresh Issue proceeds of ₹500.00 crore are proposed to be used mainly for repayment or prepayment of certain outstanding borrowings and for capital expenditure. The company also proposes to use a portion of the proceeds for general corporate purposes. The ₹200.00 crore Offer for Sale component will accrue to the selling shareholders.
- The company proposed to utilise the IPO proceeds for:
- Prepayment or repayment, in full or in part, of certain outstanding borrowings – ₹337.00 crore.
- Capital expenditure for purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility – ₹15.01 crore.
- General Corporate Purposes – Balance Amount.
Promoters, Lead Managers & Registrar
Lumino Industries Limited is promoted by Purushottam Dass Goel, Devendra Goel and Jay Goel. Motilal Oswal Investment Advisors Limited, JM Financial Limited and Monarch Networth Capital Limited are acting as the Book Running Lead Managers. Bigshare Services Private Limited is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | Bigshare Services Private Limited |
|---|---|
| Phone | +91 81049 85249 |
| investor@bigshareonline.com | |
| Website | https://www.bigshareonline.com/ |
Lumino Industries IPO Review
Lumino Industries reported revenue of ₹1,424.63 crore in FY2024, ₹1,946.68 crore in FY2025 and ₹2,089.31 crore in FY2026. PAT increased from ₹86.61 crore in FY2024 to ₹124.59 crore in FY2025 and ₹160.00 crore in FY2026.
The company has an integrated business model combining manufacturing of power transmission products with EPC activities. Its exposure to conductors, cables, wires and infrastructure projects provides participation in India's expanding power transmission and distribution requirements.
The company's order book increased to approximately ₹3,149.88 crore as of 31 March 2026 from ₹2,436.27 crore in FY2025 and ₹1,940.57 crore in FY2024, providing visibility for future execution.
Profitability also improved. EBITDA increased from ₹145.09 crore in FY2024 to ₹222.94 crore in FY2025 and ₹238.95 crore in FY2026, while EBITDA margin increased to 11.71% in FY2026. PAT margin stood at 7.66%.
At the upper IPO price of ₹82, the pre-issue P/E is approximately 12.48x based on FY2026 EPS of ₹6.57. The post-issue EPS is ₹5.25, resulting in a post-issue P/E of approximately 15.62x.
The key concern is the company's debt and working-capital requirement. Total debt was ₹384.16 crore in FY2026, while the working-capital cycle increased significantly. Investors should therefore assess the company's debt-reduction plans, order-book execution, raw-material exposure and customer concentration before making an investment decision.
As of 28 August 2026, the IPO had been subscribed around 4.25x overall. Since bidding remains open until 31 August 2026, the final subscription numbers may differ.
How to Apply
Lumino Industries IPO applications can be made through the ASBA process and UPI-supported IPO applications. The minimum application consists of one lot of 182 shares, requiring ₹14,924 at the upper price band of ₹82.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Lumino Industries IPO.
- Enter the number of lots you want to apply for.
- Select the bid price. Retail investors can generally choose Cut-off when available.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Lumino Industries has published material agreements and offer-related documents on its official website, including its Memorandum and Articles of Association, annual reports for FY2026, FY2025 and FY2024, auditor reports and other IPO documents. SEBI records the company's RHP dated August 2026.
Last updated Aug 29, 2026.