Lumino Industries IPO
Lumino Industries LtdMainboard
This IPO closed on 31 Aug 2026.
- Open date
- 27 Aug 2026
- Close date
- 31 Aug 2026
- Min. Investment
- ₹14,924
- Lot Size
- -
- Fresh Issue
- ₹500.00 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers33.18x
- Non-Institutional Investors130.83x
- Retail-Individual Investors27.70x
- Total50.48x
Schedule
- Completed: IPO open date27 Aug 2026
- Completed: IPO close date31 Aug 2026
- Current step: Allotment date1 Sep 2026
- Upcoming: Funds unblock or debit1 Sep 2026
- Upcoming: Tentative listing date3 Sep 2026
About
Promoter shareholding in Lumino Industries Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Devendra Goel | 11,94,31,856 | 49.03% | 10,11,39,174 | 30.75% |
| Jay Goel | 8,65,60,000 | 35.54% | 8,04,62,439 | 24.46% |
| Purushottam Dass Goel | 8,00,000 | 0.33% | 8,00,000 | 0.24% |
| Rashmi Goel | 2,25,44,904 | 9.26% | 2,25,44,904 | 6.85% |
| Rohit Goel | 1,336 | 0.00% | 1,336 | 0.00% |
| RAG Private Family Trust | 1,40,00,000 | 5.75% | 1,40,00,000 | 4.26% |
| Devendra Goel Private Family T | 80,000 | 0.03% | 80,000 | 0.02% |
| Jay Goel Private Family Trust | 80,000 | 0.03% | 80,000 | 0.02% |
| Rohit Goel Private Family Trus | 80,000 | 0.03% | 80,000 | 0.02% |
Financials of Lumino Industries IPO
| Key Performance Indicators | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 1407.31 | 1917.97 | 2041.07 |
| Total Expenses | 1308.51 | 1777.92 | 1884.55 |
| Profit Before Tax | - | - | - |
| Total Profit | 86.73 | 124.59 | 160.00 |
Lumino Industries IPO Strengths & Risks
- A power EPC company with in-house manufacturing capabilities.
- Cost efficient business model with integrated business segments.
- Manufacturing facilities with diverse product offerings.
- Order book across various regions in India.
- Partnerships with global companies for advanced technology.
- Promoters and management team, with operational and workforce oversight.
- Risks Relating to the Business: The company's business and revenues is substantially dependent on orders received from state-owned electricity boards (SEBs) and public sector power utilities. 53.12%, 79.89% and 85.58% of the company's revenue from operations in the Fiscal 2026, 2025 and 2024, respectively, is from government entities and in the event any one or more such clients were to cease to issue tenders, its business could be adversely affected.
- Risks Relating to the Business: Revenue from the company's top 10 customers comprise a significant portion of its Revenue from Operations (46.52% for the Fiscal 2026, 80.33% for the Fiscal 2025 and 90.78% for the Fiscal 2024). Any adverse changes affecting their financial condition or the loss of any of these customers will have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The sale of cables and conductors manufactured by the Company contributes a significant portion to its Revenue from Operations (more than 60% for Fiscals 2026, Fiscals 2025 and 2024). Any adverse development in the company's performance in the manufacturing business could have an adverse effect on its business, cash flows, results of operation and financial position.
- Risks Relating to the Business: Any increases or fluctuations in prices of, or delay or disruption in supply of primary raw materials could affect the company's estimated costs, expenditures and timelines which may have a material adverse effect on its business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company's revenue from its EPC segment is dependent upon the company's ability to effectively secure contracts awarded to it through the competitive bidding route. Consequently, the company's results of operations and cash flows may be adversely affected or fluctuate materially periodically.
- Risks Relating to the Business: The company has high working capital requirement. If there are delays in the collection of receivables from its customers or the company is unable to access suitable financing to meet working capital requirements, it could lead to material adverse effect on its business, prospects, financial condition and results of operations.
- Risks Relating to the Business: The company has had negative cash flow from operating activities in the past and may continue to have negative cash flows in the future, which could have an adverse effect on its profitability if the company is required to fund this through external borrowings.
- Risks Relating to the Business: The company's continued operations at its manufacturing facilities are critical to the company's business and any disruption, breakdown or shutdown of its manufacturing facilities may have a material adverse effect on the company's business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company will not receive any proceeds from the Offer for Sale portion and objects of the Fresh Issue for which the funds are being raised have not been appraised by any bank or financial institutions. Any variation in the utilization of its Net Proceeds as disclosed in this Red Herring Prospectus would be subject to certain compliance requirements, including prior shareholders' approval.
