Lumino Industries Q2 profit rises 51% as margins expand

Lumino Industries Limited reported profit after tax of Rs 53 crore in Q2 FY27, up 51% year on year, as consolidated revenue from operations increased 30% to Rs 661 crore and PAT margin rose to 7.9% from 6.8%. Lumino Industries also reported operating earnings before interest, tax, depreciation and amortisation of Rs 84 crore.

What were Lumino Industries' Q2 FY27 consolidated results?

Lumino Industries' Q2 FY27 consolidated revenue was Rs 661 crore, compared with Rs 509 crore in Q2 FY26 and Rs 521 crore in Q1 FY27. The year-on-year increase was 30%, while the quarter-on-quarter increase was 27%, according to the unaudited results for the quarter ended September 30, 2026.

Operating EBITDA, or earnings before interest, tax, depreciation and amortisation, increased 34% year on year to Rs 84 crore from Rs 63 crore. Profit after tax, or PAT, rose faster than revenue and operating EBITDA, increasing to Rs 53 crore from Rs 35 crore. Basic earnings per share, or EPS, were Rs 2.0, compared with Rs 1.4 a year earlier.

The sequential figures also showed higher earnings in Q2 FY27. Operating EBITDA was 19% above Rs 71 crore in Q1 FY27, while PAT was 32% above Rs 40 crore. Revenue increased by Rs 140 crore between the two FY27 quarters, compared with a Rs 13 crore increase in operating EBITDA.

Lumino Industries also recorded Rs 1,183 crore of revenue and Rs 93 crore of PAT in H1 FY27, the six months ended September 30, 2026. Those figures were respectively 25% and 42% above H1 FY26, when revenue was Rs 946 crore and PAT was Rs 66 crore.

How did Lumino Industries' margins change in Q2 FY27?

Lumino Industries' operating EBITDA margin was 12.8% in Q2 FY27, up 40 basis points year on year from 12.4%, but down 82 basis points sequentially from 13.6% in Q1 FY27. A basis point is one-hundredth of a percentage point. The comparison shows a higher operating margin than a year earlier despite the quarter-on-quarter reduction.

PAT margin rose 109 basis points year on year to 7.9% from 6.8%, and was 30 basis points above the 7.6% reported in Q1 FY27. Operating EBITDA margin declined from the immediately preceding quarter, whereas PAT margin increased from both comparison periods.

For H1 FY27, operating EBITDA margin was 13.1%, compared with 12.2% in H1 FY26, an improvement of 91 basis points. H1 PAT margin reached 7.8% from 6.8%, a 99-basis-point increase, alongside operating EBITDA of Rs 155 crore versus Rs 116 crore and PAT of Rs 93 crore versus Rs 66 crore.

Which Lumino Industries business delivered more Q2 growth?

Lumino Industries' manufacturing business delivered the larger Q2 FY27 revenue increase, with revenue rising 39% year on year to Rs 460 crore from Rs 331 crore. Its operating EBITDA grew 52% to Rs 58 crore from Rs 39 crore, while its margin increased 110 basis points to 12.7% from 11.6%.

The engineering, procurement and construction, or EPC, business reported Q2 FY27 revenue of Rs 201 crore, up 13% from Rs 178 crore in Q2 FY26. EPC operating EBITDA increased 6% to Rs 26 crore from Rs 24 crore, but its margin declined 80 basis points to 12.9% from 13.7%.

The sequential comparison also differed by segment. Manufacturing revenue rose 24% from Rs 371 crore in Q1 FY27, while EPC revenue increased 34% from Rs 150 crore. Manufacturing margin fell from 13.3% in Q1 FY27 and EPC margin fell from 14.3%, leaving both segments below their preceding-quarter margin levels.

In H1 FY27, manufacturing revenue was Rs 831 crore, up 22% from Rs 679 crore in H1 FY26, while operating EBITDA increased 36% to Rs 108 crore. EPC revenue reached Rs 352 crore, up 32% from Rs 267 crore, and its operating EBITDA rose 31% to Rs 47 crore.

What order book and capacity plans did Lumino Industries disclose?

Lumino Industries had a total order book of Rs 2,885 crore as of September 30, 2026, comprising Rs 922 crore in manufacturing and Rs 1,963 crore in EPC. The EPC order book was larger than the manufacturing order book, while Q2 revenue was Rs 201 crore from EPC and Rs 460 crore from manufacturing.

After September 30, Lumino Industries received orders worth Rs 386 crore across conductors, cables and underground distribution infrastructure. Management also said it was the lowest bidder, or L1, in tenders worth Rs 555 crore; that status is distinct from an awarded order in the disclosure.

Management said the Ranihati expansion will add 35,000 metric tonnes of annual capacity in phases, taking total installed capacity to 75,000 metric tonnes from 40,000 metric tonnes. The facility is intended to broaden the cable range to high-tension power cables of up to 66 kilovolts, with first-phase commercial production expected in Q4 FY27.

Lumino Industries operates two manufacturing facilities in Howrah, West Bengal, with combined aluminium consumption capacity of 40,000 metric tonnes a year for cables and conductors. The Ranihati site in Howrah covers 15 acres and forms part of the plan to increase capacity to 75,000 metric tonnes.

Lumino Industries said its priorities are to advance Ranihati, increase the contribution of specialised conductors and cables, and execute its order book efficiently. Management identified substations, distribution infrastructure and high-temperature low-sag, or HTLS, reconductoring as EPC areas where it will seek opportunities linked to manufacturing capabilities and project experience.

Conclusion

Lumino Industries' Q2 FY27 figures show profit growth of 51% outpacing 30% revenue growth, alongside a year-on-year increase in operating EBITDA margin to 12.8% and PAT margin to 7.9%. Manufacturing was the faster-growing business, with 39% revenue growth and a 110-basis-point margin increase, while EPC revenue grew 13% and its margin declined 80 basis points.

The next disclosed milestone is first-phase commercial production at Ranihati, expected in Q4 FY27, which management says would lift installed capacity from 40,000 to 75,000 metric tonnes. Investors can also watch conversion of the Rs 555 crore L1 tender pipeline and execution of the Rs 2,885 crore order book, including Rs 1,963 crore of EPC orders.