Lumino Industries
Lumino Industries, promoted by Purushottam Dass Goel, is a product-driven integrated engineering, procurement and construction (?EPC?) player in India, with strong focus on manufacturing (?Manufacturing?) and supplying conductors, power cables and electrical wires and other specialised products and components to the growing power transmission and distribution industry in India. It also manufacture high-temperature low-sag (?HTLS?) conductors used in distribution and transmission lines in India.
It operates two key business segments namely: (i) Manufacturing; and (ii) EPC. The Manufacturing segment of the company consists of three key product categories (i) aluminium conductors; (ii) power cables; and (iii) electrical wires. The EPC segment consists of six business lines, namely (i) power transmission and distribution, (ii) EHV substation, (iii) re-conductoring with HTLS conductors, (iv) railway electrification, (v) solar power projects, and (vi) water management projects.
Contribution of manufacturing business to FY26 revenue from operations was 69.74% [Aluminium conductors 36.01%; power cables 31.06%; electrical wires 2.15%, others 0.51%] compared to 64.96% [Aluminium conductors 24.78%; power cables 36.27%; electrical wires 1.53%, others 2.38%] in FY25.
Contribution from EPC business in FY26 total revenue from operation was 30.26%[of which power T&D 22.17%; EHV substation 4.46%; solar power projects 2.85%; water projects 0.79%] compared to 35.04% [power T&D 32.37%; solar 2.39%; water 0.28%] in FY25.
Aluminium conductors are used in overhead distribution and transmission lines and are crucial in efficiently transmitting electrical energy from power generation sources to end consumers, primarily through overhead power lines. It manufacture a wide variety of power cables which are used in electric power distribution substations, industrial applications, communication systems, electrical panels and machine tools. It manufactures power cables and aluminium conductors for sale based on confirmed orders under direct contractual arrangements.
In October 2022, it has diversified its business operations by entering into the B2C market with the launch of its house wire and flexible cable product range under the brand name ?Lumicon? which enabled it to directly cater to consumer needs with high-quality electrical solutions. It currently manufactures thermoset insulated wire, earth wires and house wires. Currently its electrical wire business is operational in four states [Kerala, Uttar Pradesh, Rajasthan and Jammu & Kashmir] in India through its network of approximately 104 distributors. Its B2C business is currently has major presence in Kerala.
As of March 31, 2026, the company has successfully executed approximately 80,000 km of distribution lines, 44 substations, and 41.03 MW of solar projects, reflecting its ability to handle diverse and large-scale infrastructure projects with precision and efficiency. Its vast experience in the power transmission and distribution sector has enabled it to build comprehensive pre-qualifications in the industry.
It undertake and execute EPC projects for a wide client base in India comprising of various Indian central and state power utilities such as Kashmir Power Distribution Corporation Limited, Assam Power Distribution Company Limited, Purvanchal Vidyut Vitran Nigam Limited and West Bengal State Electricity Distribution Company Limited. It has a track record of executing various kinds of EPC projects across its five business lines within India. Over the years, it has expanded its presence within India and in particular in the states of Assam, Jharkhand, Punjab, Rajasthan, West Bengal, Uttar Pradesh, Gujarat, Kerala and Jammu and Kashmir. The company has also forayed into the international EPC domain and has completed a power distribution EPC project in Rwanda, Africa. In Fiscal 2026, about 23.08% of the specialised products used in the EPC projects were manufactured by it in-house.
Aggregate order book as at March 31, 2026 stood at Rs 3149.878 crore [of which EPC orders Rs 1991.976 crore; Manufacturing orders Rs 1157.902 crore] up from Rs 2436.269 crore [of which EPC orders Rs 1346.081 crore; Manufacturing orders Rs 1090.188 crore] as end of March 31, 2025. Moreover of the order book about 82.20% is from government entities and 17.80% from non government entities.
