A Kolkata-based integrated power-transmission EPC and conductor-cable maker opens its Rs 700 crore mainboard issue on August 27 — the highest RoNW in its peer set, a 12.48x pre-IPO P/E pitched at a discount to cable peers, a debt-reduction use of proceeds
Lumino Industries Ltd, a Kolkata-headquartered T&D-focused EPC and conductor-cable manufacturer, opens for subscription on August 27 with the issue closing on August 31.
Lumino Industries Ltd operates as an integrated EPC company focused on the power transmission and distribution (T&D) value chain — manufacturing and supplying conductors, power cables, electrical wires and specialised products, and executing turnkey T&D projects.
The integration of in-house manufacturing with project execution is the core of the model, giving the company control over both the components it installs and the margins along the way.
The product and project mix leans toward higher-value work. On the manufacturing side, the company makes high-temperature low-sag (HTLS) conductors used in transmission lines, alongside power cables and electrical wires; on the EPC side, it targets high-margin extra-high-voltage (EHV) substations and HTLS conductor projects. It also runs a retail-facing wires and flexible-cables line under the Lumicon brand.
The forward strategy adds several growth legs. Lumino is commissioning a new West Bengal facility to produce advanced cables, e-beam products and aluminium, expanding into railway electrification and solar EPC projects, and targeting US and Europe markets using UL certification and export status. That combination of backward-integrated manufacturing, higher-voltage EPC and new-vertical expansion is what underpins the growth pitch.
The company positions its strengths as established market presence, vertically integrated manufacturing enabling cost-efficiency and quality assurance, a pan-India distribution and service network, consistent revenue and profitability growth, and an in-house R&D focus.
Incorporated in 2005, it is a Kolkata-based business operating in one of India’s most capex-heavy sectors, riding the national push on grid modernisation and transmission build-out.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | August 27, 2026 |
| Issue Closes | August 31, 2026 |
| Listing | BSE, NSE (Mainboard) |
| Listing Date | September 3, 2026 |
| Price Band | Rs 78 – Rs 82 per share |
| Face Value | Rs 5 |
| Issue Size | Rs 700 crore |
| Fresh Issue | Rs 500 crore |
| Offer for Sale | Rs 200 crore |
| Lot Size | 182 shares |
| Min. Retail Investment | Rs 14,924 |
| Market Cap (Pre-IPO) | Rs 2,497.34 crore |
| QIB / NII / Retail | 50% / 15% / 35% |
| Lead Managers | Motilal Oswal Investment Advisors, JM Financial, Monarch Networth Capital |
| Registrar | Bigshare Services Pvt. Ltd. |
The objects of the issue are debt repayment, capital expenditure for machinery, equipment and facility development, and general corporate purposes. The fresh-issue share of the debt reduction is a notable positive — lower borrowings should reduce finance costs going forward.
Price Band Analysis
At the upper price band of Rs 82, the issue is valued at a pre-IPO P/E of about 12.48x, which the research note positions at a meaningful discount to comparable EPC and cable peers on both P/E and growth-adjusted metrics.
The company also reports the highest Return on Net Worth in its key peer set, indicating efficient use of shareholder capital. On a post-issue basis, one data provider pegs the valuation at a P/E of around 15.62x, P/B of 2.74x and RoNW of 24.62%.
GMP Watch
Grey-market interest has been strong and building — the standout among the season’s issues. In tracked data, the indicative grey-market premium reached around ₹44, implying a listing price near ₹126 against the Rs 82 upper band.
As always, GMP is unofficial, unregulated and unendorsed, and can move quickly before listing — treat it as one data point rather than a forecast.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from Operations | 1,407.31 | 1,917.96 | 2,041.07 |
| EBITDA Margin (%) | 10.31 | 11.62 | 11.71 |
| Net Profit | 86.61 | 124.59 | 160.00 |
| Net Worth | 445.86 | 570.29 | 729.58 |
| Equity Share Capital | 30.44 | 121.78 | 121.78 |
Revenue from operations grew from Rs 1,407.31 crore in FY24 to Rs 2,041.07 crore in FY26 — a robust three-year expansion. Net profit rose in step, from Rs 86.61 crore to Rs 160.00 crore, with the EBITDA margin firming steadily from 10.31% to 11.71% across the three years.
This is consistent, broad-based growth rather than a one-year pre-IPO spike, which strengthens the quality of the earnings base.
The return profile is the highlight. The company reported an FY26 RoCE of 25.75% and RoE of 24.62%, both strong for a capital-intensive EPC-and-cables business, and net worth has grown to Rs 729.58 crore.
With a meaningful slice of the fresh proceeds going to debt reduction, finance costs should ease and returns improve further as leverage comes down.
Peer Comparison
| Company | EPS (Rs) | P/E | NAV (Rs) | Revenue (Rs cr) | RoNW (%) |
|---|---|---|---|---|---|
| Lumino Industries | 6.57 | 12.48 | 29.95 | 2,089.3 | 24.62 |
| Apar Industries | 242.81 | 68.98 | 1,341.55 | 22,966.8 | 19.76 |
| Bajel Projects | 1.74 | 108.66 | 64.61 | 2,818.5 | 0.98 |
| Kalpataru Projects Intl. | 60.90 | 22.13 | 438.28 | 27,247.9 | 15.80 |
| KEC International | 22.75 | 19.81 | 219.80 | 23,555.8 | 11.10 |
| KEI Industries | 96.02 | 58.79 | 697.07 | 11,906.3 | 14.76 |
| Universal Cables | 47.01 | 35.51 | 544.62 | 3,050.9 | 8.91 |
| Techno Electric & Engg. | 40.74 | 25.97 | 357.43 | 3,401.1 | 12.00 |
On a pre-IPO basis, Lumino’s 12.48x P/E is the lowest in the entire comparison set, while its 24.62% RoNW is the highest — a rare combination of the cheapest multiple and the strongest capital efficiency in the group, which gives the pricing genuine cover.
Risks to Consider
Customer concentration is the headline risk. High dependence on government and PSU clients — contributing 53%–86% of revenue — exposes the business to tender-driven demand and potentially lumpy, delayed cash flows tied to public-sector project and payment cycles.
Raw-material price volatility is a structural concern. As a conductor and cable manufacturer, the business is heavily exposed to aluminium, copper and steel prices, and fluctuations in these inputs can compress margins if not passed through.
Sector and macro dependence is meaningful — the business is closely tied to the performance of the Indian economy and the pace of T&D capex, so any slowdown in power-infrastructure spending or grid ordering could hit the order pipeline.
Execution risk sits on the growth plans — the new West Bengal facility, railway-electrification and solar-EPC expansion, and export ambitions all depend on timely commissioning and demand ramp-up. Given the concentration risk, prudent position sizing is advisable even for those attracted by the valuation.