IPO Details
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Schedule of Lumino Industries Ltd IPO
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About Lumino Industries Ltd IPO
The initial public offering (IPO) of Lumino Industries Ltd consists of a fresh issue of equity shares with a face value of ₹5 each, aggregating up to ₹600 crore. The offer for sale includes equity shares with a face value of ₹5 each, aggregating up to ₹400 crore.
The total offer size, combining both components, is up to ₹1,000 crore. Promoters involved in the offering include Purushottam Dass Goel, Devendra Goel and Jay Goel.
Objectives of Lumino Industries Ltd IPO
The money raised from this issue, after deducting related expenses, will be used for the following purposes:
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Prepayment or partial/full repayment of specific outstanding borrowings availed by the company
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Capital expenditure for equipment procurement, machinery, civil works and interior development of an existing manufacturing facility
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General corporate purposes
Lumino Industries Ltd IPO Valuation
Lumino Industries Ltd Shares Offer and Subscription Details
| Investor Category | Shares Offered |
|---|---|
QIBs | Not more than 50% of the net offer |
Non-institutional Investors (NIIs) | Not less than 15% of the net offer |
Retail-individual Investors (RIIs) | Not less than 35% of the net offer |
Industry Outlook
The total market size of conductors in India reached ₹141 billion in Fiscal 2024, up from ₹115 billion in Fiscal 2019, reflecting a CAGR of 4.2%. This growth has been driven by factors like railway electrification and steady additions to transmission lines. Moving forward, CRISIL MI&A predicts the conductor industry to expand at a higher CAGR of approximately 5-6% between Fiscal 2024 and Fiscal 2029, supported by ongoing government initiatives in the power sector and rising conductor exports from India.
In the power sector, Engineering, Procurement and Construction (EPC) encompasses a broad range of activities, including the design and construction of power plants, substations and transmission lines, as well as the procurement of essential equipment and materials. In India, power sector projects are typically executed through three primary routes: EPC contracts, public-private partnerships (PPPs) or in-house execution by internal teams. According to CRISIL MI&A, EPC projects account for 40-50% of the total investments in the country's power sector.
Lumino Industries Ltd Information
Lumino Industries Ltd, based in West Bengal, India, is a product-driven, integrated engineering, procurement and construction (EPC) company specialising in power distribution and transmission solutions. The company focuses on manufacturing and supplying conductors, cables, wires and specialised components essential to India's growing energy sector.
With over three decades of industry expertise, Lumino Industries Ltd. has developed a strong product-driven business model centered on designing, engineering, manufacturing and distributing advanced solutions. The company also produces high-temperature low-sag (HTLS) conductors, which enhance efficiency in power distribution and transmission networks.
Lumino Industries Ltd serves a diverse range of sectors, including power distribution and transmission, industrial applications, electrical wiring, renewable energy, communication systems, electrical panels and railway networks. By leveraging its deep industry knowledge, the company continues to drive innovation and provide high-quality solutions for India's evolving energy landscape.
Lumino Industries Ltd Strengths
Fastest-growing integrated power EPC player with in-house manufacturing
The company has achieved the highest revenue growth among its peers, with a CAGR of 52.64% from FY 2022 to 2024, as per the CRISIL Report. Its fully integrated business model combines high-quality manufacturing of conductors, power cables and electrical components with EPC execution, providing a strategic edge.
The increasing captive consumption of in-house manufactured products, which stood at 62.38% in FY 2024, reduces dependence on external vendors and enhances cost efficiency. With a strong presence across India, the company executes projects for key state and central power utilities, while also expanding its footprint internationally, starting with Rwanda.
Cost-efficient & synergistic business model enhancing competitive edge
The integration of EPC and manufacturing enables shorter execution timelines, optimised resource utilisation and competitive pricing in bids. By maintaining higher control over the supply chain, the company mitigates procurement risks and improves project margins.
