About the Business
Incorporated in 2005, Lumino Industries Limited is an integrated engineering, procurement, and construction (EPC) company and manufacturer specializing in conductors, power cables, electrical wires, and specialised products for the power transmission and distribution (T&D) industry in India and international markets.
The company operates through two major business divisions:
- Manufacturing Division: Produces aluminium conductors, power cables, electrical wiring, and high-temperature low-sag (HTLS) conductors designed to increase transmission line power transfer capacity.
- EPC Infrastructure Division: Undertakes power transmission and distribution projects, extra-high voltage (EHV) substations, HTLS re-conductoring, railway electrification, solar power installations, and water management projects.
- Global Footprint: Exports products to international electricity boards, public utilities, and EPC clients across the USA, Bangladesh, Nepal, Kenya, Ghana, Mali, Rwanda, Ethiopia, Burkina Faso, and Côte d’Ivoire.
As of March 31, 2026, Lumino Industries had a workforce of 890 permanent employees. The company’s promoters are Purushottam Dass Goel, Devendra Goel, and Jay Goel.
Financial Overview
Lumino Industries Ltd. demonstrated solid operational expansion, with total income growing by 7% and profit after tax (PAT) increasing by 28% between FY25 and FY26.
| Metric (₹ Cr) | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Total Income | ₹2,089.31 | ₹1,946.68 | ₹1,424.63 |
| Operating EBITDA | ₹238.95 | ₹222.94 | ₹145.09 |
| PAT (Profit After Tax) | ₹160.00 | ₹124.59 | ₹86.61 |
| Net Worth | ₹729.58 | ₹570.29 | ₹445.86 |
| Reserves & Surplus | ₹606.16 | ₹446.66 | ₹413.86 |
| Total Borrowings | ₹384.16 | ₹418.83 | ₹40.91 |
| Total Assets | ₹2,174.88 | ₹1,718.66 | ₹1,175.44 |
Restated Consolidated Figures | Source: RHP Filings
Key Financial Metrics (FY26)
Issue Reservation
| Investor Category | Allocation Limit |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail (RII) Shares Offered | Not less than 35% of the Net Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Net Offer |
Objects of the Issue
The net proceeds from the ₹500.00 Cr fresh issue are proposed to be utilized as follows:
- Prepayment or repayment, in full or in part, of certain outstanding borrowings ₹337.00 Cr
- Capital expenditure for machinery, civil works, and interior development of existing facility ₹15.01 Cr
- General corporate purposes Balance
Lumino Industries Limited offers an integrated model spanning conductor and cable manufacturing alongside turnkey power T&D EPC execution. The business exhibits consistent return ratios (ROE of 24.62% and ROCE of 25.75%).
The planned ₹337.00 Cr debt prepayment significantly deleverages the balance sheet, which is expected to lower interest expenses and enhance net margins. Priced at a post-issue P/E of 15.62x and a market capitalization of ₹2,497.34 Cr at the upper band of ₹82, the issue is positioned attractively against electrical cable and power EPC peers for medium-to-long term investors.
