Lumino Industries IPO
- Issue price
- ₹82
- Listing price
- ₹110
- +34.15%
- Current price
- ₹96.48
- +17.66%
- Subscribed
- 118.12x
- Issue size
- ₹700 Cr
- Listed on
- 3 Sep 2026
IPO timeline
- Opens27 AugThu
- Closes31 AugMon
- Allotment1 SepTue
- Refunds2 SepWed
- Demat credit2 SepWed
- Listing3 SepThu
Issue details
- Price band
- ₹78 – ₹82 per share
- Issue size
- ₹700 Cr
- Fresh issue
- Not available
- Offer for sale
- Not available
- Issue type
- Fresh capital cum OFS
- Face value
- ₹5 per share
- Lot size
- 182 shares
- Minimum investment
- ₹14,924
- Listing on
- BSE, NSE
- Exchange code
- LUMINO · 7910
This issue combines a fresh issue and an offer for sale. The amounts for each part are not available in our data; see the offer document for the split.
Lot size and investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 182 | ₹14,924 |
| Retail (Max) | 13 | 2,366 | ₹1,94,012 |
| S-HNI (Min) | 14 | 2,548 | ₹2,08,936 |
| B-HNI (Min) | 68 | 12,376 | ₹10,14,832 |
Reservation
- QIB
- Not more than 50% of the Net Offer
- Retail
- Not less than 35% of the Net Offer
- NII
- Not less than 15% of the Net Offer
Allotment status
The allotment for this IPO is final. Check whether you received shares on the registrar's website using your PAN, application number or demat account (DP / Client ID).
Check allotment on Bigshare Services- 1Open the registrar's allotment page and select this IPO from the list.
- 2Enter your PAN, application number or DP / Client ID.
- 3Submit to see the number of shares allotted, if any.
- Basis of allotment
- 1 Sep 2026
- Refunds initiated
- 2 Sep 2026
- Shares credited to demat
- 2 Sep 2026
- Listing
- 3 Sep 2026
Grey market premium (GMP)
- Current GMP
- ₹38
- +46.34%
- Estimated listing price
- ₹120
- Issue price ₹82
- Highest
- ₹63
- 29 Aug
- Lowest
- ₹38
- 3 Sep
GMP by day (₹ per share)
Day-wise GMP table
| Date | GMP | Premium | Est. listing |
|---|---|---|---|
| 3 Sep 2026 | ₹38 | +46.34% | ₹120 |
| 2 Sep 2026 | ₹39 | +47.56% | ₹121 |
| 1 Sep 2026 | ₹39 | +47.56% | ₹121 |
| 31 Aug 2026 | ₹48 | +58.54% | ₹130 |
| 30 Aug 2026 | ₹61 | +74.39% | ₹143 |
| 29 Aug 2026 | ₹63 | +76.83% | ₹145 |
| 28 Aug 2026 | ₹61.5 | +75.00% | ₹143.5 |
| 27 Aug 2026 | ₹56 | +68.29% | ₹138 |
| 26 Aug 2026 | ₹50 | +60.98% | ₹132 |
| 25 Aug 2026 | ₹46 | +56.10% | ₹128 |
| 24 Aug 2026 | ₹47 | +57.32% | ₹129 |
| 23 Aug 2026 | ₹49 | +59.76% | ₹131 |
| 22 Aug 2026 | ₹52 | +63.41% | ₹134 |
| 21 Aug 2026 | ₹46 | +56.10% | ₹128 |
GMP is an unofficial indicator from an unregulated market. It is shown for information only and is not a prediction of the listing price or a recommendation to apply.
Subscription status
- QIB221.43x
- NII (HNI)176.42x
- Retail38.5x
- Employee11.89x
| Category | Shares offered | Shares bid for | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 1,76,92,307 | 3,91,76,11,516 | 221.43x |
| Non-Institutional Investors (NII) | 1,32,69,231 | 2,34,10,20,318 | 176.42x |
| bNII — bids above ₹10 Lakh | 88,46,154 | 1,69,89,86,016 | 192.06x |
| sNII — bids ₹2 Lakh to ₹10 Lakh | 44,23,077 | 64,20,34,302 | 145.16x |
| Retail Individual Investors (RII) | 3,09,61,538 | 1,19,20,79,980 | 38.5x |
| Employee | 12,82,051 | 1,52,40,316 | 11.89x |
| Total | 6,32,05,127 | 7,46,59,52,130 | 118.12x |
Financials
- P/E Ratio
- 15.62
- EPS (₹)
- 5.25
- RoE
- 24.62%
- RoCE
- 25.75%
- RoNW
- 24.62%
- PAT Margin
- 7.66%
- EBITDA Margin
- 11.71%
- Debt / Equity
- 0.53
- NAV (₹)
- 29.95
Separate pre- and post-issue P/E are not available for this IPO; the P/E shown is as disclosed for the issue.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 2,174.88 | 1,718.66 | 1,175.44 |
| Total Income | 2,089.31 | 1,946.68 | 1,424.63 |
| Profit After Tax | 160.00 | 124.59 | 86.61 |
| NET Worth | 729.58 | 570.29 | 445.86 |
| Reserves and Surplus | 606.16 | 446.66 | 413.86 |
| Total Borrowing | 384.16 | 418.83 | 40.91 |
Peer comparison
| Company | Issue size | P/E | RoNW | PAT margin | Subscribed | Listing gain |
|---|---|---|---|---|---|---|
| Lumino Industries This IPO | ₹700 Cr | 15.62 | 24.62% | 7.66% | 118.12x | +34.15% |
| Fujiyama Power Systems Mainboard · listed 20 Nov 2025 | ₹828 Cr | 25.84 | 39.40% | 10.15% | 2.14x | -3.51% |
| Trualt Bioenergy Mainboard · listed 3 Oct 2025 | ₹839 Cr | 23.89 | 19.07% | 7.69% | — | +9.96% |
| Karamtara Engineering Mainboard · listed 17 Sep 2026 | ₹875 Cr | 35.72 | 20.78% | — | 62.63x | +25.98% |
| Powerica Mainboard · listed 2 Apr 2026 | ₹1,100 Cr | 24.45 | 10.62% | 9.12% | 1.53x | -7.34% |
| Juniper Green Energy Mainboard · listed 6 Aug 2026 | ₹1,800 Cr | 316.9 | 1.18% | — | 7.97x | +8.89% |
| Emmvee Photovoltaic Power Mainboard · listed 18 Nov 2025 | ₹2,900 Cr | 20.01 | 69.44% | 15.80% | 0.97x | 0.00% |
Peers are other recent IPOs from the same industry, closest in issue size. Ratios are as disclosed at the time of each issue. This is not the listed-peer table from the offer document.
