India’s rapid expansion in power transmission and distribution, renewable energy, and infrastructure is creating a long-term opportunity for companies supplying critical electrical equipment. Against this backdrop, Lumino Industries Limited is entering the capital market with a ₹700 crore IPO. The company combines manufacturing of conductors, power cables, and electrical wires with EPC execution across power transmission, distribution, substations, railways, solar, and other infrastructure projects.
IPO Snapshot
About Lumino Industries
Incorporated in 2005, Lumino Industries is an integrated Engineering, Procurement and Construction (EPC) player focused on the power transmission and distribution industries. Its manufacturing portfolio includes aluminium conductors, power cables and electrical wires, including products such as HTLS conductors, ACSS conductors, ACFR conductors, railway signalling cables and specialized wires. The company operates through two key segments, Manufacturing and EPC. Its integrated model allows it to manufacture products used in its own projects while also supplying large EPC companies, utilities and other customers.
Industry Opportunity
India’s wires, cables and conductors industry is positioned for sustained growth, supported by investments in power transmission and distribution, renewable energy integration, railway electrification, data centres, EVs and construction. The wires and cables market is projected to grow at a 13–14% CAGR through FY31, while the conductors market is expected to expand at a 12–15% CAGR. Rising exports and the China+1 sourcing trend are further supporting domestic manufacturers. Government initiatives such as RDSS and the Green Energy Corridor, along with grid modernisation and reconductoring, are expected to strengthen demand for these products.
Business Scale & Order Book
Lumino has two manufacturing facilities in Howrah, West Bengal, with a combined capacity of around 40,000 MT based on aluminium consumption for cables and conductors. It also has four warehouses supporting its operations. One of the key positives is its growing order book. As of March 31, 2026, the aggregate order book stood at ₹3,149.88 crore, comprising approximately ₹1,991.98 crore of EPC orders and ₹1,157.90 crore of manufacturing orders. The order book has increased from ₹1,940.57 crore in FY24 to ₹2,436.27 crore in FY25, providing visibility for future revenue execution
Financial Snapshot
Lumino has delivered strong financial growth over FY24–FY26, although the pace of revenue growth moderated in FY26
Revenue & Business Mix
Manufacturing remains the larger contributor to revenue, accounting for nearly 70% of FY26 revenue, while EPC contributes the balance. The company also has a diversified project portfolio covering power transmission and distribution, EHV substations, re-conductoring using HTLS conductors, railway electrification, solar power, and water-management projects. A notable feature is the company’s strong domestic focus. India contributed around 98% of FY26 revenue, while overseas revenue remained relatively small at about ₹36.9 crore. However, the company has operations across 26 states and four Union Territories in India and 17 countries, providing scope for future international expansion.
Competitive Strengths
Lumino’s key strengths come from its integrated manufacturing and EPC model, established customer relationships, and exposure to critical power infrastructure.
- Integrated business model combining manufacturing and EPC execution.
- Large and growing order book of ₹3,149.88 crore.
- 40,000 MT combined manufacturing capacity.
- Exposure to HTLS conductors, EHV substations, renewable energy and railway projects.
- Established customer base including large EPC players and power-sector clients.
- Operations spread across 26 states, four Union Territories and 17 countries.
- Strategic international alliances with CTC Global Corporation, USA, for advanced ACCC conductors, along with joint ventures supporting railway electrification and water EPC projects.
Growth Strategies
Lumino plans to strengthen its manufacturing capabilities and expand its product range to capture rising demand from power transmission, renewable energy and infrastructure. A major planned expansion is the development of a new manufacturing facility at Ranihati in Howrah, with the acquired land intended to support a larger facility producing products including low- and high-voltage cables, solar cables, railway signalling cables, overhead aluminium conductors and HTLS conductors.
The company also intends to use IPO proceeds for debt repayment and capital expenditure, which could support capacity expansion while reducing financial leverage.
