Management

• Purushottam Dass Goel – Chairperson & Non-Executive Director: Associated with Lumino since 2005; brings experience in manufacturing overhead transmission conductors and various cables.
• Devendra Goel – Managing Director: Associated since 2005; oversees marketing, finance and administration, with a focus on operational efficiency, strategic management and business growth.
• Jay Goel – Whole-time Director: Associated since 2018; responsible for operations and business development, with experience in modernising operations.
• Hemant Sultania – Independent Director: Brings experience across accounting, finance, corporate governance, taxation, mergers and acquisitions.
• Amitabh Mathur – Independent Director: Experienced in strategic management, marketing, business development, project development and execution.
• Shalu Laxmanraj Bhandari – Independent Director: Practising company secretary with more than two decades of professional experience and board-level exposure.

Use of Proceeds

The proceeds from the Issue are proposed to be utilised for the following key purposes:

• Repayment / Prepayment of Borrowings: To repay or prepay, partly or fully, certain outstanding borrowings of the company, thereby reducing debt and strengthening the balance sheet.
• Capital Expenditure: To fund the purchase of equipment and machinery, along with civil works and interior development of an existing manufacturing facility.
• General Corporate Purposes: A portion of the Net Proceeds will be utilised for general corporate requirements, supporting the company’s ongoing business operations and growth initiatives.

Competitive Strengths

Growing player in the power EPC industry with in-house manufacturing capabilities. Lumino Industries has built a differentiated position by integrating its manufacturing capabilities with its EPC business. The company commenced operations in 1989 as a manufacturer of power conductors and cables and entered EPC execution in 2007. This integration enables Lumino to manufacture critical products internally and use them in its own EPC projects, reducing dependence on external suppliers, improving cost competitiveness and shortening project execution timelines. In FY26, around 23.08% of specialised products used in EPC projects were manufactured in-house. The company has executed approximately 80,000 km of distribution lines, 44 substations and 41.03 MW of solar projects as of March 31, 2026, demonstrating its established project execution capabilities.

Cost efficient and unique business model with complimentary and integrated business segments. The integration of Lumino’s Manufacturing and EPC segments is a key competitive advantage, enabling the company to streamline procurement, optimize resource utilization and improve cost efficiency. Its product-driven strategy provides captive demand for a portion of manufactured products while the EPC business benefits from reliable availability of critical components. In-house manufacturing also provides greater control over product quality, specifications, inventory and delivery schedules, thereby reducing procurement delays and price volatility. The company follows a structured pre-bidding approach involving project surveys, technical evaluation, design assessment and cost analysis, which supports competitive bidding and project selection. Revenue from operations grew at a CAGR of 20.43% between FY24 and FY26, reflecting the scalability of this integrated model.

Well-developed and integrated manufacturing facilities with an extensive product range Lumino operates two manufacturing facilities in Howrah, West Bengal, supported by four warehouses, with aggregate manufacturing capacity of 40,000 MT of aluminium consumption annually. The facilities manufacture a diversified range of conductors, power cables and electrical wires catering to power transmission and distribution, industrial, renewable energy, railway, communication and infrastructure applications. In FY26, total production stood at 31,571 MT, representing capacity utilization of 78.93%. The company’s fungible machinery provides flexibility to alter its product mix according to changing market requirements. Its facilities are certified under ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018, while its testing laboratory is NABL accredited. UL certification further supports access to regulated international markets.

Strong and diversified order book Lumino has a sizeable and diversified order book across both EPC and Manufacturing segments, providing meaningful revenue visibility. As of March 31, 2026, the company’s EPC order book stood at Rs.1,992 crore, while the Manufacturing order book stood at Rs.1,158 crore. The EPC order book is spread across Central, East, West and South India, reducing dependence on any single geographical market. The company has executed projects across multiple states, including Jammu & Kashmir, Jharkhand, Gujarat and West Bengal. Its Manufacturing order book is also geographically diversified, with meaningful contributions from East, South and West India as well as international markets. The company believes its technical capabilities, project execution track record and focus on quality have supported sustained order-book growth.

Strong strategic alliances and partnerships with prominent international companies Lumino has developed strategic relationships with international and domestic partners to strengthen its technology capabilities, product portfolio and project execution expertise. The company has entered into a strategic collaboration with CTC Global Corporation for the manufacture, sale and distribution of ACCC conductors, which offer higher current-carrying capacity, lower line losses and reduced sag compared with conventional conductors. Such technology partnerships enable utilities to enhance transmission capacity without requiring additional transmission corridors. Lumino has also formed joint ventures for railway electrification and water EPC projects, thereby extending its capabilities into allied infrastructure segments. These partnerships allow the company to combine partner technologies with its engineering, project management and customer knowledge, supporting its ability to address evolving power-sector requirements.

