Lumino Industries Bets on Power Infrastructure Boom with ₹700-Crore IPO
Lumino Industries to Open ₹700-Crore IPO on August 27; Focus on Debt Reduction and Power Infrastructure Growth
MD Devendra Goel: Lumino Industries Sees Strong Growth Opportunity in India’s Power Infrastructure Push
CFO Hemant Bhwania: Hemant Bhwania: ₹337-Crore Debt Repayment to Strengthen Lumino Industries’ Balance Sheet
Bilkul Bazaar
Ahmedabad
Kolkata-based Lumino Industries Limited, an integrated manufacturer and EPC services provider for the power transmission and distribution sector, will open its maiden Initial Public Offering (IPO) for subscription on August 27 and close the issue on August 31, 2026.
The company announced a price band of ₹78–₹82 per equity share for the ₹700-crore IPO at an interaction in Ahmedabad on Saturday. The issue comprises a fresh issue of up to ₹500 crore and an offer for sale of up to ₹200 crore by promoters Devendra Goel and Jay Goel.
Devendra Goel, Managing Director of Lumino Industries, said the company’s integrated manufacturing and EPC model positions it to participate across the growing power transmission and distribution value chain.
“Our integrated manufacturing and EPC capabilities give us the ability to serve customers across the power transmission and distribution ecosystem. With growing investments in India’s power infrastructure, we see significant opportunities to strengthen our presence while continuing to build on our established manufacturing and project execution capabilities.”
The company manufactures and supplies conductors, power cables, electrical wires and specialised products and components, including high-temperature low-sag (HTLS) conductors used in transmission and distribution lines. According to the company, its products are supplied to major EPC players in India as well as electricity companies and public enterprises across markets including the US, Nepal, Bangladesh, Kenya, Ghana, Rwanda and Ethiopia.
A significant portion of the fresh issue proceeds will be directed towards reducing debt. ₹337 crore from the fresh issue is proposed to be used for full or partial prepayment or repayment of outstanding borrowings, while ₹150.13 crore is earmarked for capital expenditure towards equipment and machinery, civil works and interior development of an existing manufacturing facility.
Hemant Bhwania, Chief Financial Officer, said the proposed debt reduction would strengthen the company’s financial position and provide greater flexibility for future growth.
“The proposed deployment of ₹337 crore towards repayment of borrowings is an important step in strengthening our balance sheet. Along with the planned capital expenditure, the IPO will help us reduce financial leverage while enhancing our manufacturing capabilities and preparing the company for the next phase of growth.”
Profitability remains a key strength
Lumino Industries reported a strong improvement in profitability in FY26, with profit after tax rising 28% to ₹160 crore, while return on equity stood at 24.62%. Revenue growth, however, moderated to around 7% during the year, while ROCE declined from 31.89% to 25.75%.
At the upper end of the IPO price band, the company’s post-issue P/E multiple is estimated at 15.62x, compared with a peer-group average of around 48.55x, suggesting a relatively moderate valuation.
The company also enters the IPO with an order book of around ₹3,149.8 crore, providing visibility for future execution. Its integrated business model, established customer relationships and exposure to India’s expanding power infrastructure remain key positives.
Debt reduction, execution among key factors to watch
While the company’s profitability, order book and integrated operations provide strengths, investors will need to monitor the pace of revenue growth, execution of EPC projects and fluctuations in aluminium prices, a key raw material.
Market participants are also watching the subscription response and grey market activity ahead of the issue. The supplied IPO brief indicates a GMP of around ₹45, although such market indications can change rapidly and should not be treated as a guarantee of listing performance.
The IPO has a minimum bid lot of 182 equity shares, with bids thereafter in multiples of 182 shares. At the upper price band of ₹82, the minimum application value would be ₹14,924. The shares are proposed to be listed on both the BSE and NSE.
Motilal Oswal Investment Advisors Limited, JM Financial Limited and Monarch Networth Capital Limited are the Book Running Lead Managers to the issue, while Bigshare Services Private Limited is the registrar.
For investors, Lumino Industries’ IPO presents a combination of an established power-infrastructure business, a sizeable order book and planned debt reduction. The key factors to watch will be subscription levels, EPC execution, revenue growth and commodity-cost movements as the company moves into its next phase of expansion.
| IPO Particulars | Details |
| IPO Size | ₹700 crore |
| Fresh Issue | ₹500 crore |
| OFS | ₹200 crore |
| Price Band | ₹78–₹82 per share |
| Face Value | ₹5 |
| IPO Opens | August 27, 2026 |
| IPO Closes | August 31, 2026 |
| Minimum Lot | 182 shares |
| Minimum Investment | ₹14,924 at upper band |
| Listing | BSE & NSE |
| Expected Listing Date | September 3, 2026 |
Disclaimer: This article is for information purpose only and is not investment advice. Please read the IPO documents carefully before investing.
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