Lumino Industries IPO \u2013 Flattrade Kosh<\/title>\n <style>\n \/* ==========================================================================\n 1. DESIGN TOKENS & RESET\n ========================================================================== *\/\n :root {\n --brand-primary: #16a34a;\n --brand-primary-hover: #15803d;\n --brand-light: #f0fdf4;\n --brand-border: #bbf7d0;\n \n --neutral-900: #0f172a;\n --neutral-800: #1e293b;\n --neutral-700: #334155;\n --neutral-600: #475569;\n --neutral-500: #64748b;\n --neutral-200: #e2e8f0;\n --neutral-100: #f1f5f9;\n --neutral-50: #f8fafc;\n --surface: #ffffff;\n \n --radius-sm: 6px;\n --radius-md: 10px;\n --radius-lg: 16px;\n --radius-full: 9999px;\n \n --shadow-subtle: 0 1px 3px rgba(0, 0, 0, 0.04), 0 1px 2px rgba(0, 0, 0, 0.02);\n --shadow-card: 0 4px 12px -2px rgba(15, 23, 42, 0.06), 0 2px 6px -2px rgba(15, 23, 42, 0.04);\n --shadow-hover: 0 12px 24px -4px rgba(15, 23, 42, 0.10);\n \n --font-stack: -apple-system, BlinkMacSystemFont, \"Segoe UI\", Roboto, Inter, \"Helvetica Neue\", sans-serif;\n }\n\n *, *::before, *::after {\n box-sizing: border-box;\n margin: 0;\n padding: 0;\n }\n\n body {\n font-family: var(--font-stack);\n background-color: var(--neutral-50);\n color: var(--neutral-700);\n line-height: 1.75;\n -webkit-font-smoothing: antialiased;\n }\n\n \/* ==========================================================================\n 2. LAYOUT WRAPPER\n ========================================================================== *\/\n .cmr-article-wrapper {\n max-width: 760px;\n margin: 32px px 64px;\n background: var(--surface);\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-lg);\n padding: 40px 32px;\n box-shadow: var(--shadow-card);\n }\n\n \/* ==========================================================================\n 3. HEADER & META\n ========================================================================== *\/\n .meta-bar {\n display: flex;\n align-items: center;\n gap: 10px;\n margin-bottom: 18px;\n }\n\n .tag-badge {\n display: inline-flex;\n align-items: center;\n gap: 6px;\n background: var(--brand-light);\n color: var(--brand-primary);\n border: 1px solid var(--brand-border);\n border-radius: var(--radius-full);\n padding: 3px 12px;\n font-size: 11px;\n font-weight: 700;\n letter-spacing: 0.06em;\n text-transform: uppercase;\n }\n\n .tag-badge::before {\n content: \"\";\n width: 6px;\n height: 6px;\n background-color: var(--brand-primary);\n border-radius: 50%;\n }\n\n .meta-source {\n font-size: 13px;\n font-weight: 500;\n color: var(--neutral-500);\n }\n\n h1.post-title {\n font-size: 28px;\n font-weight: 800;\n color: var(--neutral-900);\n line-height: 1.25;\n letter-spacing: -0.02em;\n margin-bottom: 24px;\n }\n\n h2.section-heading {\n font-size: 19px;\n font-weight: 700;\n color: var(--neutral-900);\n margin: 36px 0 16px;\n letter-spacing: -0.01em;\n display: flex;\n align-items: center;\n gap: 8px;\n }\n\n .cmr-article-wrapper p {\n font-size: 15.5px;\n margin-bottom: 18px;\n color: var(--neutral-700);\n text-align: justify;\n }\n\n .cmr-article-wrapper strong {\n color: var(--neutral-900);\n font-weight: 600;\n }\n\n \/* ==========================================================================\n 4. IPO AT A GLANCE GRID\n ========================================================================== *\/\n .cmr-glance-title {\n font-size: 12px;\n font-weight: 700;\n color: var(--neutral-500);\n text-transform: uppercase;\n letter-spacing: 0.08em;\n margin: 28px 0 14px;\n display: flex;\n align-items: center;\n gap: 12px;\n }\n\n .cmr-glance-title::after {\n content: '';\n flex: 1;\n height: 1px;\n background: var(--neutral-200);\n }\n\n .cmr-glance-grid {\n display: grid;\n grid-template-columns: repeat(3, 1fr);\n gap: 12px;\n margin-bottom: 16px;\n }\n\n .cmr-glance-item {\n background: var(--neutral-50);\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-md);\n padding: 16px;\n transition: all 0.2s ease-in-out;\n }\n\n .cmr-glance-item:hover {\n background: var(--surface);\n border-color: #cbd5e1;\n transform: translateY(-2px);\n box-shadow: var(--shadow-subtle);\n }\n\n .cmr-glance-item.cmr-highlight {\n background: linear-gradient(145deg, #ffffff, var(--brand-light));\n border-color: var(--brand-border);\n }\n\n .cmr-glance-item.cmr-highlight .cmr-g-value {\n color: var(--brand-primary);\n }\n\n .cmr-g-label {\n font-size: 11px;\n color: var(--neutral-500);\n text-transform: uppercase;\n font-weight: 600;\n letter-spacing: 0.04em;\n margin-bottom: 4px;\n }\n\n .cmr-g-value {\n font-size: 17px;\n font-weight: 800;\n color: var(--neutral-900);\n