Lumino Industries Limited IPO Date, Price, GMP, Review, Details

Overview

Lumino Industries is an integrated engineering, procurement and construction (EPC) company with over three decades of experience in the power transmission and distribution industry. The Company operates through two complementary business segments: Manufacturing and EPC. Its product-driven business model combines the manufacturing of conductors, power cables, electrical wires and other specialised electrical products with the execution of EPC projects, enabling it to participate across multiple stages of the power infrastructure value chain. The Company serves customers across power transmission and distribution, industrial applications, renewable energy, electrical wiring, communication systems, electrical panels and railway networks.

The Manufacturing segment is the largest contributor to the Company’s business and comprises three key product categories: aluminium conductors, power cables and electrical wires. Its product portfolio includes HTLS conductors, ACSS conductors, ACFR conductors, LV aerial bunch cables, railway signalling cables and single-core service wires. In Fiscal 2026, the Manufacturing segment accounted for 69.74% of Revenue from Operations, compared with 64.96% in Fiscal 2025 and 65.60% in Fiscal 2024. Within Manufacturing, aluminium conductors accounted for 36.01% of Revenue from Operations, power cables for 31.06%, electrical wires for 2.15%, and other products for 0.51% in Fiscal 2026.

The EPC segment accounted for 30.26% of Revenue from Operations in Fiscal 2026, compared with 35.04% in Fiscal 2025 and 34.40% in Fiscal 2024. The segment undertakes projects across power transmission and distribution, EHV substations, re-conductoring using HTLS conductors, railway electrification, solar power and water management. Power transmission and distribution remained the largest EPC business line, contributing 22.17% of Revenue from Operations in Fiscal 2026, followed by EHV substation projects at 4.46%, solar power projects at 2.85% and water management projects at 0.79%.

A key feature of Lumino Industries is the integration between its Manufacturing and EPC businesses. Manufactured conductors and cables are supplied both to external customers and for captive consumption in the Company’s EPC projects. In Fiscal 2026, 23.08% of the specialised products used in EPC projects were manufactured in-house, thereby reducing dependence on external suppliers and improving coordination between product manufacturing and project execution.

The Company operates two manufacturing facilities in Howrah, West Bengal, with a combined annual aluminium consumption capacity of 40,000 MT and an aggregate manufacturing area of approximately 264,208 sq. ft. It also operates four warehouses covering approximately 156,600 sq. ft. The Company is expanding its manufacturing capabilities through a proposed 250,000 sq. ft. facility at Ranihati, Howrah, for which it has acquired approximately 650,000 sq. ft. of land. The proposed facility is expected to expand its product range to include low- and high-voltage cables, instrumentation cables, solar cables, railway signalling cables, flexible electrical wires, overhead conductors, and HTLS conductors.

The Company has a diversified customer base comprising large EPC players such as Kalpataru Projects International, Jackson Limited, Warora Kurnool Transmission, K.G.N. Electricals, Monte Carlo and R.S. Infraprojects. Its international customers include government-owned electricity companies, public enterprises, and electricity boards across countries such as the US, Mali, Burkina Faso, Côte d’Ivoire, Nepal, Bangladesh, Kenya, Ghana, Rwanda, and Ethiopia. It has also expanded into international EPC execution and completed a power distribution EPC project in Rwanda.

Overall, Lumino Industries’s business is primarily manufacturing-led, with Manufacturing contributing nearly 70% of Revenue from Operations, while EPC provides an additional project-execution vertical and captive consumption opportunity. The combination of in-house manufacturing, EPC capabilities and a diversified product portfolio positions the Company as an integrated participant in India’s power infrastructure ecosystem.

IPO Details

Use of Funds

• Prepayment or repayment, in full or in part, of certain outstanding borrowings availed by the Company.

• Capital expenditure by the Company for the purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility.

• General corporate purposes.

Key Strengths

• Well-Developed and Integrated Manufacturing Facilities with an Extensive Product Range
  Lumino Industries operates two manufacturing facilities and four warehouses, with a combined installed capacity of 40,000 MT for cables and conductors. In Fiscal 2026, the facilities produced 31,571 MT, representing capacity utilisation of 78.93%. Its manufacturing capabilities span a diverse range of conductors, cables, and electrical wires used across power transmission and distribution, renewable energy, railway electrification, industrial applications, communication systems, and electrical infrastructure. The ability to manufacture products in-house also supports captive consumption in its EPC projects, while the flexibility to modify its manufacturing processes and product mix enables it to respond to changing market requirements.

