Lumino Industries IPO
Lumino Industries Limitedluminoindustries.com
- Price band
- ₹78 – ₹82
- Issue size
- ₹700 Cr
- Lot size
- 182 sh
- Bidding
- 27 – 31 Aug
- Grey market
- —
Face value ₹5.00
71% fresh capital
Lists 3 Sep 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Lumino Industries makes aluminium conductors, power cables and wires at two plants in Howrah, West Bengal, and separately works as an EPC contractor on power transmission and distribution; manufacturing supplied 69.74% of FY26 revenue from operations of Rs 2,041.07 Cr and EPC the remaining 30.26%. Revenue was Rs 1,407.32 Cr in FY24, Rs 1,917.97 Cr in FY25 and Rs 2,041.07 Cr in FY26, growth of 36.29% and then 6.42%; profit after tax was Rs 86.61 Cr, Rs 124.59 Cr and Rs 160 Cr over the same three years, growth of 43.85% and then 28.42%. The Rs 700 Cr issue (Rs 500 Cr fresh, Rs 200 Cr offer for sale) was priced at a band of Rs 78 to Rs 82 and was subscribed 118.12 times overall on the closing day. It listed at Rs 110 on 3 September 2026 against that band top of Rs 82, and last traded at Rs 89.56 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Lumino Industries, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2005 · Kolkata, West Bengal, India · 890 employees
Lumino Industries makes aluminium conductors, power cables and electrical wires at two plants in Howrah, West Bengal, and separately works as an EPC contractor on power infrastructure. The business began as a 1989 Calcutta partnership and was taken over by the present company on its incorporation in 2005. Products include high-temperature low-sag conductors used to re-string existing transmission lines. EPC work covers transmission and distribution lines, extra-high-voltage substations, railway electrification, solar plants and water projects. Buyers are mostly government: state electricity distribution companies and central utilities, awarded through tenders. The top ten customers were 46.52% of FY26 revenue, led by West Bengal State Electricity Distribution Company at 7.32%. Exports, to Africa, Asia and the United States, were 1.81%. It had 890 permanent employees at 31 March 2026.
Two segments feed each other: manufacturing supplied 69.74% of FY26 revenue from operations of Rs 2,041.07 crore, EPC the remaining 30.26%, and the plants also supply the company's own EPC jobs. Metal is the business. Cost of materials consumed was 83.73% of total expenses in FY26, and aluminium alone was 83.25% of material cost, so margins track aluminium prices more than volume; operating EBITDA margin was 11.71%. The binding constraint is working capital. Government customers pay slowly, with 10% of EPC contract value held back until commissioning, and net working capital ran at 35.11% of revenue in FY26 against 16.09% in FY24.
The company on paper
- Legal name
- Lumino Industries Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 30 Mar 2005
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U14293WB2005PLC102556
- Sector
- Industrials · Aluminium conductors and power cables, plus EPC for power transmission and distribution
- Employees
- 890
- Registered office
- Kolkata, West Bengal, India
- Promoters
- Purushottam Dass Goel, Devendra Goel, Jay Goel
- Promoter holding, pre-issue
- 100.0%
- Promoter holding, post-issue
- 72.0%
- Website
- luminoindustries.com
The numbers
Financial performance
Revenue has compounded at 20.4% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
71% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹500 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹200 Cr
- Total issue size
- ₹700 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 28.0% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹82.00
- Listed at
- ₹110.00
- Listing gain
- up 34.1%
- Since listing
- down 21.1%
- Against the issue price
- up 5.8%
Trading at ₹86.80 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 182
- At cut-off price
- ₹82.00
- Amount blocked
- ₹14,924
One lot is 182 shares at ₹14,924. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~3%
chance of one lot, per application
- Retail subscription
- 38.50×
- Applicants per share available
- 38.5× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹110.00
listed at, 34.1% against the issue price
- Issue price
- ₹82.00
- Premium said
- —
- If allotted 182 shares
- ₹5,096
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Profit after tax grew faster than revenue in FY26: PAT rose 28.42% to Rs 160 Cr while revenue rose 6.42% to Rs 2,041.07 Cr. PAT margin was 7.84% in FY26 (Rs 160 Cr on Rs 2,041.07 Cr) against 6.50% in FY25 (Rs 124.59 Cr on Rs 1,917.97 Cr) and 6.15% in FY24 (Rs 86.61 Cr on Rs 1,407.32 Cr).
- EBITDA margin was 10.31% in FY24 (Rs 145.09 Cr on Rs 1,407.32 Cr), 11.62% in FY25 (Rs 222.94 Cr on Rs 1,917.97 Cr) and 11.71% in FY26 (Rs 238.95 Cr on Rs 2,041.07 Cr).
- Net worth was Rs 438.99 Cr in FY24 and rose in each subsequent year on record, to Rs 563.13 Cr in FY25 and Rs 722.63 Cr in FY26.
- The issue was subscribed 118.12 times overall on the closing day of 31 August 2026, with the QIB portion at 221.43 times, NII at 176.42 times and retail at 38.5 times. Promoter holding was 100% before the issue and 71.97% after it.
What to weigh against it
- Total borrowings were Rs 40.91 Cr in FY24, Rs 418.83 Cr in FY25 and Rs 384.16 Cr in FY26 — a fall of Rs 34.67 Cr in the latest year. Measured against net worth of Rs 438.99 Cr, Rs 563.13 Cr and Rs 722.63 Cr, that is 0.09 times, 0.74 times and 0.53 times respectively.
- Net working capital ran at 35.11% of revenue in FY26 against 16.09% in FY24. The record states that government customers pay slowly and that 10% of EPC contract value is held back until commissioning.
- Cost of materials consumed was 83.73% of total expenses in FY26, and aluminium alone was 83.25% of that material cost.
- The top ten customers were 46.52% of FY26 revenue, led by West Bengal State Electricity Distribution Company at 7.32%. The record describes buyers as mostly government — state electricity distribution companies and central utilities, awarded through tenders — with exports, to Africa, Asia and the United States, at 1.81%.
Easy to miss in the prospectus
- Revenue growth was 36.29% in FY25 (Rs 1,407.32 Cr to Rs 1,917.97 Cr) and 6.42% in FY26 (to Rs 2,041.07 Cr); EBITDA growth over the same two steps was 53.66% (Rs 145.09 Cr to Rs 222.94 Cr) and 7.18% (to Rs 238.95 Cr).
- Against a band top of Rs 82, the shares listed at Rs 110, closed day one at Rs 110.32, and stood at Rs 89.56 on 23 October 2026 — 18.58% below the listing price of Rs 110 and 9.22% above the band top.
- The record carries no cash flow from operations, total assets or total expenses figure for any of the three years, and no valuation, peer, anchor or allocation data, so the margin and working-capital figures above cannot be cross-checked against a cash-flow statement or against listed comparators within this record.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Motilal Oswal Investment Advisors Limited, JM Financial Limited, Monarch Networth Capital Limited
- RegistrarAllotment status is checked on the registrar's own site
- Bigshare Services Private Limited
How these figures were checked
Reconciled to Lumino Industries's own prospectus and to exchange disclosures, then cross-checked against 3 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- NSE India — IPO issue and bid details API for LUMINO (issue terms, final category-wise subscription, ISIN, listing date) · read 15 Oct 2026
- Lumino Industries Limited — Red Herring Prospectus dated 20 August 2026 (CIN, incorporation, promoters, segment revenue, raw-material costs, customer concentration, restated financials, employees) · read 15 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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