Lumino Industries Limited

This section provides an overview of the industry and market data used in the prospectus, primarily referencing reports from CRISIL Intelligence. It discusses various macroeconomic projections, including global GDP growth forecasts, and details India's economic performance, including GDP growth, sector-specific growth drivers, and demographic trends. Furthermore, it outlines India's trade linkages with West Asia and the impact of global supply chain disruptions on the Indian economy.

The analysis highlights the significant role of the manufacturing sector in the Indian Index, which accounts for 76.06% of the overall index weight. Government budgetary allocations to core infrastructure ministries show a continued emphasis on infrastructure-led growth, aiming to expand connectivity and enhance energy security. Key government initiatives like the National Infrastructure Pipeline (NIP) and the Production Linked Incentive (PLI) scheme are driving manufacturing growth and investment. Furthermore, various factors, including rising power demand driven by economic growth, urbanization, and electrification efforts, are expected to sustain demand across different sectors.

This section details various aspects related to electricity consumption, global investments in the power sector, and the evolving final energy consumption mix. It presents data on electricity consumption splits across different sectors, outlines different scenarios for final energy consumption projections, and discusses global investment trends in power generation, renewable energy, and the transition towards a lower-carbon energy system. The analysis highlights the growing role of electricity and the increasing share of clean energy sources in the global mix.

This section discusses various aspects related to global infrastructure investments, digital transformation trends, and the Indian electrical wires and cables market. It highlights significant growth forecasts in the telecommunication sector, including projections for mobile data traffic and 5G subscriptions. Furthermore, it details the growth in the transport and mobility sector, noting increased investment in road networks and the expansion of electric vehicle sales globally. The text also provides an overview of the Indian wires and cables market, including its projected CAGR and the drivers for growth, such as infrastructure development and digitalization.

The analysis of the wires and cables industry shows that organized players have gained market share, with the share increasing from approximately 72-74% in FY20 to 76-78% in FY25, leading to a decrease in the unorganized industry's share. Exports of wires and cables grew significantly, reaching approximately ₹17,800.00 Crore in FY26, driven by increased renewable energy projects, electrification, EVs, and data centers, alongside demand from China+1 initiatives. Key export partners include Saudi Arabia, the USA, the UAE, the UK, Australia, and various African countries. The demand for polymer compounds in the cable industry is supported by investments in power infrastructure, and the production of cables and wires has shown a consistent growth trend. Furthermore, the market for conductors is expected to grow at a CAGR of 12-15% between FY26-31 due to government schemes and increased exports.

The section details various aspects related to the conductors and cables industry, including export trends, production volumes, manufacturing processes, market drivers, and the broader power sector landscape. It highlights growth in conductor exports driven by international demand and multilateral funding, discusses the complex manufacturing steps from raw material selection to final quality control, and outlines future demand drivers from government initiatives and infrastructure expansion. Furthermore, it covers the growth in the building and construction sector and the strategic investment areas of the Power Grid Corporation of India Limited (PGCIL).

The text discusses the rapid growth of India's data center industry, driven by increased digital consumption and AI, with projections for significant capacity expansion. It also details shifts in power generation investments towards renewable energy sources and the expected dominance of renewables in the power sector. Furthermore, the text outlines various government initiatives, such as the PM-Kusum scheme and the National Green Hydrogen Mission, aimed at promoting solar and green hydrogen technologies. It also covers the infrastructure requirements for renewable energy integration, including the need for extensive transmission lines and the development of various railway and metro networks.

The provided text discusses various aspects of India's power transmission and distribution sector, including recent growth in digital toll collections and projections for the electric vehicle market. It details the infrastructure required to support this growth, such as investments in transmission lines, the expansion of the national grid, and efforts to improve power supply through various government schemes. Furthermore, the text covers reforms in the distribution sector, such as privatization, the implementation of Late Payment Surcharge rules, and the introduction of smart meters to modernize energy management.

The text discusses various initiatives and reforms related to India's power sector, including efforts to improve power distribution efficiency, support the clean energy transition, and address issues in the transmission and distribution segment. Key government schemes and plans involve various financial mechanisms, infrastructure upgrades, and regulatory changes aimed at strengthening the sector.

The text describes various policies and programs related to energy and electric vehicles, including tariff setting for hydroelectric projects and a focus on promoting EVs. It also details an Alosree Program aimed at installing Grid Connected Solar Photovoltaic (GRTSPV) systems in government buildings, outlining the responsibilities of the West Bengal Renewable Energy Development Agency (WBREDA). Finally, it mentions a project in the power distribution sector involving the modernization of the power distribution system in Assam.

The provided text discusses various aspects related to the Indian industry landscape, including challenges in the distribution sector, risks in the cable industry supply chain, and the structure of the EPC market. It highlights issues like financial health of state distribution companies, the threat of counterfeit products in cables, the need for innovation to keep up with competition, dependence on government spending for infrastructure demand, and supply chain disruptions from global events. Furthermore, it details the evolution of contracting methods in the infrastructure business, moving towards EPC contracts, and categorizes key client types within the Indian EPC industry.

The section discusses the scope of Engineering, Procurement, and Construction (EPC) works in the Indian power industry, which involves various components like design, civil works, equipment purchase, installation, and commissioning, sometimes including Operation and Maintenance (O&M) services. Key EPC works in the power sector include mechanical, instrumentation, civil, electrical, O&M, and annual maintenance contracts. The industry utilizes EPC contracting as a preferred route due to its standardized process, often involving subcontracting for specialized components like boilers, turbines, and generators. The power sector is expected to see significant investment growth, particularly in the generation segment, driven by commitments to clean energy transitions.

The analysis of the power sector in India highlights significant investment trends and regulatory complexities. Investments in the power sector are projected to be substantial between FY 2022-2026, supported by infrastructure upgrades. The power sector is highly regulated by various agencies, including the CERC, CEA, and SERCs, which distribute functions across different implementing agencies. Key government schemes aim to enhance energy security, such as revised coal allocation policies and expanded solar park schemes. Growth drivers include government pushes to reduce coal imports, increased focus on renewable energy, and necessary development of transmission and distribution infrastructure. However, the sector faces challenges like distribution issues, cost overruns, and intense market competition.

