Summary
Lumino Industries IPO is a ₹700 crore mainboard book-built issue, comprising a ₹500 crore fresh issue and a ₹200 crore offer for sale.
Bidding runs from 27 to 31 August 2026. The ₹78–₹82 price band, 182-share lot and ₹14,924 minimum retail amount apply, with listing expected on 3 September.
The company operates in electrical-product manufacturing and EPC services. FY2026 total income was ₹2,089.31 crore and PAT was ₹160 crore. It plans to use ₹337 crore for debt repayment.
Lumino Industries IPO is a ₹700 crore book-built mainboard issue. It comprises a fresh issue of up to 6,09,75,609 equity shares aggregating to ₹500 crore and an offer for sale of up to 2,43,90,244 shares aggregating to ₹200 crore.
Bidding will open on 27 August 2026 and close on 31 August 2026. The shares are proposed to list on BSE and NSE on 3 September 2026.
The price band is ₹78 to ₹82 per share, and one lot contains 182 shares. At the upper price, a retail application starts at ₹14,924. The sNII category begins at 14 lots, or ₹2,08,936, while the bNII category begins at 68 lots, or ₹10,14,832.
The ₹200 crore offer for sale is being made by promoters Devendra Goel and Jay Goel. The company will not receive money from this part of the offer.
Lumino Industries IPO Details
The table below presents the issue size, price band, lot size, investor entry amount and other important terms of the offer.
| Particulars | Details |
| IPO Open Date | 27 August 2026 |
| Close Date | 31 August 2026 |
| Face value | ₹5 per share |
| Price Band | ₹78 to ₹82 per share |
| Issue price | To be determined after the book-building process |
| IPO Lot Size | 182 shares |
| Offer for sale | Up to 2,43,90,244 shares, aggregating to ₹200 crore |
| Fresh issue | Up to 6,09,75,609 shares, aggregating to ₹500 crore |
| Issue Type | Book-built mainboard IPO |
| Listing at | BSE and NSE |
| Total Issue Size | Up to 8,53,65,853 shares, aggregating to ₹700 crore |
| Employee reservation | Up to 12,19,512 shares, aggregating to ₹10 crore |
| Minimum Investment | ₹14,924 for 182 shares at the upper price |
Lumino Industries IPO Timeline
The schedule below covers the bidding period and the events expected to follow, from allotment to the proposed stock-market listing.
| Event | Date |
| IPO Open Date | 27 August 2026 |
| IPO Close Date | 31 August 2026 |
| Tentative Allotment | 1 September 2026 |
| Initiation of Refunds | 2 September 2026 |
| Credit of Shares to Demat | 2 September 2026 |
| Tentative Listing Date | 3 September 2026 |
| Cut-off time for UPI mandate confirmation | 5:00 PM on 31 August 2026 |
Lumino Industries Key Performance Indicators
The following ratios are taken directly from the company’s restated consolidated financial information for FY2026, FY2025 and FY2024.
| KPI | FY2026 | FY2025 | FY2024 |
| ROE | 24.62% | 24.52% | 21.52% |
| ROCE | 25.75% | 31.89% | 32.27% |
| Debt Equity | 0.53 | 0.73 | 0.09 |
| RoNW | 24.62% | 24.52% | 21.52% |
| PAT Margin | 7.66% | 6.40% | 6.08% |
| EBITDA margin | 11.71% | 11.62% | 10.31% |
Lumino Industries IPO Financials
The table presents the company’s restated consolidated figures.
| Financial measure (₹ crore) | 31 March 2024 | 31 March 2025 | 31 March 2026 |
| Total income for the year | ₹1,424.63 crore | ₹1,946.68 crore | ₹2,089.31 crore |
| Total Assets | ₹1,175.44 crore | ₹1,718.66 crore | ₹2,174.88 crore |
| Profit after tax for the year | ₹86.61 crore | ₹124.59 crore | ₹160.00 crore |
Lumino Industries India IPO Subscription Status
Subscription Details Not Yet Available
Subscription information will be displayed once the bidding process starts.
Bidding is open from 10:00 AM to 5:00 PM on public issue days.
