# Lumino Industries Limited: IPO analysis

> Lumino Industries Limited (CIN U14293WB2005PLC102556) has filed a Prospectus with SEBI for an IPO, priced at ₹78.00 to ₹82.00 per share. In FY26 it reported revenue of ₹2,041 Cr (+6.4% on FY25) and a net profit of ₹160 Cr. Promoters hold 84.9% before the IPO. Our fact-check of its claims found no medium or high concerns across 40 claims checked.

- Page: https://ipo.innerkore.com/company/U14293WB2005PLC102556/lumino-industries-limited/
- CIN: U14293WB2005PLC102556
- Last updated: 7 Sep 2026

## Key facts

- **Company:** Lumino Industries Limited
- **CIN:** U14293WB2005PLC102556
- **Filing stage:** Prospectus
- **Latest SEBI filing:** 7 Sep 2026
- **Price band:** ₹78.00 to ₹82.00 per share
- **Final offer price:** ₹82.00 per share
- **Lot size:** 182 shares
- **Bidding opens:** 27 Aug 2026
- **Bidding closes:** 31 Aug 2026
- **Listing on:** BSE, NSE
- **Revenue FY26:** ₹2,041 Cr
- **Revenue growth:** +6.4%
- **Net profit FY26:** ₹160 Cr
- **Revenue CAGR FY24 to FY26:** 20.4%
- **Promoter holding (pre-IPO):** 84.9%
- **Lead managers:** Motilal Oswal Investment Advisors Limited, JM Financial Limited, Monarch Networth Capital Limited
- **Registrar:** Bigshare Services Private Limited
- **Fact-check flags:** 0 high, 0 medium, 0 low

## Key signals (read from the filing; not investment advice)

- **Valuation** (looks fine): 12.5x P/E. At the top of the band, on FY26 profit; 2.7x book value.
- **Growth** (looks fine): 20.4% a year. Sales FY24 to FY26; latest year +6.4%.
- **Profitability** (look closer): 7.8% net margin. FY26; operating margin steady.
- **Debt** (look closer): 0.57x equity. ₹419 crore borrowed at the end of FY26.
- **Profit into cash** (concern): 10% of profit. Operations brought in ₹16.4 crore against ₹160 crore of profit in FY26.
- **One-off income** (look closer): 24% of profit. Other and one-off income is 24% of pre-tax profit; management describes 4 one-off items.
- **Red flags** (looks fine): None serious. 40 claims checked: 0 high, 0 medium concern.

## Financial snapshot (₹ crore unless stated; consolidated)

| | FY24 | FY25 | FY26 |
|---|---:|---:|---:|
| Sales | 1,407 | 1,918 | 2,041 |
| Sales growth | – | 36.3% | 6.4% |
| Operating profit | 145 | 223 | 239 |
| Operating margin | 10.3% | 11.6% | 11.7% |
| Net profit | 87 | 125 | 160 |
| Net margin | 6.2% | 6.5% | 7.8% |
| Net worth | 446 | 570 | 730 |
| Borrowings | 41 | 384 | 419 |
| Return on equity | 19.4% | 21.8% | 21.9% |

## Non-recurring items (as described by management)

- Other income included higher gains on sale of investments measured at FVTPL by ₹1.22 Crore from ₹90.50 Lakh in Fiscal 2025 to ₹2.13 Crore in Fiscal 2026. (p.410)
- A decrease in rates, taxes and duties expense of ₹21.29 Crore was attributable to the absence of a one-time charge recognized in Fiscal 2025. (p.411)
- Our Company recorded an expense of ₹17.65 Crore towards the settlement/provision of legacy entry tax matters during Fiscal 2025, which resulted in higher rates, taxes and duties expense for that year. (p.411)
- The company entered into a memorandum of understanding with Pinaki Green Energy LLP for the divestment of its interest in a 50 MW AC solar power project. (p.419)

## Use of proceeds (fresh issue)

- Prepayment or repayment, in full or in part, of certain outstanding borrowings availed by our Company: ₹337 crore
- works and interior development of an existing manufacturing facility: ₹15 crore
- General corporate purposes(1) 1,105.79 Nil Nil-: ₹111 crore

