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₹82 - 82
Lumino Industries Ltd
Infrastructure Developers & OperatorsIPO
₹82 - 82
We are a product-driven integrated engineering, procurement and construction ("EPC") player in India, with strong focus on manufacturing ("Manufacturing") and supplying conductors, power cables and electrical wires and other specialised products and components to the growing power transmission and distribution industry in India. We also manufacture high-temperature low-sag ("HTLS") conductors used in distribution and transmission lines in India. We achieved an Operating EBITDA Margin of 11.71% in Fiscal 2026. By leveraging our experience of more than three decades in the power transmission and distribution industry, we have developed a productdriven business model focussed on designing, engineering, manufacturing and distributing specialised products used in a wide range of power transmission and distribution, industrial applications, electrical wiring, renewable energy projects, communication systems, electrical panels and railway networks applications.
Lot182Min Invest₹14,924Face Value₹5Issue Size₹700 CrFresh Issue₹500 CrOffer for Sale₹200 CrListing Price₹109CMP₹115
Timeline
27 Aug
Bidding opens
31 Aug
Bidding closes
1 Sept
Allotment
1-2 Sept
Refund & demat credit
3 Sept
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹700 Cr8.54 Cr shares
Fresh Issue₹500 Cr
Offer for Sale₹200 Cr
Face Value₹5
Lot Size182 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,9241-13 lots
sNII₹2,08,936from 14 lots
bNII₹10,14,832from 68 lots
Managers & Registrar
Lead ManagerMotilal Oswal Investment Advisors Ltd
Co-ManagerJm Financial Ltd, Monarch Networth Capital Ltd
RegistrarBigshare Services Pvt Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group100%71.98%Public0%28.02%
Objects of the Issue
- Pre payment or repayment, in full or in part, of certain outstanding borrowings availed by the Company.
- Cap ital expenditure by the Company for purchase of equipment & machinery, civil works & interior development of an existing manufacturing facility.
- Gen eral corporate purposes.
Anchor Book
Bid Date25-Aug-2026
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 604 | 760 | 1,407 | 1,918 | 2,041 |
| Operating ProfitCr | 52 | 39 | 145 | 223 | 239 |
| OPM% | 8.7 | 5.2 | 10.3 | 11.6 | 11.7 |
| PBTCr | 46 | 27 | 116 | 169 | 205 |
| PATCr | 34 | 19 | 87 | 125 | 160 |
| EPS | 1 | 1 | 4 | 5 | 7 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 18 | 30 | 30 | 122 | 122 |
| ReservesCr | 320 | 329 | 416 | 449 | 608 |
| BorrowingsCr | 221 | 319 | 458 | 438 | 401 |
| Total AssetsCr | 697 | 851 | 1,175 | 1,719 | 2,175 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | -35 | 72 | -92 | -239 | 156 |
| Investing Cash FlowCr | 17 | -144 | -4 | -13 | -41 |
| Financing Cash FlowCr | 19 | 84 | 99 | 311 | -102 |
| Net Cash FlowCr | 0 | 12 | 3 | 60 | 14 |
Strengths & Risks
Strengths · as stated in the DRHP
- A power EPC company with in-house manufacturing capabilities.
- Cost efficient business model with integrated business segments.
- Manufacturing facilities with diverse product offerings.
- Order book across various regions in India.
- Partnerships with global companies for advanced technology.
- Promoters and management team, with operational and workforce oversight.
Strategies · as stated in the DRHP
- Leveraging market opportunities and core competencies for growth in EPC of power transmission and distribution sector.
- Expand our manufacturing capabilities and product development.
- Expansion and diversification into allied EPC sectors by leveraging existing project execution capabilities.
- Focus on increasing global presence and entering new markets.
Risks · as stated in the DRHP
- The company's business and revenues is substantially dependent on orders received from state-owned electricity boards (SEBs) and public sector power utilities. 53.12%, 79.89% and 85.58% of the company's revenue from operations in the Fiscal 2026, 2025 and 2024, respectively, is from government entities and in the event any one or more such clients were to cease to issue tenders, its business could be adversely affected.
- Revenue from the company's top 10 customers comprise a significant portion of its Revenue from Operations (46.52% for the Fiscal 2026, 80.33% for the Fiscal 2025 and 90.78% for the Fiscal 2024). Any adverse changes affecting their financial condition or the loss of any of these customers will have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- The sale of cables and conductors manufactured by the Company contributes a significant portion to its Revenue from Operations (more than 60% for Fiscals 2026, Fiscals 2025 and 2024). Any adverse development in the company's performance in the manufacturing business could have an adverse effect on its business, cash flows, results of operation and financial position.
- Any increases or fluctuations in prices of, or delay or disruption in supply of primary raw materials could affect the company's estimated costs, expenditures and timelines which may have a material adverse effect on its business, financial condition, results of operations and cash flows.
- The company's revenue from its EPC segment is dependent upon the company's ability to effectively secure contracts awarded to it through the competitive bidding route. Consequently, the company's results of operations and cash flows may be adversely affected or fluctuate materially periodically.
- The company has high working capital requirement. If there are delays in the collection of receivables from its customers or the company is unable to access suitable financing to meet working capital requirements, it could lead to material adverse effect on its business, prospects, financial condition and results of operations.