line-height: 1.25;\n }\n\n .cmr-g-sub {\n font-size: 12px;\n color: var(--neutral-500);\n margin-top: 4px;\n }\n\n .glance-badge {\n background: var(--neutral-100);\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-sm);\n padding: 10px 14px;\n font-size: 13px;\n color: var(--neutral-600);\n margin-bottom: 28px;\n font-weight: 500;\n text-align: center;\n }\n\n \/* ==========================================================================\n 5. FEATURE LISTS\n ========================================================================== *\/\n .cmr-feature-list {\n list-style: none;\n padding: 0;\n margin: 20px 0;\n display: flex;\n flex-direction: column;\n gap: 12px;\n }\n\n .cmr-feature-list li {\n position: relative;\n padding-left: 28px;\n font-size: 15px;\n color: var(--neutral-700);\n }\n\n .cmr-feature-list li::before {\n content: \"\u2713\";\n position: absolute;\n left: 0;\n top: 1px;\n width: 18px;\n height: 18px;\n background: var(--brand-light);\n color: var(--brand-primary);\n border: 1px solid var(--brand-border);\n border-radius: 50%;\n display: flex;\n align-items: center;\n justify-content: center;\n font-size: 11px;\n font-weight: 800;\n }\n\n \/* ==========================================================================\n 6. TABLES (FINANCIAL & RESERVATION)\n ========================================================================== *\/\n .table-container {\n width: 100%;\n overflow-x: auto;\n -webkit-overflow-scrolling: touch;\n margin: 18px 0;\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-md);\n background: var(--surface);\n }\n\n .fin-table, .res-table {\n width: 100%;\n border-collapse: collapse;\n font-size: 14.5px;\n text-align: left;\n }\n\n .fin-table th, .fin-table td,\n .res-table th, .res-table td {\n padding: 12px 18px;\n border-bottom: 1px solid var(--neutral-200);\n }\n\n .fin-table thead tr, .res-table thead tr {\n background: var(--neutral-100);\n }\n\n .fin-table th {\n font-weight: 700;\n color: var(--neutral-800);\n text-align: right;\n }\n\n .fin-table th:first-child, .res-table th {\n text-align: left;\n }\n\n .fin-table td {\n color: var(--neutral-700);\n text-align: right;\n font-variant-numeric: tabular-nums;\n }\n\n .res-table td {\n color: var(--neutral-700);\n text-align: left;\n }\n\n .fin-table td:first-child, .res-table td:first-child {\n text-align: left;\n font-weight: 600;\n color: var(--neutral-900);\n }\n\n .fin-table tbody tr:hover, .res-table tbody tr:hover {\n background-color: var(--neutral-50);\n }\n\n .fin-table tbody tr:last-child td, .res-table tbody tr:last-child td {\n border-bottom: none;\n }\n\n .fin-note {\n font-size: 12px;\n color: var(--neutral-500);\n margin-top: 6px;\n margin-bottom: 24px;\n }\n\n \/* ==========================================================================\n 7. KPI STATS CARDS\n ========================================================================== *\/\n .kpi-grid {\n display: grid;\n grid-template-columns: repeat(3, 1fr);\n gap: 12px;\n margin: 20px 0 28px;\n }\n\n .kpi-card {\n background: var(--neutral-50);\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-md);\n padding: 16px 12px;\n text-align: center;\n transition: all 0.2s ease;\n }\n\n .kpi-card:hover {\n background: var(--surface);\n border-color: var(--brand-border);\n transform: translateY(-2px);\n box-shadow: var(--shadow-subtle);\n }\n\n .kpi-card .kpi-value {\n font-size: 20px;\n font-weight: 800;\n color: var(--brand-primary);\n line-height: 1.2;\n }\n\n .kpi-card .kpi-label {\n font-size: 11px;\n color: var(--neutral-500);\n text-transform: uppercase;\n letter-spacing: 0.05em;\n margin-top: 4px;\n font-weight: 600;\n }\n\n \/* ==========================================================================\n 8. OBJECTS OF THE ISSUE LIST\n ========================================================================== *\/\n .objects-list {\n list-style: none;\n padding: 0;\n margin: 20px 0;\n display: flex;\n flex-direction: column;\n gap: 10px;\n }\n\n .objects-list li {\n display: flex;\n justify-content: space-between;\n align-items: center;\n padding: 14px 18px;\n border-radius: var(--radius-md);\n background: var(--neutral-50);\n border: 1px solid var(--neutral-200);\n font-size: 14.5px;\n }\n\n .objects-list li .obj-label {\n color: var(--neutral-700);\n }\n\n .objects-list li .obj-amt {\n font-weight: 700;\n color: var(--neutral-900);\n white-space: nowrap;\n margin-left: 16px;\n background: var(--surface);\n padding: 2px 8px;\n border-radius: var(--radius-sm);\n border: 1px solid var(--neutral-200);\n }\n\n \/* ==========================================================================\n 