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HomeIPOLumino Industries

About Lumino Industries

Lumino Industries Limited, incorporated in 2005, is an EPC firm that designs and supplies conductors, power cables, electrical wires, and other specialized parts in India's power distribution and transmission industry.It produces high-temperature, low-sag (HTLS) conductors for distribution and transmission lines and ranks as the fastest growing player in the conductors, power cables, and EPC industry. It has developed a product-driven business model centered on designing, manufacturing, and supplying specialized products for power distribution, industrial, renewable energy, and communication purposes.It supplies its products to international customers that include government owned electricity generation firms in nations such as the USA, Nepal, and Ghana. 62.38% of products used in the EPC project in fiscal 2024 were made in the company's production plants.Its electrical wire business operates in four Indian states via about 122 distributors. It runs two manufacturing units in Howrah, West Bengal with a capacity of 40,000MT of aluminium per year, and three warehouses that cover about 110,000 sq. ft.

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National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
Live IPO
Antala Industries logo

Antala Industries

SME
Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
Live IPO
Companies NameOpen - CloseIssue SizeMin. QtyIssue PriceApply
National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
Antala Industries logo

Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Lumino Industries

Lumino Industries

Open Date

Aug 27, 2026

Close Date

Aug 31, 2026

listed

Min Investment

₹14,924

Lot Size

182 Shares

Issue Size

₹700 Cr

Price Range

₹78 - ₹78

Listing Date

Sep 3, 2026

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RHP PDF

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹38(+46.34%)GMP
46.34%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Lumino Industries IPO - Issue Objectives

₹15 crore will be used to buy machinery, equipment, and upgrade the existing factory. ₹337 crore will be used to repay existing loans of the company and its subsidiary. Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

Capital expenditure requirements

3%

Repayment of borrowings

67.4%

General corporate purposes

29.6%

1

Capital expenditure requirements

₹15 crore will be used to buy machinery, equipment, and upgrade the existing factory.

3.00%
2

Repayment of borrowings

₹337 crore will be used to repay existing loans of the company and its subsidiary.

67.40%
3

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

29.60%

IPO Subscription Status

QIB
232.79x
NII
185.21x
Individual
40.15x
Total
123.96x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Lumino Industries

In Cr.

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Integrated manufacturing to EPC model

The company is structurally advantaged by the integrated manufacturing to EPC model that shows up in its improving bid to win ratio and reduced reliance on external partners, providing it with a significant advantage relative to pure play EPC companies or manufacturing companies.

02

Diversified and growing order book

Order book shows around 62% growth in two years, geographically and product wise, provides it with good visibility into future revenues and protects it from single market cyclicality.

03

Internationally accredited manufacturing facility

An internationally accredited manufacturing facility with installed capacity of 40,000 MT, along with ongoing capacity building initiatives, puts the company in a position to ramp up exports and diversify products in high growth transmission sectors.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Government dependency

The government bodies provided 53.12% of the FY26 revenues down from 85.58% in FY24. With 82.20% of the order book still government related, standardised and low negotiation contract terms have made the revenue susceptible to delays in tenders or changes in budget.

02

Strain on working capital

Net working capital rose to nearly three times to ₹716.72 crore in FY26 from ₹226.48 crore in FY24. Debtor days increased to 145 compared to 92 in FY24 while operating cash flow turned negative at ₹(238.59) crore in FY25.

03

Contact Details

Lumino Industries

Unit No – 12/4, Merlin Acropolis, 1858/1 Rajdanga Main Road, Kolkata, West Bengal, 700107

+913324412008
investor.relation@luminoindustries.com
http://www.luminoindustries.com/

Lumino Industries IPO - FAQs

Lumino Industries IPO is a Mainboard IPO. The issue is priced at 78-₹82. The minimum order quantity is 182 Shares. The IPO opens on 27 Aug, and closes on 31 Aug. TBA is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.








IPO Timeline

  • Pre Apply2026-08-25
  • Bidding Starts2026-08-27
  • Bidding Ends2026-08-31
  • Allotment Finalisation2026-09-01
  • Release of Funds2026-09-02
  • Demat Transfer2026-09-02
  • Listing2026-09-03
04

Skilled promoters and strategic alliances

The skilled promoters coupled with technological alliances (with CTC Global), provide the company with the pipeline for future innovations and diversified,JV backed project verticals.

Raw material dependency

83.25% of raw materials used are aluminium, out of which Hindalco alone accounts for 30.89% of the cost of FY26. Volatility in commodity prices and dependency on one company makes the margins vulnerable.

04

Execution risks

The EPC projects are usually late by 6 to 8 months against a 14-22 month schedule. In FY25, a delay penalty of ₹6.40 crore was incurred while 20 incidents in sites cost ₹2.38 crore in compensation over 3 years.

05

Geographic dependency

Manufacturing plants and all the warehouses are located in Howrah, West Bengal which means the captive EPC supply chain is geographically dependent.