Lumino Industries Limited
PROSPECTUS · filed 07 Sept 2026
Lumino Industries Limited is a company engaged in the manufacturing and engineering, procurement, and construction (EPC) of power transmission and distribution infrastructure. The offer comprises a fresh issue of 500.0 crore and an offer for sale of 200.0 crore, with the OFS constituting 28.57% of the total issue size. The company has demonstrated a strong financial trajectory with a revenue CAGR of 20.43% and reported a latest revenue of 2041.073 crore and profit of 159.999 crore, with a debt-to-equity ratio of 0.53. The most material risk is a high customer concentration, as 53.12%, 79.89%, and 85.58% of revenue in Fiscal 2026, 2025, and 2024 respectively, is derived from state-owned electricity boards and public sector utilities.
What stands out
Risk factor. Our business and revenues are substantially dependent on orders received from state-owned electricity boards (SEBs) and public sector power utilities. 53.12%, 79.89% and 85.58% of our revenue from operations in the Fiscal 2026, 2025 and 2024, respectively, is from government entities and in the even
Risk factor. A significant portion of our business and revenue from operations is dependent on orders from government entities, including EPC works related to power transmission and distribution.
Risk factor. The EPC segment's revenue from operations from non-government entities was 1.07% in Fiscal 2026, 0.31% in Fiscal 2025 and 0.00% in Fiscal 2024.
Strong revenue growth. Restated revenue CAGR of 20.4%.
Healthy return on equity. ROE of 21.9%.
How the offer is structured
Fresh issue
₹500 Cr
New capital into the company
Offer for sale
₹200 Cr
Goes to selling shareholders
OFS share
29%
- Prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by our Company₹337 Cr
- Capital expenditure by our Company for purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility₹15.0 Cr
- General corporate purposes₹111 Cr
Restated financials
Revenue
₹2.04k Cr
Latest fiscal year
Profit after tax
₹160 Cr
Revenue CAGR
20.4%
Return on equity
21.9%
Debt / equity
0.53
P/E at upper band
12.48
Only in a priced RHP
PAT CAGR
35.9%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹1.41k Cr | ₹86.6 Cr | ₹446 Cr | |
| 2025 | ₹1.92k Cr | ₹125 Cr | ₹570 Cr | |
| 2026 | ₹2.04k Cr | ₹160 Cr | ₹730 Cr |
Promoters, litigation & related parties
Promoter (pre)
84.9%
Proceedings
427
Risks the company discloses
Our business and revenues are substantially dependent on orders received from state-owned electricity boards (SEBs) and public sector power utilities. 53.12%, 79.89% and 85.58% of our 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, our business could be adversely affected.(Customer Concentration)
A significant portion of our business and revenue from operations is dependent on orders from government entities, including EPC works related to power transmission and distribution.(Customer Concentration)
The manufacturing segment's revenue from operations from non-government entities was 45.81% in Fiscal 2026, 19.80% in Fiscal 2025 and 14.42% in Fiscal 2024.(Customer Concentration)
The EPC segment's revenue from operations from non-government entities was 1.07% in Fiscal 2026, 0.31% in Fiscal 2025 and 0.00% in Fiscal 2024.(Customer Concentration)
The Company is incorporated under the laws of India and is subject to a legal and regulatory environment, which may differ in certain respects from that of other countries.(Regulatory)
Our financial year ends on March 31 of each year, so all references to a particular financial year or Fiscal are to the 12-month period ended March 31 of that year.(Accounting)
Industry and market data used in this section has been derived from an industry report exclusively commissioned and paid for by our Company, the CRISIL Report dated August 2026, as no report is publicly available which provides a comprehensive industry analysis, particularly for our Company's products.(Data Reliability)
Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including the considerations described in this section and elsewhere in this Prospectus.(Forward-Looking Statements)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.