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Listed
Other Electrical Equipment
Lumino Industries Limited IPO
₹700 Cr · Fresh Issue & OFS · Other Electrical Equipment
Price Band
₹78 – ₹82
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹700 Cr
Fresh Issue & OFS
Market Cap
₹2,497.34 Cr
At upper band
P/E Ratio
15.6x
P/S: 1.2x
Listing Date
03 Sep 2026
BSE & NSE
IPO Timeline
✓
Opens
27 Aug 2026
✓
Closes
31 Aug 2026
✓
Allotment
1 Sep 2026
✓
Refund
2 Sep 2026
✓
Listing
03 Sep 2026
IPO India Hub: Subscribe
Conviction
8/10
The company trades at 0.68× sector midpoint with strong 35.9% PAT CAGR and 31.89% ROCE, signaling efficient capital deployment. Key risk is modest 7.7% net margin and 28.6% OFS, though debt reduction via proceeds mitigates leverage concerns.
Listing Performance
Issue Price
₹82
Allotment price
Listing Price
₹109
+32.93% on listing day
Current Price (CMP)
₹109.24
+33.2% vs issue
Listed On
03 Sep 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional profit growth trajectory
Net profit has grown from ₹86.6 Cr (FY-2) to ₹160.0 Cr (FY0), a 35.9% CAGR, substantially outpacing revenue growth of 21.1%. This demonstrates operating leverage and improving operational efficiency in the electrical equipment segment.
✓ Strength
Attractive valuation relative to peers
At 15.6× P/E, the company trades at 0.68× the niche/unlisted sector midpoint of 23×, placing it in the Subscribe zone. The 1.2× P/S ratio is also reasonable for a ₹2,041 Cr revenue business with consistent growth.
✓ Strength
Strong capital efficiency metrics
ROCE of 31.89% and D/E of 0.73× indicate disciplined capital allocation and manageable leverage. The IPO proceeds will further reduce debt by ₹337 Cr, improving financial flexibility.
✓ Strength
Bullish market sentiment and promoter backing
GMP of ₹38 (46.34% premium) reflects strong investor demand, and promoter holding remains at 71.97% post-issue, signaling confidence. Subscription of 1.51× and reputed lead managers (Motilal Oswal, JM Financial) add credibility.
⚠ Risk
Thin net profit margin limits upside
At 7.7% NPM, the company operates with limited pricing power or cost absorption capacity in the electrical equipment sector. Any raw material inflation or competitive pressure could compress margins and earnings growth.
⚠ Risk
Significant OFS component dilutes growth narrative
OFS represents 28.6% of the total issue, meaning existing shareholders are partially exiting. While below the 30% threshold, this suggests some promoter/investor profit-taking and reduces fresh capital for organic expansion.
₹ Valuation
Valuation fairly priced within sector norms
At 15.6× P/E against a niche/unlisted sector midpoint of 23× (range 18–28×), the company is valued at 0.68× midpoint. This discount is justified by the 7.7% NPM (below the 15% threshold for premium multiples), making the valuation fair rather than cheap.
👁 Watch
Monitor margin sustainability post-listing
Track quarterly EBITDA and net margins closely to confirm whether the 11.62% EBITDA margin holds as capex is deployed. Any deterioration below 10% EBITDA would signal execution risk or competitive headwinds.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Lumino Industries Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹2041.07 Cr
Net Profit
₹160.00 Cr
Industry
Other Electrical Equipment
Issue Type
Fresh Issue & OFS
Promoters
PURUSHOTTAM DASS GOEL, DEVENDRA GOEL AND JAY GOEL
Lead Managers
Motilal Oswal Investment Advisors, JM Financial and Monarch Networth Capital
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 0.68× sector midpoint with strong 35.9% PAT CAGR and 31.89% ROCE, signaling efficient capital deployment. Key risk is modest 7.7% net margin and 28.6% OFS, though debt reduction via proceeds mitigates leverage concerns.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
Lot size details will be updated when the DRHP is filed. The price band is ₹78 – ₹82.
The IPO opens on 27 Aug 2026. It closes on 31 Aug 2026. Allotment is expected on 1 Sep 2026. Refunds initiate on 2 Sep 2026. Listing on BSE and NSE is on 03 Sep 2026.
The lead managers for the IPO are Motilal Oswal Investment Advisors, JM Financial and Monarch Networth Capital. Check the SEBI filing for the registrar details.
The IPO listed on 03 Sep 2026 at ₹109 against an issue price of ₹82 (+32.93% on listing day). The current market price (CMP) is approximately ₹109.24 (+33.2% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 31 Aug 2026. The company trades at 0.68× sector midpoint with strong 35.9% PAT CAGR and 31.89% ROCE, signaling efficient capital deployment. Key risk is modest 7.7% net margin and 28.6% OFS, though debt reduction via proceeds mitigates leverage concerns.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 31 Aug 2026. The IPO is priced at a P/E of 15.6x. Market cap at issue price is ₹2,497.34 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The issue closes on 31 Aug 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Lumino Industries Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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