This section details various companies, their business descriptions, and their operational parameters, including product portfolios and market presence. It lists several entities such as JSK Industries, Kalpataru Projects International Limited, KEC International Limited, KEI Industries, Sterlite Electric Limited, Universal Cables Limited, and Techno Electric & Engineering Company Limited, categorizing them by their core business activities. Furthermore, it provides manufacturing capacities for several companies, including various types of conductors, cables, and specialized materials, alongside an overview of their presence across national and international markets.

The provided text details the revenue contribution breakdown for several companies across different fiscal years, indicating the proportion of turnover derived from various business activities. It also lists various financial metrics such as revenue from operations, operating EBITDA, PAT, RoE, RoCE, and Asset Turnover Ratio for these companies. Specific notes clarify how financials are treated, such as the demerger of an infrastructure business for Sterlite Electric Limited and the basis for financial comparisons across different fiscal years.

The company is a product-driven integrated engineering, procurement, and construction (EPC) player in India, focusing on manufacturing and supplying conductors, power cables, and electrical wires for the power transmission and distribution industry. They also manufacture high-temperature low-sag (HTLS) conductors. The business model is product-driven, involving designing, engineering, manufacturing, and distributing specialized products for various applications. The company supplies its products to large EPC players in India and also caters to international clients in various countries. The company operates two key business segments: Manufacturing and EPC, with manufacturing covering aluminium conductors, power cables, and electrical wires, and the EPC segment covering power transmission, EHV substation, re-conductoring, railway electrification, solar power, and water management projects.

The company is a growing player in the power EPC industry with in-house manufacturing capabilities, focusing on supplying high-quality conductors, power cables, and electrical wires to the growing power transmission and distribution sector in India. The company strategically integrated its manufacturing and EPC business segments to leverage synergies, allowing for competitive bidding and shorter execution timelines. The company undertakes EPC projects for various Indian central and state power utilities and is expanding into the international EPC domain. The company possesses vast experience in the power transmission and distribution sector, having successfully executed numerous distribution lines and substations. Furthermore, the company has developed strong quality control systems, obtaining various international and domestic certifications, and has won industry awards.

The company details its order book across various regions in India, showing significant recent growth, with the North region having the highest percentage of the order book as of March 31, 2026. The company emphasizes that order book growth stems from experience and a focus on quality in construction and project execution skills, allowing them to pursue broader tenders. Key strengths include strategic alliances with international companies and joint ventures for specific product manufacturing and service delivery. The company has entered into collaborations for aluminium conductor composite core (ACCC) conductors and joint ventures for railway electrification and water EPC projects. Furthermore, the company highlights its experienced management team, skilled workforce, and commitment to employee welfare and safety. The company's strategy involves leveraging market opportunities in the EPC of the power transmission and distribution sector, anticipating strong growth in the global power sector and increased demand for power transmission equipment.

The company possesses a diverse Engineering, Procurement, and Construction (EPC) portfolio spanning various sectors, including power distribution, solar EPC, and railway electrification, which provides flexibility to adapt to market changes. The company has established a global presence across several countries and has experience in executing domestic power EPC projects, leading to international expansion efforts. They have obtained UL Certification, which supports expansion into the U.S. and European markets by benchmarking product safety and quality against international standards. Furthermore, the company has expanded into the B2C market with new product launches and is focused on increasing exports and geographic presence through international exhibitions.

The company manufactures and supplies a range of power cables, including various types such as low voltage, control, aerial bundled, and railway signalling cables, alongside specialized conductors like Super Thermal Resistant Aluminum Alloy Conductor and Gap Type Thermal-Resistant Aluminum Alloy Conductor. The company has also developed a range of solar cables and has entered the wire business, manufacturing thermoset insulated wire, earth wires, and house wires. Furthermore, the company operates in the EPC segment, offering services in power transmission and distribution, EHV substation construction, re-conductoring with HTLS conductors, railway electrification, solar power projects, and water management projects.

The company has completed and ongoing Engineering, Procurement, and Construction (EPC) projects in various sectors, including power transmission and distribution, railway electrification, and solar power. The company operates two integrated manufacturing facilities in Howrah, West Bengal, capable of producing aluminium conductors and power cables. These facilities have various production capacities and utilization rates, and the manufacturing process involves several steps from raw material procurement to final inspection and packing.

This section details the various stages involved in the life cycle of a typical project, starting from the pre-bid stage through to the post-bid stage. It outlines processes for tender information exploration, bid document review, bid preparation, submission, and subsequent evaluation of bids and contract award. The text also covers aspects related to raw material sourcing, customer base diversity across manufacturing and EPC segments, quality control certifications, the software utilized for operational and financial efficacy, and information regarding the company's employees and corporate social responsibility initiatives. Finally, it describes the company's physical property holdings and insurance coverage.

This section primarily outlines various key statutes, rules, and regulations applicable to the company's business operations in India. It details numerous laws across different domains, including standards, weights and measures, electricity, information technology, environmental protection, and labour relations. The text covers requirements related to licenses, registrations, quality control, and prohibitions concerning the manufacture, sale, and handling of various goods and services. Furthermore, it references tax laws, customs regulations for imports and exports, and intellectual property laws, alongside foreign exchange regulations.

This section primarily discusses the regulatory framework governing foreign investment in India, referencing FEMA, RBI regulations, and the Consolidated FDI Policy. It details that foreign investment is permitted through automatic or government routes depending on the sector. Furthermore, it covers provisions related to the Foreign Trade (Development and Regulation) Act, 1992, which regulates imports and exports through an importer-exporter code number (IEC). The text also mentions the Foreign Trade Policy 2023, which provides a framework for the export and import of goods and services.

The company was incorporated as Lumino Industries Limited in Kolkata, West Bengal, under the Companies Act, 1956, with its certificate of incorporation issued on March 30, 2005. The business originated from a partnership firm, 'Lumino Industries,' formed in September 1989, which was later taken over by the company through an indenture on March 31, 2005. The company has undergone numerous amendments to its Memorandum of Association regarding objects and authorized share capital over the last decade, including several changes in share structure and authorized capital amounts. Significant corporate restructuring occurred through a composite scheme of arrangement with various entities, leading to the demerger of certain divisions into separate companies. Furthermore, the company divested a 51% interest in its subsidiary, RJ Green Energy Private Limited, to a buyer.

