Minerva Capital Research Solutions

Lumino Industries

RHP
ListedListed 3 Sep 2026MainboardNSE: LUMINOCheck allotment
Current price₹ 90.5+10.37% since issue
Listing day+34.15%
Issue price
₹ 82
Issue size
₹ 700 Cr.
Min. investment
₹ 14,924
Listing price
₹ 110
Subscribed
118.12x
Lot size
182 shares
P/E
15.62
RoNW
24.62%
RoCE
25.75%
Debt / Equity
0.53
PAT margin
7.66%
EBITDA margin
11.71%
RoE
24.62%
EPS
₹ 5.25
NAV
₹ 29.95
Promoter stake
71.97%

About

Lumino Industries Ltd was started in 2005. It is an integrated engineering, procurement and construction company that also manufactures its own products for the power transmission and distribution industry. The company works through two segments. Its manufacturing segment makes aluminium conductors, power cables and electrical wires, including high-temperature low-sag conductors, known as HTLS conductors, which carry more current on the same line and are used to upgrade existing transmission lines. Its EPC segment takes up power transmission and distribution work, extra high voltage substations, HTLS re-conductoring, railway electrification, solar power projects and water management projects. The company supplies to major EPC companies in India and also sells abroad to government owned electricity companies, public enterprises and electricity boards in countries including the USA, Mali, Burkina Faso, Cote d'Ivoire, Nepal, Bangladesh, Kenya, Ghana, Rwanda and Ethiopia. As on 31 March 2026 it had 890 permanent employees.

Timeline

  1. Opens
    27 Aug
    done
  2. Closes
    31 Aug
    done
  3. Allotment
    1 Sep
    done
  4. Refunds
    2 Sep
    done
  5. Demat credit
    2 Sep
    done
  6. Listing
    3 Sep
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 63 on 29 Aug 2026
Lowest
₹ 38 on 3 Sep 2026
First quoted
₹ 46 on 21 Aug 2026

Subscription

How many times each investor group bid for its share, as of 03 Sep 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)1182₹ 14,924
Retail (Max)132,366₹ 1,94,012
S-HNI (Min)142,548₹ 2,08,936
B-HNI (Min)6812,376₹ 10,14,832

Company overview

Financials

Financials by year
Assets2,174.881,718.661,175.44
Total Income2,089.311,946.681,424.63
Profit After Tax160124.5986.61
NET Worth729.58570.29445.86
Reserves and Surplus606.16446.66413.86
Total Borrowing384.16418.8340.91

Strengths

  • Profit has grown strongly for three years, from Rs 86.61 crore in FY2024 to Rs 124.59 crore in FY2025 and Rs 160.00 crore in FY2026.
  • Return ratios are strong, with RoCE of 31.89% and RoNW of 24.52%.
  • The issue is priced reasonably on earnings. At the upper band of Rs 82 the P/E is about 15.62 times on an EPS of Rs 5.25.
  • The company both makes the product and does the EPC work, so it earns at two stages of the same project instead of buying conductors from outside.
  • It makes HTLS conductors, which are used to increase the capacity of existing transmission lines without laying new ones, an area supported by grid upgrade spending.
  • Exports go to ten countries across Africa, South Asia and the USA, mostly to government electricity boards and public enterprises.
  • Net worth grew from Rs 445.86 crore in FY2024 to Rs 729.58 crore in FY2026, and borrowing came down slightly in the last year from Rs 418.83 crore to Rs 384.16 crore.
  • Rs 337 crore of the issue money will repay borrowings, which should cut interest cost meaningfully from the current level.

