Lumino Industries Ltd.

Lumino Industries Limited

Incorporated in March 2005 and headquartered in Kolkata, Lumino Industries Limited is a product driven, engineering, procurement and construction (EPC) player serving the Indian power transmission and distribution sector. The business dates back to a family partnership set up in 1989, which moved into the company in 2005. It has 2 business verticals. Manufacturing caters to aluminum conductors, power cables and electrical wires, including high temperature low sag (HTLS) conductors, and was 69.74% of FY26 revenue. EPC covers power distribution and transmission, EHV substations, re-conductoring, railway electrification, solar and water management, which was 30.26% of FY26 revenue. The business is promoted by the Goel family, which owns 100% of the company pre offer.

DRHP filed: January 20, 2025 (corrigendum dated July 29, 2026)

RHP filed: August 20, 2026

IPO open & close: 27 August 2026 to 31 August 2026 (anchor book 25 August 2026)

Price band: INR 78 to INR 82 per share; face value INR 5; lot size 182 shares

Listing date (tentative): 3 September 2026 (BSE and NSE)

BRLM: Motilal Oswal Investment Advisors Limited, JM Financial Limited, Monarch Networth Capital Limited

Auditor: Singhi & Co., Chartered Accountants and SDP & Associates, Chartered Accountants (joint statutory auditors)

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Delta's View:

Good Listing Gains | Skip

One can expect good listing gains as per current GMP of 57% over the upper band of INR 82. At the cap price the post-offer market capitalization is around INR 2,500 crore, which is 15.6x FY26 earnings and 10.9x or 13.4x EV/EBITDA on the reported and pre-reclassification bases respectively. Lumino has grown on a real tailwind, the electrification of India's distribution network, and the order book at 1.54x FY26 revenue reflects that. But the industry turns on government policy and capex, and state entities were still 53.12% of FY26 revenue, down from 85.58% in FY24. Cumulative cash flow from operations over the last ten years is negative, and even over FY24 to FY26 the company earned INR 371 crore of profit against INR 18 crore of operating cash, or negative INR 369 crore on the accounting basis it used until FY25. Given the working capital intensity, the policy dependence, the absence of cash flow visibility, highly competitive space and the fact that two brothers running two listed companies in the same line of business in different states, we do not get the comfort to be long term investors here.

● Crisil sizes the Indian conductor market at INR 22,700 crore in FY26, up from INR 10,200 crore in FY20, a 14% CAGR, and expects 12% to 15% CAGR to FY31 to reach INR 40,000 crore to INR 46,000 crore. The cables and wires market was about INR 1,61,800 crore in FY26, up from INR 78,700 crore in FY20, and is expected to grow 13% to 14% to FY31. Indian power sector investment is projected to rise from INR 19.2 trillion over FY22 to FY26 to INR 37 trillion to INR 42 trillion over FY27 to FY31. The demand backdrop is not the issue here.

●Deepak and Devendra are both sons of Purushottam Dass Goel. Under a composite scheme sanctioned by NCLT Kolkata in November 2021, effective 1 April 2019, Lumino's EPC and manufacturing division operating in Tamil Nadu and Assam was demerged into Laser Power and Infra Private Limited, and its real estate division into Lumino Power Infrastructure Private Limited. So Deepak stepped out of Lumino with a piece of Lumino's own EPC and manufacturing business moved into a separate entity, which does what Lumino does in different states. Devendra, Lumino's Managing Director, has personally guaranteed INR 1,650 crore of Laser Power's working capital facilities across thirteen banks, all dated 18 July 2025, in his sole capacity, so the separation is not clean in this direction.

● The company’s revenue increased from INR 1,407.32 crore in FY24 to INR 2,041.07 crore in FY26, and PAT grew to INR 160.00 crore. Operating EBITDA margin moved from 10.31% to 11.71%. FY26 growth was due to pricing, not volume. Revenue grew only 6.42%. Within that, manufacturing revenue rose 14.24% to INR 1,423.45 crore while actual production fell 4.21% from 32,960 MT to 31,571 MT. This can be primarily attributed to increase in aluminum, copper, steel, XLPE and PVC prices passed into selling prices. EPC revenue fell 8.09% to INR 617.63 crore, with power distribution and transmission down 27.14% to INR 452.22 crore. Manufacturing carried 69.74% of revenue and 79.08% of PAT in FY26.

