Lumino Industries IPO: Date, price, lot size, everything you need to know 

Lumino Industries is an integrated engineering, procurement and construction company in India, incorporated in 2005. The company manufactures and supplies conductors, power cables, electrical wires and specialised products for the power transmission and distribution industry, including high temperature low sag (HTLS) conductors. It operates through two segments, manufacturing and EPC, with the EPC segment covering power transmission and distribution, EHV substations, HTLS reconductoring, railway electrification, solar power projects and water management projects.  

Lumino Industries supplies products to major EPC players in India and serves government owned electricity companies, public enterprises and electricity boards, along with international customers across the USA, Mali, Burkina Faso, Côte d'Ivoire, Nepal, Bangladesh, Kenya, Ghana, Rwanda and Ethiopia. As of March 31, 2026, it had 890 permanent employees.  

Lumino Industries is launching a ₹700 crore IPO, comprising a ₹500 crore fresh issue and a ₹200 crore Offer for Sale. The fresh issue proceeds will fund prepayment or repayment of certain outstanding borrowings and capital expenditure at an existing manufacturing facility, while OFS proceeds will go to the selling promoters.  

Lumino Industries IPO dates 

• IPO opening date: August 27, 2026
• IPO closing date: August 31, 2026
• Basis of allotment: September 1, 2026
• Refund initiation: September 2, 2026
• Demat credit: September 2, 2026
• Expected listing date: September 3, 2026 on BSE and NSE, tentative.  

Lumino Industries IPO details 

The Offer for Sale is being made by promoters Devendra Goel and Jay Goel, contributing ₹150 crore and ₹50 crore respectively to the ₹200 crore Offer for Sale.  

About Lumino Industries 

Lumino Industries was incorporated in 2005 as an integrated engineering, procurement and construction company. Its manufacturing business covers aluminium conductors, power cables and electrical wires, along with HTLS conductors used in transmission and distribution lines. Its EPC business spans power transmission and distribution, EHV substations, HTLS reconductoring, railway electrification, solar power projects and water management projects. 

Lumino Industries supplies major EPC players in India and serves government owned electricity companies, public enterprises and electricity boards. Its international customer base includes the USA, Mali, Burkina Faso, Côte d'Ivoire, Nepal, Bangladesh, Kenya, Ghana, Rwanda and Ethiopia. The promoters are Purushottam Dass Goel, Devendra Goel and Jay Goel.  

Financials 

Lumino Industries financials  

Revenue from operations increased to ₹2,041.10 crore in FY26 from ₹1,918.00 crore in FY25 and ₹1,407.30 crore in FY24. Net profit rose to 160.00 crore in FY26 from ₹124.60 crore in FY25 and ₹86.60 crore in FY24, indicating steady growth in profitability alongside revenue. 

Cash flow from operations turned positive at ₹156.10 crore in FY26, compared with -₹238.60 crore in FY25, after being positive at ₹100.90 crore in FY24. Free cash flow followed a similar pattern, turning positive at ₹104.50 crore in FY26 after remaining negative at ₹288.30 crore in FY25, having been positive at ₹80.40 crore in FY24.  

The swing in FY25 cash flow points to a working capital-intensive year, with FY26 showing a marked improvement in cash conversion. 

Sector and market context 

India continued expansion of power transmission and distribution infrastructure, driven by grid strengthening, renewable energy integration, rural electrification and railway electrification programmes, supports demand for conductors, cables and EPC services. Companies operating across manufacturing and EPC segments can benefit from participation in both product supply and project execution. 

At the same time, the sector remains sensitive to raw material prices, particularly aluminium and copper, along with project execution timelines, tender based revenue recognition and working capital requirements tied to government and public sector contracts. Competitive intensity from domestic and international conductor and cable manufacturers is also a relevant factor. 

Key considerations for investors 

Strengths 

• Lumino Industries is a product-driven, integrated EPC player that manufactures conductors, power cables, electrical wires and other specialised products, a significant portion of which are captively consumed in its own EPC projects
• The manufacturing and EPC segments reinforce each other, allowing more competitive bids and shorter execution timelines, while creating a captive market for in-house manufactured products.
• It has a welldeveloped and integrated manufacturing facilities with an extensive product range. The company operates two manufacturing facilities and four warehouses in India, holds two star export house status from the Directorate General of Foreign Trade, and received UL certification in 2024 to support expansion into the US and European markets.
• As of March 31, 2026, the order book stood at ₹1,991.98 crore for EPC projects and ₹1,157.90 crore for the manufacturing segment, spread across multiple regions in India and select international markets including the US, Mali, Rwanda and Ethiopia.
• Has strong strategic alliances and partnerships with prominent international companies. This includes a strategic collaboration with CTC Global Corporation for aluminium conductor composite core conductors, along with joint ventures for railway electrification and water EPC projects.
• The company has experienced promoters and a committed management team with a skilled workforce. Promoters together bring more than three decades of experience, supported by 890 permanent employees and 452 qualified engineers as of March 31, 2026. 

Risks 

• The business and revenue are substantially dependent on orders received from state owned electricity distribution and transmission utilities, concentrating counterparty risk in a limited client base.
• Revenue from the top 10 customers comprises a significant portion of revenue from operations, so the loss of any major customer could materially affect the business.
• High working capital requirements, and delays in collecting receivables from customers could adversely affect the business and its cash position.
• The company operates only two manufacturing facilities, and any disruption at these facilities could adversely affect its business, given how critical continued operations there are.
• EPC contracts have long execution periods and are exposed to cost and time overruns and other project related risks.
• There are outstanding litigation proceedings involving the company, its promoters and directors, which could have a material adverse effect if decided unfavourably.  

Opportunities 

• Continued investment in power transmission and distribution infrastructure and grid strengthening in India.
• Growth potential from renewable energy integration, railway electrification and HTLS reconductoring projects.
• Export opportunities across existing international markets in Africa, South Asia and the USA.
• Debt reduction through fresh issue proceeds can improve leverage and support future growth. 

Conclusion

Lumino Industries offers exposure to India's power transmission and distribution buildout through an integrated business model that combines in-house manufacturing of conductors, power cables and electrical wire with EPC execution. The captive consumption strategy between its two segments, a diversified order book spanning multiple regions in India along with select international markets, and strategic alliances such as its collaboration with CTC Global give the company a differentiated position within the sector. 

At the same time, investors should weigh this against the company's heavy dependence on orders from state owned electricity utilities, the working capital-intensive nature of the EPC business, execution risks tied to long gestation projects with potential cost and time overruns, and the fact that part of the issue is an Offer for Sale rather than entirely fresh capital for the business. On balance, the IPO suits investors comfortable with the cyclical and execution related risks of the power EPC space in exchange for participation in the company's integrated growth strategy.