- Risks Relating to the Business: The company relies on a limited number of parties for the supply of its raw material, loss of some of these suppliers may have an adverse effect on the company's business, results of operations and financial conditions.
- Risks Relating to the Business: Increase in material costs without a corresponding increase in the company's product prices could have an adverse impact on its profitability thereby impacting the company's results of operations and financial condition.
- Risks Relating to the Business: The company regularly work with hazardous materials and activities in the company's operation which can be dangerous and could cause injuries to people or property.
- Risks Relating to the Business: The company's EPC contracts have long execution periods, cost and time overruns, project related estimated costs and revenue estimates which may vary from the actual costs incurred and actual revenues generated which may adversely affect its business, financial condition, results of operations and future prospects.
- Risks Relating to the Business: The company has in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
- Risks Relating to the Business: The Company operates two manufacturing facilities and four warehouses. Its manufacturing facilities and warehouses are located in Howrah, West Bengal, which may expose it to regional risks that could adversely affect the company's business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: The company's order book may not be representative of its future results and the company's actual income may be significantly less than the forecasted revenues in the company's order book, which could adversely affect its results of operations.
- Risks Relating to the Business: The company's inability to complete its ongoing projects and forthcoming projects by their respective expected completion dates or at all could have a material adverse effect on the company's business, results of operations and financial condition.
- Risks Relating to the Business: The company is subject to stringent quality standards and any product defect issues or failures by it or the company's suppliers to comply with quality standards may lead to the cancellation of existing and future orders, recalls or exposure to potential product liability claims. Maintaining these standards incurs significant costs, and failures to uphold required accreditations may damage its brand and reputation may adversely affect the company's business, results of operations, financial condition, operations, cash flows, and reputation.
- Risks Relating to the Business: The company faces competitive pressures from the existing competitors and new entrants in both public and private sector. Increased competition and aggressive bidding by such competitors are expected to make its ability to procure business in future more uncertain which may adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: The company is required to furnish bank guarantees as part of its business. The company's inability to arrange such guarantees or the invocation of such guarantees or its inability to fulfil any or all of the obligations under such bank guarantees may or may not adversely affect the company's cash flows and financial condition.
- Risks Relating to the Business: The company is exposed to claims, penalties and damages resulting from delays in the company's projects which may have an adverse effect on its business.
- Risks Relating to the Business: If the company fails to identify and effectively respond to changing consumer preferences in a timely manner, its may not be able to effectively manage and expand the company's brand `Lumicon' in accordance with its business plan and strategy which might adversely affect the company's business prospects, financial condition and results of operations.
- Risks Relating to the Business: There have been delays in the payment of certain statutory dues by the Company. Inability to make timely payment of its statutory dues could result it into paying interest on the delay in payment of statutory dues which could adversely affect the company's business, its results of operations and financial condition.
- Risks Relating to the Business: The company's Promoters and member(s) of its Promoter Group have given personal guarantees for loan facilities obtained by the Company. Any failures or default by the Company to repay such loans in accordance with the terms and conditions of the financing documents could trigger repayment obligations on them.
- Risks Relating to the Business: The company is subject to various laws and extensive government regulations and if the company fails to obtain, maintain or renew its statutory and regulatory licenses, permits and approvals required in the ordinary course of its business, including environmental, health and safety laws and other regulations, the company's business financial condition, results of operations and cash flows may be adversely affected.
- Risks Relating to the Business: The company has leased and, or availed on license, the use of certain properties from which the company operates its business. Its cannot assure you that the lease, and, or license agreements will be renewed upon termination or that the company will be able to obtain other premises on lease on same or similar commercial terms.
- Risks Relating to the Business: If the company is unable to effectively manage its trade receivables and their aging profile, it could negatively impact the company's liquidity and financial position.
- Risks Relating to the Business: The company's trade receivables are high in relation to its revenue, and a substantial portion of the company's revenue is derived from government contracts, which may contribute to longer receivable cycles.
- Risks Relating to the Business: The company's inability to handle risks associated with its export sales could negatively affect the company's sales to customers in foreign countries, as well as its operations and assets in such countries.
- Risks Relating to the Business: The company has experienced fluctuations in its Revenue from Operations, EBITDA Margin and PAT Margin in the past, and the company's key financial ratios may not be representative of its future results and any sudden fluctuations in the company's key financial ratios can have an adverse effect on its business and results of operations.