9. VERDICT BOX & CTA\n ========================================================================== *\/\n .cmr-verdict-card {\n background: linear-gradient(145deg, #ffffff 0%, var(--brand-light) 100%);\n border: 1px solid var(--brand-border);\n border-left: 5px solid var(--brand-primary);\n padding: 24px;\n border-radius: var(--radius-md);\n margin: 36px 0;\n }\n\n .cmr-verdict-title {\n font-size: 17px;\n font-weight: 800;\n color: var(--neutral-900);\n margin-bottom: 8px;\n }\n\n .cta-wrap {\n text-align: center;\n margin: 36px 0 16px;\n }\n\n .cta-btn {\n display: inline-flex;\n align-items: center;\n justify-content: center;\n gap: 8px;\n background: var(--brand-primary);\n color: #ffffff !important;\n font-size: 15px;\n font-weight: 700;\n text-decoration: none !important;\n padding: 14px 36px;\n border-radius: var(--radius-full);\n box-shadow: 0 4px 14px rgba(22, 163, 74, 0.25);\n transition: all 0.2s ease;\n cursor: pointer;\n }\n\n .cta-btn:hover {\n background: var(--brand-primary-hover);\n transform: translateY(-2px);\n box-shadow: 0 6px 20px rgba(22, 163, 74, 0.35);\n }\n\n .source-note {\n font-size: 12px;\n color: var(--neutral-500);\n margin-top: 32px;\n border-top: 1px solid var(--neutral-200);\n padding-top: 14px;\n text-align: center;\n }\n\n hr.divider {\n border: none;\n border-top: 1px solid var(--neutral-200);\n margin: 32px 0;\n }\n\n \/* ==========================================================================\n 10. RESPONSIVE MOBILE BREAKPOINTS\n ========================================================================== *\/\n @media (max-width: 640px) {\n .cmr-article-wrapper {\n margin: 16px 12px;\n padding: 24px 16px;\n border-radius: var(--radius-md);\n }\n\n h1.post-title {\n font-size: 22px;\n }\n\n .cmr-glance-grid {\n grid-template-columns: repeat(2, 1fr);\n }\n\n .kpi-grid {\n grid-template-columns: repeat(2, 1fr);\n }\n\n .objects-list li {\n flex-direction: column;\n align-items: flex-start;\n gap: 6px;\n }\n\n .objects-list li .obj-amt {\n margin-left: 0;\n }\n\n .cta-btn {\n width: 100%;\n padding: 14px 20px;\n }\n }\n <\/style>\n<\/head>\n<body>\n\n<main class=\"cmr-article-wrapper\">\n\n\n \n <div class=\"cmr-glance-title\">IPO Summary<\/div>\n \n <div class=\"cmr-glance-grid\">\n <div class=\"cmr-glance-item cmr-highlight\">\n <div class=\"cmr-g-label\">Price Band<\/div>\n <div class=\"cmr-g-value\">\u20b978 \u2013 \u20b982<\/div>\n <div class=\"cmr-g-sub\">FV: \u20b95 \/ share<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item cmr-highlight\">\n <div class=\"cmr-g-label\">Issue Dates<\/div>\n <div class=\"cmr-g-value\">Aug 27 \u2013 31<\/div>\n <div class=\"cmr-g-sub\">Year: 2026<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Lot Size<\/div>\n <div class=\"cmr-g-value\">182 Shares<\/div>\n <div class=\"cmr-g-sub\">Min: \u20b914,924<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Total Issue Size<\/div>\n <div class=\"cmr-g-value\">\u20b9700.00 Cr<\/div>\n <div class=\"cmr-g-sub\">Fresh + OFS<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Listing At<\/div>\n <div class=\"cmr-g-value\">BSE & NSE<\/div>\n <div class=\"cmr-g-sub\">Tentative: Sep 3<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Lead Manager<\/div>\n <div class=\"cmr-g-value\" style=\"font-size: 14px;\">Motilal Oswal<\/div>\n <div class=\"cmr-g-sub\">Reg: Bigshare Services<\/div>\n <\/div>\n <\/div>\n\n <div class=\"glance-badge\">\n Bookbuilt Issue | Fresh Issue: \u20b9500.00 Cr (6.10 Cr Shares) | Offer for Sale: \u20b9200.00 Cr (2.44 Cr Shares)\n <\/div>\n\n \n <h2 class=\"section-heading\">About the Business<\/h2>\n <p>\n Incorporated in <strong>2005<\/strong>, 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.\n <\/p>\n <p>\n The company operates through two major business divisions:\n <\/p>\n\n <ul class=\"cmr-feature-list\">\n <li>\n <strong>Manufacturing Division:<\/strong> Produces aluminium conductors, power cables, electrical wiring, and high-temperature low-sag (HTLS) conductors designed to increase transmission line power transfer capacity.\n <\/li>\n <li>\n <strong>EPC Infrastructure Division:<\/strong> Undertakes power transmission and distribution projects, extra-high voltage (EHV) substations, HTLS re-conductoring, railway electrification, solar power installations, and water management projects.\n <\/li>\n <li>\n <strong>Global Footprint:<\/strong> Exports products to international electricity boards, public utilities, and EPC clients across the USA, Bangladesh, Nepal, Kenya, Ghana, Mali, Rwanda, Ethiopia, Burkina Faso, and C\u00f4te d’Ivoire.