Lumino Industries Limited is filing a ₹700 Cr IPO on August 27, 2026. Lumino has built its entire cables-and-conductors business out of two plants in one town, Howrah, West Bengal.
IPO Summary
The Big Picture
India’s wires and cables market has grown quickly.
The power transmission cables hold the largest share of this market, at 43% to 45% in FY26. The conductor segment is also growing as India adds transmission lines and replaces ageing conductors with high-temperature low-sag variants.
Exports of wires and cables have grown at a 33% CAGR to ₹17,800 Cr in FY26.
Lumino Industries sits at the intersection of manufacturing these wires and executing EPC contracts that consume those very products (wires).
Business Model Explained
Lumino Industries runs two segments: manufacturing and EPC
The manufacturing segment makes three product lines:
1. Aluminium conductors, used on overhead transmission and distribution lines
2. Power cables, used in substations, industrial plants and railway signalling
3. Electrical wires, sold under the Lumicon brand for house wiring.
Manufacturing takes place at two facilities in Howrah, West Bengal. A third facility is under construction which will widen the product range to high voltage cables, solar cables and railway signalling cable.
The company expects commercial production to begin in the second half of FY27.
The EPC segment executes six kinds of projects across:
Power transmission and distribution, EHV substations, HTLS re-conductoring, railway electrification, solar power and water management.
The two segments are backward integrated.
Its customers are mostly government entities. While this dependence is easing, they still accounted for nearly half of the revenue in FY26.
While exports form a small part of revenue, the company has a global presence in 17 countries as of FY26.
Unit Economics
- Revenue per tonne rose 29% between FY24 and FY26 even as output fell 4.2% in FY26 from its FY25 peak, which means the gain came from pricing and product mix.
- Profit per tonne rose faster than revenue per tonne which points to operating leverage.
Operating Metrics
- Order Book: The order book nearly doubled between FY24 and FY26, but the mix flipped. Since their business segments are integrated, order book visibility in EPC business will help its manufacturing business as well.
- Revenue Mix: Manufacturing’s share of revenue rose to a three-year high of 70% in FY26.
- Government share of revenue: Government share of revenue has been decreasing and now accounts for 53% of revenue from operations in FY26.
The Financial Stuff: Revenue to PAT
- Revenue from operations grew at a 20% CAGR over FY24-26 and PAT margin has also been increasing at a steady pace.
Luminos’ Peers
- Its 26% RoCE is the second highest in the set with a lower D/E ratio.
- Lumino still stands smallest among peers based on its revenue base.
Key Risks
Dependence on government and state-owned electricity customers.
53% of FY26 revenue came from government entities. If any of these clients were to stop issuing tenders, its business could be affected.
Conclusion
Lumino Industries is an integrated cables, conductors and EPC manufacturer riding India’s transmission and distribution capex cycle, with margins and return ratios that compare well against its larger listed peers.
The order book has grown quickly, but a rising share of it sits in EPC that converts to revenue more slowly and carries longer receivable cycles.