A strong focus on pre-bid evaluation ensures optimal pricing strategies, reflected in its remarkable bid-to-win ratio of 45.65% in FY 2024, compared to 8.35% in FY 2022. Its reputation for timely project execution, with minimal penalties, has earned commendations from government bodies, reinforcing its credibility in the industry.
Well-developed, high-capacity manufacturing facilities with quality excellence
The company operates two advanced manufacturing units and three warehouses, all accredited with ISO, NABL, and UL certifications, ensuring compliance with global standards. Its diverse product portfolio caters to power distribution, transmission, railways, renewable energy and infrastructure projects.
Recognised as a ‘Two-Star Export House’ by the Directorate General of Foreign Trade, the company is expanding its global market reach. With a focus on entering European and U.S. markets, it leverages its UL certification to deepen international penetration and establish a strong presence in high-growth regions.
Risks of Lumino Industries Ltd. IPO
- Dependence on government orders
A substantial portion of revenue is derived from orders issued by government entities, including state-owned electricity boards and public sector power utilities. Any reduction in government tenders or policy shifts could adversely affect business operations. Additionally, contracts with government agencies often include restrictive terms, delays in payments and bureaucratic hurdles, impacting financial stability.
- Manufacturing and EPC segment risks
The company operates in two segments: manufacturing (aluminum conductors, power cables, electrical wires) and EPC (power distribution, transmission and related projects). Revenue from manufacturing contributes significantly to total income. Any decline in demand for cables and conductors, reduction in government infrastructure spending or raw material price fluctuations could negatively impact profitability.
- High competition and financial risks
The EPC segment faces intense competition due to stringent bidding processes and qualification requirements. Unforeseen cost overruns, project delays, and raw material price fluctuations may lead to financial losses. Additionally, the business requires high working capital, and delays in receivables collection could strain cash flows, impacting operations and growth prospects.
All Financial Information about Lumino Industries Ltd
Particulars (in Rs. crores)
Particulars (in Rs. crores)
Comparison with peers
| Parameter | Total income (in ₹ crore) | EPS (Diluted) ₹ | NAV (₹per share) | P/E |
|---|---|---|---|---|
Lumino Industries Ltd | 1,427.02 | 3.56 | 18.30 | - |
Apar Industries Ltd | 16,239.41 | 212.10 | 964.35 | 47.35 |
Bajel Projects Ltd | 1194.51 | 0.37 | 49.11 | 683.78 |
Kalpataru Projects International Ltd | 19,690.42 | 1,203.45 | 254.79 | 38.36 |
KEC International Ltd | 19,966.58 | 989.95 | 147.96 | 73.38 |
KEI Industries Ltd | 8,153.09 | 4,109.35 | 348.70 | 63.96 |
Universal Cables Ltd | 2044.27 | 766.05 | 511.54 | 24.56 |
Anchor Investing Bidding Date: TBA
IPO Registrar and Book Running Lead Manager
Registrar – Bigshare Services Private Limited
Book Running Lead Managers - Motilal Oswal Investment Advisors Limited, JM Financial Limited and Monarch Networth Capital Limited
Business Model
Lumino Industries Ltd operates a product-driven, integrated business model focused on engineering, manufacturing, and supplying conductors, power cables, and electrical wires for India’s growing power distribution and transmission industry. The company began as a partnership firm in 1989 and transitioned into a corporate entity in 2005. With over three decades of experience, it has established itself as a key player in the EPC segment, offering specialised products for industrial applications, renewable energy projects, communication systems, and railway networks.
The company leverages its integrated operations to ensure a stable supply chain, reduce external dependencies, and maintain revenue consistency. By manufacturing high-temperature low-sag (HTLS) conductors and other critical components in-house, it enhances project execution capabilities, streamlines production planning, and mitigates procurement risks. In Fiscal 2024, 62.38% of the specialised products used in its EPC projects were internally manufactured, allowing for greater cost efficiencies and operational flexibility.