This section details various guarantees issued by the Promoter for the Company, including amounts and dates, which are set to be enforced by lenders. It also outlines agreements with various banks for working capital facilities. Furthermore, the section describes the corporate structure, noting that the Company has one subsidiary, two step-down subsidiaries, and two joint ventures. It also provides details on the incorporation and business nature of these subsidiaries and joint ventures.

This section details the shareholding structure, related party disclosures, and joint ventures of the company. The shareholding pattern shows that Lumino Green Energy Private Limited holds 99.90% of the issued share capital. The company confirms that its subsidiaries are not listed and have not faced listing refusals in the last ten years. Several joint ventures were established through agreements for bidding and executing specific projects, including those with various entities across different sectors like infrastructure and power. The company asserts that its joint ventures do not have business interests or related transactions with the company, except as disclosed in related party notes.

The company is Lumino Industries Limited, a public limited company incorporated in India under the Companies Act 1956. Its registered and corporate office is located in Kolkata, West Bengal. The document details various definitions related to the company, including key personnel, various units, and terms related to the issuance process. The process involves a book-building procedure with specific lead managers and various investor categories.

This section defines various terms related to the issuance process, including the types of documents filed and the categories of investors eligible to participate in the offer. It specifies different investor segments such as Eligible Employees, Eligible FPIs, Eligible NRIs, and details various portions of the offer like the Employee Reservation Portion and the Net Offer. It also outlines the parties involved in the process, such as the Escrow Account bank and the various categories of bidders.

This section primarily defines various financial, legal, and industry terms used within the prospectus. It lists numerous acronyms and concepts related to foreign exchange, accounting standards, regulatory bodies, and various financial metrics. It also specifies conventions regarding the use of financial data, noting that it is derived from restated consolidated financial information and that there are significant differences between Indian GAAP, Ind AS, U.S. GAAP, and IFRS.

This section discusses various disclaimers related to financial measures, industry data sources, and forward-looking statements within the Prospectus. It clarifies that certain non-GAAP financial measures are not required by standard accounting standards and should not be considered in isolation. The industry and market data used in the Prospectus was derived from a report commissioned and paid for by the company, CRISIL Intelligence. Furthermore, it outlines risks associated with the reliance on such industry information and the inherent uncertainties in forward-looking statements.

The provided text details various revenue breakdowns across different business segments, including EPC and Manufacturing, showing revenue from government and non-government entities. It also lists numerous projects awarded by various government authorities and SEBs across different districts, including work related to transmission lines, distribution infrastructure, and power plant operations. Many of these projects involve contracts for loss reduction under various RDSS schemes.

This section details various power and infrastructure projects awarded to the company, including details on the project entity, award date, and current status. The listed projects cover diverse areas such as 11KV line works, solar PV plants, and power substation constructions for different distribution companies. Furthermore, the text discusses the company's revenue from operations, noting trends across fiscal years and highlighting dependencies on top customers. It also outlines risks related to contract negotiation, customer financial health, and the performance of the manufacturing business.

This section details the revenue breakdown across different business segments, including Manufacturing and EPC, showing their contribution to total revenue. It highlights the integration of business segments to ensure captive consumption and stable sales. The text also discusses risks related to market demand, raw material price fluctuations, and the dependency on government expenditure for transmission and distribution projects. Furthermore, it outlines risks associated with raw material sourcing, including price volatility and supply disruptions, and the challenges in passing on cost increases to customers.

The company has experienced negative cash flows from operating activities in the past, which could negatively affect profitability if external borrowings are required for funding. The company operates two manufacturing facilities in Howrah, West Bengal, with a combined capacity of 40,000 MT of aluminium consumption per year. The manufacturing facilities are subject to various operating risks, including equipment breakdown, power supply issues, and labour disputes. The company relies on a limited number of suppliers for raw materials, and there is a risk that changes in pricing or terms from related parties could adversely affect its cost structure and profit margins. Furthermore, a sharp increase in material costs without a corresponding increase in product prices could impact profitability.

The provided text discusses various aspects of the company's operations, including price variation clauses in customer contracts, the inherent dangers of working with hazardous materials in manufacturing and EPC segments, and risks associated with order book representation. The company notes that cost increases may impact profitability, and that operational risks, such as accidents, environmental hazards, and potential disruptions from external factors like regulatory changes or currency fluctuations, could adversely affect its business and financial condition.

This section details various aspects of the company's order book, including revenue from different segments and client types. The order book data is presented across fiscal years, showing trends in orders from various regions and the breakdown of clients into government and non-government categories. The text also discusses risks related to the realization of the order book, such as potential margin issues, execution challenges, and delays from clients. Furthermore, it covers risks associated with project execution, including delays, potential disputes, and the need to adhere to various contractual timelines and quality standards.

The section details various financial and operational risks faced by the company, including exposure to claims and penalties related to project delays, potential adverse effects on business and financial conditions, and issues arising from the procurement of equipment. It also discusses risks associated with changes in consumer preferences for the 'Lumicon' brand, which could necessitate product changes or price reductions to compete in the market. Furthermore, the text covers risks related to delays in paying statutory dues and the potential for penalties from regulatory authorities. The company is also subject to various laws and regulations, and there is no assurance that they will remain compliant, which could lead to fines or sanctions.

This section discusses various risks faced by the company, including regulatory compliance, lease agreements, trade receivables management, export operations, and operational dependencies. Risks include potential disruptions from license withdrawals, non-compliance with environmental and safety standards, and issues related to the leasehold nature of the company's premises. Furthermore, the company faces risks related to the collection of trade receivables, especially from government entities, and the potential for delays in payments. International operations are subject to risks like geopolitical conditions, currency fluctuations, and changes in foreign laws. The business is also exposed to supply chain disruptions and fluctuations in the power sector, which can impact production and profitability.

