Lumino Industries Q2 FY27 results: net profit ₹53.06 crore

How did Lumino Industries perform in Q2 FY27?

Lumino Industries reported consolidated revenue from operations of ₹661.42 crore for Q2 FY27, the July–September 2026 quarter, against ₹521.43 crore in Q1 FY27. Total expenses were ₹599.36 crore and other income was ₹7.82 crore. EBITDA was ₹84.47 crore, with a margin of 12.8%, while profit before tax was ₹69.88 crore and tax was ₹16.67 crore.

Net profit for the quarter was ₹53.06 crore and basic EPS was ₹2.03, against ₹40.17 crore and ₹1.65 in Q1 FY27. Revenue rose 26.8%, EBITDA rose 19.2% and net profit rose 32.1% from the previous quarter, while the EBITDA margin fell 0.8 percentage points. On a standalone basis, revenue was ₹661.42 crore and profit after tax was ₹53.02 crore.

For the first half of FY27, consolidated revenue was ₹1,182.85 crore and total income was ₹1,196.04 crore. Profit before tax was ₹124.43 crore, profit after tax was ₹93.23 crore and EPS was ₹3.68. There was no exceptional item in the quarter.

What do the balance sheet and cash flow show?

As on 30 September 2026, total assets were ₹2,455.99 crore and total equity was ₹1,297.82 crore. Borrowings stood at ₹128.43 crore and cash was ₹185.00 crore. Inventories were ₹356.32 crore, trade receivables were ₹797.78 crore and trade payables were ₹206.51 crore. A comparison with the previous balance sheet date was not provided.

Cash flow from operations for H1 FY27 was ₹56.4 crore, while investing cash flow was ₹-171.86 crore and financing cash flow was ₹208.64 crore. Capital expenditure was ₹90.21 crore. A year-earlier comparison for the six-month cash flow was not provided.

Which businesses drove the quarter?

The Manufacturing segment reported revenue of ₹460.17 crore in Q2 FY27 and EBIT of ₹58.53 crore, an EBIT margin of 12.7%. Year-ago quarter revenue and EBIT for the segment were not provided.

The EPC segment reported revenue of ₹201.25 crore and EBIT of ₹31.00 crore, with an EBIT margin of 15.4%. Year-ago quarter figures for revenue and EBIT were not provided.

What else did the company announce?

The board met on 4 November 2026 and approved the unaudited standalone and consolidated financial results, along with the limited review report of the joint statutory auditors, for the quarter and half year ended 30 September 2026. The board meeting began at 5:00 p.m. and concluded at 6:30 p.m.

The company filed an investor presentation for the quarter and half year on 4 November 2026. The same-day filings and their excerpts did not set out a dividend, a further fund raise or any appointment. A prior filing dated 30 October 2026 had notified the board meeting and stated that the trading window would remain closed until 48 hours after the results were declared and made generally available.

What did Lumino Industries' management say?

Management said the order book at 30 September 2026 was ₹2,885 crore, comprising ₹922 crore from Manufacturing and ₹1,963 crore from EPC. It said orders worth ₹386 crore were received after 30 September 2026 across conductors, cables and underground distribution infrastructure, and that the company had ₹555 crore of L1 tenders.

Management said the ₹180 crore Ranihati expansion would add 35,000 MT of annual capacity in phases, taking total installed capacity from 40,000 MT to 75,000 MT, with commercial production under the first phase expected in Q4 FY27. The stated phasing is 10,000 MT in Q4 FY27, 10,000 MT in Q3 FY28 and 15,000 MT in Q1 FY29, and FY27 capacity was stated at 50,000 MT across three units.

Management said its priorities were to advance the Ranihati expansion, increase the contribution of specialised conductors and cables, and execute the order book efficiently. It said the EPC business would focus on opportunities where manufacturing capabilities and project experience offer a competitive advantage, particularly in substations, distribution infrastructure and HTLS reconductoring.

Management noted that cash conversion remained sensitive to trade acceptances. H1 FY27 operating cash flow was ₹56 crore, while excluding a ₹68 crore trade-acceptance repayment would have made it positive at ₹124 crore. The presentation also showed that the closing order book was below FY26 levels, with Manufacturing at ₹922 crore against ₹1,158 crore and EPC at ₹1,963 crore against ₹1,992 crore.

Management said it saw opportunities for specialised products, particularly HTLS conductors, as utilities seek to increase power transfer capacity across existing networks. It also referred to the integrated manufacturing and EPC model, post-IPO deleveraging and net cash of ₹128 crore. The presentation was inconsistent on the CRISIL long-term rating, showing A+/Stable on the investment-case slide and A/Stable on the capital-structure slide.

How did Lumino Industries shares react?

The filing appeared after market hours. From the price when the filing appeared, the stock fell 4.2% after five minutes, 4.5% after 15 minutes and 4.7% after 30 minutes, against a pre-results close of ₹100.56 and a price of ₹105.00 at the time of the filing. The reaction-day, next-day and five-day closes were not provided.