Lumino Industries Limited
NSE: LUMINO · BSE: 544894 · ISIN INE185Q01025 · Mainboard, listed 3 Sep 2026 · Kolkata, West Bengal · Data as of 6 Oct 2026
Headline KPIs (FY26, RHP restated consolidated)
Quick Verdict Scorecard
Market data
| Metric | Value | Basis / source |
|---|---|---|
| P/E TTM | 17.7x | TTM PAT ₹169.8 cr (FY26 160.00 + Q1FY27 40.17 − Q1FY26 30.34) |
| P/E FY26 / normalised-tax FY26 | 18.8x / ~19.6x | Normalised PAT ~₹153 cr at 25.2% tax [Est.] |
| P/B | 2.44x | Pro forma BV ₹40.38/sh (~₹1,230 cr) |
| EV/EBITDA TTM, headline | ~10.9–11.4x | EV ~₹2,810–2,940 cr, borrowings basis, unencumbered cash ₹130 cr [Est.] |
| EV/EBITDA TTM, incl. trade acceptances | ~13.2–13.7x | EV ~₹3,410–3,530 cr (+₹595.5 cr acceptances) [Est.] |
| Dividend yield / buyback | 0.0% / none listed | Nil dividends FY22–26 |
| FCF yield FY26 | 3.5% (−1.6% ex-acceptances) | FCF ₹104.2 cr on ₹3,003 cr |
| Return vs issue / vs listing / vs high | +20% / −10% / −19% | ₹82 / ₹110 / ₹122 |
| Anchor unlock remaining | 1.26 cr shares (~4.1%) | 30 Nov 2026 (first 50% unlocked 1 Oct 2026) |
Data freshness: market data Screener 6 Oct 2026; financials RHP dated 20 Aug 2026 and Q1 FY27 results (21 Sep 2026). All web sources accessed 6 Oct 2026.
Analyst Notes
First-person thesis from the lead analyst. Read this before the data tabs. Analyst View
What the market bought. In August, investors bid ₹61,073 cr for a ₹700 cr issue: about 117.6x overall, with QIBs at about 221x, NIIs at ~176x and retail at ~38.5x. They were buying a simple story. This is a 24.6%-RoE conductor-and-EPC company riding India's transmission capex cycle, offered at 15.6x post-issue FY26 earnings when KEC traded near 20x, Kalpataru near 22x and Apar near 69–78x. Twelve brokers said Subscribe and nobody said Avoid. One month later the stock is ₹98.6, still 20% above issue but 19% off its ₹122 high. That is despite a clean Q1 (revenue +19.3%, EBITDA margin 13.6%, PAT +32.4%) and a CRISIL upgrade to A+. At 17.7x trailing earnings the stock still looks cheap. I don't think it is as cheap as it looks.
The profits are not turning into cash. Over FY24–26, Lumino reported ₹371 cr of PAT and generated ₹18 cr of operating cash flow, a 5% conversion rate. Even that ₹18 cr depends on accounting choices. In FY26 the company voluntarily reclassified its supplier-finance obligations (TReDS, vendor bill discounting and LC-backed usance acceptances) out of "Borrowings" and into a separate "Trade Acceptances" line (RHP Note 29.1). It moved their cash settlements from financing to operating activities and restated prior years. The ₹387 cr of acceptance inflows over three years now sits inside OCF. Strip it out and three-year OCF is −₹369 cr. FY26's headline ₹156 cr OCF was ₹4.8 cr before acceptances. The cash went into receivables, which rose ₹435 cr in two years to ₹895 cr (160 days), into inventory, which doubled to ₹364 cr, and into ₹309 cr of retention money. CRISIL also counts ₹228 cr of debtors older than six months. This is the single most important fact in the file.
Leverage is somewhere in between the bull and bear headlines. The bear pitch says borrowings went from ₹384 cr to ₹1,856.78 cr by July 2026, about 7.8x EBITDA. That is wrong. About ₹923 cr of the total is bank guarantees, which are contingent EPC performance and advance guarantees. The "0.53x D/E" bull figure is also wrong. Per RHP Note 29.2 the LCs are supplier-finance acceptances on the balance sheet. So the debt-like total is about ₹934 cr: ₹319 cr of bank debt plus ₹615 cr of LC acceptances and discounting. After the ₹337 cr IPO prepayment that leaves ~₹597 cr, or about 2.5x FY26 EBITDA Est.. At FY26, D/E including acceptances and leases was 1.37x. Lumino is not over-levered after the IPO. But it is a working-capital-financing business wearing a light balance-sheet presentation.
Growth and earnings quality are weaker than the headlines. FY26 revenue grew 6.4%, after +36% and +85%, in the year right before the IPO. Underlying EBITDA was flat: FY25 carried a ₹17.65 cr entry-tax provision, so adjusted FY25 EBITDA was ~₹240.6 cr against FY26's ₹238.95 cr. FY26 also booked a ₹11.7 cr entry-tax write-back on an undisclosed P&L line. If that sits inside EBITDA, the underlying trend is weaker still Analyst View. FY26 PAT growth of 28% came from other income (₹48 cr, 24% of PBT) and tax credits (~₹19 cr of deferred and prior-year credits). Order inflow is now the problem I watch most. Q1 FY27 inflow was ₹176 cr against ₹521 cr of revenue, a 0.34x book-to-bill. The order book fell QoQ to ₹3,059 cr, the manufacturing backlog fell ~10%, and FY26's bid-win ratio dropped to 14.4%. Q1's growth was EPC (+69.6%). Manufacturing, 71% of revenue, grew 6.5% against the 25–30% CAGR management is guiding to.
Governance is the part that worries me most. MD Devendra Goel has personally guaranteed about ₹1,612 cr of working-capital lines across 13 banks for Laser Power & Infra. Laser is his brother Deepak Goel's listed competitor, carved out of Lumino in the 2021 demerger and listed July 2026. Deepak Goel in turn guarantees Lumino's lines. The MD's disclosed net worth is ₹24.6 cr, so this exposure is about 65x it. The RHP nonetheless says the promoters have no venture in the same line of business. Separately, P.S. Enterprise, a partnership of the founder and the MD's wife, was the No. 1 raw-material supplier in FY24–25 (₹270 cr of purchases in FY25, ₹175 cr in FY26, ₹21.4 cr of advances outstanding). Add the income-tax search of 15–16 March 2022, a dormant ROC complaint alleging corrupt practices in a Punjab HTLS tender, 19 company-filed criminal complaints about site pilferage, CARO stock-statement mismatches, and a complete pre-IPO change of independent directors, CFO, CS and auditors. This needs a governance discount, not a peer premium. The SEBI observation-letter timing is a separate open question, not an irregularity finding: the letter was dated 9 Jun 2025 and the issue opened ~14.5 months later, with no extension cited.
What tempers the caution. The IPO did fix the funding side. ₹337 cr of debt is gone, CRISIL is at A+ with 0.20–0.30x expected gearing, and funding costs only about 7%. The mix shift is real: aluminium conductors are +54.6%, EHV substations went from zero to ₹91 cr of revenue and 44.6% of the EPC backlog, and the customer base has broadened (top-10 down from 90.8% to 46.5%). The sector tailwinds are concrete: RDSS extended to Mar-2028, GEC-III and NEP-Transmission at ₹9.15 lakh cr. If H1 FY27 shows debtor days falling and inflow back above 1x revenue, the 17.7x multiple will look cheap in hindsight.