The company highlights significant dependencies on Key Managerial Personnel and Senior Management for its business operations and strategy, noting that the loss or inability to attract such personnel could materially affect performance. The business also relies heavily on access to skilled and unskilled labor, often engaged on a contractual basis, and faces risks related to labor shortages or inability to access labor at reasonable costs. Furthermore, the company faces risks related to financing agreements, including restrictive covenants that limit operational flexibility, and potential issues with lenders accelerating repayment schedules. The company also discloses outstanding litigation proceedings involving the Company, Promoters, and Directors.

The provided text discusses various legal and operational risks faced by the company, including outstanding litigation, tax proceedings, foreign currency fluctuations, reliance on third-party logistics, intellectual property registration issues, and dependence on IT systems. The company is exposed to risks from potential adverse outcomes in these areas, such as reputational damage, financial impact, and disruption to operations. Furthermore, the text details contingent liabilities, the impact of currency fluctuations on operations, and the potential for disruptions from external vendors or regulatory changes.

The text discusses various risks related to business operations, including the potential for evolving industry trends to render products obsolete or for competitors to introduce superior technologies. It also covers risks associated with insurance coverage being insufficient to cover all losses, with concerns about the timely renewal of insurance policies. Furthermore, the text addresses risks related to the Promoters and Promoter Group retaining majority shareholding, which could impede changes in control or transactions. Disclosures regarding industry information are limited as they rely on commissioned reports, which may contain estimates or assumptions that are not guaranteed to be correct. Finally, the ability to pay dividends or undertake bonus issues in the future is dependent on various financial factors and regulatory compliance.

The text discusses various risks and conditions related to the listing and trading of the company's Equity Shares. It covers factors that may affect the market price, the potential for surveillance measures by stock exchanges, and the limitations on investors' rights under Indian law. Furthermore, it details tax implications on capital gains, restrictions on foreign investment, and the potential for dilution from future equity issuances by the company.

This section discusses various risks that could adversely affect the company's business, operations, and financial performance. Risks include dependence on the Indian economy, exposure to global economic volatility, and potential disruptions from natural disasters, political instability, and various legal and regulatory changes. The text also covers risks related to sanctions, competition law, and the potential impact of inflation and changes in government policies on costs and revenues.

The provided text details various risks related to the company's business, including the impact of accounting standard differences, systemic risks in the Indian financial system, and volatility in securities markets. It also discusses constraints on raising foreign capital due to Indian laws, and the potential negative impact of analyst research on the equity share price. Furthermore, the text outlines the structure of an offer comprising a fresh issue and an offer for sale, detailing the breakdown of shares across different investor categories.

This section provides a summary of the company's financial position, including the statement of assets, liabilities, and equity as of different dates. The data shows the breakdown of non-current and current assets, various financial liabilities, and equity components. Furthermore, it details the income statement, showing revenue from operations, other income, total income, expenses, and resulting profit before tax. The section also includes the statement of cash flows, detailing cash generated and used from operating, investing, and financing activities.

This section summarizes the contingent liabilities of the company as of March 31, 2026, as per Ind AS 37, based on restated consolidated financial information. The summary details claims against the company, including those from customers, suppliers, and other third parties, as well as various legal representations filed before authorities. The amounts shown are best possible estimates, and the uncertainties depend on the outcome of legal processes. Furthermore, some claims have counterclaims, and the company has contested demand orders under the WBGST and CGST Act.

The provided text details the incorporation history of Lumino Industries Limited, tracing its origins back to a partnership firm formed in 1989, and subsequent takeover of its business by the company. It also lists various entities involved in the issuance process, including Book Running Lead Managers (BRLMs), the Registrar to the Offer, and the Bankers to the Offer. The text further outlines the responsibilities of these intermediaries regarding various activities related to the offer, such as capital structuring, due diligence, drafting of prospectuses, and marketing strategies.

This section details various contacts, auditors, and bankers associated with the company, along with information regarding the process for submitting bids and the structure of the offer. It outlines the lists of Designated Intermediaries, the procedures for different types of bidders, and the agreements with underwriters. It also mentions that no credit agency has been appointed for grading and that no green shoe option is contemplated for the offer.

This section details the contact information for the underwriters involved in the underwriting process for the equity shares. It specifies the indicative number of equity shares to be underwritten, the face value per share, and the total amount underwritten in millions of rupees. It also lists the details for several financial services entities, including their addresses and contact information. Furthermore, it clarifies that the amounts provided are for indicative purposes only and are subject to finalization based on the Basis of Allotment and SEBI regulations.

This section details the capital structure of the company as of the date of the Prospectus, including the breakdown of authorized, issued, and present offer share capital. It specifies the details of the current offer, which includes a fresh issue and an offer for sale of equity shares. Furthermore, the text notes that the employee reservation portion of the offer did not exceed 5% of the post-offer paid-up equity share capital.

This section details various transactions related to the allotment and buy-back of equity shares across different dates. It includes records of further issues, buy-backs, and bonus issues, with corresponding details on the number of shares, face value, and issue prices. Furthermore, the text outlines several secondary transactions involving the transfer of equity shares between various parties, including gifts, transmissions, and mergers.

This section details various equity share transfers that occurred between different parties, primarily involving the Goel family members and related entities. Several transactions involved the transfer of equity shares by gift, with various dates spanning from June 2022 to November 2024. There are also disclosures regarding the history of preference share capital, including allotments and subsequent changes related to a scheme of arrangement and the sub-division of preference shares.

This section details various transactions involving preference shares and equity shares, including transfers and allotments. It outlines several instances where shares were issued for consideration other than cash or through bonus issues. Furthermore, it provides a history of the share capital held by the promoters, showing the build-up of their shareholding over time. The data includes details on allotments, transfers, and the resulting percentage changes in the equity share capital.

This section details various transactions involving the allotment, transfer, and gifting of equity shares over time, including events like bonus issues and sub-divisions of face value. It outlines numerous transfers between promoters, family trusts, and other entities, with specific dates and share quantities. Furthermore, it provides a summary of the pre-offer and post-offer equity shareholding for various promoters, members of the promoter group, and promoter selling shareholders. The data also includes details on the average cost of acquisition for these shares.

