Lumino Industries IPO: All you need to know before investing

Market lot: Investors can bid for a minimum of 182 Equity Shares and in multiples of 182 Equity Shares thereafter.

Quota: Not more than 50% of the net offer will be available for allocation to qualified institutional buyers (QIBs), not less than 15% to non-institutional bidders (NIIs), and not less than 35% to retail individual bidders (RIIs).

Utility of funds: The proceeds from its fresh issuance worth Rs 337 crore will be utilised for prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by the company, Rs 15 crore for capital expenditure by the company for purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility, and general corporate purposes.

Offer size: The offer, with a face value of Rs 5 per equity share, comprises a fresh up to Rs 500 crore and an offer-for-sale up to Rs 200 crore by promoters – Devendra Goel and Jay Goel.

Anchor investors: The company informed the bourses that it allocated 25,243,901 equity shares at Rs 82 per share to anchor investors and garnered Rs 206.99 crore . Some of the marquee institutions that participated in the anchor include Citigroup Global Markets Mauritius Private Limited, SBI General Insurance Company Limited, Bajaj Life Insurance Limited, Silver Stride India Global Fund and 3PIM India Equity (IFSC) Fund, amongst others. Amongst equity-oriented schemes, the company has allocated shares to HDFC Large and Mid Cap Fund, Motilal Oswal Large Cap Fund and Kotak Mahindra Trustee Co Ltd A/C Kotak Manufacture In India Fund, amongst others.

About the company: The Company is a product-driven integrated engineering, procurement and construction (“EPC”) player in India, with strong focus on manufacturing and supplying conductors, power cables and electrical wires and other specialised products and components to the growing power transmission and distribution industry in India. It also manufactures high-temperature low-sag conductors used in distribution and transmission lines in India.

Registrar/BLRMs: Motilal Oswal Investment Advisors, JM Financial and Monarch Networth Capital are the book running lead manager to the issue, and Bigshare Services Private Limited is the registrar of the offer.

Sushil Finance recommends SUBSCRIBE. The Company’s integrated manufacturing-plus-EPC model with 23.08% of FY26 project inputs manufactured in-house provides a genuine structural advantage over pure-EPC peers by insulating it from third-party supply and pricing risk, while still capturing project-execution margins.

The Offer itself is sensibly structured, with the largest share of proceeds (Rs.337 crore) going toward debt repayment, which should further support margin and RoNW trends by easing the finance-cost burden.

At listed peer diluted P/E of 20x–109x (composite ~49x) against Lumino’s FY26 diluted EPS of Rs.6.57, there is reasonable valuation room even at a meaningful discount to peers.

According to Anand Rathi, the company has demonstrated consistent financial performance with revenue and profitability growth, supported by healthy operating margins and return ratios. The ongoing capacity expansion, increasing focus on high-margin EHV substation projects, growing exports and strong execution capabilities are expected to support future growth.

At the upper end of the price band, the company is valued at a P/E of 15.5x FY26 earnings and an EV/EBITDA of 9.6x FY26, implying a post-issue market capitalisation of ₹24,973 million. Considering its integrated business model, strong order book, robust return profile and favourable industry tailwinds, we recommend a “Subscribe - Long Term” rating to the issue