Lumino EPC order book reaches Rs 1,963 crore by H1 FY27

Lumino Industries Limited reported an engineering, procurement and construction (EPC) order book of Rs 1,963 crore in H1 FY27, Rs 1,225 crore above the Rs 738 crore reported in FY24. As of September 30, 2026, EPC accounted for 68% of Lumino’s Rs 2,885 crore total order book, compared with manufacturing’s 32% share.

How did Lumino’s EPC order book change?

Lumino’s EPC order book increased from Rs 738 crore in FY24 to Rs 1,346 crore in FY25 and Rs 1,992 crore in FY26, before declining by Rs 29 crore to Rs 1,963 crore in H1 FY27. The H1 FY27 balance was nevertheless 166% higher than the FY24 balance, showing that EPC became the principal component of the company’s project and product backlog.

Lumino’s manufacturing order book followed a different path, falling from Rs 1,203 crore in FY24 to Rs 922 crore in H1 FY27. The combined order book therefore stood at Rs 2,885 crore on September 30, 2026, with EPC contributing Rs 1,963 crore and manufacturing contributing Rs 922 crore.

Order-book duration also differed between the two businesses. EPC order-book days moved from 1,015 days in FY24 to 1,176 days in FY26 before returning to 1,019 days in H1 FY27, while manufacturing order-book days declined from 476 days to 202 days across the same FY24 to H1 FY27 comparison.

What EPC work can Lumino execute?

Lumino operates across five EPC lines: extra-high-voltage (EHV) substations, power transmission and distribution (T&D), high-temperature low-sag (HTLS) reconductoring, solar power and water management. Its project-execution presence covers 10 Indian states, and the presentation says it has completed its first international EPC power-distribution project in Rwanda.

For EHV work, Lumino offers design, supply, erection, testing and commissioning of 220/132/33 kilovolt (kV) air-insulated and gas-insulated substations. It also describes turnkey construction of 400/220/132/33 kV air-insulated substations with supervisory control and data acquisition systems.

Lumino says it has completed 55 distribution projects covering about 80,000 circuit kilometres in India and internationally. Its HTLS reconductoring services cover 33 kV to 400 kV lines, and the company cites a completed 220 kV project at Sirhind, Punjab, involving 64 circuit kilometres of HTLS conductors.

The portfolio also includes solar and water projects. Lumino reports completion of a 41.03 megawatt solar project in West Bengal, while its water-management work includes water-treatment, sewage-treatment and effluent-treatment plants, with operations and maintenance and design-build-operate-transfer capabilities.

Which projects illustrate Lumino’s EPC activity?

Lumino identifies a Rs 694 crore Revamped Distribution Sector Scheme project in Kanpur, Uttar Pradesh, as its largest listed completed EPC project. Its other listed completed work includes a Rs 76 crore, 10 megawatt floating solar project in Purulia, West Bengal, and a Rs 24 crore 220 kV substation in Agra, Uttar Pradesh.

The listed ongoing projects cover distribution, substations and conductor-related infrastructure. They comprise a Rs 209 crore Revamped Distribution Sector Scheme project in Baramulla, Jammu and Kashmir; a Rs 128 crore 400/220 kV substation in Udaipur, Rajasthan; and a Rs 94 crore 11 kV medium-voltage covered-conductor project in Jamnagar, Gujarat.

Management said Lumino received Rs 386 crore of orders after September 30, 2026, across conductors, cables and underground distribution infrastructure. It also said Lumino was lowest bidder, or L1, in tenders worth Rs 555 crore; the presentation does not classify those L1 tenders as received orders or include them in the reported Rs 1,963 crore EPC order book.

How did Lumino’s EPC revenue and margin compare?

Lumino generated EPC revenue of Rs 352 crore in H1 FY27, up 32% from Rs 267 crore in H1 FY26. That exceeded the 22% growth in manufacturing revenue, which rose from Rs 679 crore to Rs 831 crore over the same two half-year periods.

EPC earnings before interest, tax, depreciation and amortisation (EBITDA), excluding other income, increased 31% to Rs 47 crore in H1 FY27 from Rs 36 crore in H1 FY26. The segment’s EBITDA margin was 13.5%, compared with 13.6% a year earlier, while manufacturing margin increased from 11.7% to 13.0%.

At the consolidated level, Lumino reported H1 FY27 revenue of Rs 1,183 crore, up 25% from Rs 946 crore, and EBITDA of Rs 155 crore, up 34% from Rs 116 crore. Profit after tax rose 42% to Rs 93 crore, and EPC accounted for 30% of H1 FY27 revenue.

What supports Lumino’s EPC execution plan?

Lumino says its access to internally manufactured conductors, cables and wires gives it control over product specifications, availability and project execution. The company had 40,000 metric tonnes of installed manufacturing capacity across two Howrah facilities, covering aluminium conductors, power cables and electrical wires.

Management’s Ranihati expansion plan provides for 35,000 metric tonnes of additional cable capacity in phases, taking total installed capacity from 40,000 metric tonnes to 75,000 metric tonnes. Phase I is planned at 10,000 metric tonnes, with commercial production expected in Q4 FY27, and the facility is designed to make high-tension power cables up to 66 kV.

Management said it will focus EPC opportunities on areas where manufacturing capability and project experience overlap, particularly substations, distribution infrastructure and HTLS reconductoring. Lumino also has a purchase agreement with US-based CTC Global for ACCC Core used in HTLS conductors, while joint ventures cover railway electrification and water EPC.

The presentation cites an industry outlook of Rs 4 lakh crore to Rs 5 lakh crore of transmission and distribution investment in each year from FY27 to FY31. This is an industry forecast cited by Lumino rather than company guidance, but it is aligned with the company’s stated focus on power infrastructure and related conductor and cable supply.

Conclusion

Lumino’s EPC order book was Rs 1,963 crore in H1 FY27, compared with Rs 738 crore in FY24, and represented 68% of the Rs 2,885 crore total order book at September 30, 2026. EPC revenue grew 32% year on year to Rs 352 crore in H1 FY27, while its EBITDA margin was 13.5%, close to the 13.6% reported in H1 FY26.

The next disclosed milestone is the expected Q4 FY27 commercial production start for the first 10,000-metric-tonne phase at Ranihati. Execution of the September 30, 2026 order book, conversion of the Rs 386 crore subsequent orders, and the outcome of Rs 555 crore of L1 tenders are the disclosed matters to watch.