- Risks Relating to the Business: The company has power and fuel requirements and any disruption to power sources could increase its production costs and adversely affect the company's business and results of operations.
- Risks Relating to the Business: The company operates in a labor - intensive industry and is subject to stringent labor laws and any strike, work stoppage or increased wages demand by the company's labourers or any other kind of disputes with its labourers could adversely affect the company's business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company is dependent on the growth of the power sector. Any adverse changes in the conditions affecting the power sector can adversely impact its business, financial condition, results of operations, cash flows and prospects. The energy market may be affected by geopolitical tensions affecting the price of commodities and may have a material adverse impact on the company's business and results of operations.
- Risks Relating to the Business: The company is highly dependent on its Key Managerial Personnel and the company's Senior Management for its business. The loss of or the company's inability to attract or retain such persons, as well as other employees, could have a material adverse effect on its business performance.
- Risks Relating to the Business: The company depends on skilled and unskilled labour and an inability to access skilled and unskilled labour at reasonable costs at its project sites may adversely affect the company's business.
- Risks Relating to the Business: Majority of the company's Directors does not have prior experience of holding a directorship in a company listed on the Stock Exchanges.
- Risks Relating to the Business: The company's financing agreements contain covenants that limit its flexibility in operating the company's business. Further, the company has availed unsecured loans from banks and other financial institutions, which may be recalled on demand. If the company is not in compliance with certain of these covenants and is unable to obtain waivers from the respective lenders, its lenders may accelerate the repayment schedules, and enforce their respective security interests, leading to a material adverse effect on the company's business and financial condition.
- Risks Relating to the Business: An inability to accurately forecast demand or price for the company's cables and conductors and manage its inventory may adversely affect the company's business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: The company's business is expected to become more integrated and its historical results of operations may not be indicative of the company's future performance and thus affecting its business, financial condition, results of operations and future prospects.
- Risks Relating to the Business: Projects undertaken through a joint venture may be delayed on account of the performance of the joint venture partner or, in some cases, losses from the joint venture may have an adverse effect on the company's business, results of operations and financial condition.
- Risks Relating to the Business: There are outstanding litigation proceedings involving the Company, Promoters and Directors. Any adverse outcome in such proceedings may have an adverse impact on the company's reputation, business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: There are outstanding tax litigations against the Company, its Directors and the company's Promoters. Any adverse outcome in such proceedings may have an adverse impact on its reputation, business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company is exposed to foreign currency fluctuation risks, particularly in relation to export of products, which may adversely affect its results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company relies on third party logistics providers for transportation of its manufactured power cables, aluminium conductors and wires to the project site or distribution to the company's clients. Any delay or disruption or refusal by its third-party logistics providers in timely delivery of the company's products may affect its business, results of operations and cash flow adversely.
- Risks Relating to the Business: The company has applied for registration of certain trademark under the Trade Marks Act, 1999. Any delay or refusal for registration may affect its business, results of operations and cash flow.
- Risks Relating to the Business: The company has certain contingent liabilities, which, if they materialize, may adversely affect its results of operations, financial condition and cash flows.
- Risks Relating to the Business: Failures or disruption of the company's information technology ("IT") systems may adversely affect its business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: The company may be unable to obtain, renew or maintain statutory and regulatory permits, licenses and approvals required to operates its business and operates the company's manufacturing facilities and warehouses, which could have an adverse effect on its results of operations.
- Risks Relating to the Business: Any downgrade in the company's credit ratings could increase its borrowing costs, affect the company's ability to obtain financing, and adversely affect its business, results of operations and financial condition.
- Risks Relating to the Business: The company's failure to identify and understand evolving industry trends and preferences to meet its customers' demands may materially adversely affect the company's business.
- Risks Relating to the Business: The company's insurance may be insufficient to cover all losses associated with its business operations.
- Risks Relating to the Business: The company's Promoters and Promoter Group will continue to retain a majority shareholding in the company after the Offer, which will allow them to exercise significant influence over it.
- Risks Relating to the Business: Industry information included in this Red Herring Prospectus has been derived from an industry report exclusively commissioned and paid for by the Company.
- Risks Relating to the Business: The Company's ability to pay dividends or undertake bonus issue in the future will depends on the Company's earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of the Company's financing arrangements.