\n <\/li>\n <\/ul>\n\n <p>\n As of March 31, 2026, Lumino Industries had a workforce of <strong>890 permanent employees<\/strong>. The company’s promoters are <strong>Purushottam Dass Goel, Devendra Goel, and Jay Goel<\/strong>.\n <\/p>\n\n <hr class=\"divider\" \/>\n\n \n <h2 class=\"section-heading\">Financial Overview<\/h2>\n <p>\n 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.\n <\/p>\n\n <div class=\"table-container\">\n <table class=\"fin-table\">\n <thead>\n <tr>\n <th>Metric (\u20b9 Cr)<\/th>\n <th>FY 2026<\/th>\n <th>FY 2025<\/th>\n <th>FY 2024<\/th>\n <\/tr>\n <\/thead>\n <tbody>\n <tr><td>Total Income<\/td><td>\u20b92,089.31<\/td><td>\u20b91,946.68<\/td><td>\u20b91,424.63<\/td><\/tr>\n <tr><td>Operating EBITDA<\/td><td>\u20b9238.95<\/td><td>\u20b9222.94<\/td><td>\u20b9145.09<\/td><\/tr>\n <tr><td>PAT (Profit After Tax)<\/td><td>\u20b9160.00<\/td><td>\u20b9124.59<\/td><td>\u20b986.61<\/td><\/tr>\n <tr><td>Net Worth<\/td><td>\u20b9729.58<\/td><td>\u20b9570.29<\/td><td>\u20b9445.86<\/td><\/tr>\n <tr><td>Reserves & Surplus<\/td><td>\u20b9606.16<\/td><td>\u20b9446.66<\/td><td>\u20b9413.86<\/td><\/tr>\n <tr><td>Total Borrowings<\/td><td>\u20b9384.16<\/td><td>\u20b9418.83<\/td><td>\u20b940.91<\/td><\/tr>\n <tr><td>Total Assets<\/td><td>\u20b92,174.88<\/td><td>\u20b91,718.66<\/td><td>\u20b91,175.44<\/td><\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n <p class=\"fin-note\">Restated Consolidated Figures | Source: RHP Filings<\/p>\n\n \n <h2 class=\"section-heading\">Key Financial Metrics (FY26)<\/h2>\n <div class=\"kpi-grid\">\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">24.62%<\/div>\n <div class=\"kpi-label\">Return on Equity<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">25.75%<\/div>\n <div class=\"kpi-label\">ROCE<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">11.71%<\/div>\n <div class=\"kpi-label\">EBITDA Margin<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">7.66%<\/div>\n <div class=\"kpi-label\">PAT Margin<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">0.53<\/div>\n <div class=\"kpi-label\">Debt \/ Equity<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">15.62x<\/div>\n <div class=\"kpi-label\">Post-IPO P\/E<\/div>\n <\/div>\n <\/div>\n\n <hr class=\"divider\" \/>\n\n \n <h2 class=\"section-heading\">Issue Reservation<\/h2>\n <div class=\"table-container\">\n <table class=\"res-table\">\n <thead>\n <tr>\n <th>Investor Category<\/th>\n <th>Allocation Limit<\/th>\n <\/tr>\n <\/thead>\n <tbody>\n <tr><td>QIB Shares Offered<\/td><td>Not more than 50% of the Net Offer<\/td><\/tr>\n <tr><td>Retail (RII) Shares Offered<\/td><td>Not less than 35% of the Net Offer<\/td><\/tr>\n <tr><td>NII (HNI) Shares Offered<\/td><td>Not less than 15% of the Net Offer<\/td><\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n\n <hr class=\"divider\" \/>\n\n \n <h2 class=\"section-heading\">Objects of the Issue<\/h2>\n <p>\n The net proceeds from the \u20b9500.00 Cr fresh issue are proposed to be utilized as follows:\n <\/p>\n <ul class=\"objects-list\">\n <li>\n <span class=\"obj-label\">Prepayment or repayment, in full or in part, of certain outstanding borrowings<\/span>\n <span class=\"obj-amt\">\u20b9337.00 Cr<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">Capital expenditure for machinery, civil works, and interior development of existing facility<\/span>\n <span class=\"obj-amt\">\u20b915.01 Cr<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">General corporate purposes<\/span>\n <span class=\"obj-amt\">Balance<\/span>\n <\/li>\n <\/ul>\n\n \n <div class=\"cmr-verdict-card\">\n <div class=\"cmr-verdict-title\">The Final Verdict<\/div>\n <p>\n 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%).\n <\/p>\n <p style=\"margin-top: 10px;\">\n The planned \u20b9337.00 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 \u20b92,497.34 Cr at the upper band of \u20b982, the issue is positioned attractively against electrical cable and power EPC peers for medium-to-long term investors.