The section details various aspects of promoter shareholding, including transactions, lock-in provisions, and the overall shareholding pattern. It specifies that a minimum promoter's contribution is required, and details the shares transferred by Rashmi Goel. Furthermore, it outlines conditions regarding the timing and consideration of shares acquired by promoters, and confirms that no financing arrangements were involved in the purchase of securities during the preceding six months.

This section primarily addresses restrictions on the company's capital structure and future issuance of securities. It states that certain parties, including BRLMs and their associates, do not hold equity shares in the company as of the prospectus date. Furthermore, it outlines restrictions on offering incentives to bidders and limits on altering the capital structure, such as issuing new shares or convertible securities, within a specified timeframe. The company also confirms that it does not have an employee stock options scheme and intends to maintain a single denomination of equity shares.

The Offer involves a Fresh Issue of Equity Shares and an Offer for Sale of Equity Shares by Selling Shareholders. The proposed utilization of the Net Proceeds is categorized into several objects, including debt repayment, capital expenditure for assets, and general corporate purposes. The company expects to use the funds for various operational and financial needs, with provisions for deployment across different fiscal years.

The section details the proposed use of funds, primarily focusing on capital expenditure for expanding manufacturing capabilities. The company intends to invest in the purchase of equipment and machinery, civil works, and interior development to enhance its production capacity. The estimated cost for this capital expenditure over two financial years is approximately ₹15.01 Crore. The proposed expenditure includes various items such as machinery, installation services, and civil works for new facilities.

This section details various aspects related to the offer process, including commissions and processing charges for different types of bidders. It outlines specific fee structures for various bidders, including those using 3-in-1 accounts, UPI bidders, and different types of investors. Furthermore, the text discusses provisions regarding the interim use of funds, bridge financing, and monitoring of fund utilization by a Monitoring Agency. It also covers requirements for disclosing the utilization of gross proceeds and the process for varying the objects of the fresh issue.

This section presents various Key Performance Indicators (KPIs) for the company across different fiscal years, including metrics such as Operating EBITDA, PAT Margin, and Tangible Net Worth. It also provides comparisons of these KPIs against listed industry peers. The data includes financial ratios like Return on Equity and Return on Capital Employed, as well as measures of asset efficiency like Asset Turnover Ratio. Furthermore, the section details various financial and operational figures, including total debt, debt-to-equity ratios, and the closing order book.

This section details various capacity metrics for the company's operations, including stated capacity for different product lines such as cables, conductors, and transformer oils. It also provides financial performance indicators like revenue, profit after tax (PAT), operating EBITDA, and various margins. Furthermore, the text outlines criteria related to the issuance of equity shares and secondary transactions, confirming the absence of certain recent issuance activities.

The provided text details the process and certification related to the offer, including the involvement of statutory auditors in certifying special tax benefits. It outlines the responsibility of the management to prepare the statement and the auditor's responsibility regarding the preparation of the statement for inclusion in the red herring prospectus. The certificate is intended for use in various offer documents and may be relied upon by the company, book running lead managers, and legal counsels.

This section outlines various special tax benefits available to the company and its shareholders under Indian direct tax laws, including provisions related to corporate tax rates and deductions. It details benefits concerning dividend income and capital gains, as well as provisions under the GST law for exports. The text discusses options for companies to avail of lower corporate tax rates and various deductions depending on the chosen tax provisions.

The section discusses various aspects related to tax benefits and liabilities concerning the company's operations, primarily focusing on GST provisions and customs schemes. It mentions the flexibility for exporters to claim upfront refunds or export without tax payment through bonds/LUTs. Furthermore, it details the company's availment of duty drawback under the Customs Act for imported materials used in manufacturing export goods. The text also clarifies that shareholders are not required to discharge GST on securities transactions and are generally ineligible for special tax benefits under various customs and GST laws.

This section details the scope and responsibilities of the independent auditor regarding the Restated Consolidated Financial Information for Lumino Industries Limited and its subsidiaries and joint ventures for the years ended March 31, 2026, 2025, and 2024. The auditor examined the financial information prepared by the management, which was compiled from audited statements and other financial information from various entities. The auditor confirmed that the financial information was prepared in accordance with various accounting standards and regulations. The section also outlines the reliance placed on the reports of other auditors for certain subsidiaries and branches, noting adjustments made by management to align reporting periods.

This section primarily details audit findings regarding the implementation and preservation of the audit trail feature in the company's accounting software. The audit confirmed that the feature operated throughout the year for recorded transactions, with exceptions noted where the feature was not enabled at the database level. Furthermore, the audit verified that the audit trail was preserved according to statutory record retention requirements where it was enabled. The report also clarifies that no financial statements were audited subsequent to March 31, 2026, and outlines adjustments made to reflect changes in accounting policies and retrospective treatment for the year ended March 31, 2026.

This section details the cash flows from operating, investing, and financing activities for Lumino Industries Ltd. across three fiscal years ending March 31, 2026, 2025, and 2024. The data includes various components such as profit before tax, adjustments for non-operating items, and net cash generated or used in each segment. The text also outlines accounting policies, including the application of Ind AS and various amendments, and clarifies the consolidation treatment for subsidiaries and joint ventures.

This section details the accounting policies adopted for the preparation of the Restated Consolidated Financial Information, including the basis of preparation, presentation currency, and operational cycle. It specifies how various revenue streams, other income, taxes, finance costs, foreign currency transactions, and different asset classes like Property, Plant and Equipment, Intangible Assets, and Leases are recognized and measured according to accounting standards. The policies cover aspects such as revenue recognition, impairment testing for non-financial assets, and the treatment of financial assets.

This section details various accounting policies related to the financial statements, including the measurement of financial assets and liabilities, impairment assessment, and recognition of different types of financial instruments. It outlines specific rules for handling cash, inventories, earnings per share, equity share capital, employee benefits, provisions, contingent liabilities, commitments, and the treatment of revenue from operations. Furthermore, it discusses judgments and estimates required for financial reporting, such as those related to lease identification, revenue recognition, and the treatment of tax provisions.