GMP & Subscription Status
As of Day 1, August 27, 2026 (2.00 PM), Lumino Industries Ltd.’s IPO has received an overall subscription of 0.98x, indicating a cautious start. Retail Investors subscribed 1.45x, while NIIs subscribed 1.22x, showing relatively better participation from non-institutional investors. QIBs subscribed only 0.04x, indicating very limited institutional participation so far. The GMP of ₹56, representing a 68.29% premium, signals strong grey-market sentiment and positive listing expectations. Overall, the high GMP provides a positive signal despite the muted overall subscription and weak QIB participation, resulting in a cautiously positive market trend.
Key Risks
The business carries several important risks.
- High Government Customer Dependence: Government entities contributed 53.12% of FY26 revenue from operations (79.89% in FY25, 85.58% in FY24), exposing the Company to tender-dependent, discretionary public-sector demand.
- Volatile Customer Concentration: Top 10 customers contributed 46.52% of FY26 revenue (down sharply from 80.33% in FY25 and 90.78% in FY24), indicating high customer churn risk and revenue dependency on a shifting handful of large accounts.
- High Business-Segment Concentration: Sale of cables and conductors (the Manufacturing segment) contributed 69.74% of FY26 revenue (64.96% in FY25, 65.60% in FY24), tying overall performance closely to a single product category.
- Raw Material Price & Concentration Risk: The cost of materials consumed was 83.73% of total expenses in FY26, with aluminium alone accounting for 83.25% of raw material cost; prices are governed by volatile global markets and geopolitical disruptions (e.g., Middle East tensions raising freight/logistics costs).
- Geographic Manufacturing Concentration: Both manufacturing facilities and all four warehouses are located in Howrah, West Bengal, exposing operations to state-specific regulatory, labour, and natural-disaster risks.
- Bidding-Dependent EPC Revenue: EPC segment revenue (30.26% of FY26 total) is entirely dependent on winning competitive tenders; bid-to-win ratio fluctuated from 13.16% (FY24) to 19.18% (FY25) and 14.42% (FY26), reflecting inherent revenue unpredictability.
Conclusion
Lumino Industries offers exposure to India’s expanding power transmission, distribution and infrastructure cycle through its integrated manufacturing and EPC businesses. Its ₹3,149.88 crore order book, 40,000 MT manufacturing capacity, diversified product portfolio and presence in HTLS/ACCC conductors, renewable energy and railway projects provide visibility for future growth. Strategic alliances and joint ventures further strengthen its technology and project capabilities. However, investors need to monitor high borrowings, working-capital requirements, raw-material price volatility, customer concentration and EPC execution risks as the company scales its operations.
FAQs
Lumino Industries operates across manufacturing and EPC businesses, with a focus on conductors, power cables, electrical wires and specialised products used in power transmission and distribution.
Its portfolio includes aluminium conductors, power cables, electrical wires and specialised conductors, including HTLS and ACCC conductors, catering to transmission, distribution and other infrastructure applications.
As of March 31, 2026, Lumino Industries had an order book of ₹3,149.88 crore, comprising approximately ₹1,991.98 crore of EPC orders and ₹1,157.90 crore of manufacturing orders.
Key strengths include its integrated manufacturing and EPC model, 40,000 MT manufacturing capacity, growing order book, exposure to power infrastructure, HTLS conductors and strategic international alliances.
India’s wires and cables market is projected to grow at around 13–14% CAGR through FY31, while the conductors market is expected to grow at 12–15% CAGR, supported by power-grid expansion, renewable energy integration, railway electrification and infrastructure spending.
Lumino has collaborated with CTC Global Corporation, USA, for advanced ACCC conductors and has joint ventures supporting railway electrification and water EPC projects.
Lumino’s revenue from operations increased from ₹1,407.32 crore in FY24 to ₹2,041.07 crore in FY26, while PAT rose from ₹86.61 crore to ₹160 crore during the same period.
Key risks include high borrowings, working-capital requirements, raw-material price volatility, customer concentration, EPC execution risks, and dependence on power-sector and infrastructure spending.
This article is for educational and informational purposes only. It is not investment advice or a stock recommendation. Investors should conduct their own research or consult a qualified financial advisor before making investment decisions.