\n <\/p>\n <\/div>\n\n \n <div class=\"cta-wrap\">\n <a class=\"cta-btn\" href=\"https:\/\/novo.flattrade.in\/\" target=\"_blank\" rel=\"noopener\">\n Apply for Lumino Industries IPO on Flattrade →\n <\/a>\n <\/div>\n\n <div class=\"source-note\">Source: Chittorgarh IPO Filings<\/div>\n\n<\/main>\n\n<\/body>\n<\/html>\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f013197 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f013197\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container 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\n\t\t\t\t\t\t\t\t\t\n\n\n \n \n Lumino Industries IPO \u2013 Flattrade Kosh<\/title>\n <style>\n \/* ==========================================================================\n 1. DESIGN TOKENS & RESET\n ========================================================================== *\/\n :root {\n --brand-primary: #16a34a;\n --brand-primary-hover: #15803d;\n --brand-light: #f0fdf4;\n --brand-border: #bbf7d0;\n \n --neutral-900: #0f172a;\n --neutral-800: #1e293b;\n --neutral-700: #334155;\n --neutral-600: #475569;\n --neutral-500: #64748b;\n --neutral-200: #e2e8f0;\n --neutral-100: #f1f5f9;\n --neutral-50: #f8fafc;\n --surface: #ffffff;\n \n --radius-sm: 6px;\n --radius-md: 10px;\n --radius-lg: 16px;\n --radius-full: 9999px;\n \n --shadow-subtle: 0 1px 3px rgba(0, 0, 0, 0.04), 0 1px 2px rgba(0, 0, 0, 0.02);\n --shadow-card: 0 4px 12px -2px rgba(15, 23, 42, 0.06), 0 2px 6px -2px rgba(15, 23, 42, 0.04);\n --shadow-hover: 0 12px 24px -4px rgba(15, 23, 42, 0.10);\n \n --font-stack: -apple-system, BlinkMacSystemFont, \"Segoe UI\", Roboto, Inter, \"Helvetica Neue\", sans-serif;\n }\n\n *, *::before, *::after {\n box-sizing: border-box;\n margin: 0;\n padding: 0;\n }\n\n body {\n font-family: var(--font-stack);\n background-color: var(--neutral-50);\n color: var(--neutral-700);\n line-height: 1.75;\n -webkit-font-smoothing: antialiased;\n }\n\n \/* ==========================================================================\n 2. LAYOUT WRAPPER\n ========================================================================== *\/\n .cmr-article-wrapper {\n max-width: 760px;\n margin: 32px px 64px;\n background: var(--surface);\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-lg);\n padding: 40px 32px;\n box-shadow: var(--shadow-card);\n }\n\n \/* ==========================================================================\n 3. HEADER & META\n ========================================================================== *\/\n .meta-bar {\n display: flex;\n align-items: center;\n gap: 10px;\n margin-bottom: 18px;\n }\n\n .tag-badge {\n display: inline-flex;\n align-items: center;\n gap: 6px;\n background: var(--brand-light);\n color: var(--brand-primary);\n border: 1px solid var(--brand-border);\n border-radius: var(--radius-full);\n padding: 3px 12px;\n font-size: 11px;\n font-weight: 700;\n letter-spacing: 0.06em;\n text-transform: uppercase;\n }\n\n .tag-badge::before {\n content: \"\";\n width: 6px;\n height: 6px;\n background-color: var(--brand-primary);\n border-radius: 50%;\n }\n\n .meta-source {\n font-size: 13px;\n font-weight: 500;\n color: var(--neutral-500);\n }\n\n h1.post-title {\n font-size: 28px;\n font-weight: 800;\n color: var(--neutral-900);\n line-height: 1.25;\n letter-spacing: -0.02em;\n margin-bottom: 24px;\n }\n\n h2.section-heading {\n font-size: 19px;\n font-weight: 700;\n color: var(--neutral-900);\n margin: 36px 0 16px;\n letter-spacing: -0.01em;\n display: flex;\n align-items: center;\n gap: 8px;\n }\n\n .cmr-article-wrapper p {\n font-size: 15.5px;\n margin-bottom: 18px;\n color: var(--neutral-700);\n text-align: justify;\n }\n\n .cmr-article-wrapper strong {\n color: var(--neutral-900);\n font-weight: 600;\n }\n\n \/* ==========================================================================\n 4. IPO AT A GLANCE GRID\n ========================================================================== *\/\n .cmr-glance-title {\n font-size: 12px;\n font-weight: 700;\n color: var(--neutral-500);\n text-transform: uppercase;\n letter-spacing: 0.08em;\n margin: 28px 0 14px;\n display: flex;\n align-items: center;\n gap: 12px;\n }\n\n .cmr-glance-title::after {\n content: '';\n flex: 1;\n height: 1px;\n background: var(--neutral-200);\n }\n\n .cmr-glance-grid {\n display: grid;\n grid-template-columns: repeat(3, 1fr);\n gap: 12px;\n margin-bottom: 16px;\n }\n\n .cmr-glance-item {\n background: var(--neutral-50);\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-md);\n padding: 16px;\n transition: all 0.2s ease-in-out;\n }\n\n .cmr-glance-item:hover {\n background: var(--surface);\n border-color: #cbd5e1;\n transform: translateY(-2px);\n box-shadow: var(--shadow-subtle);\n }\n\n .cmr-glance-item.cmr-highlight {\n background: linear-gradient(145deg, #ffffff, var(--brand-light));\n border-color: var(--brand-border);\n }\n\n .cmr-glance-item.cmr-highlight .cmr-g-value {\n color: var(--brand-primary);\n }\n\n .cmr-g-label {\n font-size: 11px;\n color: var(--neutral-500);\n text-transform: uppercase;\n font-weight: 600;\n letter-spacing: 0.04em;\n margin-bottom: 4px;\n }\n\n .cmr-g-value {\n font-size: 17px;\n font-weight: 800;\n color: var(--neutral-900);\n line-height: 1.25;\n }\n\n .cmr-g-sub {\n font-size: 12px;\n color: var(--neutral-500);\n margin-top: 4px;\n }\n\n .glance-badge {\n background: var(--neutral-100);\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-sm);\n padding: 10px 14px;\n font-size: 13px;\n color: var(--neutral-600);\n margin-bottom: 28px;\n font-weight: 500;\n text-align: center;\n }\n\n \/* ==========================================================================\n 5. FEATURE LISTS\n ========================================================================== *\/\n .cmr-feature-list {\n list-style: none;\n padding: 0;\n margin: 20px 0;\n display: flex;\n flex-direction: column;\n gap: 12px;\n }\n\n .cmr-feature-list li {\n position: relative;\n padding-left: 28px;\n font-size: 15px;\n color: var(--neutral-700);\n }\n\n .cmr-feature-list li::before {\n content: \"\u2713\";\n position: absolute;\n left: 0;\n top: 1px;\n width: 18px;\n height: 18px;\n background: var(--brand-light);\n color: var(--brand-primary);\n border: 1px solid var(--brand-border);\n border-radius: 50%;\n display: flex;\n align-items: center;\n justify-content: center;\n font-size: 11px;\n font-weight: 800;\n }\n\n \/* ==========================================================================\n 6. TABLES (FINANCIAL & RESERVATION)\n ========================================================================== *\/\n .table-container {\n width: 100%;\n overflow-x: auto;\n -webkit-overflow-scrolling: touch;\n margin: 18px 0;\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-md);\n background: var(--surface);\n }\n\n .fin-table, .res-table {\n width: 100%;\n border-collapse: collapse;\n font-size: 14.5px;\n text-align: left;\n }\n\n .fin-table th, .fin-table td,\n .res-table th, .res-table td {\n padding: 12px 18px;\n border-bottom: 1px solid var(--neutral-200);\n }\n\n .fin-table thead tr, .res-table thead tr {\n background: var(--neutral-100);\n }\n\n .fin-table th {\n font-weight: 700;\n color: var(--neutral-800);\n text-align: right;\n }\n\n .fin-table th:first-child, .res-table th {\n text-align: left;\n }\n\n .fin-table td {\n color: var(--neutral-700);\n text-align: right;\n font-variant-numeric: tabular-nums;\n }\n\n .res-table td {\n color: var(--neutral-700);\n text-align: left;\n }\n\n .fin-table td:first-child, .res-table td:first-child {\n text-align: left;\n font-weight: 600;\n color: var(--neutral-900);\n }\n\n .fin-table tbody tr:hover, .res-table tbody tr:hover {\n background-color: var(--neutral-50);\n }\n\n .fin-table tbody tr:last-child td, .res-table tbody tr:last-child td {\n border-bottom: none;\n }\n\n .fin-note {\n font-size: 12px;\n color: var(--neutral-500);\n margin-top: 6px;\n margin-bottom: 24px;\n }\n\n \/* ==========================================================================\n 7. KPI STATS CARDS\n ========================================================================== *\/\n .kpi-grid {\n display: grid;\n grid-template-columns: repeat(3, 1fr);\n gap: 12px;\n margin: 20px 0 28px;\n }\n\n .kpi-card {\n background: var(--neutral-50);\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-md);\n padding: 16px 12px;\n text-align: center;\n transition: all 0.2s ease;\n }\n\n .kpi-card:hover {\n background: var(--surface);\n border-color: var(--brand-border);\n transform: translateY(-2px);\n box-shadow: var(--shadow-subtle);\n }\n\n .kpi-card .kpi-value {\n font-size: 20px;\n font-weight: 800;\n color: var(--brand-primary);\n line-height: 1.2;\n }\n\n .kpi-card .kpi-label {\n font-size: 11px;\n color: var(--neutral-500);\n text-transform: uppercase;\n letter-spacing: 0.05em;\n margin-top: 4px;\n font-weight: 600;\n }\n\n \/* ==========================================================================\n 8. OBJECTS OF THE ISSUE LIST\n ========================================================================== *\/\n .objects-list {\n list-style: none;\n padding: 0;\n margin: 20px 0;\n display: flex;\n flex-direction: column;\n gap: 10px;\n }\n\n .objects-list li {\n display: flex;\n justify-content: space-between;\n align-items: center;\n padding: 14px 18px;\n border-radius: var(--radius-md);\n background: var(--neutral-50);\n border: 1px solid var(--neutral-200);\n font-size: 14.5px;\n }\n\n .objects-list li .obj-label {\n color: var(--neutral-700);\n }\n\n .objects-list li .obj-amt {\n font-weight: 700;\n color: var(--neutral-900);\n white-space: nowrap;\n margin-left: 16px;\n background: var(--surface);\n padding: 2px 8px;\n border-radius: var(--radius-sm);\n border: 1px solid var(--neutral-200);\n }\n\n \/* ==========================================================================\n 9. VERDICT BOX & CTA\n ========================================================================== *\/\n .cmr-verdict-card {\n background: linear-gradient(145deg, #ffffff 0%, var(--brand-light) 100%);\n border: 1px solid var(--brand-border);\n border-left: 5px solid var(--brand-primary);\n padding: 24px;\n border-radius: var(--radius-md);\n margin: 36px 0;\n }\n\n .cmr-verdict-title {\n font-size: 17px;\n font-weight: 800;\n color: var(--neutral-900);\n margin-bottom: 8px;\n }\n\n .cta-wrap {\n text-align: center;\n margin: 36px 0 16px;\n }\n\n .cta-btn {\n display: inline-flex;\n align-items: center;\n justify-content: center;\n gap: 8px;\n background: var(--brand-primary);\n color: #ffffff !important;\n font-size: 15px;\n font-weight: 700;\n text-decoration: none !important;\n padding: 14px 36px;\n border-radius: var(--radius-full);\n box-shadow: 0 4px 14px rgba(22, 163, 74, 0.25);\n transition: all 0.2s ease;\n cursor: pointer;\n }\n\n .cta-btn:hover {\n background: var(--brand-primary-hover);\n transform: translateY(-2px);\n box-shadow: 0 6px 20px rgba(22, 163, 74, 0.35);\n }\n\n .source-note {\n font-size: 12px;\n color: var(--neutral-500);\n margin-top: 32px;\n border-top: 1px solid var(--neutral-200);\n padding-top: 14px;\n text-align: center;\n }\n\n hr.divider {\n border: none;\n border-top: 1px solid var(--neutral-200);\n margin: 32px 0;\n }\n\n \/* ==========================================================================\n 10. RESPONSIVE MOBILE BREAKPOINTS\n ========================================================================== *\/\n @media (max-width: 640px) {\n .cmr-article-wrapper {\n margin: 16px 12px;\n padding: 24px 16px;\n border-radius: var(--radius-md);\n }\n\n h1.post-title {\n font-size: 22px;\n }\n\n .cmr-glance-grid {\n grid-template-columns: repeat(2, 1fr);\n }\n\n .kpi-grid {\n grid-template-columns: repeat(2, 1fr);\n }\n\n .objects-list li {\n flex-direction: column;\n align-items: flex-start;\n gap: 6px;\n }\n\n .objects-list li .obj-amt {\n margin-left: 0;\n }\n\n .cta-btn {\n width: 100%;\n padding: 14px 20px;\n }\n }\n <\/style>\n<\/head>\n<body>\n\n<main class=\"cmr-article-wrapper\">\n\n\n \n <div class=\"cmr-glance-title\">IPO Summary<\/div>\n \n <div class=\"cmr-glance-grid\">\n <div class=\"cmr-glance-item cmr-highlight\">\n <div class=\"cmr-g-label\">Price Band<\/div>\n <div class=\"cmr-g-value\">\u20b978 \u2013 \u20b982<\/div>\n <div class=\"cmr-g-sub\">FV: \u20b95 \/ share<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item cmr-highlight\">\n <div class=\"cmr-g-label\">Issue Dates<\/div>\n <div class=\"cmr-g-value\">Aug 27 \u2013 31<\/div>\n <div class=\"cmr-g-sub\">Year: 2026<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Lot Size<\/div>\n <div class=\"cmr-g-value\">182 Shares<\/div>\n <div class=\"cmr-g-sub\">Min: \u20b914,924<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Total Issue Size<\/div>\n <div class=\"cmr-g-value\">\u20b9700.00 Cr<\/div>\n <div class=\"cmr-g-sub\">Fresh + OFS<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Listing At<\/div>\n <div class=\"cmr-g-value\">BSE & NSE<\/div>\n <div class=\"cmr-g-sub\">Tentative: Sep 3<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Lead Manager<\/div>\n <div class=\"cmr-g-value\" style=\"font-size: 14px;\">Motilal Oswal<\/div>\n <div class=\"cmr-g-sub\">Reg: Bigshare Services<\/div>\n <\/div>\n <\/div>\n\n <div class=\"glance-badge\">\n Bookbuilt Issue | Fresh Issue: \u20b9500.00 Cr (6.10 Cr Shares) | Offer for Sale: \u20b9200.00 Cr (2.44 Cr Shares)\n <\/div>\n\n \n <h2 class=\"section-heading\">About the Business<\/h2>\n <p>\n Incorporated in <strong>2005<\/strong>, 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.\n <\/p>\n <p>\n The company operates through two major business divisions:\n <\/p>\n\n <ul class=\"cmr-feature-list\">\n <li>\n <strong>Manufacturing Division:<\/strong> Produces aluminium conductors, power cables, electrical wiring, and high-temperature low-sag (HTLS) conductors designed to increase transmission line power transfer capacity.\n <\/li>\n <li>\n <strong>EPC Infrastructure Division:<\/strong> Undertakes power transmission and distribution projects, extra-high voltage (EHV) substations, HTLS re-conductoring, railway electrification, solar power installations, and water management projects.\n <\/li>\n <li>\n <strong>Global Footprint:<\/strong> Exports products to international electricity boards, public utilities, and EPC clients across the USA, Bangladesh, Nepal, Kenya, Ghana, Mali, Rwanda, Ethiopia, Burkina Faso, and C\u00f4te d’Ivoire.