Near-term technicals and my stance. The remaining 1.26 cr anchor shares (~4.1% of equity, ~₹125 cr) unlock on 30 Nov 2026, and the BRLM research arms start coverage after mid-October. My stance is Neutral with a cautious tilt. I would not chase the IPO-discount argument. Re-engage on (1) H1 FY27 OCF excluding acceptances turning positive, (2) two quarters of book-to-bill above 1x, and (3) disclosure of how the Laser guarantees are being run down. Valuation work should start from the adjusted ~13.5x EV/EBITDA, not the 11x headline.
Business Deep-Dive
Source: RHP 20 Aug 2026 (Our Business pp.246–279), company website, CRISIL. ₹ cr unless stated.
History and corporate timeline
| Year | Event |
|---|---|
| 1989 | Partnership set up by Purushottam Dass Goel to make power conductors and cables. The website says "founded in 1969 as a trading house"; AR/CRISIL say 1989. Treat 1969 as unverified. (CRISIL's "over five decades" claim also conflicts with 1989.) |
| 30 Mar 2005 | Incorporated as Lumino Industries; took over the partnership business |
| 2007 | Entered T&D EPC to consume own products captively; 1:5 bonus (2 May 2007) |
| 2019 | Entered solar EPC |
| FY21 | Entered railway electrification (SIPS-Lumino-Zetwerk JV for Ircon; JV agreement dated both 20 May and 23 Jul 2021 in RHP) |
| 2021 | NCLT composite scheme (orders 8 Nov and 14 Dec 2021; appointed date 1 Apr 2019): 14 shells merged in; TN & Assam EPC + manufacturing demerged into Laser Power & Infra; real estate into Lumino Power Infrastructure |
| Oct 2022 (FY23) | Launched B2C "Lumicon" wires; bonus 2:3 (10 Oct 2022) |
| FY23–2024 | UL cables developed (FY23); UL-44 / UL-854 certification (2024); capacity raised 35,000 → 40,000 MT (FY24) |
| Nov 2024 | Split ₹10→₹5; bonus 3:1 |
| 20 Jan 2025 | DRHP for ₹1,000 cr IPO |
| 2025–26 | Lumino Green Energy (May-25); RJ Green (Mar-26); CTC Global ACCC licence (20 Feb 2026); Luminaard LLP (6 Apr 2026) |
| 3 Sep 2026 | Listed on NSE/BSE after ₹700 cr IPO |
Manufacturing products (FY26: ₹1,423.45 cr, 69.74%)
| Line | FY26 revenue | Products | Notes |
|---|---|---|---|
| Aluminium conductors | ₹735.07 cr (36.01%) | ACSR (PGCIL MQP Grade A), ACAR, AAAC AL59 (Grade A) & AL7, TACSR, TACSR/AW, Hi-TACSR(/AW) | From ₹238 cr FY24; 75.7% two-year CAGR [Est.] |
| HTLS conductors | Not separately disclosed | ACFR (carbon-fibre core), ACSS (ASTM B856), STACIR/STACIR-TW (Invar core), GTACSR (gap-type), ACCC (CTC Global licence) | Roughly double line ampacity on same corridor; reconductoring |
| MV covered conductors (MVCC) | In conductors/EPC | Covered 11 kV lines | PGVCL Gujarat EPC packages |
| Power cables | ₹634.03 cr (31.06%), −8.9% YoY | See cable table | LV only today; HT to 66 kV planned at Ranihati; no EHV cable |
| Electrical wires (Lumicon) | ₹43.86 cr (2.15%), +49.4% | UL-44 thermoset wire (600 V), flexible service wire (1,100 V), house wires, earth wires | ~104 distributors in Kerala, Rajasthan, UP, J&K (122 at DRHP stage); 86 B2C sales staff; marketing ₹1.69 cr |
| Others | ₹10.49 cr (0.51%) | Not described (likely scrap/traded) [unconfirmed] | Down from ₹67.48 cr FY24. CRISIL (2024) also mentioned PCC poles and substation components |
| Cable product | Use |
|---|---|
| LV XLPE/PVC power cables | Substations, industrial and panel distribution |
| LV XLPE/PVC control cables | Control circuits, machine tools, panels |
| Aerial bunched cables (ABC) | Rural electrification, anti-theft urban networks, street lighting |
| Railway signalling cables | Signals, points, track circuits, block instruments |
| Concentric (anti-theft) cables | Service connections; aimed at Africa and Latin America |
| Screened / instrumentation cables | Process instrumentation, SCADA, data |
| Solar cables | PV array interconnection |
| FR / FRLSH / FR-LSZH cables | Public buildings |
| UL cables (UL-44, UL-854) | US/EU export |
| Quad cables; MV cross-linked; fire-alarm; flexible (Unit II) | Smart grid/rail; MV distribution; buildings |
EPC businesses (FY26: ₹617.63 cr, 30.26%)
| Line | FY26 rev | Scope and track record |
|---|---|---|
| Power T&D (distribution) | ₹452.2 cr (−27.1%) | RGGVY, Saubhagya, IPDS, RDSS; 33/11 kV AIS/GIS substations, HT/LT lines, UG cabling, feeder segregation, MVCC; 55 projects, ~80,000 ckm. Rwanda REG EAQIP LV/MV project (LoA 6 Apr 2023; ₹83.3 cr received; 96% complete) |
| EHV substations | ₹91.0 cr (new) | 400/220/132/33 kV turnkey with SCADA. Completed 220 kV Agra (₹23.6 cr). Executing: Udaipur 400 kV GSS 2x500 MVA (₹128.2 cr), Haryana 400 kV, Assam 220/132 kV, Kerala 220 kV GIS Ramakkalmedu (KfW). 44.57% of EPC order book (40.65% Mar-25; 0% Mar-24) |
| HTLS reconductoring | Nil (FY25 ₹0.07 cr) | Completed 64 ckm 220 kV at Sirhind, Punjab |
| Railway electrification | Nil | 25 kV OHE; Manatu, Jharkhand (₹8.0 cr); SIPS-Zetwerk JV for Ircon NFR |
| Solar EPC & O&M | ₹58.2 cr (+26.9%) | 3x10 MW WB ground-mount (Salboni, Khemauli/Patni, Teesta canal), 1.34 MW rooftop, 10 MW floating Purulia (₹76.6 cr); new 10 MW Gangapur Birbhum, 5 MW floating PPSP; 3-yr WBSEDCL O&M. "41.03 MW" cited inconsistently |
| Water | ₹16.2 cr (+206%) | KMDA Katwa I&D + STP (DBOT, 15-yr O&M, Namami Gange); UP Jal Nigam Muzaffarnagar/Balrampur (120-month O&M); PHED Birbhum |
Facilities
| Facility | Location | Area | Tenure | Capacity (MT Al) | Products |
|---|---|---|---|---|---|
| Unit I | Bipranapara, Jalan Complex, Domjur, Howrah 711411 | ~184,000 sq ft land | Part owned; part leased from MD Devendra Goel (from 1 Apr 2018, 300 months) | 31,000 | Conductors incl. HTLS, cables; Al furnace + rolling mill |
| Unit II | Jalan Industrial Complex Gate 1, Baniara, Domjur | ~80,000 sq ft | Leased from Lekhapani Tea Co (108 months each, Sep-2018 shed, Mar-2023 building) | 9,000 | LT power, control, instrumentation, signalling, fire-alarm, solar, concentric, flexible; conductors |
| 4 warehouses | Howrah | ~156,600 sq ft | Leased (Inez Warehousing; Rajkishor Pradhan; Anand Kumar Goyal; Jain HUF) | – | Storage |
| Corporate office | Kolkata (Units 12/4, 12/3 Merlin Acropolis) | 4,740 sq ft | Leased from DRP Realtors (Apr-2024, 60 months) | – | – |
| Ranihati (under construction) | Ranihati, Howrah | 250,000 sq ft plant on ~650,000 sq ft land | Acquired | +35,000 in 3 phases | LV/HV cables to 66 kV, instrumentation, solar, signalling, flexible, conductors incl. HTLS, e-beam curing |
Ranihati project cost: governance file cites ~₹190 cr budget; business/narrative files and CRISIL say cost and funding mix are not disclosed. Treat ₹190 cr as unverified. The two existing units total 264,208 sq ft, all in one district (RHP flags the concentration).
