Lumino Industries IPO GMP, Date, Price Band & Review

Lumino Industries IPO Details

Lumino Industries IPO is a book-built issue; it is set to raise ₹700 crore. It is a fresh issue portion of ₹500 crore and an offer for sale (OFS) of ₹200 crore. The face value is ₹5 per share.

The price range is set at ₹78 to ₹82 per share and the lot size is 182 shares. The minimum investment required for an individual investor (retail) is ₹14,924. The IPO will open on August 27, 2026 and close on August 31, 2026.

The book-running lead managers are Motilal Oswal Investment Advisors Ltd., JM Financial Ltd. and Monarch Networth Capital Ltd. The registrar to the issue is Bigshare Services Pvt. Ltd.

Lumino Industries IPO Date & Timeline

Lumino Industries Ltd. officially filed its Red Herring Prospectus (RHP) on August 20, 2026. The timeline for the IPO is as follows: the subscription will open on August 27, 2026 and then it closes on August 31, 2026. After that, the basis of allotment is on September 1, 2026. Refunds and credit of shares are on September 2, 2026 and a listing of shares on BSE and NSE will be on September 3, 2026.

Lumino Industries IPO GMP

A "grey market premium," or GMP, is the rate at which the IPO’s shares trade in the grey market before they are officially listed on the stock exchange.

Luminous Industries IPO GMP is currently trading at ₹38, indicating the opinion of unofficial market investors before the official listing. Any listing GMP will indicate a possible listing price of ₹120, which is about 46.34% more than the issue price. While Grey Market Premium is normally a good indicator of demand and of interest of investors, it is wise to remember that GMP is highly volatile and should not be the only component to consider when investing.

Company Background

Lumino Industries Limited was founded in 2005 with headquarters in Kolkata, West Bengal. The company has more than three decades of experience in its business activities and its promoter's background in the power and energy sector.

Lumino's business has two major segments: manufacturing and EPC. The manufacturing segment encompasses the manufacturing of conductors, power cables and wires for houses, while the EPC segment involves undertaking projects for power transmission and distribution, railway electrification, solar power and EHV substations.

Lumino's manufacturing facility is in Howrah, West Bengal. The facility has manufacturing and testing capabilities and has certifications under ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018.

Operations & Product Range

There are two segments of Lumino Industries.

Manufacturing: The company makes Lumicon brand aluminium conductors (ACSR, AAAC and HTLS conductors like TACSR, Hi-TACSR, GTACSR and STACIR) along with power cables and wires. They also make High Performance Conductors (HPC) alongside Tokyo Rope International (Japan) through a technical partnership.

EPC: The division focuses on construction and maintenance of power transmission and distribution systems, EHV substations, HTLS re-conductoring, railway electrification, projects in the field of solar energy and water management construction activities through the joint venture Lumino SMC JV.

Having manufacturing and EPC divisions enables Lumino to provide most of the needed materials for its own projects, improving its ability to manage cost and time.

Facilities & Capacity

Lumino Industries Limited runs two production plants situated across a total area of 264,208 square feet in Howrah, West Bengal, that together have a capacity to process 40,000 MT of aluminium annually to manufacture cables and conductors. The company had 890 permanent employees as of 31st March 2026. These plants support Lumino Industries’ integrated business model and sell their products to external customers as well as use them in their EPC projects.

Brands & Market Presence

There are two strands to the market presence of Lumino Industries Limited

One is its operations to provide power infrastructure solutions to its clientele in India under its own brand name, 'Lumicon.'

The other is its work as a B2B solutions provider to key stakeholders in India's power infrastructure services. It has established strong business links with big-name clients such as PGCIL, NTPC, RDSO, L&T, Tata Projects, KEC International and Kalpataru Power Transmission. This puts Lumino in the supply chain for some large power infrastructure projects in India.

Outside India, Lumino Industries has established relations for exports to Asia and Africa. Its clients are located in the USA, Nepal, Bangladesh, Kenya, Ghana, Rwanda, Ethiopia, Mali, Burkina Faso and Côte d'Ivoire, among others. Its ISO, NABL and UL certifications give its international clientele confidence in the quality of its products and their compliance. Lumino Industries' domestic operations in conjunction with its export operations give it diversification of markets that some of its domestic-only competitors lack.

Revenue Streams & Business Model

Two segments of Lumino's business model, manufacturing and EPC, are connected and interdependent. Manufacturing supports external sales and the internal demands of the EPC unit. The manufacturing segment comprises all companies that sell cables, conductors and wires and contributes 69.74% and 64.96% of the company's operating revenue for FY26 and FY25, respectively.

The EPC segment undertakes transmission, distribution, railway electrification, substations and solar projects, among others. Lumino's integrated business model has advantages in cost and execution; however, the awards and collections cycle of EPC is very challenging, eroding working capital. In FY26, government entities accounted for 53.12% of the total revenue, as against 79.89% in FY25. There was continued exposure to the volatility in the price of aluminium.

Financial Performance

Lumino Industries Ltd.’s recorded revenue for FY26 stands at ₹204.10 crore compared to ₹1,917.96 crore recorded at the end of FY25. The improvement in net profit (PAT) during the period under review, ₹160 crore compared to ₹124.59 crore, was most attributable to improved operating leverage and an improved product mix. The results also reflect a positive improvement for key return ratios, especially considering an improved earnings return on equity (RoE) of 24.62% and an improved PAT margin of 7.66%, although the decline in the return on capital employed (RoCE) from 31.89% to 25.75% remains a concern.

Management & Shareholding

Lumino Industries Limited's latest disclosed promoter shareholding prior to the IPO was Devendra Goel, Jay Goel and Purushottam Dass Goel had approximately 49.03%, 35.54% and 0.33%, respectively. After the IPO, the promoter holding will be 71.97% and the public holding will be 28.03%.

In the OFS, two promoters will sell a portion of their stake. Devendra Goel will sell shares for up to ₹150 crore and Jay Goel will sell shares for up to ₹50 crore, a total of ₹200 crore.

Board & Key Management

The leadership of Lumino Industries Ltd. is led by a team of experts with many years of experience. Purushottam Dass Goel serves as the Chairman and gives strategic direction to the firm. The daily operations are managed by Devendra Goel, the Managing Director, along with Whole-Time Director Jay Goel. To ensure good governance, the board includes independent directors Hemant Sultania, Shalu Laxmanraj Bhandar and Amitabh Mathur for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.