Lumino Industries caters to large domestic EPC players such as Kalpataru Projects International, Jackson Limited, and Monte Carlo Limited, alongside international government-owned electricity companies across the USA, Nepal, Bangladesh, Kenya, Ghana, Rwanda, and Ethiopia. Its integrated approach strengthens bidding capabilities for EPC projects by reducing external costs and optimising resource utilisation. This model also enhances profitability, improves the receivable cycle, and ensures a competitive edge in the power infrastructure sector.
Lumino Industries Ltd Growth Trajectory
Over the last few years, the company's revenue from operations has shown significant growth, increasing from ₹604.01 crore in FY22 to ₹1,407.31 crores in FY24. Operating EBITDA margin has also improved remarkably, rising from 8.68% in FY22 to 10.14% in FY24.
Lumino Industries Ltd Profit and Loss
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Total Income (in ₹ crores) | 1,427.02 | 773.09 | 616.90 |
Profit Before Tax (in ₹ crores) | 115.95 | 26.57 | 45.52 |
EBITDA (in ₹ crores) | 142.69 | 39.48 | 52.44 |
Lumino Industries Ltd Balance Sheet
| Parameters | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Profit Before Tax (in ₹ crores) | 115.95 | 26.57 | 45.52 |
Net Cash generated from (used in) Operating Activities (in ₹ crores) | (92.17) | 71.83 | (34.98) |
Net Cash from (used in) Investing Activities (in ₹ crores) | (3.58) | (143.66) | 16.73 |
Net Cash generated from (used in) Financing Activities (in ₹ crores) | 98.82 | 84.20 | 18.70 |
Cash and Cash Equivalents (in ₹ crores) | 3.07 | 12.37 | 0.46 |
How To Check Allotment Status of Lumino Industries Ltd IPO?
- Visit the Registrar's Website
Go to the official website of Bigshare Services Private Limited, the registrar for this IPO. Bigshare’s website has a page for checking IPO allotment status. On this page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then click the 'Submit' button. Your allotment status will be displayed.
- Check on the Bombay Stock Exchange Website
The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to www.bseindia.com and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.
On the BSE IPO page, follow these steps:
- Select 'Equity' from the dropdown menu
- Choose ‘Lumino Industries Ltd. ' in the next dropdown
- Enter your application number
- Enter your PAN
- Click 'Search'
Your ' Lumino Industries Ltd’ allotment status will be displayed.
- Verify on the National Stock Exchange Website
The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check ‘Lumino Industries Ltd’ allotment status. Go to www.nseindia.com and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'. On the NSE IPO Bid Verification page, enter:
- Application number
- PAN
Then click 'Submit'. Your ‘Lumino Industries Ltd IPO’ bid and allotment details will be displayed.
How To Apply for Lumino Industries Ltd IPO?
Here are the steps to apply for Lumino Industries Ltd IPO:
Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
Lumino Industries Ltd IPO FAQs
What is the Lumino Industries Ltd IPO?
Lumino Industries Ltd, established in 1989 and incorporated as a corporate entity in 2005, is a leading player in India's power distribution and transmission industry. The company operates an integrated business model, specialising in the engineering, manufacturing, and supply of conductors, power cables, and electrical wires.
The company has filed for an Initial Public Offering (IPO), which comprises a fresh issue of shares and an offer for sale (OFS). This IPO aims to support the company’s growth initiatives while providing existing shareholders an opportunity to monetise their holdings.
Is Lumino Industries Ltd IPO coming?
Yes, Lumino Industries Ltd is expected to come up with its IPO soon.
Who is the Chairman of Lumino Industries Ltd?
Purushottam Dass Goel is the chairman and promoter of Lumino Industries Ltd.
What is the lot size of shares of the Lumino Industries Ltd IPO?
The company hasn’t given any information on the lot size yet.
From where can I read more about the Lumino Industries Ltd IPO?
You may read more about the Lumino Industries Ltd and its IPO from the company’s red draft herring prospectus (DRHP) here.