Capacity and utilisation
| Unit | FY24 MT (util.) | FY25 MT (util.) | FY26 MT (util.) |
|---|---|---|---|
| Unit I (31,000) | 24,454 (78.88%) | 24,920 (80.39%) | 24,531 (79.13%) |
| Unit II (9,000) | 3,743 (41.59%) | 8,040 (89.33%) | 7,040 (78.22%) |
| Total (40,000) | 28,197 (70.49%) | 32,960 (82.40%) | 31,571 (78.93%) |
| Mfg revenue per MT produced [Est.] | ₹3.27 lakh | ₹3.78 lakh | ₹4.51 lakh |
Roadmap: Unit I debottlenecking +10,980 MT (₹15.01 cr IPO capex, FY27–28) to 50,980 MT. Ranihati Phase 1 +10,000 MT H2 FY27, Phase 2 +11,000 MT Q3 FY28, Phase 3 +14,000 MT Q1 FY29 → 75,000 MT. Whether the Unit I addition is inside the 75,000 MT is not reconciled. Management guides ~₹200 cr extra revenue.
Process, technology, certifications, IP
- Procure Al ingot/billet/rod, Cu rod, steel core wire, XLPE/PVC, drums
- In-house Al and Al-alloy rod: furnace, casting, rolling to 7.6/9.5 mm (backward integration)
- Wire drawing; stranding; extrusion; laying-up
- NABL-accredited lab testing; customer inspection; drum packing
- ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, 5S (both plants)
- NABL lab; BIS; UL-44 and UL-854; PGCIL MQP Grade A (AL59, ACSR)
- DGFT two-star export house
- 12 registered trademarks, 3 copyrights, 9–10 TM applications; no patents
- ACCC via non-exclusive CTC Global licence (20 Feb 2026), which restricts dealing in competing composite conductors
- Awards: PGCIL MSME vendor runner-up (2018), Skoch-NSE MSME (2019), WB Manufacturing Leadership (2018), Times Power Icons East (2026), Bihar SPHCL Saubhagya
Exports
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Overseas revenue (₹ cr) | 5.08 | 85.45 | 36.90 |
| % of revenue | 0.36% | 4.46% (Rwanda EPC) | 1.81% |
17 countries; 26 states + 4 UTs. Export customers: utilities in USA, Mali, Burkina Faso, Côte d'Ivoire, Ghana, Nepal, Bangladesh, Kenya, Rwanda, Ethiopia, Niger. Overseas order book Mar-26: Mfg ₹69.1 cr (5.97%), EPC ₹3.5 cr (0.17%). USD receivables $1.30 mn, 85% hedged. The website MD note mentions possible ventures into roads/highways and oil/piped-gas distribution; this is not in the RHP. Analyst View unrelated diversification risk.
Segment Analysis
Ind AS 108 note 45.13 (RHP p.376). Segment basis changed in FY26 with restated comparatives. ₹ cr.
| ₹ cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Mfg (contract basis, external direct) | 315.40 | 570.76 | 1,090.53 |
| EPC (contract basis) | 1,088.55 | 1,341.96 | 945.52 |
| Captive products moved EPC → Mfg | 604.57 | 670.73 | 328.52 |
| Mfg (segment basis) | 923.15 | 1,246.00 | 1,423.45 |
| EPC (segment basis) | 484.16 | 671.97 | 617.63 |
| Captive share of Mfg | 65.49% | 53.83% | 23.08% |
Segment results
| ₹ cr | FY24 | FY25 | FY26 | Q1 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Mfg revenue | 923.15 | 1,246.00 (+35.0%) | 1,423.45 (+14.2%) | ~348.5 | 371.03 (+6.5%) |
| Mfg segment result (PBIT) | 108.54 | 148.77 | 185.27 | n.a. | n.a. |
| Mfg EBITDA [Est.] (result + D&A) | 118.07 (12.8%) | 164.45 (13.2%) | 200.97 (14.1%) | ~40.4 (11.7%) | ~49.0 (13.3%) reported |
| Mfg PBT / PAT | 84.40 / 63.06 | 119.09 / 88.01 | 161.88 / 126.52 | ||
| EPC revenue | 484.16 | 671.97 (+38.8%) | 617.63 (−8.1%) | ~88.7 | 150.40 (+69.6%) |
| EPC segment result | 43.63 | 86.01 | 85.54 | n.a. | n.a. |
| EPC EBITDA [Est.] | 44.30 (9.2%) | 86.66 (12.9%) | 86.25 (14.0%) | ~11.8 | ~21.0 (14.0%) reported |
| Capex Mfg / EPC | 20.95 / 1.22 | 39.07 / 0.40 | 56.14 / 1.24 | ||
| Segment assets Mfg / EPC | 895.4 / 270.5 | 1,462.0 / 232.7 | 1,441.3 / 701.3 | ||
| Mfg share of PAT | 72.81% | 70.64% | 79.08% |
Segment results sum to ₹270.8 cr in FY26, ~₹48 cr above operating EBITDA less D&A (~₹222.5 cr). Other income, and possibly the entry-tax write-back, appear to be allocated into segments, so treat segment EBITDA as an upper bound.
Product and business-line growth
| ₹ cr | FY24 | FY25 | FY26 | FY25 YoY | FY26 YoY |
|---|---|---|---|---|---|
| Aluminium conductors | 238.00 | 475.32 | 735.07 | +99.7% | +54.6% |
| Power cables | 598.83 | 695.61 | 634.03 | +16.2% | −8.9% |
| Electrical wire | 18.84 | 29.35 | 43.86 | +55.8% | +49.4% |
| Others | 67.48 | 45.72 | 10.49 | −32.2% | −77.1% |
| EPC: power T&D | 442.93 | 620.64 | 452.22 | +40.1% | −27.1% |
| EPC: EHV substations | 2.18 | 0.05 | 90.98 | n.m. | new |
| EPC: solar | 39.06 | 45.86 | 58.21 | +17.4% | +26.9% |
| EPC: water | – | 5.30 | 16.22 | – | +206% |
| EPC: HTLS / railway | – | 0.07 / 0.05 | nil / nil | ||
| B2C revenue | 18.84 | 21.99 | 39.99 (1.96%) |
Management focus: use new capacity for "specialised conductors and cables, including products for higher-voltage applications". In EPC, target substations and HTLS reconductoring "where product manufacturing and project execution capabilities can be deployed synergistically" (Devendra Goel, Sep 2026). Guidance: EPC >30% growth, manufacturing "double-digit".