## Fact-checked claims

- **NONE** (PromoterBackground): Debraj Ghosh is the Senior General Manager – Projects and has been associated with the Company since March 1, 2015.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Debraj Ghosh is the Senior General Manager – Projects and has been associated with Lumino Industries Limited since March 1, 2015.
- **NONE** (PromoterBackground): Hemant Bhuwania is the Chief Financial Officer and has been associated with the Company since April 3, 2025.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Hemant Bhuwania is the CFO and has been associated with the company since April 3, 2025.
- **NONE** (PromoterBackground): The Board has been authorized to borrow money under certain conditions as per the Companies Act 2013 and Board resolutions.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that the Board has been authorized to borrow money under certain conditions as per the Companies Act 2013 and Board resolutions.
- **NONE** (PromoterBackground): The Directors' remuneration for Fiscal 2026 is detailed, including sitting fees for Independent Directors.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that the Directors' remuneration for Fiscal 2026 is detailed, including sitting fees for Independent Directors.
- **NONE** (PromoterBackground): Purushottam Dass Goel has been associated with the Company since March 30, 2005 and has experience in the manufacturing of overhead transmission line conductors and various types of cables.. No current web search results were found to corroborate, contradict, update, or provide any new information regarding the association of Purushottam Dass Goel with Lumino Industries Limited since March 30, 2005, or his experience in manufacturing conductors and cables.
- **NONE** (PromoterBackground): Reline Developers Private Limited is listed as a promoter/related party.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Reline Developers Private Limited is listed as a promoter or related party of Lumino Industries Limited.
- **NONE** (PromoterBackground): Red Dawn Dealtrade LLP is listed as a promoter/related party.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Red Dawn Dealtrade LLP is listed as a promoter or related party of Lumino Industries Limited.
- **NONE** (PromoterBackground): Ready Construction Private Limited is listed as a promoter/related party.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Ready Construction Private Limited is listed as a promoter or related party of Lumino Industries Limited.
- **NONE** (PromoterBackground): The Promoter Group includes various entities such as Aasheesh Realty Projects Private Limited, Aayush Pratik Dealcomm Private Limited, AJ Finance Private Limited, and others.. No current web search results were found to corroborate, contradict, or provide any information regarding the listed entities mentioned in the claim.
- **NONE** (PromoterBackground): Vivek Jain is the Company Secretary and Compliance Officer and is an associate member of the Institute of Company Secretaries of India, having previously worked as a company secretary for Manaksia Aluminium Company Limited.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about Vivek Jain's designation or past employment.
- **NONE** (PromoterBackground): Ajay Kumar Luharuka is the Joint Chief Financial Officer and is a fellow member of the Institute of Chartered Accountants of India, having previously worked as an accounts officer for Wim Plast Limited.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim about Ajay Kumar Luharuka's designation or past employment.
- **NONE** (PromoterBackground): Hemant Bhuwania is a fellow member of the Institute of Chartered Accountants of India and has prior experience in finance and auditing roles with Texmaco Rail and Engineering Limited and PriceWaterHouseCoopers.. No current web search results were found to corroborate, contradict, update, or provide any new information regarding the claim about Hemant Bhuwania's qualifications and prior experience with the mentioned companies.

## Common questions

### How big is the Lumino Industries Limited IPO?

The size of the Lumino Industries Limited IPO is not stated in a form we could read from its Prospectus. Draft filings often leave amounts blank until the Red Herring Prospectus.

### What are Lumino Industries Limited's revenue and profit?

Lumino Industries Limited reported revenue from operations of ₹2,041 Cr in FY26, +6.4% versus FY25. Net profit was ₹160 Cr (FY25: ₹125 Cr). Revenue grew at a compound rate of 20.4% a year from FY24 to FY26. Figures are read from the Prospectus, as printed there.

### How much do promoters own in Lumino Industries Limited?

Promoters hold 84.9% of Lumino Industries Limited before the IPO. Largest holders listed: Devendra Goel(1) (49.0%); Jay Goel(1) (35.5%); Rashmi Goel (9.3%).

### How will Lumino Industries Limited use the IPO money?

The fresh-issue proceeds are earmarked for: Prepayment or repayment, in full or in part, of certain outstanding borrowings availed by our Company (₹337 Cr); works and interior development of an existing manufacturing facility (₹15 Cr); General corporate purposes(1) 1,105.79 Nil Nil- (₹111 Cr).

### What are the red flags in Lumino Industries Limited's Prospectus?

We fact-checked 40 claims from the filing against the open web: 0 raised a high concern, 0 medium and 0 low. This is an automated screen, not a verdict; each finding links to its sources.

### What does Lumino Industries Limited do?

Lumino Industries Limited के IPO की DRHP में एक detail है जो अक्सर नज़रअंदाज़ कर दिया जाता है: Senior General Manager – Projects का पद, Debraj Ghosh, का Lumino Industries Limited के साथ association March 1, 2015 से है। यह fact IPO के structure और governance के लिए कितना महत्वपूर्ण है, यह हम इस वीडियो में समझेंगे।

### Who manages the Lumino Industries Limited IPO?

Book running lead managers: Motilal Oswal Investment Advisors Limited, JM Financial Limited, Monarch Networth Capital Limited. Registrar to the offer: Bigshare Services Private Limited. Shares are proposed to list on BSE and NSE.

### Where can I read the original Lumino Industries Limited IPO documents?

All 3 filings for Lumino Industries Limited (Addendum, DAP, Prospectus) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document.

## Source documents

- [Lumino Industries Limited - Prospectus](https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/Lumino%20Industries%20Limited%20-%20Abridged%20Prospectus_p.pdf) (Abridged prospectus (DAP), filed 7 Sep 2026)
- [Lumino Industries Limited - Prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1788760904072.pdf) (Prospectus, filed 7 Sep 2026)
- [Lumino Industries Limited - Corrigendum to DRHP](https://www.sebi.gov.in/sebi_data/attachdocs/aug-2026/1787122256209.pdf) (Addendum, filed 19 Aug 2026)

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Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.