Currently the company operates two manufacturing facilities located in Howrah, West Bengal with a combined capacity of 40,000 metric tonne (?MT?) of aluminium consumption per year for manufacturing cables and conductors, with an aggregate area of 264,208 sq. ft. Further the company is in the process of expansion to establish a 250,000 sq. ft. manufacturing facility and towards that it has acquired approximately 650,000 sq. ft. of land in Ranihati, Howrah, and West Bengal. Commercial production in the new plant is expected to commence in H2FY27. This expansion will enable it to produce a wider range of cables and conductors like low voltage power cables, high voltage power cables, instrumentation cables, solar cables, railway signaling cable, flexible electrical wire, overhead aluminium conductors and HTLS conductors. Its proposed manufacturing facility will help it in strengthening its integration by increasing production capacity of overhead conductors, aerial bunch cables, and control cables used in electricity distribution and transmission, which will help it in creating greater synergy in manufacturing process.
It supply conductors, power cables and other specialised products to large EPC players such as Kalpataru Projects International Limited (formerly known as Kalpataru Power Transmission Limited), Jackson Limited, Warora Kurnool Transmission Limited, K.G.N. Electricals, WRSS XXI (A) Transco Limited, Monte Carlo Limited and R.S. Infraprojects Private Limited. It also caters to international clients, which include government owned and controlled electricity companies, public enterprises and electricity boards, in countries such as United States of America, Mali, Burkina Faso, C?te d?Ivoire, Nepal, Bangladesh, Kenya, Ghana, Rwanda.
The company has also been accorded with the status of a two-star export house by Directorate General of Foreign Trade, Government of India. In the year 2024, it received the UL certification, which it considers as a key milestone for the company to significantly expand its market presence in both the U.S. and European markets.
The issue, Objects of the issue
The offer comprises fresh issue of equity shares of Rs 5 each aggregating to Rs 500 crore and offer for sale of equity shares aggregating to Rs 200 crore. The offer for sale component is entirely by promoters.
Of the net proceeds from fresh issue, the company intend to use Rs 337 crore towards prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by the company; Rs 15.013 crore towards capital expenditure for purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility; and balance towards general corporate purposes.
Outstanding borrowings as end of July 31, 2026 stood at Rs 1856.782 crore.
Strengths
Established player with more than 3 decades of presence in power T&D segment with product driven business model focused on designing, engineering, manufacturing and distributing specialised products used in a wide range of power transmission and distribution, industrial applications, electrical wiring, renewable energy projects, communication systems, electrical panels and railway networks applications.
Well-developed and integrated manufacturing facilities with an extensive product range.
Manufacturing and EPC segments are complimentary to each other, allowing it to bid at more competitive rates and shorten the execution timelines, while providing a market for captive consumption of in-house manufactured products.
Strong order book of Rs 3149.878 crore, which translates into about 1.5 times of its FY26 revenue.
Top 1/10 customers accounts for 7.32%/46.52% of revenue from operations in FY26.
Strong investment pipeline in power T&D in both central and state sector in domestic market.
Weakness
Significantly dependent on the growth of the power sector and any adverse changes in the conditions affecting the power sector can adversely impact the business of the company.
Substantially dependent on orders received from state-owned electricity boards (SEBs) and public sector power utilities through competitive bidding route. Share of revenue from government entities stood at 53.12%/79.89%/85.58% in FY26, FY25 and FY24 respectively.
Any increases or fluctuations in prices of, or delay or disruption in supply of primary raw materials could affect estimated costs, expenditures and timelines.
Had negative cash flow from operating activities in the past i.e. FY25.
Promoters have relatively less experience in managing/expansion of B2C business unlike the B2B business model.
There have been delays in the payment of certain statutory dues by the company.
Trade receivables as end of Mar 31, 2026 were Rs 894.858 crore, representing 43.84% of its total revenue for the corresponding period.
Delay in completion of his portion by JV partners may impact the business of the company.
