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Lumino Industries IPO
Price Band
₹78.0–82.0
Issue Size
₹700.0 Cr
Lot Size
182 shares
Min Investment
₹14,924
GMP
+₹39.5 (48.17%)
Issue Price
₹82.0
Subject to Sauda
₹5500
Paid only if allotted
Lumino Industries IPO AI Summary
- Lumino Industries IPO is listed on BSE, NSE in the Cables - Electricals sector.
- Price band: ₹78.0–₹82.0 per share, lot size 182 shares (min. investment ₹14,924).
- Subscription window: 27 Aug–31 Aug 2026, listing on 03 Sep 2026.
- Current GMP is +₹39.5 (48.17%), an estimated listing price of ₹122 — unofficial and can change daily.
Lumino Industries Limited is an emerging player in the power EPC sector with a robust growth trajectory and a diverse product portfolio. The IPO has generated significant interest, as evidenced by the high subscription rates across various investor categories.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Lumino Industries IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 31 Aug 2026 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Overall Subscription
124.02x
| Category | Subscription | Status |
|---|---|---|
| QIB (Institutional) |
232.79x
|
233x 🔥 |
| NII (HNI) |
185.21x
|
185x 🔥 |
| ↳ bNII (>₹10L) |
201.90x
|
202x 🔥 |
| ↳ sNII (<₹10L) |
151.82x
|
152x 🔥 |
| Retail (RII) |
40.27x
|
40x ✓ |
| Employee |
12.37x
|
12x ✓ |
| Total | 124.02x | 124.02x |
Auto-updated every 5 min · As of 31st Aug 2026 18:55
Lumino Industries IPO Grey Market Premium (GMP) Today
GMP
+₹39.5
GMP %
+48.17%
Est. Listing
₹121.5
Updated: 03 Sep 2026 06:15
GMP Trend (Last 13 Days)
About the Company
Incorporated in 2005, Lumino Industries Limited is a product-driven engineering, procurement, and construction(EPC) company manufacturing and supplying conductors, power cables, electrical wires, and specialised components for India's power distribution and transmission industry. The company manufactures high-temperature, low-sag (HTLS) conductors for distribution and transmission lines and is the fastest-growing player in the conductors, power cables, and EPC industry. The company has developed a product-driven business model focused on designing, manufacturing, and distributing specialised products for power distribution, industrial, renewable energy, and communication applications. The company supplies products to international clients, including government-owned electricity companies in countries like the USA, Nepal, and Ghana. In Fiscal 2024, 62.38% of EPC project products were manufactured in-house. The company's electrical wire business operates in four states in India through a network of approximately 122 distributors. The company operates two manufacturing facilities in Howrah, West Bengal, with a combined capacity of 40,000 MT of aluminium per year, and three warehouses covering approximately 110,000 sq. ft. Business Segments: Manufacturing: The company is the fastest-growing player in the conductors, power cables, and EPC industry (CAGR 2022-2024). Its products include aluminium conductors, power cables, and electrical wires under the 'Lumicon' brand. EPC: The company's EPC segment includes power distribution, EHV substations, HTLS re-conductoring, railway electrification, and solar projects. It serves clients in India and Rwanda, ensuring efficient project planning and execution. Products: Aluminium Conductors: Aluminium conductors are vital for transmitting electrical energy efficiently over long distances to power substations via overhead lines. The company uses them in distribution networks, industrial applications, and power plants. Power Cables: Power cables are used for transmitting and distributing high-voltage electrical power in various industrial and commercial applications. The company manufactures low voltage, aerial bundled, railway signalling, and concentric cables. Electrical Wires: The company entered the wire business in 2023 under the 'Lumicon' brand, manufacturing thermoset insulated wire, earth wires, and house wires. Competitive Strengths: The fastest growing player in the power EPC industry with in-house manufacturing capabilities. Cost-efficient and unique business model with complementary and integrated business segments. Well-developed and integrated manufacturing facilities with an extensive product range Strong and diversified order book. Strong strategic alliances and partnerships with prominent international companies. Experienced Promoters and committed management team, with skilled workforce.