● An important reclassification in accounting was done in FY26. Finance arrangements, namely vendor bill discounting, TReDS and letter of credit acceptances, were moved out of Borrowings into a new financial liability line called Trade Acceptance, and their cash settlements were moved from financing activities into operating activities.

Reported Basis versus Pre-Reclassification Basis

The same three years on both bases. Reported is as printed in the RHP after the FY26 reclassification. Old basis puts supplier finance back inside borrowings and back into financing activities, where it sat until FY25. For FY24 and FY25 the old basis borrowings and financing cash flow are as disclosed in the RHP's own restatement note, and applying the same method reproduces them exactly, so it is then applied to FY26 and to the derived ratios.

● Government entities were 85.58% of revenue in FY24 which reduced to 53.12% in FY26, and the top ten customers went from 90.78% to 80.33% to 46.52% in the same period.

● The order book is INR 3,149.88 crore, or 1.54x FY26 revenue, split INR 1,991.98 crore EPC and INR 1,157.90 crore manufacturing. The composition has changed quickly. EHV substations were 0% of the EPC order book at March 2024, 40.65% at March 2025 and 44.57% at March 2026. Against that, the company has executed one EHV substation to date, a 220 kV job at Agra worth INR 23.55 crore, and booked INR 90.98 crore of EHV revenue in FY26.

● The plants are running close to full and the expansion this issue funds is modest. Utilisation was 78.93% in FY26, 82.40% in FY25 and 70.49% in FY24. The IPO capex object of INR 15.01 crore takes installed capacity from 40,000 MT to 50,980 MT, a 27% addition, spread across FY27 and FY28. Equipment orders have not been placed yet and the cost estimates rest on supplier quotations.

● P.S. Enterprise, an entity in which key managerial personnel and their relatives have significant influence, supplied INR 141.21 crore of raw material in FY26, or 12.19% of raw material cost. It supplied INR 228.83 crore in FY25 at 22.01%, and INR 151.63 crore in FY24 at 19.39%, and was the largest supplier in both those years. The company mentions that P.S. Enterprise is registered as an MSME with an NSIC memorandum, which gives it institutional benefits that Lumino itself cannot access.

● The company received a notice dated 26 June 2023 from the Registrar of Companies, West Bengal under Section 206(1) of the Companies Act. It followed a complaint alleging non-compliance and corrupt practices in securing government tenders, specifically a 220 kV HTLS re-conductoring tender awarded in FY23, along with an allegation of supplying non-standardized material without a type test certificate.

Business

● Lumino operates two segments. Manufacturing covers aluminium conductors, power cables and electrical wires. EPC covers six business lines, namely power transmission and distribution, EHV substations, re-conductoring with HTLS conductors, railway electrification, solar power projects and water management projects.

● The conductor portfolio spans ACAR, TACSR, high conductivity alloy conductors (AL7 and AL59) and HTLS variants including ACFR, ACSS, STACIR, GTACSR and Hi-TACSR. AL59 is the largest product category in the Indian conductor market at 48% to 50% share. The cable portfolio covers LV XLPE and PVC power and control cables, aerial bunched cable, railway signalling cable, concentric cable, instrumentation cable, solar cable, MV covered conductors, fire performance cable, UL cable and quad cable.

●The company entered electrical wires in FY23 under the brand Lumicon. This is the only B2C piece and it is small. B2C revenue was INR 39.99 crore in FY26, 1.96% of the total, up from INR 18.84 crore in FY24. It runs through roughly 104 distributors and 804 retailers across four states, namely Kerala, Uttar Pradesh, Rajasthan and Jammu and Kashmir, with the main presence in Kerala.

