Lumino Industries Limited

Lumino Industries Limited (originally incorporated in Kolkata on March 30, 2005, as a public limited company, succeeding a partnership firm of the same name established in September 1989) is a leading product-driven integrated engineering, procurement, and construction (EPC) player in India. The company’s core value proposition lies in its fully integrated operational model, which combines the in-house manufacturing of high-quality electrical conductors, power cables, and wires with robust turnkey execution services for the power transmission, distribution, and railway electrification sectors. This integrated architecture allows Lumino to achieve significant synergies through the captive consumption of its manufactured goods in its own EPC projects, which accounted for 23.08% of its manufactured products in Fiscal 2026. By self-supplying critical components, the company effectively mitigates procurement delays, avoids cost escalations, and strengthens its competitive edge during tight bidding processes.

The company's target demographics and clientele are highly diversified, spanning both public utilities and private infrastructure enterprises across domestic and international markets. Domestically, Lumino is heavily dependent on orders from government entities and state-owned electricity boards (SEBs), which contributed 53.12% of its revenue from operations in Fiscal 2026, 79.89% in Fiscal 2025, and 85.58% in Fiscal 2024. Geographically, Lumino exhibits an expansive reach, managing active projects across 26 states and four union territories in India as of March 31, 2026. On the global front, the company has exported its specialized products to 17 countries, including the United States of America, Bangladesh, Nepal, Ghana, Mali, and Ethiopia. International operations generated Rs 36.90 Crore (Rs 369.03 million) of revenue in Fiscal 2026, compared to domestic revenue of Rs 2,004.17 Crore (Rs 20,041.70 million).

Lumino's current manufacturing infrastructure is concentrated in Howrah, West West Bengal, comprising two operational units with a combined annual capacity of 40,000 metric tonnes (MT) of aluminium consumption. Manufacturing Unit I (located at Bipranapara, Jalan Complex, Domjur, Howrah) covers 184,000 sq. ft. of land, focusing on overhead aluminium conductors, HTLS conductors, and specialized cables with an installed capacity of 31,000 MT. It recorded capacity utilization rates of 79.13% (producing 24,531 MT) in FY26, 80.39% in FY25, and 78.88% in FY24. Manufacturing Unit II (located at Jalan Industrial Complex, Domjur) covers approximately 80,000 sq. ft., specializing in multi-strand and low-tension power cables with an installed capacity of 9,000 MT. It recorded utilization rates of 78.22% (producing 7,040 MT) in FY26, 89.33% in FY25, and 41.59% in FY24. The overall combined capacity utilization across both units stood at 78.93% (31,571 MT) in Fiscal 2026. To drive forward growth, the company is establishing a massive 250,000 sq. ft. manufacturing facility on 650,000 sq. ft. of acquired land in Ranihati, Howrah, West Bengal, which will increase its combined capacity to 50,980 MT.

A major operational highlight is Lumino's R&D capabilities and technological adoption. The company operates a state-of-the-art in-house testing laboratory accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL), ensuring all products conform to strict quality guidelines. In H2FY27, Lumino plans to commission an advanced e-beam cable curing facility, which will position it among a select group of Indian cable manufacturers utilizing electron-beam technology to enhance cable thermal resistance and overall durability. Furthermore, Lumino successfully diversified into the B2C segment in October 2022 under its proprietary brand "Lumicon", launching a comprehensive range of house wires and flexible cables across Kerala, Uttar Pradesh, Rajasthan, and Jammu & Kashmir. The B2C segment has demonstrated robust scaling, generating Rs 39.99 Crore (Rs 399.86 million) of revenue in Fiscal 2026, up from Rs 18.84 Crore (Rs 188.37 million) in Fiscal 2024. Additionally, the company has obtained global Underwriters Laboratories (UL) certification, expanding its opportunities in highly regulated European and U.S. markets.

As per financial performance, Lumino Industries Limited has posted total income / net profits of Rs 1,424.63 Cr / Rs 86.61 Cr (FY24), Rs 1,946.68 Cr / 124.59 Cr (FY25) and Rs 2,089.31 Cr / 159.99 Cr (FY26). So as per previous financials data, the company has shown robust operational scaling and PAT expansion at a 35.90% CAGR, while total borrowings rose from Rs 40.91 Crore in FY24 to Rs 384.16 Crore in FY26 to finance working capital demands. Company has an average EPS of Rs 5.58 and average RoNW of 24.07% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 2.74 as per NAV of Rs 29.95 as on 31.03.26. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.03. If we attribute the latest earnings of FY24, FY25, and FY26 to the expanded equity base post-issue, then the asking price is at a Post-Issue P/E of around 28.84, 20.05, and 15.61 respectively. As per RHP, a comparison between listed peers shows that major competitors such as Apar Industries trade at a P/E of 68.98x, KEI Industries at 58.79x, and KEC International at 19.81x, which indicates that Lumino's cap P/E of 15.61x represents a significant valuation discount despite its superior profitability metrics.

On BRLM's front, Motilal Oswal Investment Advisors Limited, JM Financial Limited, and Monarch Networth Capital Limited are associated with this IPO, and JM Financial Limited has handled 47 IPOs in the last three fiscal years. (As On 21.08.26)

• 1 Purushottam Dass Goel
• 2 Devendra Goel
• 3 Jay Goel