Experienced Promoters and committed management team, with skilled workforce Lumino is led by an experienced promoter and management team with more than three decades of entrepreneurial and managerial experience in the power infrastructure industry. The management possesses established customer relationships and a strong understanding of industry trends, pricing strategies, business development and operations. Chairman Purushottam Dass Goel has experience in manufacturing overhead transmission line conductors and power cables, while Managing Director Devendra Goel oversees marketing, financial and administrative functions. Executive Director Jay Goel is responsible for business development and modernization initiatives. The management team is supported by a skilled workforce of 890 permanent employees as of March 31, 2026. The company also conducts training programmes covering leadership, decision-making and technical and professional skills, supporting employee development and execution capabilities.

Peer Comparison

Key Risks & Concerns

High dependence on government entities and public-sector utilities Lumino Industries remains significantly dependent on government entities, state electricity boards and public-sector power utilities for business generation. Government entities contributed 53.12% of revenue from operations in FY26, compared with 79.89% in FY25 and 85.58% in FY24. Any slowdown in tendering activity, changes in government spending priorities, delays in project awards or deterioration in the financial position of state utilities could adversely impact order inflows, revenue visibility and cash flows. The company’s large government-linked order book also exposes it to longer approval and payment cycles.

Raw material price volatility can pressure margins The manufacturing business is exposed to fluctuations in prices of key raw materials, particularly aluminium, copper, steel, XLPE and PVC compounds. Raw materials account for approximately 70–75% of net sales in the power conductor industry, making profitability sensitive to commodity price movements. Sharp increases in input costs, supply disruptions or inadequate inventory management could increase production costs and compress margins, especially where the company is unable to fully pass on higher costs to customers. The cable and conductor industry also faces significant global commodity-price volatility.

Project execution delays and cost overruns The company’s EPC business is exposed to execution risks arising from delays in obtaining permits, approvals, right-of-way, financing and other project requirements. Delays can increase project costs, defer revenue recognition and postpone customer payments. Lumino may also face liquidated damages, performance-bank-guarantee invocation or contract termination if contractual milestones are not achieved. Importantly, completed projects experienced time overruns of 6 months in FY26, 8 months in FY25 and 7 months in FY24, highlighting the execution sensitivity of the EPC business.

Intense competition and aggressive bidding Lumino operates in highly competitive cable, conductor and EPC markets, where projects are often awarded on the basis of competitive pricing along with technical and financial qualifications. The company competes with established players including Apar Industries, KEI Industries, Sterlite Electric, Universal Cables, KEC International, Kalpataru Projects International and Techno Electric & Engineering. Aggressive bidding can limit pricing flexibility and compress margins, while technological developments by competitors could make existing products less competitive. Failure to accurately estimate project costs or execute projects within stipulated timelines could further weaken profitability.

Manufacturing concentration and operational disruption Lumino operates two manufacturing facilities and four warehouses, all located in Howrah, West Bengal, creating geographical concentration risk. Any natural disaster, infrastructure disruption, labour disturbance, regulatory change, civil unrest or other regional event could interrupt production and supply. Since the manufacturing operations are important to both external sales and captive requirements of the EPC segment, prolonged disruption could affect both business verticals simultaneously.

Product quality and certification risk The company operates in a business where product quality, safety and regulatory certifications are critical. Defects in cables, conductors or electrical wires, or non-compliance by Lumino or its suppliers, could result in product recalls, replacements, redesign costs, order cancellations, legal claims and reputational damage. The company also needs to maintain certifications and comply with customer-specific standards across domestic and international markets. Failure to retain required certifications could restrict market access and adversely affect sales.

Outlook and Valuation

Lumino Industries is well positioned to benefit from the structural growth in India’s power transmission and distribution infrastructure, renewable-energy integration, railway electrification and grid-modernisation spending. India’s power-sector investments are expected to reach Rs.37–42 trillion during FY27–FY31, while the conductor industry is projected to grow at around 12–15% CAGR over FY26–FY31. Lumino’s integrated manufacturing-EPC model, diversified order book and increasing focus on HTLS conductors, EHV substations and allied EPC segments provide a strong foundation for sustained medium-term growth. The upcoming Ranihati facility is expected to further strengthen manufacturing capacity and expand the company’s product portfolio, subject to requisite approvals.

The company is also increasing its focus on higher-value EHV substation projects, which accounted for 44.6% of the EPC order book as of March 2026, supporting better value addition and growth prospects. Financial performance has remained strong, with revenue from operations, EBITDA and PAT registering CAGRs of 20.4%, 28.3% and 35.9%, respectively, during FY24–FY26. Considering the integrated business model, strong order-book visibility, diversified manufacturing capabilities, improving profitability and favourable long-term industry outlook, at the upper price band of Rs.82, the issue is valued at approximately 12.5x FY26 P/E, based on diluted EPS of Rs.6.6.  we believe the valuation is reasonable and assign a “SUBSCRIBE” rating to the issue for medium to long term prospective.