About Lumino Industries
Lumino Industries Ltd was started in 2005. It is an integrated engineering, procurement and construction company that also manufactures its own products for the power transmission and distribution industry. The company works through two segments. Its manufacturing segment makes aluminium conductors, power cables and electrical wires, including high-temperature low-sag conductors, known as HTLS conductors, which carry more current on the same line and are used to upgrade existing transmission lines. Its EPC segment takes up power transmission and distribution work, extra high voltage substations, HTLS re-conductoring, railway electrification, solar power projects and water management projects. The company supplies to major EPC companies in India and also sells abroad to government owned electricity companies, public enterprises and electricity boards in countries including the USA, Mali, Burkina Faso, Cote d'Ivoire, Nepal, Bangladesh, Kenya, Ghana, Rwanda and Ethiopia. As on 31 March 2026 it had 890 permanent employees.
Strengths
- Profit has grown strongly for three years, from Rs 86.61 crore in FY2024 to Rs 124.59 crore in FY2025 and Rs 160.00 crore in FY2026.
- Return ratios are strong, with RoCE of 31.89% and RoNW of 24.52%.
- The issue is priced reasonably on earnings. At the upper band of Rs 82 the P/E is about 15.62 times on an EPS of Rs 5.25.
- The company both makes the product and does the EPC work, so it earns at two stages of the same project instead of buying conductors from outside.
- It makes HTLS conductors, which are used to increase the capacity of existing transmission lines without laying new ones, an area supported by grid upgrade spending.
- Exports go to ten countries across Africa, South Asia and the USA, mostly to government electricity boards and public enterprises.
- Net worth grew from Rs 445.86 crore in FY2024 to Rs 729.58 crore in FY2026, and borrowing came down slightly in the last year from Rs 418.83 crore to Rs 384.16 crore.
- Rs 337 crore of the issue money will repay borrowings, which should cut interest cost meaningfully from the current level.
Risks
- Debt rose enormously in FY2025, from Rs 40.91 crore to Rs 418.83 crore, which is about ten times in one year, and was still Rs 384.16 crore as on 31 March 2026.
- Sales growth has slowed sharply. Total income rose only 7% in FY2026, from Rs 1,946.68 crore to Rs 2,089.31 crore, against 37% the year before.
- The profit margin is thin at 6.40%, which is normal for conductor making and EPC work but leaves little cushion if metal prices move.
- Almost all the money goes to repaying debt. Rs 337 crore of the Rs 700 crore issue repays borrowings while only Rs 15.01 crore is for new equipment and civil work, so very little adds to capacity.
- Aluminium and copper prices are the main input cost. A sharp rise that cannot be passed on in fixed price EPC contracts will directly cut margin.
- EPC work for electricity boards and public enterprises usually means slow payments and money blocked in retention and unbilled work.
- A part of the export business is in African countries such as Mali, Burkina Faso, Cote d Ivoire, Rwanda and Ethiopia, which carry higher country, payment and currency risk.
- Promoter holding will come down from 100% to 71.97% after the issue.
Objects of the issue
- Prepayment or re-payment, in full or in part,of certain outstanding borrowings availed by Company₹337 Cr
- Capital expenditure by Company for purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility₹15.01 Cr
- General corporate purposes
Promoters and shareholding
Purushottam Dass Goel, Devendra Goel and Jay Goel
- Promoter holding, pre-issue
- 100%
- Promoter holding, post-issue
- 71.97%
Anchor investors
Registrar, lead managers and documents
Lead managers
Company contact
Unit No – 12/4, Merlin Acropolis, 1858/1 Rajdanga Main Road, Kolkata, West Bengal, 700107
+91 33 2441 2008
investor.relation@luminoindustries.comLumino Industries IPO: common questions
When does the Lumino Industries IPO open and close?
The Lumino Industries IPO opens on 27 Aug 2026 and closes on 31 Aug 2026.
What is the price band of the Lumino Industries IPO?
The price band is ₹78 – ₹82 per share, with a lot size of 182 shares and a minimum investment of ₹14,924.
What is the size of the Lumino Industries IPO?
The issue size is ₹700 Cr (Fresh capital cum OFS).
What is the GMP of the Lumino Industries IPO?
The last reported grey market premium is ₹38 per share as of 03 Sep 2026, 08:24 AM IST. GMP is unofficial and changes frequently.
When is the Lumino Industries IPO allotment?
The basis of allotment is expected on 1 Sep 2026. Allotment status can be checked with the registrar, Bigshare Services Private Limited.
When will the Lumino Industries IPO list?
The shares listed on 3 Sep 2026 on BSE, NSE.
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