Lumino Industries IPO Day 1: Subscription status, review — here's what you need to know
- Lumino Industries IPO opened on 27-08-2026 with a price band of ₹78.00000 - ₹82.00000.
- Day 1 total subscription stood at 0.94x, driven by strong NII and Retail interest.
- NII (bHNI) surged 189.9% and Retail jumped 200% during the day.
- The company reported FY 2026 revenue of ₹2041.07 crores and PAT of ₹160.00 crores.
- Key risks include high dependence on government entities and raw material volatility.
*this image is generated using AI for illustrative purposes only.
Lumino Industries IPO opened today, recording a total subscription of 0.94x by the end of Day 1. Retail and Non-Institutional Investors (NII) drove the momentum, with Retail jumping 200% and NII (bHNI) surging 189.9% from morning levels. QIB participation remained minimal at 0.03x.
Subscription Status
The IPO saw significant intra-day momentum on its first day of subscription. While QIB participation was negligible, both Retail and NII categories showed strong pickup rates after 12:15 PM, leading to a sharp rise in total subscription.
| Category | Subscription Multiple |
|---|---|
| QIB | 0.03x |
| NII (bHNI) | 0.62x |
| NII (sHNI) | 2.29x |
| Retail | 1.38x |
| Employees | 0.45x |
| Total | 0.94x |
Intra-day timeline on 27-08-2026
Interest ticked up sharply in the second half of the day. Retail jumped +200.0% (from 0.46x to 1.38x) and NII (bHNI) jumped +189.9% (from 0.79x to 2.29x).
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.79x | 0.46x | 0.31x |
| 12:15 | 0.00x | 1.42x | 0.88x | 0.58x |
| 13:15 | 0.03x | 1.88x | 1.15x | 0.78x |
| 14:15 | 0.03x | 2.29x | 1.38x | 0.94x |
About the Company
Lumino Industries Limited is an integrated engineering, procurement and construction (EPC) player focused on manufacturing conductors, power cables, and electrical wires. Founded in 2005, the company operates in power transmission and distribution, leveraging over three decades of industry experience. Key management includes CEO Purushottam Dass Goel and MD Devendra Goel.
Financial Highlights
Lumino Industries reported consistent revenue growth over the last three years. The company achieved an Operating EBITDA Margin of 11.71% in Fiscal 2026.
| Particulars (₹ crores) | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|
| Revenue from Operations | 1407.32 | 1917.97 | 2041.07 |
| Total Profit (PAT) | 86.61 | 124.59 | 160.00 |
| Total Equity | 445.97 | 570.45 | 729.71 |
Revenue grew from ₹1407.32 crores in FY 2024 to ₹2041.07 crores in FY 2026. Profit after tax increased to ₹160.00 crores in the latest fiscal year.
Objects of the Issue
- Prepayment or re-payment of certain outstanding borrowings: ₹337.00 crores
- Capital expenditure for equipment, machinery, and civil works: ₹15.01 crores
- General corporate purposes: Balance Net Proceeds
Risk Factors
- Substantial dependence on government entities for revenue, which accounted for 85.58% of operations in Fiscal 2024.
- High customer concentration risk, with top 10 customers comprising 46.52% of revenue in Fiscal 2026.
- Raw material price volatility, as material costs represent over 83% of total expenses.
Offer Details
- Price Band: ₹78.00000 - ₹82.00000
- Issue Size: 14924 - 500000
- Min Bid Qty: 182
- Open Date: 2026-08-27
- Close Date: 2026-08-31
Will the negligible QIB participation (0.03x) signal a lack of institutional confidence, potentially leading to listing price volatility despite strong retail demand?
How might Lumino Industries mitigate the risk of raw material price volatility, given that material costs constitute over 83% of total expenses?
What is the company's strategy to diversify its revenue base and reduce the 85.58% dependence on government entities for future growth?
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