| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 1407.32 | 1917.97 | 2041.07 |
| Expenses | 1308.67 | 1777.37 | 1884.54 |
| Other Income | 17.31 | 28.71 | 48.24 |
| Total Revenue | 1424.63 | 1946.68 | 2089.31 |
| Profit Before Tax | 115.93 | 168.77 | 204.80 |
| Net Profit | 86.61 | 124.59 | 160.00 |
Lumino Industries
Lumino Industries IPO
₹14,196
1.12 xOver-subscribedBidding Dates 27 Aug, 26 -31 Aug, 26
Min Investment ₹14,196
Lot Size182
Price Range ₹78 – ₹82
Issue Size ₹700.00 Cr.
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IPO Subscription Details
Retail Subscription Details
1.64 x
Non-Institutional Buyers (sHNI)
2.76 x
Non-Institutional Buyers (bHNI)
0.78 x
Qualified Institutional Buyers (QIB)
0.03 x
Employees
0.52 x
Total1.12 x
1.12 x IPO Timeline
IPO Offer Start
27 Aug,26
IPO Offer Ends
31 Aug,26
Allotment Finalisation
01 Sept,26
Refund Initiation
02 Sept,26
Listing of Shares
03 Sept,26
IPO Analysis
Strengths
The company is a product-driven integrated EPC player with strong focus on manufacturing conductors, power cables and electrical wires. The company achieved an Operating EBITDA Margin of 11.71% in Fiscal 2026 and has in-sourced 23.08% of products for EPC projects.
The company's integration of Manufacturing and EPC segments through product-driven strategy creates competitive advantage. Revenue from Operations grew at a CAGR of 20.43% from Fiscal 2024 to 2026, achieving second highest RoE of 24.62% amongst peers.
The company operates two manufacturing facilities with combined capacity of 40,000 MT aluminium consumption per year. The company has received UL Certification and ISO certifications, enabling expansion into U.S. and European markets.
Risks
The company derives 53.12%, 79.89% and 85.58% of revenue from operations in Fiscal 2026, 2025 and 2024 respectively from government entities and state-owned electricity boards. Any cessation of tender issuance by these clients could adversely affect business operations and financial performance.
Revenue from top 10 customers comprises 46.52% for Fiscal 2026, 80.33% for Fiscal 2025 and 90.78% for Fiscal 2024 of total revenue from operations. Loss of any major customers or adverse changes affecting their financial condition could significantly impact business and cash flows.
Sale of cables and conductors contributes over 60% of revenue from operations across all fiscals (69.74% in Fiscal 2026, 64.96% in Fiscal 2025, 65.60% in Fiscal 2024). Any adverse development in manufacturing performance could severely impact business operations and financial position.
Objectives
The company intends to utilize funds from the Net Proceeds towards prepayment or repayment of all, or a portion, of the principal amount on certain loans and the accrued interest thereon. This will help reduce overall outstanding indebtedness, debt servicing costs, assist in maintaining a favourable debt-equity ratio and enable better utilisation of internal accruals for further investment in business growth and expansion.
The company intends to enhance its manufacturing capabilities at Manufacturing Unit I through purchase of equipment and machinery, civil works and interior developments. The investment will increase production capacity and is expected to lead to a decrease in manufacturing costs. The company will invest in procurement of equipment and machineries to enhance production capacity from MT to MT.
The company intends to deploy any balance Net Proceeds towards general corporate purposes as approved by management, including but not limited to maintenance of plant and machineries, strategic initiatives, partnership and joint ventures, acquiring fixed assets including furniture and fixtures, meeting any expense including administration, insurance, marketing, repairs and maintenance, payment of taxes and duties, meeting expenses incurred in the ordinary course of business and towards any exigencies.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 1175.44 | 1718.66 | 2174.88 |
| Current Assets | 1074.33 | 1565.69 | 1955.17 |
| Fixed Assets | 101.11 | 152.97 | 219.70 |
| Total Equity & Liabilities | 1175.44 | 1718.66 | 2174.88 |
| Total Liabilities | 729.47 | 1148.21 | 1445.16 |
| Current Liabilities | 691.48 | 1116.98 | 1398.42 |
| Non Current Liabilities | 37.99 | 31.24 | 46.74 |
| Total Equity | 445.97 | 570.45 | 729.71 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 3.07 | 60.11 | 13.76 |
| Investing Activities | -3.58 | -12.77 | -40.60 |
| Operating Activities | 100.91 | -238.59 | 156.08 |
| Financing Activities | -94.25 | 311.48 | -101.72 |
About Lumino Industries
Lumino Industries Limited is a product-driven integrated engineering, procurement and construction (EPC) player in India with strong focus on manufacturing and supplying conductors, power cables and electrical wires to the power transmission and distribution industry. The company operates two key business segments: Manufacturing (aluminium conductors, power cables, and electrical wires)...more
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Managing DirectorDevendra Goel
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