This section details various financial statement components, including the movement in Property, Plant & Equipment, Capital Work in Progress, Intangible Assets, Right-of-Use Assets, and financial assets and liabilities. It provides comparative data across fiscal years, showing additions, disposals, depreciation, and various balances for these assets and liabilities. Furthermore, it includes details on loans, security deposits, and the movement in deferred tax liabilities.

This section details the financial assets, trade receivables, cash and cash equivalents, and borrowings of Lumino Industries Ltd as of March 31st for the years 2026, 2025, and 2024. It provides breakdowns of investments, trade receivables aging, cash balances, various bank balances, and different types of loans, including secured and unsecured borrowings. The text also includes disclosures regarding the nature of various reserves and the terms of repayment for the borrowings.

This section details various financial liabilities, provisions, and operational revenues for Lumino Industries Ltd across fiscal years ending March 31, 2026, 2025, and 2024. Key liabilities include lease liabilities, security deposits, and provisions for employee benefits. Current liabilities show significant outstanding dues to creditors and various contractual liabilities. Revenue from operations includes sales of manufactured goods and services, and the revenue recognition methodology is detailed. The section also provides breakdowns of cost of materials consumed, project expenses, changes in inventory, and employee benefits expenses.

This section details various expense line items, tax provisions, and other comprehensive income components for Lumino Industries Ltd. across fiscal years ending March 31st, 2026, 2025, and 2024. It also provides disclosures related to contingent liabilities, Corporate Social Responsibility (CSR) expenditure, earning per share calculations, employee benefit plans, and fair value measurements of financial instruments.

This section provides detailed notes on the fair value hierarchy of assets and liabilities, including recurring measurements for different reporting dates. It also outlines various risk management policies concerning commodity prices, interest rates, and foreign currency fluctuations. The notes detail derivative instruments used for hedging, liquidity analysis of financial liabilities, credit risk management, and disclosures related to tax expenses and compliance with MSMED Act requirements.

This section details various related party transactions, including the nature of the transactions, the parties involved, and the corresponding financial amounts for different fiscal years. It also provides a summary of transactions with related parties, such as refunds, director fees, and advances, across various periods. Furthermore, the text outlines the revised management approach for segment reporting, shifting from contract type to a business segment approach to better assess operational efficiency.

This section provides comparative financial data for Lumino Industries Ltd across fiscal years ending March 31, 2026, 2025, and 2024, detailing changes in assets, liabilities, revenue, and segment performance. Key figures include breakdowns of assets and liabilities, revenue from domestic and international sources, and various adjustments made to the financial statements.

The provided text outlines the availability of audited financial statements and details various accounting ratios derived from restated consolidated financial information for fiscal years 2026, 2025, and 2024. It defines several key metrics such as earnings per equity shares, return on net worth, net asset value per equity share, and operating EBITDA, along with notes explaining the calculation methodologies. The text also discusses the company's business overview, including its role as an EPC player, its product focus, and its operational capabilities across manufacturing and EPC segments.

This section presents key financial performance metrics for the company across three fiscal years, including revenue, profit, EBITDA margins, and various leverage ratios. It also details factors affecting operations, such as growth in the Indian transmission and distribution infrastructure, dependency on government policies, market size trends for conductors, and risks related to raw material costs and working capital management. The text also outlines the accounting policies and the basis upon which the restated consolidated financial information was prepared.

This section details the approval and preparation of special purpose consolidated financial statements, noting that they are solely for the purpose of preparing Restated Consolidated Financial Information for IPO documents and are not suitable for other purposes. The accounting policies have been consistently applied, and the restated information incorporates retrospective adjustments for changes in accounting policies, material errors, and regrouping/reclassifications. The text also outlines amendments to accounting standards notified by the Ministry of Corporate Affairs, including changes to Ind AS 1, Ind AS 7 and 107, and Ind AS 12. Furthermore, it describes the principles of consolidation, the treatment of intra-group transactions, the classification of joint arrangements, and various accounting policies concerning revenue recognition, income, taxes, finance costs, foreign currencies, and property, plant, and equipment.

This section details various accounting treatments and recognition policies for different financial statement line items, including intangible assets, leases, financial assets and liabilities, trade acceptances, cash balances, inventories, and employee benefits. It outlines specific criteria for recognizing provisions, contingent liabilities, and commitments, as well as the methodology for calculating earnings per equity share. The text also covers the segregation of operating segments and the reporting of cash flows.

The provided text discusses various accounting treatments and disclosures related to the financial statements, including provisions, contingent liabilities, leases, and revenue recognition. It details the methodology for determining revenue from operations, especially concerning EPC projects, and outlines the process for recognizing current and deferred tax. Furthermore, it explains the revision of operating business performance evaluation based on underlying economic activity rather than contractual arrangements, leading to a difference in revenue disaggregation between segments.

The financial performance shows significant growth in revenue from external customers, driven by higher selling prices due to raw material costs, while revenue from EPC projects saw a decline. Other income showed substantial growth, mainly from derivative gains and interest income. Total expenses increased, primarily due to higher material costs, and various other operational and financial adjustments were made to arrive at restated profits. Cash flow data for Fiscal 2026 indicates net cash generation from operating activities, while Fiscal 2025 cash flow showed net cash used in operations.

This section details various cash flows and financial metrics for different fiscal years, including net cash generated from operating activities, investing activities, and financing activities. It also outlines contingent liabilities, discusses market risks such as interest rate, liquidity, credit, and commodity price risks, and mentions dependencies on government entities for revenue and suppliers for raw materials. Finally, it discloses a recent memorandum of understanding and transfer related to the divestment of a solar power project.

The capitalization statement shows that total borrowings as of March 31, 2026, were ₹384.17 Crore, comprising current and non-current borrowings. The total equity stood at ₹1,229.71 Crore, with total borrowings as a percentage of total equity being 0.31. The financial indebtedness section details aggregate outstanding borrowings as of July 31, 2026, amounting to ₹1,856.78 Crore, broken down into secured and non-fund based borrowings. Various details regarding the tenor, interest rates, security requirements, and events of default related to these borrowings are disclosed.

This section details the various secured and unsecured borrowings of the company as of July 31, 2026, and as of March 31, 2026, across different lenders. It provides a comprehensive breakdown of facilities such as Bank guarantees, working capital loans, and various types of credit lines. Furthermore, it presents the same line items for the financial year ended March 31, 2026, and the financial year ended March 31, 2025, to show trends in the borrowings.