● Both plants are at Howrah, West Bengal across 264,208 sq ft, plus four warehouses of about 156,600 sq ft. Unit I has 31,000 MT capacity and ran at 79.13% in FY26; Unit II has 9,000 MT and ran at 78.22%. Unit I sits on a mix of owned and leased land, with the leased part taken from promoter Devendra Goel. Unit II is entirely leasehold.

● Raw materials are aluminium, copper, steel and insulating compounds. Hindalco was the largest supplier in FY26 at 30.89% of raw material cost. The top five were 77.05% and the top ten 87.50%, broadly in line with prior years. Contracts for aluminium based cables and conductors, transformers, GI structures and circuit breakers generally carry price variation clauses, so raw material movement is largely passed through.

Promoters and Leadership

● Purushottam Dass Goel, 78, is the Chairperson, Non-Executive Director and a Promoter. He has been associated with the company since its incorporation on 30 March 2005 and has experience in manufacturing overhead transmission line conductors and cables. The RHP records that he does not have any formal education. He was appointed Chairperson on 23 November 2024

● Devendra Goel, 53, is the Managing Director and the largest Promoter with 49.03% pre offer. He holds a bachelor's degree in commerce from the University of Calcutta and has been a director since April 2005. He heads marketing, finance and administration. He is selling INR 150 crore of shares in the offer.

● Jay Goel, 29, is the Whole-time Director and a Promoter with 35.54% pre offer. He holds a bachelor's degree in science management from Bentley University, Waltham, Massachusetts, and has been a director since August 2018. He is responsible for business development and operations modernisation. He is selling INR 50 crore of shares in the offer.

● The three promoters are grandfather, father and son. The board has six directors, two executive, one non executive and three independent, including one woman independent director. The independent directors are Hemant Sultania, a chartered accountant and company secretary who was previously CFO at Dr. Lal Pathlabs, Vaibhav Global and Aakash Educational Services, Amitabh Mathur, a former director at BHEL and independent director at Chennai Petroleum, and Shalu Laxmanraj Bhandari, a practicing company secretary who is also an independent director at Bajaj Hindusthan Sugar. All three were appointed on 20 December 2024.

Shareholding Pattern

Pre offer paid up capital is 24,35,78,096 equity shares of face value INR 5 each, held entirely by the promoters and promoter group. There is no institutional or outside shareholder and no securities premium on the books.

Issue Details

Total offer size, amount -> INR 700 cr, comprising a fresh issue of INR 500 cr and an offer for sale of INR 200 cr. An employee reservation portion of up to INR 10 cr is carved out of the offer.

Fresh issue size, amount -> INR 500 cr. To be utilised in:

● Prepayment or repayment, in full or in part, of certain outstanding borrowings -> INR 337.00 cr, to be deployed entirely in FY27. Seven facilities are listed, with INR 342.38 cr outstanding at 31 July 2026, spanning working capital loans and vendor finance from HDFC Bank, Union Bank of India, Bank of Baroda, State Bank of India, IDFC First Bank and Yes Bank at rates of 7.80% to 9.25%.

● Capital expenditure at Manufacturing Unit I for equipment and machinery, civil works and interior development -> INR 15.01 cr, split INR 7.48 cr in FY27 and INR 7.53 cr in FY28. This lifts capacity from 40,000 MT to 50,980 MT. Quotations have been obtained but no orders placed.

● General corporate purposes -> balance, not quantified in the RHP, capped at 25% of gross proceeds.

Offer for sale size, amount -> INR 200 cr.

● Promoter Selling Shareholder Devendra Goel will sell INR 150.0 cr worth of shares, taking his holding from 49.03% to 33.21%.

● Promoter Selling Shareholder Jay Goel will sell INR 50.0 cr worth of shares, taking his holding from 35.54% to 26.42%.

● Promoter Purushottam Dass Goel and the entire promoter group are not selling any shares in the offer.

● Promoter and promoter group holding falls from 100.00% pre offer to 71.97% post offer. The company receives no proceeds from the offer for sale.

Financials

All figures restated consolidated, converted from INR million to INR crore.

Profit and Loss