Lumino Industries reported a 33% year-on-year increase in standalone net profit to ₹403.0 lakh for the quarter ended June 30, 2026 (Q1FY27). Revenue from operations rose 19% to ₹5,214.3 lakh, while EBITDA grew to ₹709.0 million.

The Board of Directors approved the unaudited standalone and consolidated financial results on September 21, 2026. Joint Statutory Auditors Singhi & Co. and SDP & Associates issued limited review reports for both sets of statements. This marks the company’s first quarterly disclosure under SEBI Listing Regulations following its listing on September 3, 2026.

Financial Performance

Revenue from operations grew from ₹4,371.1 lakh in Q1FY26 to ₹5,214.3 lakh in Q1FY27. Total income, including other income of ₹53.0 lakh, reached ₹5,267.3 lakh. Operating expenses remained controlled despite higher material costs, allowing pre-tax profit to expand 36% to ₹544.9 lakh.

EBITDA stood at ₹709.0 million in Q1FY27, up from ₹527.0 million in the corresponding period of the previous year. The EBITDA margin expanded to 13.59% from 12.05% YoY.

Finance costs decreased slightly to ₹172.4 lakh from ₹192.5 lakh in the prior year period. Tax expense totaled ₹142.0 lakh, aided by deferred tax credits of ₹34.6 lakh.

Segment Breakdown

The manufacturing segment contributed ₹3,710.3 lakh to revenue, up 6% from ₹3,484.5 lakh in Q1FY26. The EPC segment saw sharper growth, with revenue rising 70% to ₹1,504.0 lakh from ₹886.6 lakh. Manufacturing segment profit before interest and tax was ₹486.6 lakh, while EPC delivered ₹257.5 lakh.

Order Book and Rating Upgrade

Order inflows of ₹176 crore during the quarter took the company’s order book to ₹3,059 crore as of June 30, 2026, a decline of 2.9% year-on-year. The order book comprised ₹1,046 crore from Manufacturing and ₹2,013 crore from EPC. Key orders secured during the quarter included an EHV substation order from Haryana Vidyut Prasarana Nigam Limited.

Subsequent to the quarter end, CRISIL Ratings upgraded the rating on the company’s long-term bank facilities from CRISIL A/Stable to CRISIL A+/Stable. The rating on the short-term bank facilities was reaffirmed at CRISIL A1.

Capacity Expansion Plans

Lumino Industries is developing the Ranihati facility to add 35,000 MT of capacity across three phases. The first 10,000 MT is targeted to commence operations in H2 FY27, followed by 11,000 MT (approx.) in Q3 FY28 and 14,000 MT (approx.) in Q1 FY29. Upon completion, the company’s total installed capacity will increase from 40,000 MT to 75,000 MT. This expansion plan will increase capacity across existing product categories and add the capability to produce HT power cables up to 66 kV.

What the Numbers Show

EPC revenue growth significantly outpaced manufacturing expansion, indicating shifting demand toward project execution services. While manufacturing volumes grew modestly, the EPC segment’s 70% revenue surge suggests strong order conversion or new project initiations in the quarter. This divergence highlights the dual-engine growth model, with service-led execution complementing product sales. The expansion in EBITDA margin from 12.05% to 13.59% reflects improved operational efficiency alongside top-line growth.

IPO and Listing

Subsequent to the quarter-end, Lumino Industries completed its initial public offering of 85,365,851 equity shares at ₹82 per share. The issue included a fresh issue of 60,975,609 shares raising ₹5,000.0 lakh and an offer for sale of 24,390,242 shares aggregating ₹2,000.0 lakh. Equity shares were listed on NSE and BSE on September 3, 2026.

The financial results include interests in two limited liability partnerships, four subsidiaries, and three joint ventures. Certain entities’ financials were not reviewed by auditors but were certified as immaterial by management.

Lumino Industries plans to commission the first 10,000 MT of its Ranihati facility expansion in H2FY27, as part of a phased capacity scale-up that will raise total capacity from 40,000 MT to 75,000 MT by Q1FY29.

Ranihati expansion: phased capacity build-up

The expansion at the Ranihati facility is structured in phases, with the initial 10,000 MT tranche targeted for commissioning in the second half of FY27. The remaining capacity additions are scheduled to follow through subsequent phases, with the full build-out of 75,000 MT expected to be operational by Q1FY29.

The following table summarises the key parameters of the planned expansion:

Capacity trajectory

The planned expansion represents a significant increase in Lumino Industries' manufacturing footprint. The move from 40,000 MT to 75,000 MT reflects a capacity addition of 35,000 MT across the phased programme, with the Ranihati site serving as the primary expansion location.