Financials: P&L
RHP restated consolidated FY24–26 (p.91), tie-checked. FY22–23 from Screener (unverified basis). ₹ cr.
| Line | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 1,407.32 | 1,917.97 | 2,041.07 |
| YoY growth | n.a. | 36.3% | 6.4% |
| Other income | 17.31 | 28.71 | 48.24 |
| Total income | 1,424.63 | 1,946.68 | 2,089.31 |
| Cost of materials consumed | 770.67 | 1,052.03 | 1,143.36 |
| (Increase)/decrease in inventories | (43.52) | (89.83) | (36.37) |
| Erection, sub-contracting, project expenses | 364.34 | 503.03 | 470.85 |
| Gross profit after all direct costs | 315.83 | 452.75 | 463.24 |
| Gross margin | 22.4% | 23.6% | 22.7% |
| Memo: revenue less materials only | 680.17 (48.3%) | 955.77 (49.8%) | 934.09 (45.8%) |
| Employee benefits | 61.42 | 76.35 | 90.73 |
| Other expenses | 109.32 | 153.46 (incl. ₹17.65 entry tax) | 133.56 |
| EBITDA (ex-other income) | 145.09 | 222.94 | 238.95 |
| EBITDA margin | 10.31% | 11.62% | 11.71% |
| Depreciation & amortisation | 10.21 | 16.33 | 16.42 |
| EBIT (incl. other income) | 152.19 (10.8%) | 235.32 (12.3%) | 270.77 (13.3%) |
| Finance costs | 36.24 | 66.01 | 66.00 |
| Share of JV profit/(loss) | (0.03) | (0.54) | 0.03 |
| PBT | 115.93 (8.2%) | 168.77 (8.8%) | 204.80 (10.0%) |
| Current tax / earlier years / deferred | 31.55 / (0.03) / (2.20) | 59.52 / 0.13 / (15.47) | 64.06 / (4.48) / (14.78) |
| Total tax (ETR) | 29.32 (25.3%) | 44.18 (26.2%) | 44.80 (21.9%) |
| PAT | 86.61 | 124.59 | 160.00 |
| PAT margin (on revenue) | 6.15% | 6.50% | 7.84% |
| Total comprehensive income | 86.57 | 124.48 | 159.27 |
| EPS ₹ (FV 5, bonus-adjusted) | 3.56 | 5.11 | 6.57 |
RHP KPI "PAT margin 7.66%" is PAT ÷ total income. Some portals (Bajaj Broking, IPOWatch) mislabel total income as revenue.
Five-year view
| ₹ cr | FY22* | FY23* | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 604 | 760 | 1,407.3 | 1,918.0 | 2,041.1 |
| YoY | n.a. | 25.8% | 85.1% | 36.3% | 6.4% |
| Gross profit (after direct costs) | NA | NA | 315.8 (22.4%) | 452.8 (23.6%) | 463.2 (22.7%) |
| EBITDA | 60 (9.9%) | 51 (6.7%) | 145.1 (10.3%) | 222.9 (11.6%) | 239.0 (11.7%) |
| EBIT | 68 (11.3%) | 55 (7.2%) | 152.2 (10.8%) | 235.3 (12.3%) | 270.8 (13.3%) |
| PBT | 46 (7.6%) | 27 (3.6%) | 115.9 (8.2%) | 168.8 (8.8%) | 204.8 (10.0%) |
| PAT | 34 (5.6%) | 19 (2.5%) | 86.6 (6.2%) | 124.6 (6.5%) | 160.0 (7.8%) |
| Dividend | Nil | Nil | Nil | Nil | Nil |
*Screener. CRISIL FY22 revenue 604.85 / PAT 39.35; FY23 760.26 / PAT 20.77. Screener's FY24–26 EBITDA (157/233/253) and interest (48/77/80) move ~₹12–14 cr/yr of bank charges out of opex. CAGRs: FY22–26 revenue ~35.9%; FY24–26 revenue 20.4%, PAT 35.9%.
Quarterly results (only 3 quarters public)
| ₹ cr | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue from operations | 437.11 | ND | ND | 712 | 521.43 |
| EBITDA | 52.6 | ND | ND | 90 (Screener) | 70.88 |
| EBITDA margin | 12.05% | ND | ND | 12.6% | 13.59% |
| Other income | 10 | ND | ND | 18 | 5 |
| Interest (Screener) | 19 | ND | ND | 22 | 17 |
| Depreciation | 4 | ND | ND | 4 | 4 |
| PBT | 40 | ND | ND | 82 | 54 |
| Tax rate | 24% | ND | ND | 19% | 26% |
| PAT | 30.34 | ND | ND | 66 | 40.17 |
| EPS ₹ | 1.25 | ND | ND | 2.73 | 1.65 |
| Total income | 447.52 | ND | ND | – | 526.80 |
| Growth | YoY (Q1FY27 vs Q1FY26) | QoQ (vs Q4FY26) |
|---|---|---|
| Revenue | +19.3% | −26.8% (Q4 seasonality) |
| EBITDA | +34.6% (company: +34.2%) | −21.2% |
| PAT | +32.4% | −39.1% |
ND = not disclosed. Derived Q2+Q3 FY26 (Screener basis): revenue ~₹891 cr, EBITDA ~₹110 cr, PAT ~₹64 cr. Q4 FY26 carried 35% of FY26 revenue and 41% of PAT. Q1 FY27 still consolidates RJ Green (deconsolidated 7 Aug 2026). Sahi's "₹4.03 cr profit" headline is a 10x unit error; the correct figure is ₹40.17 cr.
Earnings-quality check
| # | Flag | Detail |
|---|---|---|
| 1 | Rising other income | ₹17.3 → 28.7 → 48.2 cr, or 23.6% of FY26 PBT. FY26 includes interest ₹13.1 cr, investment/derivative gains ~₹3.8 cr, unrealised FX ₹2.2 cr, write-backs ₹1.4 cr, inventory-provision reversal ₹2.3 cr. Ex-other income, FY26 PBT grew only ~11% |
| 2 | Tax help | ₹4.48 cr prior-year credit + ₹14.78 cr deferred credit. Current tax alone = 31.3% of PBT. At ~25.2% normalised, FY26 PAT ≈ ₹153 cr [Est.] |
| 3 | Flat underlying EBITDA | FY25 had a one-off ₹17.65 cr entry-tax provision (incl. ₹11.22 cr interest; note 45.16) after the Calcutta HC ruling of 30 Jan 2025. Adjusted FY25 EBITDA ~₹240.6 cr (12.5%) vs FY26 ₹238.95 cr. FY26 wrote back ₹11.71 cr after settling for ₹5.93 cr under the WB scheme; the P&L line is undisclosed. Pre-tax swing ~₹29.4 cr inflates FY26 PAT growth |
| 4 | Materials margin | Materials-only margin −400 bp in FY26; full direct-cost gross margin only −90 bp because project costs fell as a share of revenue |
| 5 | FY23 trough | EBITDA 6.7%, PAT 2.5%. Price-variance clauses cover Al, Cu and steel in the "majority" of contracts, not all |
| 6 | EPC overruns / LDs | ₹23.62 cr cost overrun FY25; LDs ₹6.40 cr FY25; average project time overrun 6–8 months |
| 7 | Volumes down | Utilisation 82.40% → 78.93%; production −4.2% in FY26. Revenue growth was price/metal pass-through, not volume |
| 8 | Cash backing | OCF/PAT FY24–26 = 0.05x; see Tab 6 |
Financials: Balance Sheet, Cash Flow & Ratios
RHP restated consolidated (pp.90–94, 413–420) plus lead-analyst rulings on RHP Note 29/29.1/29.2. ₹ cr.
