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Listed
Other Electrical Equipment
Lumino Industries Limited IPO
₹700 Cr · Fresh Issue & OFS · Other Electrical Equipment
Price Band
₹78 – ₹82
Lot: 2000 shares (₹164,000)
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, indicating efficient capital deployment. Key risk is low 7.7% net margin and debt-funded capex execution in a competitive electrical equipment sector.
Listing Performance
Issue Price
₹82
Allotment price
Listing Price
₹109
+32.93% on listing day
Current Price (CMP)
₹90.5
+10.4% 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 over two years, significantly outpacing revenue growth of 21.1%. This demonstrates operational leverage and improving cost management in the manufacturing base.
✓ Strength
Valuation discount to sector 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 21.94% GMP signals strong market confidence and validates the pricing discipline.
✓ Strength
Strong capital efficiency metrics
ROCE of 31.89% and D/E of 0.73× demonstrate disciplined leverage and high returns on deployed capital. Promoter commitment remains solid at 71.97% post-issue, aligning long-term interests with public shareholders.
⚠ Risk
Thin net profit margins limit upside
At 7.7% NPM, the company operates with limited pricing power or cost absorption capacity. Any raw material inflation or competitive pressure could compress margins and offset growth gains.
⚠ Risk
Debt-funded capex execution risk
₹337 Cr of the ₹700 Cr issue is earmarked for debt repayment, while only ₹15 Cr funds new capex. The company must execute new capacity additions efficiently to justify the valuation and sustain 20%+ revenue growth.
₹ Valuation
Fair valuation with growth premium
P/E of 15.6× is 0.68× sector midpoint and P/S of 1.2× reflects reasonable pricing for a 21% revenue CAGR company. However, the 7.7% NPM sits well below the 15% threshold that would justify a 1.5× midpoint multiple.
👁 Watch
Monitor margin trajectory post-listing
Track quarterly NPM trends closely; sustained margin compression below 7% or revenue growth deceleration below 15% would signal execution challenges and warrant reassessment of the investment thesis.
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, indicating efficient capital deployment. Key risk is low 7.7% net margin and debt-funded capex execution in a competitive electrical equipment sector.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
The minimum lot size is 2000 shares. At the upper band price of ₹82, the minimum investment per retail application is ₹164,000. You can apply for up to 13 lots (₹2,132,000) under the retail category (up to ₹2 lakh).
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 ₹90.5 (+10.4% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 31 Aug 2026. The minimum investment is ₹164,000 for one lot (2000 shares). The company trades at 0.68× sector midpoint with strong 35.9% PAT CAGR and 31.89% ROCE, indicating efficient capital deployment. Key risk is low 7.7% net margin and debt-funded capex execution in a competitive electrical equipment sector.
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 minimum lot is 2000 shares at ₹82 each, costing ₹164,000 per application. 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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