Lumino Industries IPO
Listed +34.1%27–31 Aug 2026
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Our IPO analysis
The five questions
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1How it makes money₹68 of every ₹100 of sales comes from its "Manufacturing" segment. ₹98 of every ₹100 comes from India.
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2Is it growing, and is profit turning into cash?Sales rose 45% from FY24 to FY26 (₹1,407 cr → ₹2,041 cr).
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3How much cushion does it have?We haven't read this part of the document yet.
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4What you pay, and who gets the moneyOf every ₹100 raised, ₹29 goes to existing shareholders selling. At ₹82 you pay about ₹12 for every ₹1 of last year's profit.
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5Who controls it, and what is on record?Promoters own 85% before the IPO. The document discloses 2 legal matters.
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Latest update:
Listed at ₹110 vs ₹82 issue price (+34.1%) · Day-one close ₹110 · GMP before listing +42.7% implied, 8.6 pp above the actual open · Subscribed 112.41× (QIB 211.3× · NII 169.3× · Retail 35.7×) · Price band ₹78–₹82 · Closed 31 Aug 2026 · Listed 3 Sep 2026 (Confirmed)
How it actually listed
₹110 on open, against a ₹82 issue price +34.1%
It ended its first day at ₹110 (+34.5% against the issue price), per the NSE's price archive.
On the BSE it opened at ₹109 and closed at ₹110, per the BSE's price archive.
Before it listed, the grey market implied +42.7%. The shares opened 8.6 pp below what that implied. It pointed the right way on whether they would open above the issue price. GMP is unregulated and self-reported.
What Lumino Industries does
We are a product-driven integrated engineering, procurement and construction (“EPC”) player in India, with strong focus on manufacturing (“Manufacturing”) and supplying conductors, power cables and electrical wires and other specialised products and components to the growing power transmission and distribution industry in India.
Lumino Industries financials
Rs crore · Annual| FY24 | FY25 | FY26 | ||
|---|---|---|---|---|
| Sales | 1,407 | 1,918 | 2,041 | |
| Operating Profit | — | — | — | |
| OPM % | — | — | — | |
| Net Profit | — | — | — | |
| Total Debt | 41 | 419 | 384 |
Lumino Industries IPO offer structure
Total: ₹700 cr. Fresh issue proceeds go to the company; OFS proceeds go to selling shareholders.
Size and split come from a public aggregator rather than the exchange, cross-checked against a second.
Use of proceeds- Prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by our Company: ₹337 cr
- Capital expenditure by our Company for purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility: ₹15 cr
- General corporate purposes
Lumino Industries promoters and holding
- Purushottam Dass Goel: Chairperson and Non-Executive Director
- Devendra Goel: Managing Director
- Jay Goel: Whole-time Director
Lumino Industries risks and strengths
- Our business and revenues are substantially dependent on orders received from state-owned electricity boards (SEBs) and public sector power utilities. (p.23)
- Revenue from our top 10 customers comprise a significant portion of our Revenue from Operations. (p.32)
- The sale of cables and conductors manufactured by our Company contributes a significant portion to our Revenue from Operations. (p.33)
2 more the company lists
- Any increases or fluctuations in prices of, or delay or disruption in supply of primary raw materials could affect our estimated costs, expenditures and timelines. (p.35)
- Our revenues from our EPC segment are dependent upon our ability to effectively secure contracts awarded to us through the competitive bidding route. (p.36)
Lumino Industries market and competition
Lumino Industries Ltd is the fourth fastest growing player in the conductors, power cables and power EPC industry in terms of revenue from operations CAGR between fiscals 2024 and 2026, among the peers considered for which data was available.
Lumino Industries outlook, as the document states it
With an objective to establish a 250,000 sq. ft. manufacturing facility, we are in the process of expansion, for which we have acquired approximately 650,000 sq. ft. of land in Ranihati, Howrah, West Bengal. This expansion will enable us to produce a wider range of cables and conductors like low voltage power cables, high voltage power cables, instrumentation cables, solar cables, railway signalling cable, flexible electrical wire, overhead aluminium conductors and HTLS conductors.
Lumino Industries IPO: common questions
When does the Lumino Industries IPO open and close?
The Lumino Industries IPO is open from 27 Aug 2026 to 31 Aug 2026.
What is the Lumino Industries IPO price band?
The price band is ₹78–₹82 per share.
What is the lot size and minimum investment for the Lumino Industries IPO?
One lot is 182 shares, and a retail application must be at least one lot. That is about ₹14,924 at the upper end of the band. An HNI application starts above Rs 2 lakh, so the minimum is higher for that category.
How much is the Lumino Industries IPO subscribed?
As of 10 Oct 2026 the total subscription is 112.41×.
When does the Lumino Industries IPO list?
The listing date is 3 Sep 2026.
How do I check the Lumino Industries IPO allotment status?
On the allotment status page published by Bigshare Services, this issue's registrar, and on the exchange's basis of allotment. Those are the primary sources. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. We do not hold allotment data and cannot look yours up. How allotment is actually decided →
Lumino Industries IPO allotment status
Listed 3 Sep 2026. Allotment is decided and published by the registrar, not by us. This issue's registrar is Bigshare Services.
Check your allotment on the registrar's own page ↗
We do not hold allotment data and cannot look yours up. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. How allotment is actually decided →