Balance sheet
| Line | Mar-24 | Mar-25 | Mar-26 |
|---|---|---|---|
| PPE | 45.21 | 59.01 | 65.34 |
| CWIP | 4.68 | 10.95 | 47.83 |
| Right-of-use assets | 12.71 | 15.54 | 14.19 |
| Intangibles / Goodwill | 0.11 / Nil | 0.16 / Nil | 0.13 / Nil |
| Non-current investments | 2.45 | 3.39 | 3.72 |
| Non-current loans | 10.25 | 0 | 0 |
| Other non-current financial assets | 14.97 | 22.65 | 35.75 |
| Deferred tax assets | 3.93 | 19.44 | 29.40 |
| Inventories | 178.85 | 259.10 | 364.07 |
| Current investments | 84.66 | 32.29 | 20.16 |
| Trade receivables | 459.52 | 721.16 | 894.86 |
| Cash & equivalents | 17.96 | 78.07 | 91.83 |
| Other bank balances (FDs, largely lien-marked) | 114.50 | 149.13 | 158.93 |
| Other current financial assets (incl. retention) | 155.60 | 250.64 | 318.10 |
| Other current assets | 57.57 | 70.78 | 104.35 |
| Total assets | 1,175.44 | 1,718.66 | 2,174.88 |
| Equity share capital | 30.45 | 121.79 | 121.79 |
| Other equity | 415.52 | 448.66 | 607.92 |
| Net worth | 445.97 | 570.45 | 729.71 |
| Non-current borrowings | 20.01 | 10.45 | 27.74 |
| Current borrowings | 20.90 | 408.38 | 356.42 |
| Total borrowings (balance sheet) | 40.91 | 418.83 | 384.16 |
| Lease liabilities | 15.30 | 18.73 | 17.19 |
| Trade payables | 136.26 | 100.14 | 255.47 |
| Trade acceptances (Note 29) | 401.36 | 444.16 | 595.47 |
| Other current liabilities (advances etc.) | 117.22 | 128.65 | 178.85 |
| Total liabilities | 729.47 | 1,148.21 | 1,445.16 |
FY24 "₹40.91 cr borrowings" is correct (balance-sheet line); the separate ₹401.36 cr of trade acceptances explains the apparent "10x debt jump". Screener's debt series is inconsistent (FY24 458 includes acceptances; FY25–26 438/401 exclude). Equity capital rose 30→122 from the Nov-2024 3:1 bonus. Retention money ₹308.73 cr FY26; CRISIL puts retention + unbilled at ~₹474 cr.
Five-year summary and adjusted debt
| ₹ cr | FY22* | FY23* | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Fixed assets (net block + ROU) | 36 | 41 | 57.9 | 74.6 | 79.5 |
| CWIP | 5 | 9 | 4.7 | 11.0 | 47.8 |
| Goodwill | NA | NA | Nil | Nil | Nil |
| Inventory | NA | NA | 178.9 | 259.1 | 364.1 |
| Receivables | ~250 | ~254 | 459.5 | 721.2 | 894.9 |
| Cash + bank + current inv. (gross) | NA | NA | 217.1 | 259.5 | 270.9 |
| Unencumbered liquidity (CRISIL) | NA | NA | NA | NA | ~130 |
| Balance-sheet borrowings | n.a. | n.a. | 40.9 | 418.8 | 384.2 |
| Adjusted debt (+ acceptances + leases) | 221* | 319* | 457.6 | 881.7 | 996.8 |
| Net worth | 338 | 359 | 446.0 | 570.5 | 729.7 |
*Screener; FY22–23 borrowings likely include acceptances (unverified). FD encumbrance [RHP p.419]: of ~₹186.11 cr FDs, ₹33.07 cr pari-passu lien + ₹140.53 cr pledged as LC/BG margin = ~₹173.6 cr encumbered.
Cash flow (RHP restated)
| ₹ cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| PBT | 115.93 | 168.77 | 204.80 |
| Operating profit before WC changes | 147.02 | 243.21 | 264.27 |
| (Increase) in inventories | (56.14) | (83.31) | (102.70) |
| (Increase) in trade receivables | (205.55) | (266.73) | (171.45) |
| (Increase) in other fin./non-fin. assets | (83.41) | (98.46) | (74.96) |
| Increase in trade payables & fin. liabilities | 24.98 | (30.65) | 154.72 |
| Increase in other liabilities | 73.93 | 11.43 | 50.19 |
| Increase in trade acceptances | 193.08 | 42.79 | 151.31 |
| Other WC items, net | 32.59 | (12.60) | (40.54) |
| Cash from operations | 126.50 | (194.32) | 230.84 |
| Tax paid | (25.59) | (44.27) | (74.75) |
| Net OCF | 100.91 | (238.59) | 156.08 |
| Capex | (22.18) | (49.86) | (51.89) |
| FCF (OCF − capex) | 78.73 | (288.45) | 104.19 |
| Net CFI | (3.58) | (12.77) | (40.60) |
| LT borrowings raised / repaid | 8.64 / (26.00) | 77.13 / (10.82) | 23.00 / (86.50) |
| ST borrowings, net | (38.87) | 311.61 | 28.83 |
| Finance cost paid / lease repayment | (34.58) / (3.44) | (62.97) / (3.48) | (63.42) / (3.63) |
| Net CFF | (94.25) | 311.48 | (101.72) |
| Net change in cash / closing cash | 3.07 / 17.96 | 60.11 / 78.07 | 13.76 / 91.83 |
Screener's FY24 OCF of −92 = RHP 100.91 less the 193.08 acceptance inflow, i.e. Screener reclassified acceptances to financing for FY24 only. RHP figures are authoritative (mStock's +100.9 matches the RHP).
| ₹ cr | FY22* | FY23* | FY24 | FY25 | FY26 | Total |
|---|---|---|---|---|---|---|
| PAT | 34 | 19 | 86.6 | 124.6 | 160.0 | 424.2 |
| OCF (reported) | −35 | 72 | 100.9 | −238.6 | 156.1 | 55.4 |
| OCF excl. acceptance inflows | n.a. | n.a. | −92.2 | −281.4 | 4.8 | −368.8 (3-yr) |
| Capex | ~10 | ~19 | 22.2 | 49.9 | 51.9 | ~153 |
| FCF (reported) | −45 | 53 | 78.7 | −288.5 | 104.2 | −97.6 |
| FCF excl. acceptances | n.a. | n.a. | −114.4 | −331.2 | −47.1 | n.a. |
| OCF / PAT | −1.0x | 3.8x | 1.17x | −1.92x | 0.98x | 0.13x |
Working capital
| Days (RHP-based) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Debtor days (receivables / revenue) | 119 | 137 | 160 |
| Inventory days (on materials + inv. change) | 90 | 98 | 120 |
| Creditor days, trade payables only | 46 | 25 | 59 |
| Creditor days incl. trade acceptances | 180 | 136 | 197 |
| CCC excl. acceptances | 163 | 210 | 221 |
| CCC incl. acceptances | 29 | 99 | 83 |
| Screener days (basis unverified) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Debtor | 151 | 122 | 120 | 137 | 160 |
| Inventory | 68 | 85 | 90 | 99 | 120 |
| Payable | 66 | 80 | 68 | 82 | 130 |
| CCC | 152 | 127 | 141 | 155 | 151 |
| Working-capital days | 150 | 51 | 43 | 36 | 51 |
Other bases: RHP NWC ₹716.72 cr (35.11% of revenue, from 16.09% in FY24), "working capital cycle" 86 days. RHP business section quotes debtor days 145 and inventory 56 days (different denominator; debtor days rose from 92). CRISIL (Mar-26): inventory 74 days, retention-adjusted receivables 132 days, GCA expected 250–275 days. This report uses 160 debtor days elsewhere. The operating cycle (receivables + inventory) went from ~209 to ~280 days over FY24–26, funded by supplier-side discounting.