Company Financials (₹ Cr)
As of 2026-03-31
| 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 |
| EBITDA | 238.95 | 222.94 | 145.09 |
| 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 |
Key Ratios
EPS
₹6.57
NAV
₹23.41
ROE
24.52%
ROCE
31.89%
RoNW
24.52%
P/B Value
3.50
P/E Ratio
12.48
Market Cap
₹2497.34 Cr
PAT Margin
6.40%
Debt/Equity
0.73
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Diluted |
|---|---|---|---|---|
| Techno Electric & Engineering Company | 357.43 | 12% | 25.97 | 40.74 |
| Universal Cables | 544.62 | 8.91% | 35.51 | 47.01 |
| KEI Industries | 697.07 | 14.76% | 58.79 | 96.02 |
| KEC International | 219.8 | 11.1% | 19.81 | 22.75 |
| Kalpataru Projects International | 438.28 | 15.8% | 22.13 | 60.9 |
| Bajel Projects | 64.61 | 0.98% | 108.66 | 1.74 |
| Apar Industries | 1341.55 | 19.76% | 68.98 | 242.81 |
| Our Company This IPO | 29.95 | 24.62% | — | 6.57 |
Promoters
Purushottam Dass Goel, Devendra Goel, Jay Goel
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Prepayment or re-payment, in full or in part,of certain outstanding borrowings availed by Company 337.00 2 Capital expenditure by Company for purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility 15.01 3 General corporate purposes 110.58 4 Issue Expenses 52.28 Total 514.87
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹1,424.63 Cr in the period ending 31 Mar 2024, rising to ₹1,946.68 Cr by 31 Mar 2025, and further increasing to ₹2,089.31 Cr by 31 Mar 2026. This shows a consistent growth trend in revenue over the three periods.
Profit Trend
Profit After Tax was ₹86.61 Cr for the period ending 31 Mar 2024, increasing to ₹124.59 Cr by 31 Mar 2025, and further rising to ₹160.00 Cr by 31 Mar 2026. This indicates a positive trajectory in profitability across the periods.
Valuation
At the issue price of ₹82.0, Lumino Industries has an implied P/E ratio of 12.48, compared to its peers who have P/E ratios ranging from 19.81 to 108.66.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an unofficial indicator of an IPO's expected listing price. It reflects the demand for the shares before they are officially listed and can provide insights into potential listing gains.
Subscription Demand
As of 31st Aug 2026, the IPO was oversubscribed 124.02 times overall. The QIB (Institutional) category saw a significant subscription of 232.79 times, while the Retail (RII) category was subscribed 40.27 times.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy and risk tolerance. It's essential to consider the company's growth potential and market conditions.
Who May Want to Wait
Investors who are risk-averse or prefer stable, established companies may want to avoid IPOs like this, which can be subject to market fluctuations and uncertainties.
IPO Timeline, Explained
The IPO process includes several key dates: the opening date for subscription is 27th August 2026, the closing date is 31st August 2026, the allotment date is 1st September 2026, and the listing date is 3rd September 2026.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make by selling shares on the listing day at a higher price than the issue price. However, these gains are not guaranteed and can be influenced by market conditions and investor sentiment.
This evaluation is generated from Lumino Industries's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Lumino Industries IPO GMP today?
Lumino Industries IPO GMP today is +₹39.5 (48.17%), indicating an estimated listing price of ₹122. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Lumino Industries IPO?
The price band of Lumino Industries IPO is ₹78.0–₹82.0 per share.
When does Lumino Industries IPO open and close?
Lumino Industries IPO opens on 27 August 2026 and closes on 31 August 2026.
When does Lumino Industries IPO list on the stock exchange?
Lumino Industries IPO listed on 03 September 2026 at ₹121.5.
What is the lot size for Lumino Industries IPO?
The lot size for Lumino Industries IPO is 182 shares, requiring a minimum investment of ₹14,924.
What is the price band for the IPO?
The price band for the IPO is ₹78.0 to ₹82.0.
What is the minimum investment required?
The minimum investment required is ₹14,924.0.
What is the lot size for the IPO?
The lot size for the IPO is 182 shares.
When does the IPO open and close?
The IPO opens on 27th August 2026 and closes on 31st August 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected premium at which the shares may list on the stock exchange.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
27 Aug 2026
Close
31 Aug 2026
Allotment
01 Sep 2026
Listing
03 Sep 2026
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