Lumino Industries Limited
RHP · filed 21 Aug 2026
Lumino Industries Limited is a company engaged in the manufacturing and execution of engineering, procurement, and construction (EPC) works for power transmission and distribution. The IPO comprises a fresh issue of 500 crore and an offer for sale of 200 crore, with the offer for sale constituting 28.57% of the total issue size. The company has demonstrated a strong financial trajectory with a revenue CAGR of 20.43% and a latest revenue of 2041.07 crore, while maintaining a healthy return on equity of 21.93%. The most material risk is a high customer concentration, as 53.12% of revenue in Fiscal 2026 was derived from government entities, creating a dependency that could adversely affect the business if these clients reduce their tendering activities.
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. For the Fiscal 2026, we derived 53.12% of our revenue from operations from the tenders/orders issued by government en
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
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
PAT CAGR
35.9%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹1.41k Cr | ₹116 Cr | ₹86.6 Cr | ₹446 Cr |
| 2025 | ₹1.92k Cr | ₹169 Cr | ₹125 Cr | ₹570 Cr |
| 2026 | ₹2.04k Cr | ₹205 Cr | ₹160 Cr | ₹730 Cr |
Promoters, litigation & related parties
Promoter (pre)
84.9%
Proceedings
427
427 Litigation involving our Company Outstanding litigation agains
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. For the Fiscal 2026, we derived 53.12% of our revenue from operations from the tenders/orders issued by government entities.(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)
We have a project in Rwanda (Project 1) with a current consideration outstanding of ₹833.09 million.(Project Execution)
We have a project in West Bengal (Project 2) with a current consideration outstanding of ₹256.27 million.(Project Execution)
We have a project in West Bengal (Project 3) with a current consideration outstanding of ₹249.65 million.(Project Execution)
We have a project in West Bengal (Project 4) with a current consideration outstanding of ₹150.01 million.(Project Execution)
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.