Lumino Industries

The company operates two ISO-certified manufacturing units in Howrah, West Bengal, with a combined aluminium processing capacity of 40,000 MT per year, and roughly 110,000 sq. ft. of warehouse space across three facilities. As of March 31, 2026, the company had 890 permanent employees. It follows a largely in-house, product-driven manufacturing model, supplying government-owned electricity utilities in international markets including the USA, Nepal, and Ghana, alongside a domestic electrical wire distribution network spanning four states through roughly 122 distributors.

The company's promoters are Purushottam Dass Goel, Devendra Goel, and Jay Goel. Ahead of the IPO, promoter holding stood at 100%, with Devendra Goel and Jay Goel offering shares worth ₹150 Cr and ₹50 Cr respectively in the offer-for-sale.

Lumino Industries IPO is a mainboard bookbuilt issue of ₹700 Cr, split between a fresh issue of ₹500 Cr (6.10 Cr shares) and an offer-for-sale of ₹200 Cr (2.44 Cr shares). It opens August 27, 2026 and closes August 31, 2026, with listing on BSE and NSE tentatively set for September 3, 2026. The price band is ₹78-82 per share (face value ₹5), with a lot size of 182 shares — a minimum retail investment of ₹14,924 at the upper band.

Revenue grew from ₹1,424.63 Cr in FY24 to ₹2,089.31 Cr in FY26, with PAT more than doubling from ₹86.61 Cr to ₹160.00 Cr over the same period — a 7% revenue increase and 28% PAT increase in the most recent year alone. RONW held roughly steady around 24.5-24.6% across FY25-FY26, while ROCE eased from 31.89% to 25.75% and Debt/Equity improved from 0.73 to 0.53, pointing to somewhat more conservative leverage even as the balance sheet grew. At the upper price band, the IPO is priced at a post-issue P/E of 15.62x and post-issue market cap of ₹2,497.34 Cr. Motilal Oswal Investment Advisors is the listed lead manager and Bigshare Services is the registrar.

Net proceeds are earmarked mainly for debt repayment (₹337 Cr) and capex on an existing facility (₹15.01 Cr), with the remainder toward general corporate purposes. Recently listed peers in the Cables-Electricals space — Laser Power & Infra (+22.63% listing gain), Susan Electricals (+53.78%), Systematic Industries (+0.74%) — offer a rough listing-day benchmark, though none is a like-for-like comparison on scale.