Lumino Industries IPO: ₹700 Cr Issue, Financials & Key Details
- Lumino Industries files DRHP for ₹700 Cr IPO (₹500 Cr Fresh + ₹200 Cr OFS).
- Revenue grew at 20.43% CAGR to ₹2,041.07 Cr in FY2026; PAT hit ₹160.00 Cr.
- Order book stands at ₹3,149.88 Cr as of March 2026.
- Key risk: High raw material costs (83.73% of expenses) and working capital intensity.
- IPO opens on 27-Aug-2026; price band not yet announced.
*this image is generated using AI for illustrative purposes only.
Lumino Industries IPO closed on Day 3 with a total subscription of 58.19x. Non-Institutional Buyers (bHNI) led the demand with 155.26x, while Retail investors subscribed 29.64x. QIBs accounted for 48.66x of the issue.
Final Subscription Status
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 27-08-2026 | 0.04x | 3.50x | 1.24x | 1.92x | 1.38x |
| Day 2 | 28-08-2026 | 0.06x | 11.97x | 5.58x | 6.40x | 4.81x |
| Day 3 | 31-08-2026 | 48.66x | 116.49x | 155.26x | 29.64x | 58.19x |
Intra-day timeline on 31-08-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.10x | 37.49x | 8.71x | 14.58x |
| 12:15 | 0.47x | 70.53x | 20.30x | 26.51x |
| 13:15 | 4.07x | 90.86x | 24.81x | 35.75x |
| 14:15 | 26.23x | 104.09x | 27.31x | 47.21x |
| 15:15 | 48.66x | 116.49x | 29.64x | 58.19x |
| 16:15 | 48.66x | 116.49x | 29.64x | 58.19x |
| 17:15 | 48.66x | 116.49x | 29.64x | 58.19x |
The issue raced ahead in the final hours, with total subscription jumping 299.1% from 14.58x to 58.19x between 11:15 AM and 3:15 PM. QIB interest surged by 48560.0% (from 0.10x to 48.66x), while Retail jumped 240.3% (from 8.71x to 29.64x). NII (bHNI) remained the dominant force, ticking up 210.7% to reach 116.49x.
Category-wise Breakdown
- QIB: 48.66x
- NII (bHNI): 155.26x
- NII (sHNI): 116.49x
- Retail: 29.64x
- Employees: 8.24x
About the Company
Lumino Industries Limited is a product-driven integrated engineering, procurement and construction (EPC) player in India. Founded in 2005, it focuses on manufacturing conductors, power cables, and electrical wires for the power transmission and distribution industry. The company operates two key segments: Manufacturing and EPC, leveraging over three decades of experience. It is led by CEO Purushottam Dass Goel and MD Devendra Goel.
Financial Highlights
| Metric | FY 2024 (₹ crores) | FY 2025 (₹ crores) | FY 2026 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 1407.32 | 1917.97 | 2041.07 |
| Total Profit | 86.61 | 124.59 | 160.00 |
| Total Equity | 445.97 | 570.45 | 729.71 |
Revenue grew at a CAGR of 20.43% from Fiscal 2024 to 2026. The company achieved an Operating EBITDA Margin of 11.71% in Fiscal 2026.
Objects of the Issue
- Prepayment or re-payment of certain outstanding borrowings: ₹337.00 crores
- Capital expenditure for equipment and machinery: ₹15.01 crores
- General corporate purposes
Risk Factors
- Substantial dependence on government entities for revenue (85.58% in Fiscal 2024).
- High customer concentration risk with top 10 customers comprising 46.52% of revenue in Fiscal 2026.
- Raw material price volatility, with cost of materials representing 83.73% of total expenses in Fiscal 2026.
What's Next
Allotment date and listing date are yet to be announced. Investors should monitor official exchanges for basis of allotment details. The price band is ₹78.00000 - ₹82.00000, with a minimum bid quantity of 182 shares.
How will the allocation of ₹337 Crore for debt repayment impact Lumino Industries' future leverage ratios and interest coverage compared to its listed peers?
Given that 83.73% of expenses are raw material costs, what hedging strategies or pricing mechanisms does the company have in place to mitigate the risk of aluminium price volatility?
With 53.12% of revenue dependent on government entities, how might potential shifts in national power infrastructure spending policies affect the company's order book sustainability?
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