Lumino Industries IPO Grey Market Premium (GMP Today)
As of 25 August 2026, InvestorGain reported a GMP of ₹47 for the Lumino Industries IPO. Added to the upper issue price of ₹82, this indicated an estimated listing price of ₹129 and a possible gain of 57.32%.
| Date | GMP | Estimated Listing Price | Estimated Listing Gain | Trend | Last Updated |
| 25 August 2026 | ₹47 | ₹129 | 57.32% | ➖ Unchanged | 25-Aug-2026, 3:52 PM IST |
| 24 August 2026 | ₹47 | ₹129 | 57.32% | 🔽 Decreasing | – |
| 23 August 2026 | ₹49 | ₹131 | 59.76% | 🔽 Decreasing | – |
| 22 August 2026 | ₹52 | ₹134 | 63.41% | 🔼 Increasing | – |
| 21 August 2026 | ₹46 | ₹128 | 56.10% | 🔼 Increasing | – |
Note: GMP is sourced from an unofficial and unregulated market. It can change rapidly with demand, subscription and overall market sentiment. The estimated price is calculated by adding the reported GMP to the upper issue price. It does not predict or guarantee the actual listing price. The timestamp records when the latest value was checked.
Lumino Industries IPO Reservation
The employee reservation is separated from the net public offer. The QIB, NII and retail figures below are based on the stated allocation proportions and should be treated as indicative until the final basis of allotment is published.
| Investor category | Shares offered | Approximate share of total offer |
| Market Maker Shares Offered | Not applicable | Not applicable |
| Maximum Anchor Investor Portion | Up to approximately 2,52,43,902 shares | 29.57% |
| QIB Shares Offered excluding anchor portion | Up to approximately 1,68,29,268 shares | 19.71% |
| NII or HNI Shares Offered | Not less than approximately 1,26,21,951 shares | 14.79% |
| Retail Shares Offered | Not less than approximately 2,94,51,220 shares | 34.50% |
| Employee Reservation | Up to 12,19,512 shares | 1.43% |
| Total Shares Offered | Up to 8,53,65,853 shares | 100% |
Under the stated offer structure, not more than 50% of the net offer is available to QIBs. At least 15% is available to NIIs, while at least 35% is available to retail investors.
Lumino Industries IPO Lot Size
Applications must be made for 182 shares and in multiples of 182 thereafter. The amounts below use the upper price of ₹82.
| Application category | Lots | Shares | Investment amount |
| Individual Investor, Retail, Minimum | 1 | 182 | ₹14,924 |
| Individual Investor, Retail, Maximum | 13 | 2,366 | ₹1,94,012 |
| S-HNI, Minimum | 14 | 2,548 | ₹2,08,936 |
| S-HNI, Maximum | 67 | 12,194 | ₹9,99,908 |
| B-HNI, Minimum | 68 | 12,376 | ₹10,14,832 |
Lumino Industries IPO Anchor Investors
The table below summarises the anchor allocation details available before the official investor list is released.
| Particulars | Details |
| Bid Date | 25 August 2026 |
| Anchor Investors List | To be updated after the official exchange filing |
| Maximum Shares Available | Up to approximately 2,52,43,902 shares |
| Maximum Anchor Portion Size | Approximately ₹207 crore at ₹82 per share |
| Lock-in period end date for 50% shares | NA |
| Lock-in period end date for remaining shares | NA |
Lumino Industries IPO Prospectus
The official offer documents can be accessed below:
About Lumino Industries
| Particulars | Details |
| Founded | 2005 |
| Managing Director | Devendra Goel |
| Promoters | Purushottam Dass Goel, Devendra Goel and Jay Goel |
| Parent Organisation | Not applicable |
| Headquarters | Kolkata, West Bengal |
| Permanent employees | 890 as of 31 March 2026 |
| Services provided | Manufacturing, power EPC, railway electrification, solar projects and water-management projects |
Lumino Industries Limited was incorporated on 30 March 2005. Its business brings engineering, procurement and construction work together with in-house manufacturing of electrical products.
Its manufacturing portfolio includes aluminium conductors, power cables, electrical wires and specialised high-temperature low-sag conductors. The company also sells electrical wires under the Lumicon brand.
Its EPC operations cover power transmission and distribution projects, extra-high-voltage substations, reconductoring using HTLS conductors, railway electrification, solar-power projects and water-management work.
The company operates two manufacturing facilities in Howrah, West Bengal, supported by four warehouses. It supplies products to customers outside India, including customers in the United States, Mali, Burkina Faso, Nepal, Bangladesh, Kenya, Ghana, Rwanda and Ethiopia.
As of 31 March 2026, Lumino Industries had a combined manufacturing and EPC order book of ₹3,149.88 crore. Its domestic operations accounted for approximately 98% of FY2026 revenue.
| Intermediary | Name |
| Book running lead managers | Motilal Oswal Investment Advisors Limited, JM Financial Limited and Monarch Networth Capital Limited |
| Registrar of the issue | Bigshare Services Private Limited |
Objectives of the Lumino Industries IPO
The company proposes to use the net proceeds from the fresh issue for the following purposes:
| Objective | Proposed amount |
| Prepayment or repayment of certain outstanding borrowings | ₹337 crore |
| Equipment, machinery, civil works and interior development at an existing manufacturing facility | ₹15.01 crore |
| General corporate purposes | Balance amount |
The company will not receive any proceeds from the ₹200 crore offer-for-sale portion. That amount will be paid to the selling shareholders.
