Lumino Industries Ltd. IPO: price band, issue structure, subscription, GMP and financials

Lumino Industries Limited launched a ₹700.00 crore mainboard IPO with a price band of ₹78 to ₹82 per share. The issue opened on 27 August 2026 and closed on 31 August 2026. The IPO comprised a ₹500.00 crore fresh issue and a ₹200.00 crore offer for sale (OFS). Shares listed on 3 September 2026 at ₹109, implying a 32.93% listing gain over the issue price.

Business profile: integrated EPC and manufacturing in power T&D

Lumino Industries Limited is an integrated engineering, procurement and construction (EPC) and manufacturing company serving India’s power transmission and distribution (T&D) ecosystem. Its stated operating model combines in-house manufacturing of aluminium conductors, power cables and electrical wires with execution of power-infrastructure projects.

A stated feature of the model is captive consumption: the company uses a portion of its manufactured output within its own EPC projects, while also selling products to domestic and international customers. This positions Lumino across both product supply and project execution within the power infrastructure value chain.

On the EPC side, the company operates across multiple verticals including power T&D projects, extra-high voltage (EHV) substations, high-temperature low-sag (HTLS) reconductoring, railway electrification, solar projects and water management. The company also references an ISO-certified manufacturing and testing setup, a National Accreditation Board for Testing and Calibration Laboratories (NABL)-accredited lab, and Underwriters Laboratories (UL) certification to support exports to regulated markets.

Milestones, order book disclosures, and expansion/approval updates

Lumino traces its operating history to 1989, when it started as a partnership firm to manufacture and trade cables, conductors and other electrical goods. It established a manufacturing facility in Kolkata, West Bengal in 1999 and diversified into the power distribution EPC segment in 2006. The company subsequently diversified into solar EPC in 2018.

In 2019, it set up a furnace at Jalan Industrial Complex, Howrah, West Bengal for manufacturing aluminium alloy rod and aluminium wire rod. The company reports that it crossed ₹10,000 million in gross turnover for the first time in 2020, including its highest export turnover of ₹673 million, and it also diversified into HTLS conductor manufacturing in 2020.

For project-led scale indicators, Lumino discloses recording an order book of ₹26,110 million in 2023. It also states it secured its first water EPC project in 2023 awarded by the Public Health Engineering Directorate, Government of West Bengal.

In more recent updates cited by the company, it received Grade A MQP approval from Power Grid Corporation of India Limited in 2025 for supply of AL 59 and ACSR conductors. In 2026, Lumino entered into conductor manufacturing licenses and a core supply agreement with CTC Global Corporation. The company also highlights crossing ₹20,000 million gross turnover and profit after tax (PAT) of ₹1,600 million.

Financial performance: revenue, profitability and asset base

Across FY2024 to FY2026, Lumino reported an increase in total revenue, PAT, and total assets. Total revenue rose from ₹1,407.32 crore in FY2024 to ₹2,041.07 crore in FY2026, while PAT increased from ₹86.61 crore to ₹160.00 crore over the same period. Total assets expanded from ₹1,175.44 crore in FY2024 to ₹2,174.88 crore in FY2026.

The disclosed key performance indicators (KPIs) include a reported PAT margin of 7.66% and an EBITDA margin of 11.71% (EBITDA stated here as a margin percentage).

IPO structure and proposed use of fresh issue proceeds

The Lumino Industries IPO size was ₹700.00 crore and combined:

A ₹500.00 crore fresh issue, where proceeds accrue to the company; and

A ₹200.00 crore offer for sale (OFS), where proceeds accrue to selling shareholders.

As per the stated objects of the issue, Lumino proposes to use the net proceeds from the fresh issue towards three heads. The largest identified component is prepayment or repayment (in full or in part) of certain outstanding borrowings availed by the company. The company also proposes capital expenditure for purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility. The third object is general corporate purposes.

The disclosed proposed allocation includes ₹337.00 crore towards debt repayment and ₹15.01 crore towards the specified capital expenditure. The amount for general corporate purposes is not specified in the provided disclosures.

Subscription outcome, anchor framework, GMP observations and listing

The IPO closed with an overall subscription of 5.14 times. Category-wise, bids were concentrated in the non-institutional investor (NII) and retail individual investor (RII) segments, while the qualified institutional buyer (QIB) segment showed a lower subscription multiple in the reported category breakdown.

On reservation and allocation framework, the disclosed split provided 50% for QIBs, 15% for NIIs and 35% for retail investors. The disclosures also note that anchor investors were allocated 60% of the QIB portion, with 33.33% of the anchor portion reserved for domestic mutual funds. The employee reservation is shown as ₹10 crore.

For informal market indicators, the available grey market premium (GMP) observations in the context ranged from ₹32 to ₹44 against a referenced issue price of ₹82, across ten dated observations between 1 September 2026 and 3 September 2026. GMP is an unofficial indicator and can change.

The stock listed on 3 September 2026 at ₹109.

Valuation and KPI context, key risks, and monitoring points

At the upper end of the price band, the disclosed valuation and KPI set includes earnings per share (EPS) of ₹6.57 and a pre-IPO price-to-earnings (P/E) multiple of 12.48 times. The price-to-book multiple is 2.74 times. Return ratios disclosed include return on equity (ROE) of 24.62%, return on capital employed (ROCE) of 25.75% and return on net worth (RoNW) of 24.62%. The disclosed debt-to-equity ratio is 0.53.

Key risks and constraints highlighted in the provided disclosures include dependence on government tenders and government authorities for a significant portion of revenue; concentration in top customers; and operational concentration, with more than 60% of revenue coming from manufacturing, making plant disruptions in West Bengal relevant for product sales and for captive supply into EPC projects. The disclosures also cite industry and operating risks such as volatility in input costs and supply chain disruptions, competitive bidding dynamics, and regulatory and compliance requirements for electrical products and operations (including BIS and quality control orders).

Monitoring points to track, based on the disclosed business mix and risk factors:

Order book movement and conversion into billed revenue across EPC verticals such as T&D, EHV substations, HTLS reconductoring, railway electrification and water.

Working-capital indicators, including receivable collection patterns associated with government-tendered projects.

Progress on stated manufacturing additions and facility work referenced under the proposed capital expenditure object.

Trends in the mix between manufacturing-led revenue and EPC execution, given the stated integrated model and captive consumption approach.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (19 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.