The section outlines the company's position regarding outstanding litigation, clarifying that most proceedings are not considered material unless they meet specific monetary or subjective thresholds defined by the Board's Materiality Policy. It details several pending legal matters, including notices from the Registrar of Companies concerning alleged non-compliance with government tender rules, and various criminal complaints filed by the company against various individuals and entities for alleged breach of trust, misappropriation of materials, or theft. Furthermore, the section lists numerous pending investigations and criminal complaints filed by the company against various individuals and groups concerning theft, trespass, and fraudulent activities.

The section details several pending legal and regulatory proceedings involving the Company, its promoters, and its directors. This includes various criminal complaints filed with the police regarding alleged theft and embezzlement, civil and arbitration disputes concerning contracts and payments, and tax proceedings related to the availment of input tax credit. Furthermore, there are outstanding litigation involving the directors concerning maintenance claims and tax proceedings against the company.

The section details outstanding dues owed to various creditors, including micro, small, and medium enterprises, material creditors, and other creditors, with specific amounts quantified. It also confirms that no material findings or observations have been raised by SEBI or any other regulatory authority in India. Furthermore, the text lists numerous Material Approvals obtained by the Company related to business operations, including factory licenses, trade licenses, and various consents from central and state authorities. The section also lists tax-related approvals, labour and employee-related approvals, and details regarding intellectual property such as registered trademarks.

The provided section details various aspects related to the company's regulatory approvals, group companies, and litigation status. It lists nine trademark applications made to the Registrar of Trademarks, three registered copyrights, and outlines the criteria for identifying group companies based on related party transactions. Furthermore, it lists the top five group companies determined by annual turnover and confirms that the group companies do not have any pending litigation that materially impacts the company.

The section primarily confirms the compliance of the Company, its Promoters, members of the Promoter Group, and Selling Shareholders with the Companies (Significant Beneficial Owners) Rules, 2018, and various conditions set forth in the SEBI ICDR Regulations for undertaking the Offer. It details financial metrics such as net tangible assets, operating profit, and net worth across fiscal years, and outlines several compliance requirements related to the offer, including ensuring the number of Allottees meets a minimum threshold and confirming the eligibility of parties involved. Furthermore, the text includes extensive disclaimers from the Company, Directors, Promoters, Selling Shareholders, and Book Running Lead Managers regarding the accuracy of the prospectus and the limitations of their responsibilities.

The provided section primarily details procedural requirements for the listing and trading of Equity Shares, including timelines for allotment and the consequences for failure to meet these deadlines. It also outlines various consents obtained from different parties, such as Selling Shareholders, Directors, Promoters, and various auditors and legal counsel. Furthermore, the text lists several instances of past public issues and provides detailed price information for these issues, categorized by the time elapsed since the listing date.

This section details the summary of price information for past issues handled by JM Financial Limited and Monarch Networth Capital Limited, including various metrics related to IPO trading performance over different financial years. It also outlines mechanisms for the redressal of investor grievances, including retention of records with the Registrar to the Offer and procedures for addressing queries from bidders. Furthermore, it describes the compensation mechanisms applicable for various scenarios related to delayed fund unblocking under the SEBI ICDR Master Circular, and the company's internal procedures for resolving investor complaints.

This section details various legal and regulatory provisions governing the offer, including the applicability of several laws and regulations such as the Companies Act, 2013, SEBI ICDR Regulations, SCRA, SCRR, and SEBI Listing Regulations. It outlines the terms for the fresh issue and offer for sale, including the ranking of equity shares and the rules for dividend payments. Furthermore, the text specifies the face value, offer price, floor price, and price band for the equity shares, and details the procedures for bid submission, including timelines and the handling of various investor types.

This section details various procedural aspects related to the Offer for Sale, including rules for undersubscription, restrictions on the transfer and transmission of equity shares, and the process for withdrawing the offer. It outlines the structure of the offer, including the breakdown of the Fresh Issue and Offer for Sale components, and specifies the eligibility criteria and allotment procedures for different investor categories. It also specifies the mode of bid (ASBA process), the required bid lot sizes, and the conditions under which the offer can be withdrawn or proceed with a public offering.

The section details various rules and procedures for the public issue, including allocations for different investor categories such as Anchor Investors, Mutual Funds, Non-Institutional Investors, and Retail Individual Investors. It outlines specific requirements for bid submission, including the use of various mechanisms like ASBA and UPI, and the handling of under-subscription across different categories. Furthermore, it specifies requirements related to investor documentation, such as PAN linking, and procedures for grievance redressal concerning UPI applications.

This section details various restrictions and requirements concerning participation in the Offer by different categories of investors, including Promoters, Syndicate Members, Mutual Funds, NRIs, HUFs, Eligible Employees, FPIs, and various investment funds like VCFs and AIFs. It outlines specific documentation requirements, investment limits based on ownership percentages, and rules related to foreign exchange and investment structures. The text specifies rules for handling multiple bids from FPIs and clarifies that all bidders will be treated equally for allocation purposes.

This section details various requirements and restrictions related to bids and applications from different categories of investors, including banking companies, insurance companies, provident/pension funds, and various other entities. It outlines specific documentation required for bids, such as registration certificates, financial statements, and power of attorney documents, depending on the type of bidder. Furthermore, it specifies investment exposure norms for different insurers and sets out detailed rules for Anchor Investors, including minimum bid amounts and allocation criteria. The text also covers procedures for bids made by various entities, including the handling of multiple bids, the use of different accounts, and the necessity of ensuring correct details in the bid forms for electronic submission.

This section details various procedural requirements and restrictions related to bidding and allotment processes under the Draft Red Herring Prospectus. It outlines specific rules concerning the use of UPI mechanisms, the types of investors eligible for bids, and various 'Don'ts' related to bid amounts, submission methods, and documentation. Furthermore, it specifies procedures for Anchor Investors, the filing of the Prospectus, and undertakings by the Company regarding the timely completion of listing formalities and the refund/unblocking of funds.

