Lumino Industries Limited
Company at a glance · Human reviewed · 26 Aug 2026
The business, in brief
Lumino Industries Limited is an integrated engineering, procurement and construction (EPC) player with in-house manufacturing for conductors, power cables, and electrical wires catering to the power transmission, distribution, and electrification sector.
- Customer concentration
- 46.52% top 10 customers
- Total borrowings
- ₹384.16 cr Fiscal 2026
- Aluminium conductors (AAC, AAAC, ACSR, ACSS, ACFR, etc.)
- Power cables (LV XLPE/PVC insulated power and control cables, aerial bunch cables, railway signalling, concentric, solar, MV overhead covered, and UL cables)
- Electrical wires (thermoset insulated wires, single-core service wire, and house wires)
- EPC services (power transmission and distribution, EHV substations, re-conductoring with HTLS conductors, railway electrification, solar power projects, and water management projects)
* Estimated date based on the standard exchange timeline. Unmarked dates are exchange-reported.
Calculated at the upper band of ₹82.00 per share. Amounts exclude blocked-funds variation.
Prospectus dossier
Numbers, plans & pressure points
A focused reading of the company's reported financials, planned use of proceeds, business strengths and material risks.
A multi-year view
Figures retain the units reported in the RHP| Fiscal year | Revenue | Profit after tax | Operating cash flow | Borrowings | Net worth |
|---|---|---|---|---|---|
| Fiscal 2026 | ₹2,041.07 cr | ₹160 cr | ₹156.08 cr | ₹384.16 cr | ₹729.71 cr |
| Fiscal 2025 | ₹1,917.97 cr | ₹124.59 cr | ₹-238.59 cr | ₹418.83 cr | ₹570.45 cr |
| Fiscal 2024 | ₹1,407.32 cr | ₹86.61 cr | ₹100.91 cr | ₹40.91 cr | ₹445.97 cr |
01 Use of funds
Where the
money goes.
03stated objects
in the filing
Prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by our CompanyRHP p. 141
Capital expenditure by our Company for purchase of equipment and machinery, civil works and interior development of an existing manufacturing facilityRHP p. 141
General corporate purposesRHP p. 141
02 Growth case
What could drive
the business.
06signals found
in the filing
A power EPC company with in-house manufacturing capabilities ensuring captive consumption, cost efficiency, and reliable supply chains.RHP p. 156
Manufacturing facilities with diverse product offerings and extensive certifications including UL Certification and NABL accreditation.RHP p. 156
Strategic alliances and partnerships with prominent international companies such as CTC Global Corporation for ACCC conductors.RHP p. 255
Government-led capital expenditure in infrastructure, including the National Infrastructure Pipeline (NIP), PM Gati Shakti, and the Revamped Distribution Sector Scheme (RDSS).RHP p. 186
Rising national electricity demand, growing peak demand, and expansion of renewable energy generation requiring robust power transmission and distribution infrastructure.RHP p. 187
Extensive railway and metro electrification initiatives, as well as the build-out of data centers driven by digital transformation and artificial intelligence workloads.RHP p. 188
03 Risk factors
Read the downside first.
Selected material risks disclosed in the RHP. Read these before the upside case. This summary is not a substitute for the prospectus.
Dependence on orders from government entities
A significant portion of our business and revenue from operations is dependent on orders from government entities, including EPC works related to power transmission and distribution. For the Fiscal 2026, we derived 53.12% of our revenue from operations from the tenders/orders issued by government entities.
Concentration of revenue from top customers
Revenue from our top 10 customers comprise a significant portion of our Revenue from Operations (46.52% for the Fiscal 2026, 80.33% for the Fiscal 2025 and 90.78% for the Fiscal 2024). Any adverse changes affecting their financial condition or the loss of any of these customers will have an adverse effect on our business, results of operations, financial condition and cash flows.
Dependence on manufacturing segment performance
The sale of cables and conductors manufactured by our Company contributes a significant portion to our Revenue from Operations (more than 60% for Fiscals 2026, Fiscals 2025 and 2024). Any adverse development in our performance in the manufacturing business could have an adverse effect on our business, cash flows, results of operation and financial position.
Price fluctuations and supply disruptions of primary raw materials
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 which may have a material adverse effect on our business, financial condition, results of operations and cash flows.
High working capital requirement
We have high working capital requirement. If there are delays in the collection of receivables from our customers or we are unable to access suitable financing to meet working capital requirements, it could lead to material adverse effect on our business, prospects, financial condition and results of operations.
Negative cash flow from operating activities in the past
We have had negative cash flow from operating activities in the past and may continue to have negative cash flows in the future, which could have an adverse effect on our profitability if we are required to fund this through external borrowings.
Live issue demand
The book, in motion
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