Lumino Industries IPO

The company uses its own cables and conductors in its EPC projects, making 23.08% of these products in-house in FY26. This setup reduces its dependence on outside suppliers, limits the impact of changing raw material costs, and can help it complete projects faster.

As of March 31, 2026, its order book stood at ₹3,149.88 crore. The orders are spread across regions and include ₹1,157.90 crore from manufacturing and ₹1,991.98 crore from EPC projects. This gives the company good visibility over future revenue.

The company reported the highest Return on Equity (RoE, which shows how efficiently it generates profit from shareholders' money) among its peers at 24.62% in FY26, up from 21.52% in FY24. It also recorded the highest asset turnover ratio of 15.80, showing how efficiently it uses its assets to generate sales.

Revenue from operations grew at a CAGR (annualised growth rate) of 20.43%, rising from ₹1,407.32 crore in FY24 to ₹2,041.07 crore in FY26. During the same period, net profit grew even faster, at a CAGR of 35.90%.

Its factories operated at a healthy 78.93% capacity utilization in FY26, producing 31,571 metric tonnes against a total capacity of 40,000 metric tonnes. Running its facilities at this level helps spread fixed costs over more production and makes better use of its resources.

In FY24, the company received UL Certification for the safety of its cables. This confirms that its products meet strict international safety standards and can support its efforts to expand exports and win new utility customers in tightly regulated markets such as the U.S. and Europe.

Government entities contributed 53.12% of operating revenue in FY26, compared with 79.89% in FY25 and 85.58% in FY24. This heavy dependence means the business can be affected by public-sector budget cuts, policy changes, and lengthy government processes for approvals and contract awards.

The company's top 10 customers contributed 46.52% of revenue in FY26, down from 80.33% in FY25 and 90.78% in FY24. Even with the improvement, losing a major customer or a decline in their financial health could still hurt revenue, profits, and cash flow.

The business needs a significant amount of working capital, meaning money tied up in inventory and unpaid customer bills. In FY26, net working capital stood at ₹716.72 crore, equal to 35.11% of revenue. Delayed payments, especially from debt-heavy state electricity boards, could create cash flow gaps and push up borrowing costs.

The manufacturing business depends on raw materials such as aluminium, steel and copper. While major contracts often include price-escalation clauses to account for cost increases, geopolitical events can still cause sudden jumps in commodity prices or shipping costs. If these higher costs cannot be passed on quickly, profits could come under pressure.

Both operational factories and all four warehouses are located in Howrah, West Bengal. Having so much of its manufacturing and storage infrastructure in one region means local disruptions, such as natural disasters, worker strikes, civil unrest, or changes in state policies, could affect production and deliveries.

The company has reported negative cash flow from operations in some earlier years. Although it generated positive operating cash flow in FY26, high inventory or rising customer receivables could again put pressure on cash flows. In that situation, it may need to rely on external borrowing to fund day-to-day operations.

Its EPC projects typically take 24 to 30 months to complete. In FY25, the company faced project cost overruns of ₹23.62 crore. Delays or higher-than-planned costs can lead to client penalties, invocation of bank guarantees, and damage to its reputation.