- Risks Relating to the Business: The company has included certain Non-GAAP Measures, industry metrics and key performance indicators related to its operations and financial performance in this Red Herring Prospectus that is subject to inherent measurement challenges. These Non-GAAP Measures, industry metrics and key performance indicators may not be comparable with financial, or industry-related statistical information of similar nomenclature computed and presented by other companies. Such supplemental financial and operational information is therefore of limited utility as an analytical tool for investors and there can be no assurance that there will not be any issues or such tools will be accurate going forward.
- Risks Relating to the Business: The company intends to utilise a portion of the Net Proceeds for funding its capital expenditure requirements, including in relation to for purchase of equipment and machinery, civil works and interior development of the existing manufacturing facility. The company is yet to enter into definitive agreements or place orders for such capital expenditure and purchase of such machinery, and the utilisation of such portion of the Net Proceeds may be subject to the risk of unanticipated delays in implementation, cost overruns and other risks and uncertainties.
- Risks Relating to the Business: Although subject to monitoring, the company's management will have broad discretion in how its apply the Net Proceeds, including interim use of the Net Proceeds, and there is no assurance that the objects of the Offer will be achieved within the time frame expected or at all, or that the deployment of the Net Proceeds in the manner intended by it will result in any increase in the value of your investment.
- Risks Relating to the Business: The Offer Price, market capitalization to Revenue from Operations multiple and price to earnings ratio based on the Offer Price of the Company, may not be indicative of the market price of the Company on listing or thereafter.
- Risks Relating to the Business: The determination of the Price Band is based on various factors and assumptions and the Offer Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Offer. Further, the current market price of some securities listed pursuant to certain previous issues managed by the BRLMs is below their respective issue prices.
- Risks Relating to the Business: Subsequent to listing of the Equity Shares, the company may be subject to pre-emptive surveillance measures like Additional Surveillance Measures and Graded Surveillance Measures by the Stock Exchanges in order to enhance market integrity and safeguard the interest of investors.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares by the company's Promoters and Selling Shareholders may be less than the Offer Price.
- Risks Relating to the Business: Rights of shareholders of companies under Indian law may be more limited than under the laws of other jurisdictions.
- Risks Relating to the Business: Investors may not be able to enforce a judgment of a foreign court against it, the company's Directors, and executive officers in India respectively, except by way of a law suit in India.
- Risks Relating to the Business: Investors may be subject to Indian taxes arising out of capital gains on the sale of the Equity Shares.
- Risks Relating to the Business: Upon listing, the company may be subject to additional costs/unanticipated expenses arising from the obligations that a listed public company has to comply with, under the applicable regulatory framework in India. Further, certain Directors does not have any prior experience in directorship of listed entities, which may affect the company's ability to meet such additional compliance requirements.
- Risks Relating to the Business: Fluctuation in the exchange rate between the Indian Rupee and foreign currencies may have an adverse effect on the value of the company's Equity Shares, independent of its operating results.
- Risks Relating to the Business: The Company's Equity Shares have never been publicly traded and may experience price and volume fluctuations following the completion of the Offer, an active trading market for the Equity Shares may not develop, the price of its Equity Shares may be volatile and may not be indicative of the market price of the Equity Shares after the Offer, and you may be unable to resell your Equity Shares at or above the Offer Price or at all.
- Risks Relating to the Business: There is no guarantee that the Equity Shares of the Company will be listed on the Stock Exchanges in a timely manner or at all.
- Risks Relating to the Business: Investors will not be able to sell immediately on an Indian stock exchange, any of the Equity Shares they purchase in the Offer.
- Risks Relating to the Business: Any future issuance of Equity Shares or convertible securities or other equity-linked instruments by it may dilute your shareholding and sale of Equity Shares by the Promoters may adversely affect the trading price of the Equity Shares.
- Risks Relating to the Business: Under Indian law, foreign investors are subject to investment restrictions that limit the company's ability to attract foreign investors, which may adversely affect the trading price of the Equity Shares.
- Risks Relating to the Business: QIBs and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid, and Retail Individual Investors are not permitted to withdraw their Bids after the Bid/Offer Closing Date.
- Risks Relating to the Business: Holders of Equity Shares may be restricted in their ability to exercise pre-emptive rights under Indian law and thereby may suffer future dilution of their ownership position.
- Risks Relating to the Business: A third-party could be prevented from acquiring control of it post this Offer, because of anti-takeover provisions under Indian law.
- Risks Relating to the Business: The company's customers may engage in transactions in or with countries or persons that are subject to U.S. and other sanctions.