Valuation
Consolidated re-stated revenue for the fiscal ending March 2026 stood higher by 6% to Rs 2041.07 crore. With OPM expand by modest 10 bps to 11.7%, the growth of OP was 7% to Rs 238.95 crore. Finally, net profit was higher by 28% to Rs 160 crore.
On expanded equity, the EPS for FY2026 was Rs 5.3. On upper price band, the PE works out to 15.5 times of its FY26 EPS. The P/BV stood at 2.0 times and EV/Sales stood 1.3 times.
Repayment of Rs 337 crore from net proceeds will bring the borrowings down by about 18.15%, resulting in lower interest outgo. The EPS for FY26 works out to Rs 5.8 if 18.15% of its interest cost is removed, keeping all other items, including tax rate, same. The reworked PE stands at 14.1 times. ROE of the company is 9.42% and the OPM for FY26 was 11.7%.
In comparison, the manufacturers of conductors for power T&D network, cables & wires and power T&D EPC players such as Apar Industries, KEC International, KEI industries and Universal Cables quotes at a PE of 71.1 times, 17.4 times, 57.8 times and 33.5 times. Companies that engaged in Power T&D EPC such as Kalpataru Projects, Bajel Projects and Techno Electric quotes at a PE of 23.3 times, 87.9 times and 25.8 times.
ROE of Apar Industries, KEC International, KEI Industries, Universal Cables, KPTL, Bajel Projects and Techno Electric was 18.56%, 10.56%, 13.78%, 8.71%, 13.05%, 3.31% and 10.79% respectively. The OPM of Apar Industries, KEC International, KEI Industries, Universal Cables, KPTL, Bajel Projects and Techno Electric was 8.1%, 6.8%, 10.5%, 8.6%, 8.3%, 3% and 14.2% respectively.
| Lumino Industries : Re-stated Consolidated Financials |
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| 2403 (12) | 2503 (12) | 2603 (12) | |||
| Sales | 1407.32 | 1917.97 | 2041.07 | |||
| OPM (%) | 10.3 | 11.6 | 11.7 | |||
| OP | 145.09 | 222.94 | 238.95 | |||
| Other income | 17.31 | 28.71 | 48.24 | |||
| PBIDT | 162.40 | 251.65 | 287.19 | |||
| Interest | 36.24 | 66.01 | 66.00 | |||
| PBDT | 126.17 | 185.64 | 221.19 | |||
| Depreciation | 10.21 | 16.33 | 16.42 | |||
| PBT | 115.96 | 169.31 | 204.77 | |||
| EO Exp | 0.00 | 0.00 | 0.00 | |||
| PBT after EO | 115.96 | 169.31 | 204.77 | |||
| Tax | 29.32 | 44.18 | 44.80 | |||
| PAT | 86.63 | 125.13 | 159.97 | |||
| Share of Profit from Associates | -0.03 | -0.54 | 0.03 | |||
| Minority Interest | 0.00 | 0.00 | 0.00 | |||
| Net profit after MI | 86.61 | 124.59 | 160.00 | |||
| EPS (Rs)* | 2.8 | 4.1 | 5.3 | |||
| * on post IPO fully dilluted equity (on upper price band) of Rs 152.28 crore. Face Value: Rs 5 | ||||||
| EPS is calculated after excluding EO and relevant tax | ||||||
| Figures in Rs crore | ||||||
| Source: Capitaline Corporate database | ||||||
| Lumino Industries : Issue Highlights |
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| Fresh Issue (Rs crore) | 500 |
| Offer for sale (Rs crore) | 200 |
| Price band (Rs.) ** |
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| Upper | 82 |
| Lower | 78 |
| Post-issue equity (Rs crore) | |
| in Upper price band | 152.28 |
| in Lower Price Band | 153.84 |
| Post-issue promoter (including promoter group) stake (%) | 71.97 |
| Minimum Bid (in nos.) | 182 |
| Issue Open Date | 27-08-2026 |
| Issue Close Date | 31-08-2026 |
| Listing | BSE, NSE |
| Rating | 48 /100 |
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