• Strong and Diversified Order Book
  Lumino Industries has a strong and diversified order book across its EPC and Manufacturing segments, providing visibility into future business activity. As of March 31, 2026, the Company had an order book of ₹1,991.98 crore in EPC projects and ₹1,157.90 crore in Manufacturing. Its order book reflects its technical capabilities, project execution expertise and established internal systems. Further, its pan-India presence reduces dependence on project activity in any particular region. The Company has undertaken projects across Jammu & Kashmir, Jharkhand, Gujarat and West Bengal, enabling it to address diverse regional requirements and participate in infrastructure opportunities across multiple geographies.

• Strong Strategic Alliances and Partnerships with Prominent International Companies
  Lumino Industries has developed strategic alliances and partnerships to strengthen its technological capabilities and expand its product offerings. Its collaboration with CTC Global Corporation enables the Company to manufacture, sell and distribute ACCC conductors, which offer higher current-carrying capacity, lower line losses and reduced sag compared with conventional conductors. These products can support grid modernisation, renewable energy integration and transmission network expansion. The Company has also formed joint ventures for railway electrification projects with Shyam Indus Power Solutions and Zetwerk, and for water EPC projects with SMC Infrastructure, thereby allowing it to leverage partners’ capabilities alongside its engineering, project execution, and market expertise.

Key Risks

• High Customer Concentration Creates Dependence on Key Customers
  Lumino Industries derives a significant portion of its Revenue from Operations from its top 10 customers, with their contribution at 46.52% in Fiscal 2026, down from 80.33% in Fiscal 2025 and 90.78% in Fiscal 2024. The Company is mainly dependent on state and central government authorities for its business. While customer concentration has declined over the period, the top 10 customers still represent a substantial share of revenue. Any adverse change in the financial condition or operations of these customers, a reduction in orders, or the loss of key customers could adversely affect the Company’s business, results of operations, financial condition, and cash flows.

• High Exposure to Raw Material Price Volatility and Supply Disruptions
  Lumino Industries’s manufacturing operations are highly dependent on the availability and pricing of key raw materials, particularly aluminium, copper, XLPE compound, PVC compound and steel. Raw material consumption accounted for 83.73% of total expenses in Fiscal 2026, highlighting the Company’s significant exposure to input-cost fluctuations. Aluminium alone represented 83.25% of total raw material consumption. Prices and availability can be affected by commodity market movements, geopolitical tensions, transportation costs, supply chain disruptions, tariffs, and broader economic conditions. Although the Company monitors commodity exposure and uses hedging strategies, it may not always be able to pass increased costs to customers. Any sustained increase in input prices or disruption in supply could adversely affect operations and cash flows.

• EPC Revenues Are Dependent on Securing Contracts Through Competitive Bidding
  Lumino Industries’s EPC revenues depend on its ability to secure contracts through competitive bidding, exposing the segment to periodic fluctuations in project awards and execution. The power transmission and distribution market is highly competitive, with interstate and intrastate transmission projects generally awarded through competitive bidding. Bidders are required to satisfy qualification criteria relating to technical capabilities, relevant experience, financial strength and execution track record. Consequently, failure to secure sufficient contracts or increased competition in the bidding process could affect the Company’s order inflows and EPC revenues. Any slowdown in tendering activity or inability to win projects may result in fluctuations in business activity, revenues and cash flows.

• High Working Capital Requirements May Strain Liquidity
  Lumino Industries operates a working-capital-intensive business, with trade receivables and inventories forming a substantial portion of its current assets. Net working capital stood at ₹716.72 crore in Fiscal 2026, equivalent to 35.11% of Revenue from Operations, compared with ₹684.10 crore in Fiscal 2025 and ₹226.48 crore in Fiscal 2024. The Company’s debtor days increased to 145 days in Fiscal 2026 from 112 days in Fiscal 2025, while retention days increased to 50 days. Since a significant portion of its contracts is with government entities that may involve extended credit periods, delays in collections could increase reliance on working capital facilities and financing costs.

Financial Snapshot

Peer Comparison

Conclusion

Lumino Industries presents a strong long-term growth profile, supported by its integrated manufacturing and EPC model, diversified product portfolio, sizeable order book and strategic partnerships. The Manufacturing segment provides a stable business base, while the EPC segment offers exposure to India’s ongoing power and infrastructure expansion. Financial performance has also remained healthy, with improving EBITDA and PAT margins and superior returns compared with the industry average. However, high working capital requirements, customer concentration, raw material volatility, and dependence on competitive bidding remain key risks. Considering the growth prospects and business fundamentals, we recommend subscribing to the IPO for long-term investors.