\n <\/li>\n <\/ul>\n\n <p>\n As of March 31, 2026, Lumino Industries had a workforce of <strong>890 permanent employees<\/strong>. The company’s promoters are <strong>Purushottam Dass Goel, Devendra Goel, and Jay Goel<\/strong>.\n <\/p>\n\n <hr class=\"divider\" \/>\n\n \n <h2 class=\"section-heading\">Financial Overview<\/h2>\n <p>\n 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.\n <\/p>\n\n <div class=\"table-container\">\n <table class=\"fin-table\">\n <thead>\n <tr>\n <th>Metric (\u20b9 Cr)<\/th>\n <th>FY 2026<\/th>\n <th>FY 2025<\/th>\n <th>FY 2024<\/th>\n <\/tr>\n <\/thead>\n <tbody>\n <tr><td>Total Income<\/td><td>\u20b92,089.31<\/td><td>\u20b91,946.68<\/td><td>\u20b91,424.63<\/td><\/tr>\n <tr><td>Operating EBITDA<\/td><td>\u20b9238.95<\/td><td>\u20b9222.94<\/td><td>\u20b9145.09<\/td><\/tr>\n <tr><td>PAT (Profit After Tax)<\/td><td>\u20b9160.00<\/td><td>\u20b9124.59<\/td><td>\u20b986.61<\/td><\/tr>\n <tr><td>Net Worth<\/td><td>\u20b9729.58<\/td><td>\u20b9570.29<\/td><td>\u20b9445.86<\/td><\/tr>\n <tr><td>Reserves & Surplus<\/td><td>\u20b9606.16<\/td><td>\u20b9446.66<\/td><td>\u20b9413.86<\/td><\/tr>\n <tr><td>Total Borrowings<\/td><td>\u20b9384.16<\/td><td>\u20b9418.83<\/td><td>\u20b940.91<\/td><\/tr>\n <tr><td>Total Assets<\/td><td>\u20b92,174.88<\/td><td>\u20b91,718.66<\/td><td>\u20b91,175.44<\/td><\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n <p class=\"fin-note\">Restated Consolidated Figures | Source: RHP Filings<\/p>\n\n \n <h2 class=\"section-heading\">Key Financial Metrics (FY26)<\/h2>\n <div class=\"kpi-grid\">\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">24.62%<\/div>\n <div class=\"kpi-label\">Return on Equity<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">25.75%<\/div>\n <div class=\"kpi-label\">ROCE<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">11.71%<\/div>\n <div class=\"kpi-label\">EBITDA Margin<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">7.66%<\/div>\n <div class=\"kpi-label\">PAT Margin<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">0.53<\/div>\n <div class=\"kpi-label\">Debt \/ Equity<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">15.62x<\/div>\n <div class=\"kpi-label\">Post-IPO P\/E<\/div>\n <\/div>\n <\/div>\n\n <hr class=\"divider\" \/>\n\n \n <h2 class=\"section-heading\">Issue Reservation<\/h2>\n <div class=\"table-container\">\n <table class=\"res-table\">\n <thead>\n <tr>\n <th>Investor Category<\/th>\n <th>Allocation Limit<\/th>\n <\/tr>\n <\/thead>\n <tbody>\n <tr><td>QIB Shares Offered<\/td><td>Not more than 50% of the Net Offer<\/td><\/tr>\n <tr><td>Retail (RII) Shares Offered<\/td><td>Not less than 35% of the Net Offer<\/td><\/tr>\n <tr><td>NII (HNI) Shares Offered<\/td><td>Not less than 15% of the Net Offer<\/td><\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n\n <hr class=\"divider\" \/>\n\n \n <h2 class=\"section-heading\">Objects of the Issue<\/h2>\n <p>\n The net proceeds from the \u20b9500.00 Cr fresh issue are proposed to be utilized as follows:\n <\/p>\n <ul class=\"objects-list\">\n <li>\n <span class=\"obj-label\">Prepayment or repayment, in full or in part, of certain outstanding borrowings<\/span>\n <span class=\"obj-amt\">\u20b9337.00 Cr<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">Capital expenditure for machinery, civil works, and interior development of existing facility<\/span>\n <span class=\"obj-amt\">\u20b915.01 Cr<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">General corporate purposes<\/span>\n <span class=\"obj-amt\">Balance<\/span>\n <\/li>\n <\/ul>\n\n \n <div class=\"cmr-verdict-card\">\n <div class=\"cmr-verdict-title\">The Final Verdict<\/div>\n <p>\n 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%).\n <\/p>\n <p style=\"margin-top: 10px;\">\n The planned \u20b9337.00 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 \u20b92,497.34 Cr at the upper band of \u20b982, the issue is positioned attractively against electrical cable and power EPC peers for medium-to-long term investors.\n <\/p>\n <\/div>\n\n \n <div class=\"cta-wrap\">\n <a class=\"cta-btn\" href=\"https:\/\/novo.flattrade.in\/\" target=\"_blank\" rel=\"noopener\">\n Apply for Lumino Industries IPO on Flattrade →\n <\/a>\n <\/div>\n\n <div class=\"source-note\">Source: Chittorgarh IPO Filings<\/div>\n\n<\/main>\n\n<\/body>\n<\/html>\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f013197 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f013197\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container 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