Lumino Industries H1 FY27 PAT rose 42%, EBITDA margin reached 13.1%

Lumino Industries reported H1 FY27 profit after tax (PAT) of Rs 93 crore, up 42% year on year, as earnings before interest, tax, depreciation and amortisation (EBITDA) margin rose to 13.1% from 12.2%. Revenue from operations increased 25% to Rs 1,183 crore, while EBITDA rose 34% to Rs 155 crore.

How did Lumino perform in H1 FY27?

Lumino increased revenue, EBITDA and PAT in H1 FY27, with both profit measures growing faster than revenue. Revenue from operations rose by Rs 237 crore from Rs 946 crore in H1 FY26 to Rs 1,183 crore, EBITDA increased by Rs 39 crore to Rs 155 crore, and PAT rose by Rs 27 crore to Rs 93 crore. The company’s EBITDA measure excludes other income.

Lumino’s EBITDA margin increased by 0.9 percentage points in H1 FY27, while PAT margin increased by 1.0 percentage point to 7.8%. EBITDA growth of 34% exceeded the 25% revenue increase, and PAT growth of 42% was faster still. The reported results therefore show that the first-half profit increase exceeded the rise in sales.

Which segment contributed most to Lumino’s H1 FY27 EBITDA growth?

Lumino’s manufacturing segment contributed Rs 29 crore of the Rs 39 crore consolidated EBITDA increase in H1 FY27, while EPC recorded the faster revenue growth rate. Manufacturing revenue rose 22% to Rs 831 crore from Rs 679 crore, and its EBITDA increased 35% to Rs 108 crore from Rs 79 crore. Engineering, procurement and construction (EPC) revenue increased 32% to Rs 352 crore.

Manufacturing EBITDA margin rose to 13.0% in H1 FY27 from 11.7% in H1 FY26, an increase of 1.3 percentage points. EPC EBITDA rose by Rs 11 crore to Rs 47 crore, but its margin was 13.5%, compared with 13.6% a year earlier. Manufacturing thus supplied the larger absolute EBITDA gain and the material segment margin expansion during the half year.

Lumino reported an H1 FY27 revenue mix of 70% manufacturing and 30% EPC on total revenue of Rs 1,183 crore. Its manufacturing operations cover aluminium conductors, power cables and electrical wires, while EPC covers extra-high-voltage substations, power transmission and distribution, high-temperature low-sag reconductoring, solar power and water management. The mix places the larger manufacturing-margin movement within the company’s larger revenue segment.

Did Lumino’s Q2 FY27 margin improve from Q1 FY27?

Lumino’s Q2 FY27 EBITDA margin declined sequentially to 12.8% from 13.6% in Q1 FY27, although it remained above the 12.4% reported in Q2 FY26. Q2 revenue was Rs 661 crore, compared with Rs 521 crore in Q1 FY27 and Rs 509 crore a year earlier. EBITDA increased to Rs 84 crore from Rs 71 crore sequentially and Rs 63 crore year on year.

Q2 PAT margin increased to 7.9% from 7.6% in Q1 FY27 and 6.8% in Q2 FY26. PAT was Rs 53 crore, versus Rs 40 crore in Q1 FY27 and Rs 35 crore in Q2 FY26, with the company reporting 51% year-on-year quarterly PAT growth. The lower EBITDA margin therefore occurred alongside higher quarterly revenue, EBITDA and PAT.

At the segment level, manufacturing’s Q2 FY27 EBITDA margin was 12.7%, below 13.3% in Q1 FY27 but above 11.6% in Q2 FY26. EPC margin was 12.9%, compared with 14.3% in Q1 FY27 and 13.7% a year earlier. Both segments recorded lower sequential EBITDA margins, while the H1 consolidated margin was 13.1%.

What order book and capacity milestones does Lumino disclose?

Lumino reported a Rs 2,885 crore closing order book as of September 30, 2026, consisting of Rs 1,963 crore in EPC and Rs 922 crore in manufacturing. EPC accounted for 68% of the reported order book and manufacturing accounted for 32%. After September 30, 2026, management said Lumino received orders worth Rs 386 crore across conductors, cables and underground distribution infrastructure.

The reported order book was lower in both segments than at FY26. Manufacturing orders fell from Rs 1,158 crore at FY26 to Rs 922 crore in H1 FY27, while EPC orders declined from Rs 1,992 crore to Rs 1,963 crore. Manufacturing order-book coverage declined to 202 days from 297 days, and EPC coverage moved to 1,019 days from 1,176 days; these figures describe backlog coverage rather than a disclosed revenue-conversion timetable.

Management said the Ranihati facility in Howrah, West Bengal, is planned to add 35,000 metric tonnes of annual cable capacity in phases, increasing installed capacity from 40,000 metric tonnes to 75,000 metric tonnes. Phase I is planned to add 10,000 metric tonnes, with commercial production expected in Q4 FY27. Management also said the facility would broaden Lumino’s cable portfolio to high-tension power cables up to 66 kilovolts and that the company was L1, or lowest bidder, in tenders worth Rs 555 crore after September 30, 2026.

Conclusion

Lumino’s H1 FY27 results combined 25% revenue growth with EBITDA growth of 34% and PAT growth of 42%. Manufacturing delivered Rs 29 crore of the Rs 39 crore consolidated EBITDA increase and expanded its margin by 1.3 percentage points, while EPC remained the larger component of the Rs 2,885 crore September 30, 2026 order book. Q2 also showed that EBITDA margin moderated from Q1 despite higher revenue and PAT.

The next disclosed milestone is commercial production from Ranihati Phase I in Q4 FY27, which management expects to add 10,000 metric tonnes of capacity. Execution of the Rs 2,885 crore order book, conversion of the Rs 386 crore of subsequent orders, and outcomes of Rs 555 crore of L1 tenders are further matters to watch.