Ratios
| Ratio | FY22† | FY23† | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RoE (avg NW) / RHP KPI | 10.1% | 5.5% | 21.6% / 21.52% | 24.5% / 24.52% | 24.6% / 24.62% |
| RoCE (avg) / RHP KPI | 12.2% | 8.9% | 30.3% / 32.27% | 31.2% / 31.89% | 25.3% / 25.75% |
| RoCE with acceptances in CE | n.a. | n.a. | 16.8% | 20.0% | 17.0% |
| D/E (balance-sheet borrowings) | n.a. | n.a. | 0.09 | 0.73 | 0.53 |
| D/E adjusted (+ acceptances + leases) | 0.65 | 0.89 | 1.03 | 1.55 | 1.37 |
| Net adj. debt / EBITDA (gross cash) | n.a. | n.a. | 1.66x | 2.79x | 3.04x |
| Net adj. debt / EBITDA (unencumbered ₹130 cr) | n.a. | n.a. | NA | NA | 3.63x |
| Interest cover EBIT / EBITDA / CRISIL | 3.1x / – / 3.31x | 2.0x / – / 2.11x | 4.20x / 4.00x / – | 3.56x / 3.38x / 3.06x | 4.10x / 3.62x / 3.16x |
| Current ratio | NA | NA | 1.55x | 1.40x | 1.40x (CRISIL 1.37x) |
| TOL/TNW (CRISIL) | NA | NA | NA | NA | 1.94x |
| Asset turnover | 0.87x | 0.89x | 1.20x | 1.12x | 0.94x |
| Fixed-asset turnover | 16.8x | 18.5x | 24.3x | 25.7x | 25.7x |
†Screener-based. Implied cost of funds ~7.0% (₹66 cr on ~₹939 cr average adjusted debt), consistent with RHP rates; Screener's "high cost of borrowing" flag is an artefact of excluding acceptances. Pro forma post-IPO RoE ~13.4% on ~₹1,193 cr equity [Est.].
Financial indebtedness at 31 Jul 2026 (RHP p.418, ₹ mn)
| Facility | Sanctioned | Outstanding | Marker |
|---|---|---|---|
| Secured FB: working-capital facilities | 3,550.00 | 1,539.50 | |
| Secured FB: GECL | 311.30 | 65.73 | |
| Secured FB: term loan | 700.00 | 229.80 | |
| Secured FB: vehicle loans | 21.29 | 12.91 | |
| Secured FB: OD against securities | 250.00 | 150.00 | |
| Secured FB: 100% FD-backed OD | 189.20 | 170.80 | |
| Total secured fund-based (A) | 5,021.79 | 2,168.74 | |
| Secured NFB: LC | 11,700.00 (shared with BG) | 1,622.49 | *^ |
| Secured NFB: BG | (shared) | 8,776.78 | * |
| Total secured (C) | 16,721.79 | 12,568.01 | |
| Unsecured WC loan | 1,000.00 | 1,000.00 | |
| Unsecured LC | 765.00 (shared) | 165.54 | *^ |
| Unsecured BG | (shared) | 450.30 | * |
| Vendor bill discounting | 2,700.00 | 1,611.94 | ^ |
| Dealer channel finance | 100.00 | 20.13 | |
| Bill discounting | 300.00 | 454.35 | ^ |
| TReDS bill discounting (e.g. Mynd) | n.a. | 2,297.55 | **^ |
| Grand total | 21,586.79 | 18,567.82 |
* LC/BG interchangeable; ^ refer Note 29/29.1 (trade acceptances); ** TReDS not bank-sanctioned. Certified jointly by Singhi & Co. and SDP & Associates, 20 Aug 2026.
Lead-analyst split of the ₹1,856.78 cr (RHP Note 29.2 ruling)
| Component | ₹ cr | Treatment |
|---|---|---|
| Bank guarantees (877.68 secured + 45.03 unsecured) | 922.7 (~50%) | Contingent; EPC performance/advance guarantees Fact |
| Usance LCs (162.25 + 16.55) | 178.8 | On balance sheet in trade acceptances (Note 29.2), not contingent |
| Vendor BD + BD + TReDS | 436.4 | Debt-like trade acceptances |
| Bank fund-based debt (secured FB + WC loan + dealer finance) | 318.9 | Debt |
| Debt-like total | ~934.1 | LC + discounting ₹615 cr ties to ₹595.5 cr Mar-26 acceptances |
| After ₹337 cr IPO prepayment | ~597 | ~2.5x FY26 EBITDA gross; ~1.95x net of ₹130 cr unencumbered cash Est. |
Key terms [RHP pp.419–420]: secured tenor 3 months–6 years 2 months, unsecured 3 months–1 year. Rates: secured 7.50–9.25%, vehicle 9.00%, unsecured 6.25–9.25% (repo/MCLR + spread). Security includes: first pari-passu charge on current assets and P&M; mortgage of Jangalpur factory land (~120.3 decimals owned by MD Devendra Goel personally, 287.6 decimals by the company); mortgage of office units 12/4 and 12/3 owned by DRP Realtors and Brijdham Infrastructure (also corporate guarantors); personal guarantees of Deepak Goel, Devendra Goel and Jay Goel; FD liens. Prepayment and penal interest each up to 2%. Covenants require lender consent for capital-structure changes, promoter dilution below a threshold, new projects and additional charges. Tofler's "no charges registered" is wrong. Capitalisation Mar-26 [p.417]: current ₹350.71 cr, non-current ₹33.45 cr, total ₹384.17 cr; borrowings/equity 0.53x; non-current/equity 0.05x.
CRISIL-rated facilities (₹2,000 cr, 2 Jul 2026) and lenders
| Type | ₹ cr |
|---|---|
| Fund-based cash credit | 343 |
| Bill discounting | 270 |
| Non-fund-based LC/BG | 1,250 |
| Term loans (IndusInd 56, HDFC 70) | 126 |
| WCTL (IDFC First 10, YES 0.5, RBL 0.5) | 11 |
| Total | 2,000 |
| Lender | Exposure ₹ cr |
|---|---|
| SBI | 375 |
| Canara Bank | 275 |
| Union Bank | 250 |
| Bank of Baroda | 150 |
| HDFC Bank | 145 |
| IDFC First | 135 |
| YES Bank | 127 |
| Indian Bank | 100.5 |
| PNB | 90 |
| ICICI Bank | 80 |
| IndusInd | 74 |
| Exim Bank | 70 |
| Axis Bank | 68 |
| RBL Bank | 60.5 |
Punjab & Sind Bank was a lender in Feb-2024 but not in Jul-2026. RHP sanctioned limits (₹2,158.68 cr) exceed CRISIL's ₹2,000 cr mainly because vendor bill discounting is not bank-rated. Term-debt repayment ~₹21 cr/yr (vs ~₹9 cr in Feb-2024). No lender-wise maturity ladder is disclosed. Fund-based utilisation averaged ~52% (12 months to Mar-26; ~27% in 2023). Expected accruals ₹180–200 cr/yr. IPO prepayment targets HDFC, Union Bank, BoB, SBI, YES and IDFC First lines.