This section primarily details procedural requirements related to the issuance of securities through an Offer, including timelines and conditions for withdrawal. It outlines undertakings by Selling Shareholders concerning the eligibility and transferability of the offered shares. Furthermore, it specifies rules regarding the utilization of funds received from the Offer, mandating that monies be credited to separate bank accounts and that details of utilized and unutilized funds be disclosed in the balance sheet.

This section primarily details various provisions related to the company's share capital, including the power to increase or reduce capital, the issuance of shares, and the rights associated with different classes of shares. It outlines procedures for handling various financial aspects such as capitalization of profits, commissions, and the company's lien over shares and debentures. Furthermore, it covers the company's ability to deal with creditors and other members, as well as the process for making calls on members for unpaid amounts.

This section primarily details various provisions related to the payment of calls on shares, the treatment of payments in advance, the dematerialization of securities, and the transferability and forfeiture of shares. It outlines liability for non-payment, the company's rights regarding the transfer and maintenance of member registers, and procedures for dealing with the death or insolvency of a member. Furthermore, it specifies rules for the issuance and custody of share certificates and the conditions under which shares may be forfeited.

This section primarily details various procedural and substantive provisions related to share certificates, shareholder meetings, and voting rights under the relevant Act and rules. It covers procedures for surrendering, replacing, or issuing new share certificates, requirements for beneficial interest declarations, rules for convening and conducting general meetings, quorum requirements, notice periods, and the conduct of voting, including show of hands versus poll voting. It also outlines rules regarding the appointment of a Chairperson, the role of auditors, and the validity of proxy appointments.

This section primarily details the powers and responsibilities of the Directors, including their authority over the company's business, financial dealings, and governance structure. It outlines rules regarding the number of directors, director remuneration, appointment, removal, and the procedures for board and committee meetings. Furthermore, it covers the powers related to borrowing money, the declaration of dividends, and the setting aside of reserves.

This section primarily details various provisions related to dividend payments, shareholder rights, and the handling of unclaimed dividends. It outlines procedures for dividend apportionment, the ability of the Board to deduct amounts payable by a Member, and the process for transferring unpaid dividends to an 'Unpaid Dividend Account' and subsequently to an Investor Education and Protection Fund if unclaimed for seven years. Furthermore, the text covers inspection rights for company accounts, secrecy obligations for company personnel, winding-up provisions, and various resolutions and consents related to the drafting and filing of the Draft Red Herring Prospectus, including approvals for the offer, fresh issue, and the appointment of directors and key personnel.

This section primarily lists various agreements, resolutions, and certificates related to the company's operations, financial aspects, and regulatory compliance. It includes agreements with various parties, resolutions approving KPIs, certificates concerning financial indebtedness, tax litigation, insurance coverage, and the utilization of loans. Furthermore, it details consents from various stakeholders and reports from CRISIL, alongside in-principle listing approvals from stock exchanges.

The provided section primarily consists of declarations by various Directors and the Chief Financial Officer affirming compliance with various laws and regulations, including the Companies Act, 2013, and SEBI regulations. These declarations confirm that the statements, disclosures, and undertakings made in the Prospectus are true and correct according to these legal frameworks. Additionally, a statement from a Selling Shareholder confirms the accuracy of their statements regarding the shares being offered for sale.

This section contains a declaration by Jay Goel confirming the truth and correctness of statements, disclosures, and undertakings made by him in the Prospectus concerning himself as a Selling Shareholder and the Equity Shares being offered for sale. It also explicitly states that he assumes no responsibility for any other statements, disclosures, or undertakings made by the Company, other Selling Shareholders, or any other person within the Prospectus.

This section summarizes related party transactions for the fiscal years 2026, 2025, and 2024, as required by Ind AS 24. Transactions involve various parties including entities where the Key Managerial Personnel (KMP) has significant influence or control, key managerial personnel, directors, and relatives of the KMP. Transactions include advances, refunds, remuneration, salaries, and various financial dealings. Specific transactions noted include advances given for goods/services, contributions to gratuity funds, director remuneration, and various loans and investments with related parties.

The company's Board comprises six Directors, including two Executive Directors, one Non-Executive Director, and three Independent Directors, one of whom is a woman. The company asserts compliance with corporate governance norms prescribed under the SEBI Listing Regulations and the Companies Act, 2013 regarding the Board's composition and committee structures. Key personnel profiles detail their directorships, occupations, and professional experience. Furthermore, the document outlines various aspects concerning the relationship between directors, including potential conflicts of interest, and the terms of their appointments and remuneration.

The company has six directors on its Board, consisting of two Executive Directors, one Non-Executive Director, and three Independent Directors, one of whom is a woman. The Board operates either as a full board or through various committees to oversee specific functions. The company affirms its compliance with corporate governance norms prescribed under the SEBI Listing Regulations and the Companies Act, 2013 regarding the composition of the Board and the constitution of committees. Several key committees, including the Audit, Nomination and Remuneration, Stakeholder Relationship, Risk Management, and Corporate Social Responsibility Committees, have been constituted.

This section details the organizational structure, key managerial personnel (KMP), and senior management of the company. It lists several key personnel, including CFO, JCEO, Company Secretary, and various Senior General Managers, along with their roles, associations, and compensation details. The text also covers various disclosures regarding relationships, loans, service contracts, and changes in key personnel over the preceding three years.

The company's promoters are Purushottam Dass Goel, Devendra Goel, and Jay Goel, who collectively hold 84.90% of the pre-offer equity share capital. Purushottam Dass Goel is the Chairperson, Non-Executive Director, and Promoter of the company. Devendra Goel is the Managing Director and Promoter. Jay Goel is a Whole Time Director and Promoter. The document details various aspects regarding the promoters' interests, including their relationship to each other, their involvement with certain companies, and disclosures related to guarantees and related party transactions.

The provided text lists numerous entities, which appear to be promoters or related parties, but it does not detail their shareholding percentages, associated ventures, or any adverse regulatory actions. The text also includes a statement regarding the company's dividend policy, noting that the Board's decision on dividend declaration will depend on various financial and external factors. Furthermore, it states that the company has not declared or paid any dividends on its equity shares in the three fiscal years preceding the prospectus date.