Strengths of Lumino Industries
- Integrated operating model: Lumino combines electrical-product manufacturing with EPC execution. Some products manufactured internally can be used in its project business.
- Manufacturing range: The company manufactures conductors, power cables, wires and specialised HTLS products through two facilities.
- Order-book visibility: Its order book stood at ₹3,149.88 crore at the end of FY2026, comprising ₹1,991.98 crore from EPC and ₹1,157.90 crore from manufacturing.
- Geographic presence: The company has undertaken projects or supplied products across Indian states and overseas markets.
- Strategic alliances: Lumino has a collaboration with CTC Global Corporation relating to aluminium conductor composite core conductors.
- Experienced management: The promoters and senior management have experience in power infrastructure, conductors and cables.
- Broader project capabilities: The EPC portfolio covers distribution, transmission, substations, railway electrification, solar energy and water projects.
- Improving profitability: PAT increased from ₹86.61 crore in FY2024 to ₹160 crore in FY2026.
Risks of Lumino Industries
- Government-order dependence: Government entities generated 53.12% of revenue from operations in FY2026. Changes in tenders, budgets or project awards could affect revenue.
- Customer concentration: The ten largest customers accounted for 46.52% of FY2026 revenue from operations.
- Raw-material costs: Aluminium, steel, copper and cable compounds are important inputs. Aluminium accounted for 83.25% of raw-material costs in FY2026.
- Working-capital requirements: Manufacturing and EPC projects may require money to be committed before customer payments are received.
- Project execution: Delays, cost overruns, tender disputes and slower customer payments can affect the EPC business.
- Order-book conversion: The disclosed order book does not guarantee that every order will be completed or converted into revenue on schedule.
- Manufacturing disruption: Production depends on the continued operation of the company’s facilities, equipment and supply chain.
- Borrowing exposure: A substantial portion of the fresh issue will be used for debt repayment.
- Offer-for-sale component: ₹200 crore of the issue will go to the selling shareholders rather than the company.
- Legal and regulatory exposure: The company, promoters and directors are involved in certain legal and tax proceedings.
Lumino Industries IPO Review
Lumino Industries combines electrical-product manufacturing with EPC project execution. Total income increased from ₹1,424.63 crore in FY2024 to ₹2,089.31 crore in FY2026, while PAT rose from ₹86.61 crore to ₹160 crore. Its ₹3,149.88 crore order book offers revenue visibility, although project delays, cancellations and slower execution remain possible.
At the upper price of ₹82, the pre-offer valuation is approximately 12.48 times FY2026 diluted earnings, compared with the RHP’s listed-peer average of 48.55 times. However, differences in company size, margins and business mix limit direct comparison. The company also plans to use ₹337 crore to repay certain borrowings.
Investors should consider its dependence on government orders, customer concentration, raw-material costs, working-capital needs and execution risk.
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Lumino Industries IPO FAQs
Lumino Industries IPO is a ₹700 crore mainboard book-built issue. It includes a fresh issue of ₹500 crore and a ₹200 crore offer for sale by promoters Devendra Goel and Jay Goel.
Investors can apply through the IPO section of a broker’s trading platform or an ASBA-enabled bank account. Broker applications generally require the applicant to approve a UPI mandate before the closing-day deadline.
The company has reported growth in income and profit, an improving PAT margin and an order book of ₹3,149.88 crore. Risks include government-order dependence, customer concentration, raw-material costs, working-capital needs and project execution. The final decision should reflect the investor’s financial position and risk tolerance.
Returns cannot be predicted. Based on the ₹48 live GMP on 25 August 2026, the unofficial estimated price was ₹130, or 58.54% above the upper issue price. GMP can change before listing and does not guarantee an actual return.
The IPO will open on 27 August 2026 and close on 31 August 2026.
The lot size is 182 shares. At the upper price of ₹82, the minimum retail application amount is ₹14,924.
Open the IPO section of a broker or ASBA-enabled banking platform, select Lumino Industries, enter the number of lots and bid price, and submit the application. UPI applicants must approve the payment mandate by 5:00 PM on 31 August 2026.
The basis of allotment is tentatively scheduled to be finalised on 1 September 2026. Investors can check their status through Bigshare Services, BSE, NSE or their broker after allotment is completed.
Lumino Industries shares are tentatively scheduled to list on BSE and NSE on 3 September 2026.
