Lumino Industries Ltd. is an integrated engineering, procurement and construction (EPC) company in India, with a focus on manufacturing and supplying conductors, power cables, electrical wires and specialised products for the power transmission and distribution industry. The Public issue was of ~ INR 700 Cr.
Lumino Industries stock debuted at a strong premium on Thursday following a massive response for its initial public offering (IPO).The stock began trading at a 34 per cent premium at ₹110 on the NSE. On the BSE, it started trading at a 33 per cent premium at ₹109. After surging to the ₹119 mark, the stock closed near the listing price levels – at ₹110.39 on the BSE and at ₹110.32 on the NSE - representing about 35 per cent listing gains.Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, emphasised that their view remains positive, supported by attractive valuations versus EPC and cable peers, strong profitability with an 11.71 per cent EBITDA margin, and the highest RoNW among key peers. The planned debt reduction from IPO proceeds could also help lower finance costs going forward.“High dependence on government and PSU clients, which contribute 53–86 per cent of revenue, remains a key risk due to tender-driven and potentially lumpy cash flows,” Nyati said.For IPO allottees, Nyati said, partial profit booking and holding the remaining shares with a trailing stop-loss of ₹98–100 can be considered. Fresh investors should avoid chasing the stock after the sharp listing gain and wait for some consolidation. If the stock sustains above ₹110–112 with strong volumes, it could move towards ₹120–125. Medium-term investors can hold with prudent position sizing.Dr Ravi Singh, Chief Research Officer, Master Capital Services Ltd, noted that the domestic wires and cables industry is witnessing strong growth, with the market increasing from ₹787 billion in FY2020 to ₹1,618 billion in FY2026, a 13 per cent CAGR and is expected to grow at 13-14 per cent CAGR during FY26-FY31.For Lumino, Singh said that in the near term, investors may pay more attention to the company’s ability to maintain revenue and earnings growth, while improving operating margins and cash generation. The stock would be more relevant if the upcoming results show continued growth across its manufacturing and EPC businesses, stable margins, stronger operating cash flows and better working-capital management. The company remains exposed to commodity price fluctuations, tender-based EPC execution and a high working-capital cycle, particularly due to elevated receivables.Congratulations to Lumino Industries Limited on getting listed on NSE today.Lumino Industries Ltd. is an integrated engineering, procurement and construction (EPC) company in India, with a focus on manufacturing and supplying conductors, power cables, electrical wires and… pic.twitter.com/AYp02XA7OM— NSE India (@NSEIndia) September 3, 2026The IPO fetched an overall subscription of 118.12 times amid overwhelming investor response, mainly from Qualified Institutional Buyers (QIBs).The category for QIBs was subscribed 221.43 times, while the non-institutional investors’ segment garnered 176.42 subscriptions. The retail portion was subscribed 38.50 times.The company raised ₹207 crore from anchor investors ahead of the IPO. It had a price band of ₹78-82 per equity share for its IPO.The IPO comprised a fresh issue of equity shares worth up to ₹500 crore and an offer-for-sale (OFS) of up to ₹200 crore by promoters Devendra Goel and Jay Goel.Of the proceeds from the fresh issue, ₹337 crore will be utilised for payment of debt, and ₹15 crore will be used for capital expenditure, including purchase of equipment and machinery, civil works and interior development of an existing manufacturing facility. The remaining funds will be utilised for general corporate purposes.Published on September 3, 2026