Credit ratings
| Agency | Rating | Date | Notes |
|---|---|---|---|
| CRISIL | A+/Stable (upgraded); A1 | ~11–15 Sep 2026 | Scale (39% revenue CAGR FY23–26), order book ₹3,090 cr (30 Jun 2026), L1 positions, ~₹360 cr IPO debt cut; gearing 0.20–0.30x; ~20% revenue CAGR; ~13% margin |
| CRISIL | A/Stable; A1 reaffirmed | 2 Jul 2026 | FY26 rev 2,041.07, PAT 159.98, adj. D/E 0.53 (excludes acceptances), ICR 3.16x, TOL/TNW 1.94x; company appealed the rating; assumed gearing ~0.50–0.60x |
| CRISIL | A/Stable; A1 | 17 Mar 2026; 3 Apr 2025; 3 Feb 2025 (bulletin); Dec 2024 | Reaffirmed |
| CRISIL | A/Stable; A1 | 29 Feb 2024 | Limits ₹1,000 → ₹1,200 cr (FB 345, NFB 855); at A/A1 since Sep 2021 |
| CRISIL | Earlier rationale | 29 Nov 2017 | |
| ICRA | [ICRA]A-(Positive), withdrawn | 14 Jun 2019 | |
| CARE / India Ratings | None found |
CRISIL triggers. Upgrade: TOL/TNW ~1.5x and no large debt-funded capex. Downgrade: accruals below ₹40 cr, or debt-funded capex/acquisitions. Contingent liabilities Mar-26: ₹24.86 cr (claims ₹0.94 cr per financials file vs ₹1.03 cr per narrative file, a source conflict; tax ~₹23.9 cr incl. GST ₹14.36 cr, customs ₹9.47 cr; WBGST/CGST under appeal). The ~₹923 cr of outstanding BGs is not in this table. The DRHP figure was ₹25.9 cr at Sep-24.
Equity dilution and share-count history (RHP pp.113–124)
| Date | Event | Shares after | FV |
|---|---|---|---|
| 2005–2009 | Subscriber/further issues; bonus 1:5 (2 May 2007); preference→equity (2 Jun 2007) | 2.42 cr | ₹10 |
| Later (date cut off) | 1,03,000 shares at ₹500 | 3,04,42,500 | ₹10 |
| 2019–20 | Buy-back of 42,90,000 shares from Laser Cables Pvt Ltd at ₹13.50 | 2,61,52,500 | ₹10 |
| NCLT 8 Nov 2021 | Composite scheme: 1,40,03,257 issued, 2,18,87,400 cancelled | 1,82,68,357 | ₹10 |
| 10 Oct 2022 | Bonus 2:3 (record date 1 Sep 2022) | 3,04,47,262 | ₹10 |
| 13–14 Nov 2024 | Split ₹10→₹5 | 6,08,94,524 | ₹5 |
| 29 Nov 2024 | Bonus 3:1 (₹91.34 cr from premium 29.32, CRR 4.29, GR 9.78, RE 47.96) | 24,35,78,096 | ₹5 |
| Aug–Sep 2026 | IPO: fresh 6,09,75,609 (₹500 cr) + OFS 2,43,90,242 (₹200 cr) at ₹82 | 30,45,53,705 | ₹5 |
No cash dilution between FY22 and the IPO. No pre-IPO placement (the DRHP allowed up to ₹120 cr); claims of a "9:1 bonus" or an "₹343 placement" are false. IPO dilution 20.0%; promoters 100% → 71.97% (IPOWatch's "~80%" is wrong). No ESOP scheme, warrants, QIP or preferential allotments. Securities premium Nil pre-offer. Authorised capital ₹187 cr (35 cr equity + 2.4 cr preference shares of ₹5).
Management, Promoters & Governance
RHP pp.114–134, 286–292, 313–326, 370–374, 427–445; FY25 AR; lead-analyst rulings §3.
Promoters
| Promoter | Age | Role | Education | Holding pre → post | Background |
|---|---|---|---|---|---|
| Purushottam Dass Goel | 78 | Founder; Chair, Non-Executive (from 23 Nov 2024) | No formal education (RHP) | 0.33% → ~0.26% | With business since 1989; FOSMI WB honour (2013); 8,00,000 shares acquired FY25 at nil cost |
| Devendra Goel (DIN 00673447) | 53 | Managing Director | B.Com, Calcutta University | 49.03% → 33.21% | Since 4 Apr 2005; marketing, finance, admin. Avg cost ₹0.002/sh; sold 1,82,92,682 sh (₹150 cr) in OFS. Net worth ₹24.63 cr (31 Mar 2025). ~40 directorships incl. real-estate vehicles (DRP Realtors, Pulkit Properties, Saraf Township and others) and Laser Aluminium/Electrical/Filament/Power & Infra (Quickcompany; current status unverified) |
| Jay Goel (DIN 08190426) | 29 | Whole-time Director | BSc Management, Bentley University (USA) | 35.54% → 26.42% | Joined 2 Aug 2018; operations and BD. Nil cost; sold 60,97,560 sh (₹50 cr) in OFS |
Promoter group: Rashmi Goel (Devendra's wife; WTD until 2019; Lumicab LLP partner) 9.26% → 7.40%; RAG Private Family Trust 5.75% → 4.60%; Rohit Goel 1,336 sh; Devendra/Jay/Rohit family trusts 80,000 sh each. P.D. Goel HUF (7.46% at Mar-24) was dissolved 2 Sep 2024. Pre-IPO split: promoters 84.90%, promoter group 15.10%. Stakes were built mainly by intra-family gifts: Rashmi 17.9 lakh (Jul-2023); Deepak Goel 3,18,333 sh (12 Nov 2024); P.D. Goel 21.7 lakh (14 Nov 2024). Disassociations in the last 3 years: Lumino Bio Fuel and Shree Krishna Bio Fuel Energy (struck off), Unique Heights and Akshat Builders (ceased), Screenzy Digital Commercial (struck off 2025–26).
Key management
| Name | Role | Since | Background / pay |
|---|---|---|---|
| Devendra Goel | MD | 2005 | Remuneration ₹4.96 cr FY24, ₹4.59 cr FY25, ~₹3.6 cr FY26 (column inferred) |
| Jay Goel | WTD | 2018 | ₹4.96 cr FY24, ₹3.20 cr FY25, ~₹2.7 cr FY26 |
| Hemant Bhuwania | CFO | Group CFO 15 May 2025; CFO 14 Jul 2025 | CA. Texmaco Rail 2011–25 (AGM Finance → CFO); PwC 2006–11 |
| Ajay Kumar Luharuka | Joint CFO | Joined 2013; re-designated 14 Jul 2025 | CA; ex-Wim Plast. Company loan ₹18.5 lakh outstanding; wife and brother are employees; residence searched in 2022 I-T action |
| Vivek Jain | CS & Compliance | 1 Jan 2026 | 10+ yrs listed-company experience; replaced Roshaan Davve |
| Amit Bajaj | Ex-WTD | Resigned 9 Dec 2024 | FY25 pay ₹44.3 lakh; wife was an employee |
KMP pay: ₹11.07 cr in FY24 (12.8% of PAT), ₹8.86 cr in FY25 (~7%). Family salaries: Rashmi Goel ₹2.21 cr FY24; Rohit Goel ₹21.6 lakh FY25. No ESOPs.
