Lumino Industries IPO
Lumino Industries IPO is a mainboard IPO raising ₹700 Cr at ₹78 – ₹82 a share. It listed on 3 Sept 2026 at ₹110, +34.1% against its issue price of ₹82, and trades at ₹108 today (+31.6% since issue). It was subscribed 118× in total.
118.1 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Lumino Industries is an integrated engineering, procurement and construction (EPC) company in India that manufactures and supplies conductors, power cables, and electrical wires used in power transmission and distribution. Its products go into overhead transmission lines, substations, industrial wiring, renewable energy, railways, communication systems, and electrical panels. It also executes EPC projects such as power distribution/transmission lines, EHV substations, re-conductoring with HTLS conductors, railway electrification, solar power and water management, primarily for Indian central and state power utilities. Manufacturing and EPC are run as two integrated segments, with around 23% of specialised products used in its EPC projects made in-house in FY2026.
How it earns
Revenue comes from two segments: Manufacturing (sale of aluminium conductors, power cables, electrical wires and other components) and EPC (turnkey construction of power transmission, substation, railway electrification, solar and water projects). Note: figures in the prospectus are stated in ₹ million; 1 crore = 10 million, so FY2026 revenue of ₹20,410.73 million = ₹2,041.07 crore.
Who buys
Domestic customers include EPC contractors and utilities such as Kalpataru Projects International Limited, Jakson Limited, Warora Kurnool Transmission Limited, Monte Carlo Limited, K.G.N. Electricals, WRSS XXI (A) Transco Limited, R.S. Infraprojects Private Limited, Uttar Gujarat Vij Company Limited, and central/state power utilities including Kashmir Power Distribution Corporation, Assam Power Distribution Company, Purvanchal Vidyut Vitran Nigam and West Bengal State Electricity Distribution Company. International customers are government-owned electricity companies/boards in the USA, Mali, Burkina Faso, Côte d'Ivoire, Nepal, Bangladesh, Kenya, Ghana, Rwanda and Ethiopia. The prospectus does not disclose specific customer-concentration percentages. Aggregate order book: ₹31,498.78 million (₹3,149.88 crore) as at 31 March 2026.
Scale
2 manufacturing facilities in Howrah, West Bengal (40,000 MT annual aluminium consumption capacity; 264,208 sq ft area) plus 4 warehouses (~156,600 sq ft); 890 permanent employees including 452 qualified engineers as at 31 March 2026; operations across 26 states and 4 union territories in India and 17 countries; cumulative execution of ~80,000 km of distribution lines, 44 substations and 41.03 MW of solar projects; FY2026 revenue from operations ₹20,410.73 million (₹2,041.07 crore); land of ~650,000 sq ft acquired at Ranihati, Howrah for a planned 250,000 sq ft expanded manufacturing facility.
What it says sets it apart
- Integrated Manufacturing-EPC model: 23.08% of products used in EPC projects in FY2026 were made in-house (53.83% in FY2025, 65.49% in FY2024), enabling captive consumption and more competitive bidding.
- UL Certification received in 2024, granting access to US and European markets for conductors and cables; the company is also a two-star export house recognised by the Directorate General of Foreign Trade.
- Strategic collaboration with CTC Global Corporation for manufacture, sale and distribution of ACCC (aluminium conductor composite core) conductors, plus joint ventures for railway electrification and water EPC projects.
- Order book of ₹31,498.78 million (₹3,149.88 crore) at 31 March 2026, spread across EPC (₹19,919.76 million) and Manufacturing (₹11,579.02 million), with EPC order book more than doubling from ₹7,378.10 million at 31 March 2024.
- Two fungible manufacturing facilities in Howrah, West Bengal with 40,000 MT annual aluminium consumption capacity (79% utilisation in FY2026); in-house NABL-accredited testing lab; ISO 9001:2015, ISO 14001:2015, ISO 45001:2018 and 5S certifications; ability to customise conductors and cables for sectors including renewable energy.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs82 / stated EPS Rs6.57 (FY26 diluted, restated consolidated, adjusted for bonus issue (3:1) and sub-division (face value ₹10 to ₹5), [p159]). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹2,041 Cr+6% | ₹160 Cr+28% | 7.8% | ₹730 Cr | ₹384 Cr |
| FY2025 | ₹1,918 Cr+36% | ₹125 Cr+44% | 6.5% | ₹570 Cr | ₹419 Cr |
| FY2024 | ₹1,407 Cr | ₹87 Cr | 6.2% | ₹446 Cr | ₹41 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
63 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
QIB: 221× their allocation. Retail: 39×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
Led by JM Financial Limited — median +29.1% across the 102 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 12 Oct 2026.
What to watch
- Priced at 12.5× earnings — 65% below the median of the peers the issuer itself names.
- Its cohort's record: median +33.9% since issue price, 27% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track LUMINO INDUSTRIES LIMITED
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Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.