Lumino Industries IPO Opens August 27
Lumino Industries Limited is preparing to launch its mainboard IPO on August 27, 2026, with bidding scheduled to close on August 31, 2026.
The company has fixed a price band of ₹78 to ₹82 per share. The total IPO size is ₹700 crore, comprising a ₹500 crore fresh issue and an Offer for Sale of up to ₹200 crore by existing shareholders.
The shares are proposed to list on BSE and NSE on September 3, 2026. SEBI records show that Lumino Industries filed its RHP on August 21.
Lumino Industries IPO Details
| Particular | Details |
|---|---|
| IPO Open Date | August 27, 2026 |
| IPO Close Date | August 31, 2026 |
| Price Band | ₹78 – ₹82 |
| Face Value | ₹5 per share |
| Lot Size | 182 Shares |
| Minimum Investment | ₹14,924 |
| Issue Size | ₹700 Cr |
| Fresh Issue | ₹500 Cr |
| OFS | ₹200 Cr |
| Issue Type | Book Built Mainboard |
| Listing | BSE & NSE |
| Allotment | September 1, 2026 |
| Listing Date | September 3, 2026 |
At the upper price of ₹82, one retail lot of 182 shares requires an investment of ₹14,924.
What Does Lumino Industries Do?
Lumino Industries is an integrated power infrastructure and EPC company operating across India's electricity transmission and distribution ecosystem.
The company manufactures and supplies products including conductors, power cables, electrical wires and specialised components used in power transmission and distribution projects. It also undertakes EPC activities, giving it exposure to both manufacturing and infrastructure execution.
This combination is important because India's increasing electricity consumption, renewable-energy additions and grid modernisation require substantial investment in transmission and distribution infrastructure.
Manufacturing Business Has Expanded Over Time
Lumino Industries has gradually expanded its manufacturing capabilities.
The company established an aluminium alloy rod and aluminium wire rod furnace at Howrah, West Bengal, in 2019, and subsequently diversified into manufacturing High-Tension Low-Sag (HTLS) conductors in 2020. It later expanded into water EPC projects.
This evolution has allowed Lumino to move beyond conventional electrical products into more specialised infrastructure categories.
FY2026 Profit Reaches ₹160 Crore
Lumino Industries enters the IPO with substantial financial scale.
| Financial Metric | FY2025 | FY2026 |
|---|---|---|
| Revenue / Income | ₹1,946.68 Cr | ₹2,089.31 Cr |
| PAT | ₹124.59 Cr | ₹160.00 Cr |
The latest reported figures show revenue/income crossing ₹2,000 crore, while PAT increased from approximately ₹124.59 crore to ₹160 crore in FY2026.
The improvement in profitability is particularly notable because PAT grew considerably faster than the topline.
₹3,149 Crore Order Book Provides Revenue Visibility
One of the important numbers in the Lumino Industries IPO story is its order book.
The company's order book stood at approximately ₹3,149.88 crore as of March 2026.
For an EPC and infrastructure-oriented business, a large order book can provide visibility into future revenue.
However, investors should also consider the quality and profitability of those orders. Large infrastructure contracts can face execution delays, cost escalation and working-capital requirements.
The ability to convert the order book into revenue and cash flow will therefore be more important than the headline order-book number alone.
IPO Funds Will Help Reduce Debt
A significant portion of the ₹500 crore fresh issue is intended for repayment or prepayment of borrowings.
The company also plans to deploy IPO proceeds toward equipment and machinery purchases, civil works and interior development at an existing manufacturing facility, along with general corporate purposes.
Debt reduction can lower finance costs and strengthen the company's balance sheet.
At the same time, investment in manufacturing infrastructure could help Lumino increase production capabilities as its order book expands.
Power Transmission Could Be a Major Growth Driver
India's electricity infrastructure is undergoing significant expansion.
Renewable-energy projects are increasingly being developed away from traditional power-generation centres, which creates a need for new transmission lines capable of carrying electricity across long distances.
Expansion of solar and wind generation therefore requires investment not only in generation capacity but also in the conductors, cables and transmission infrastructure needed to connect those projects to the grid.
Lumino's product portfolio gives it direct exposure to this infrastructure requirement.
EPC Business Adds Another Growth Avenue
Lumino is not solely dependent on selling electrical products.
Its EPC capabilities allow the company to participate more broadly in infrastructure projects.
This provides a potentially larger addressable market but also introduces additional execution risk.
EPC projects can require significant working capital and may experience delays because of approvals, site conditions, customer payments or raw-material costs.
Raw-Material Costs Are a Key Risk
Raw materials represent a major portion of Lumino's expenses.
IPO analysis indicates raw-material costs represented approximately 83.73% of expenses, making commodity-price movements an important risk for profitability.
Metals such as aluminium and copper are important inputs for conductors, cables and electrical products.
If prices rise sharply and the company cannot pass those increases to customers quickly, margins can come under pressure.
Working Capital Needs Attention
Infrastructure and electrical manufacturing businesses can also require significant working capital.
Lumino needs capital for raw-material purchases, manufacturing and project execution before receiving full customer payments.
Rapid revenue and order-book growth can therefore increase funding requirements.
After listing, investors should watch receivables, inventory, operating cash flow and debt levels alongside revenue and PAT.
IPO Size Was Reduced
Another interesting development is that Lumino's final IPO is smaller than originally planned.
The company had earlier proposed an IPO of around ₹1,000 crore, including a ₹600 crore fresh issue and ₹400 crore OFS. The final offer has been reduced to ₹700 crore, consisting of ₹500 crore fresh issue and ₹200 crore OFS.
The final structure means fresh capital still represents the majority of the offering.
What Looks Positive?
Lumino Industries enters the IPO with several notable strengths.
The company already operates at more than ₹2,000 crore annual revenue scale, reported ₹160 crore PAT in FY2026 and had an order book of approximately ₹3,149.88 crore as of March 2026.
Its exposure to power conductors, cables, transmission infrastructure and EPC projects also places it within sectors that could benefit from India's continuing electricity-grid and infrastructure investment.
The ₹500 crore fresh issue should additionally help reduce debt and support manufacturing investment.
Key Risks to Watch
The company remains exposed to fluctuations in raw-material prices and has meaningful working-capital requirements.
EPC projects can also face execution delays, cost overruns and slower customer payments.
Investors should therefore focus on whether Lumino can convert its large order book into profitable revenue and operating cash flow without requiring excessive additional borrowing.
Final View on Lumino Industries IPO
The Lumino Industries IPO opens from August 27 to August 31, 2026, at a price band of ₹78–₹82 per share. The ₹700 crore mainboard issue comprises a ₹500 crore fresh issue and ₹200 crore OFS, with BSE and NSE listing scheduled for September 3.
The company's scale makes this IPO noteworthy. FY2026 revenue crossed ₹2,000 crore, PAT reached ₹160 crore, and its March 2026 order book stood at approximately ₹3,149.88 crore.
Lumino's longer-term opportunity comes from India's expanding requirements for power transmission, distribution, conductors, cables and infrastructure development.
For investors, the key factors to watch will be the IPO valuation, debt reduction, raw-material costs, working-capital management and how efficiently Lumino converts its sizeable order book into sustainable earnings and cash flow.
Loading comments...