Risks

  • Debt rose enormously in FY2025, from Rs 40.91 crore to Rs 418.83 crore, which is about ten times in one year, and was still Rs 384.16 crore as on 31 March 2026.
  • Sales growth has slowed sharply. Total income rose only 7% in FY2026, from Rs 1,946.68 crore to Rs 2,089.31 crore, against 37% the year before.
  • The profit margin is thin at 6.40%, which is normal for conductor making and EPC work but leaves little cushion if metal prices move.
  • Almost all the money goes to repaying debt. Rs 337 crore of the Rs 700 crore issue repays borrowings while only Rs 15.01 crore is for new equipment and civil work, so very little adds to capacity.
  • Aluminium and copper prices are the main input cost. A sharp rise that cannot be passed on in fixed price EPC contracts will directly cut margin.
  • EPC work for electricity boards and public enterprises usually means slow payments and money blocked in retention and unbilled work.
  • A part of the export business is in African countries such as Mali, Burkina Faso, Cote d Ivoire, Rwanda and Ethiopia, which carry higher country, payment and currency risk.
  • Promoter holding will come down from 100% to 71.97% after the issue.

What the money is for

Objects of the issue
Prepayment or re-payment, in full or in part,of certain outstanding borrowings availed by Company337
Capital expenditure by Company for purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility15.01
General corporate purposes—

Promoters

  • Purushottam Dass Goel
  • Devendra Goel
  • Jay Goel
Promoter holding100%→71.97%before → after the issue · down 28.03 points

Anchor investors

30 anchors put in ₹ 206.98 Cr., including 22 mutual funds.

Anchor investors
HDFC LARGE & MID CAP FUND6,57,5665.392.6%
HDFC INNOVATION FUND6,57,5665.392.6%
HDFC INFRASTRUCTURE FUND18,26,91614.987.24%
HDFC BUSINESS CYCLE FUND6,57,5665.392.6%
HDFC VALUE FUND6,57,5665.392.6%
HDFC MANUFACTURING FUND10,23,2048.394.05%
KOTAK CONTRA FUND12,17,7629.994.82%
KOTAK MANUFACTURE IN INDIA FUND12,17,7629.994.82%
KOTAK SPECIAL OPPORTUNITIES FUND12,17,7629.994.82%
KOTAK ENERGY OPPORTUNITIES FUND6,08,7904.992.41%
KOTAK RURAL OPPORTUNITIES FUND12,18,3089.994.83%
MOTILAL OSWAL LARGE CAP FUND6,07,9254.982.41%
MOTILAL OSWAL CONTRA FUND6,07,9254.982.41%
MOTILAL OSWAL SPECIAL OPPORTUNITIES FUND6,07,9264.982.41%
MOTILAL OSWAL INNOVATION OPPORTUNITIES FUND6,07,9264.982.41%
BANDHAN SMALL CAP FUND12,15,9429.974.82%
BANDHAN BALANCED ADVANTAGE FUND12,15,7609.974.82%
ABAKKUS GROWTH FUND-OPEN ENDED18,21,82014.947.22%
3PIM INDIA EQUITY (IFSC) FUND10,92,1828.964.33%
EDELWEISS EQUITY SAVINGS FUND4,54,9853.731.8%
EDELWEISS RECENTLY LISTED IPO FUND4,55,0003.731.8%
BANK OF INDIA MID CAP FUND7,27,0755.962.88%
JM LARGE & MIDCAP FUND3,04,8502.51.21%
JM VALUE FUND3,05,0322.51.21%
SBI GENERAL INSURANCE CO.LTD.7,27,0755.962.88%
BAJAJ LIFE INSURANCE LTD.6,09,88252.42%
KOTAK MAHINDRA LIFE INSURANCE CO.LTD.10,92,1828.964.33%
ASHIKA GLOBAL FINANCE PVT.LTD.6,09,88252.42%
CITIGROUP GLOBAL MARKETS MAURITIUS PVT.LTD.6,09,88252.42%
SILVER STRIDE INDIA GLOBAL FUND6,09,88252.42%

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 5 a share
Registrar
Bigshare Services Private Limited
Lead managers
JM Financial Ltd., Motilal Oswal Investment Advisors
Red herring prospectus (RHP)
Open
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.