Lumino Industries IPO

Lumino Industries is an integrated engineering, procurement, and construction (EPC) firm that has been operating in the power transmission and distribution sector for over three decades. The company focuses on manufacturing and supply of conductors, power cables, electrical wires and specialised products to the power transmission and distribution industry.

The firm operates through two complementary business segments, namely Manufacturing and EPC, with a main product portfolio of conductors, power cables, electrical wires, and specialised products used in various fields such as power transmission and distribution, industrial, renewable energy, railways, and electrical infrastructure. Lumino Industries was formed in 1989 as a manufacturer of conductors and cables and got into EPC business in 2007 with a view to building an integrated business model.

Lumino Industries business model is based on integrating its manufacturing and EPC operations. Products from its manufacturing units are not only sold externally but also consumed internally by its EPC business. The firm's EPC business reduces dependency on third-party manufacturers and helps it in controlling costs, quality and time schedules. In FY26, 23.08% of its specialised products utilised in its EPC projects came from its own manufacturing units.

There are three broad products in the manufacturing segment: aluminium conductors, power cables and electrical wires. During FY26, this segment generated revenue of ₹1,423 crore which constituted 69.7% of the revenue from operations. Aluminium conductors generated a revenue of ₹735.1 crore, power cables ₹634.1 crore and electrical wires ₹43.8 crore. The company began their business in electrical wires in FY23 under the “Lumicon” name and now they are running the business in four states through approximately 104 distributors.

The EPC segment functions in six business lines: power transmission and distribution, EHV substations, HTLS reconductoring, railway electrification, solar power projects and water management projects. During FY26, the revenue generated by the EPC segment was ₹617.63 crore, which constituted 30.2% of the revenue from operations under segmental reporting. The company has done projects for central and state power utilities and has expanded its reach in Assam, Jharkhand, Punjab, Rajasthan, West Bengal, Uttar Pradesh, Gujarat, Kerala and Jammu & Kashmir, along with an EPC project in power distribution in Rwanda.

The company runs two integrated manufacturing plants at Howrah in the state of West Bengal, having an area of around 264,208 sq. ft. and a total capacity to consume aluminium of 40,000 MT per annum. During the year FY26, the manufacturing capacity of both plants stood at 40,000 MT, however, the total production in FY26 was 31,571 MT, which implied a capacity utilisation of 78.93%. As on March 31, 2026, the company had operations in 26 states and 4 union territories in India and 17 countries across the world.

The consolidated order book of the company stood at ₹3,149.8 crore as on March 31, 2026 as compared to ₹2,436.2 crore in FY25 and ₹1,940.5 crore in FY24. In FY26, the order book consisted of ₹1,991.9 crore of orders from EPC projects and ₹1,157.9 crore of orders from manufacturing projects. In the order book of EPC, there was 38.08% of East India, 33.36% of West India, 14.61% of Central India, and 13.78% of South India.

There is robust structural growth within the wires and cables sector in India with the market size currently estimated at around ₹1,61,800 crore in FY26 and set to grow at 13-14% CAGR over FY26-31 to touch ₹2,98,000-3,12,000 crore in FY31. The growth will be driven by investments in power transmission and distribution, renewables, grid upgradation, data centres, digitalisation, and construction. The power transmission cables had the largest market share, accounting for 43-45% in FY26, with the rising need for electrification and renewable capacity additions driving the demand for MV, HV & EHV cables. The conductor market is also growing with output growing to 654,038 MT in FY26 from 454,805 MT in FY20, while the transmission infrastructure of India is set to add 76,787 ckm over FY27-32. Moreover, rising market share of organized companies from 72-74% in FY20 to 76-78% in FY25 suggests favourable conditions for large and technically adept producers.

Lumino Industries is well-positioned to leverage these favourable industry headwinds due to its integrated business model that leverages internal manufacture of conductors and power cables in addition to its EPC offerings in power transmission, distribution, and electrification. The organisation has more than 30 years of presence in India’s power sector and enjoys UL certification for some of its thermoset insulated wire products, enabling it to cater to the requirements of quality-sensitive segments.

The firm witnessed revenue growth of 20.4% CAGR to ₹2,041 crore during FY24-26 and emerged as the fourth fastest-growing player amongst the considered peers, with its operating EBITDA growing at a 28.3% CAGR. With its integrated manufacture and EPC capability, increasing backlog and exposure to the ecosystem of power transmission and distribution, the firm stands well poised to capitalize on the growing requirement of cables, conductors, and power infrastructure.

Now, Lumino Industries is launching its initial public offering (IPO), which consists of a fresh issue of ₹500 crore and an offer for sale of ₹200 crore. The total issue size of the IPO is ₹700 crore. Its shares will be listed on the NSE and BSE.

If you are interested in this investment opportunity but unsure how to apply for Lumino Industries IPO, here are the steps that you need to follow.

When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for Lumino Industries IPO on Upstox: