Lumino Industries

Founded in 2005, Lumino Industries has evolved into a prominent player in the EPC and power cable industry. Over nearly two decades, the company has established itself as one of the fastest-growing entities specializing in the production of conductors and electrical wires used across industrial, renewable energy, and communication sectors.

The company's core business model revolves around the manufacturing of High-Temperature Low-Sag (HTLS) conductors, which are critical for modern power distribution and transmission lines. Their diverse product portfolio includes Aluminium conductors and various power cables designed to meet rigorous industrial standards.

Lumino Industries maintains a global footprint, supplying its specialized electrical products to international clients. This includes high-profile government-owned electricity companies in the USA, Nepal, and Ghana, demonstrating its ability to meet international quality benchmarks.

Operationally, the company scales its production through two dedicated manufacturing facilities located in Howrah, West Bengal. This regional concentration allows for streamlined logistics and quality control over their core manufacturing processes.

The company is led by its promoters, Purushottam Dass Goel, Devendra Goel, and Jay Goel, who have steered the firm from its inception in 2005 to its current status as a leading EPC provider in the power sector.

Lumino Industries is launching a Mainboard IPO to raise approximately ₹700 Crores. The issue is structured as a book-build process with a price band of ₹78 to ₹82 per share. The total issue comprises a fresh issue of ₹500 Crores and an offer for sale (OFS) of approximately 2,43,90,242 equity shares. The IPO is open for subscription from August 27, 2026, to August 31, 2026, with listing scheduled for September 3, 2026, on both the BSE and NSE.

The proceeds from the fresh issue are primarily earmarked for the prepayment or repayment of outstanding borrowings amounting to ₹337.00 Crores, with ₹15.01 Crores allocated for capital expenditure to purchase equipment, machinery, and civil works for an existing manufacturing facility.

Financially, the company has shown consistent growth over the last three years. Revenue increased from ₹1,424.63 Crores in FY24 to ₹2,089.31 Crores in FY26. Similarly, the Profit After Tax (PAT) has seen a steady climb from ₹86.61 Crores in FY24 to ₹160.00 Crores in FY26, reflecting strong operational efficiency.

From a valuation perspective, the company reports a Basic EPS of ₹6.57 for FY26 and a Net Asset Value (NAV) of ₹29.95. While the specific P/E ratio is not provided, the company operates in a sector with peers like Apar Industries and KEI Industries, which command significant market premiums. The ROE of 24.62% and ROCE of 25.75% indicate high capital efficiency.

A key strength of the issue is the high proportion of fresh capital being infused into the company rather than a pure OFS. However, investors should note that a significant portion of the funds is being used for debt repayment rather than pure organic expansion.

Overall, the IPO presents a balanced opportunity. While the financial trajectory and institutional demand are strong, investors should weigh the debt repayment objective against the long-term growth prospects of the EPC sector.