Lumino Industries Limited, a Kolkata-based integrated Engineering, Procurement and Construction (EPC) company in the power transmission and distribution sector, has filed its Draft Red Herring Prospectus (DRHP) with SEBI. The company is raising funds through a fresh issue of ₹500.00 Crore and an Offer for Sale (OFS) of ₹200.00 Crore. With over three decades of experience, Lumino operates across manufacturing and EPC segments, leveraging a strong order book and pan-India presence.

Company Overview

Lumino Industries Limited operates as a product-driven integrated EPC player in India's power sector. The business is divided into two synergistic segments:

• Manufacturing: Produces aluminium conductors, power cables, and electrical wires from two facilities in Howrah, West Bengal. The segment contributed 69.74% of Revenue from Operations in Fiscal 2026. It holds UL Certification and ISO Certifications, enabling access to U.S. and European markets.
• EPC: Executes power transmission & distribution, EHV substations, railway electrification, and solar projects. The company made 121 bids in Fiscal 2026, winning 17 projects worth ₹2,545.11 Crore.

The company has a pan-India presence across 26 states and 4 union territories. As at 31-Mar-2026, the total order book stood at ₹3,149.88 Crore (₹31,498.78 million), comprising ₹1,991.98 Crore for EPC projects and ₹1,157.90 Crore for manufacturing.

Offer Details

The IPO structure includes a Fresh Issue of ₹500.00 Crore and an Offer for Sale (OFS) of ₹200.00 Crore (₹2,000.00 million). The company will not receive proceeds from the OFS portion.

Timeline:

• IPO Opening Date: 27-Aug-2026
• IPO Closing Date: 31-Aug-2026
• Price Band: Not Available
• Listing Date: Not Available

Objects of the Issue: Net proceeds from the Fresh Issue will be utilized as follows:

• Prepayment or repayment of outstanding borrowings: ₹337.00 Crore
• Capital expenditure for Manufacturing Unit I: ₹15.01 Crore
• General Corporate Purposes: Balance Net Proceeds

Note: The objects of the Fresh Issue have not been appraised by any bank or financial institution.

Financial Highlights

Lumino Industries reported Revenue from Operations of ₹2,041.07 Crore in FY2026, growing at a CAGR of 20.43% from FY2024. Profit After Tax (PAT) reached ₹160.00 Crore in FY2026.

The company reported a Return on Equity (RoE) of 24.62% in FY2026, which is the second highest among listed peers. However, working capital as a percentage of revenue increased sharply from 16.09% in FY2024 to 35.11% in FY2026.

Risk Factors

• Government Dependence: Government entities accounted for 53.12% of FY2026 revenue. Cessation of tenders or policy changes could impact operations.
• Customer Concentration: Top 10 customers contributed 46.52% of total revenue in FY2026. Loss of major clients poses a risk.
• Raw Material Volatility: Cost of materials consumed represents 83.73% of total expenses in FY2026. Aluminium price fluctuations directly impact margins.
• Cash Flow Volatility: The company reported negative operating cash flow of ₹238.59 Crore in FY2025, though it recovered to positive ₹156.08 Crore in FY2026.
• Geographic Concentration: All manufacturing facilities are located in Howrah, West Bengal, exposing operations to regional disruptions.

Valuation & Peer Comparison

Specific peer names and valuation multiples are not available in the DRHP data. However, Lumino Industries claims the second highest RoE of 24.62% among listed peers in FY2026. The company’s integrated model aims to provide cost efficiencies through in-sourcing 23.08% of products for EPC projects.

Bottom Line

Lumino Industries presents a growth story driven by India’s power infrastructure expansion, supported by a robust order book of ₹3,149.88 Crore. Investors should monitor the high working capital requirements and the significant portion of IPO proceeds allocated to debt repayment (₹337.00 Crore). The final valuation will depend on the price band yet to be disclosed.