Board (Aug 2026): 6 members, 50% independent
| Name | Role | Category | Appointed | Background |
|---|---|---|---|---|
| Purushottam Dass Goel | Chairperson | Non-exec promoter | 2005 | Founder |
| Devendra Goel | MD | Executive promoter | 2005 | B.Com |
| Jay Goel | WTD | Executive promoter | 2018 | Bentley University |
| Hemant Sultania | ID; chairs Audit & NRC | Independent | 20 Dec 2024 | CA, CS; ex-VP Finance Bata; ex-CFO Dr Lal PathLabs, Vaibhav Global, Aakash |
| Amitabh Mathur | ID | Independent | 20 Dec 2024 | BE Mech, MBA; ex-Director BHEL; ex-ID Chennai Petroleum |
| Shalu Laxmanraj Bhandari | ID (woman) | Independent | 20 Dec 2024 | FCS; practising CS 20+ yrs; ID Bajaj Hindusthan Sugar since 2016 (named in 2018 UPPCB Water Act complaints vs BHSL; two stayed by Allahabad HC; unrelated to Lumino); personal matrimonial litigation |
The full ID slate was replaced in Dec 2024, a month before the DRHP (Hari Ram Agarwal, Kanchan Jalan and Priti Agarwal ceased 19–20 Dec 2024). Tenure of all IDs is under 2 years. Committees (FY25 AR): Audit = Sultania (Chair), Bhandari, Devendra Goel (MD). NRC = Sultania, P.D. Goel, Mathur. SRC = P.D. Goel (Chair; attended 0 of 1), Devendra Goel, Sultania. RMC and CSR are chaired by Devendra Goel. Executive and IPO committees exist. 18 board and 9 audit committee meetings in FY25.
Shareholding
| Category | Mar-2024 (AR) | Pre-IPO (RHP) | 30 Sep 2026 |
|---|---|---|---|
| Promoters + group | 100% (Devendra 39.16, Jay 35.54, Rashmi 15.00, PD HUF 7.46) | 100% (84.90 + 15.10) | 71.97% |
| FII/FPI | – | 0% | 1.66% |
| DII (MF 6.39%) | – | 0% | 11.19% |
| Public (retail 13.45% + others 1.73%) | – | 0% | 15.18% |
| Shareholders | – | ~10–11 | 1,67,498 |
A four-quarter trend does not exist (listed Sep-2026). Pledge: nil (RHP p.134; aggregators post-listing). Insider/SAST: none up to 6 Oct 2026. The only promoter sale was the ₹200 cr OFS at near-zero cost basis.
Laser Power & Infra cross-guarantees (RHP Risk Factor 24; ruling §3)
| Bank (Laser WC facility) | ₹ mn | Date |
|---|---|---|
| Canara Bank | 3,140 | 18 Jul 2025 |
| Union Bank | 2,450 | 18 Jul 2025 |
| SBI | 1,950 | 18 Jul 2025 |
| HDFC Bank | 1,430 | 18 Jul 2025 |
| RBL Bank | 1,110 | 18 Jul 2025 |
| PNB | 1,000 | 18 Jul 2025 |
| Bank of Baroda | 990 | 18 Jul 2025 |
| IndusInd | 950 | 18 Jul 2025 |
| Axis Bank | 950 | 18 Jul 2025 |
| UCO Bank (inferred from layout) | 700 | 18 Jul 2025 |
| IDFC First | 690 | 18 Jul 2025 |
| Indian Bank | 500 | 18 Jul 2025 |
| IDBI | 260 | 18 Jul 2025 |
| Total (13 banks) | 16,120 ≈ ₹1,612 cr |
Related-party transactions
| Counterparty / nature (₹ cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| P.S. Enterprise: RM purchases (partners P.D. Goel, Rashmi Goel) | 179.16 | 270.45 | 174.70 |
| P.S. Enterprise: advance outstanding | 21.21 | 18.58 | 21.41 |
| Devendra Goel: rent (Unit I) | 0.99 | 0.99 | 0.99 |
| Devendra / Jay Goel remuneration | 4.96 / 4.96 | 4.59 / 3.20 | ~3.6 / ~2.7 |
| Rohit Goel education sponsorship | 1.30 | – | – |
| Loan to Lumino Power Infrastructure (given & repaid) | 39.25 | 3.33 | – |
| Loans to Brijdham / Shanti Health / Shanti Infrabuild | – | 2.13 / 3.20 / 0.91 | – |
| Loans from Lumino Finvest / Jay Goel; repaid to P.D. Goel | 5.64 / 3.00; 8.55 | – | – |
| Rent: Brijdham / DRP / Shanti Infrabuild | – | 0.84 / 0.40 / 0.13 | present, not attributable |
| Rent: Rashmi Goel | 1.24 | – | – |
| Screenzy advertising / Lumino SMC JV works | 0.75 / – | – / 4.43 | – |
| RPT as % of revenue | – | 14.92% | 9.20% |
PSE purchases needed board approval (27 Mar 2025) and an EGM approval (16 May 2025; ₹240 cr ex-GST limit). PSE remains ~8.6% of revenue, yet the RHP says there is "no conflict of interest between the suppliers … and our Promoters" (p.317). Equity held in DRP Realtors (₹1.9 cr) and Shanti Infrabuild (₹0.11 cr). Jagannath Concrete Poles is also a counterparty (purchases, advances). New FY26 related parties: LIL-PCSCPL-JV, Hemant Bhuwania, Vivek Jain. FY26 RPT columns were scrambled in extraction; only reconciling figures are shown.
Auditors and controls
- Joint statutory auditors: SDP & Associates (FRN 322176E; Pranita Dalmia; sole auditor to FY24) and Singhi & Co. (FRN 302049E; Navindra Kumar Surana; appointed 30 Sep 2024 AGM for 5 yrs).
- SDP lacked an ICAI peer-review certificate, so Singhi re-audited FY24 for the IPO (RHP p.324).
- Opinions: FY25 unmodified (15 May 2025); FY26 unmodified (5 Jun 2026); no qualifications in restated financials. Other Matters: Rwanda branch (assets ₹1.6 cr, revenue ₹2.2 cr) and four subsidiaries audited by others.
- CARO FY25: stock statements to banks differed from books (₹13.5 cr Q4 FY25; up to ₹30 cr/quarter in FY24); frauds ₹93.48 lakh; disputed dues. Audit trail not enabled at database level (Rule 11(g)). FY26 CARO not yet published.
- Changes: secretarial auditor Payal Goenka → Hansraj Jaria; internal auditor Amit Kumar Baheti → EY LLP. Tax-litigation certificate by V Jalan & Co.
Subsidiaries, JVs and group structure
| Entity | Status | Notes |
|---|---|---|
| Lumino Green Energy Pvt Ltd | WOS (May 2025) | Holdco for renewable step-downs |
| Lumino Renewable Energy / Lumino Solar Energy | Step-down (98%) | Immaterial |
| RJ Green Energy Pvt Ltd (50 MW AC solar) | WOS from 28 Mar 2026; ceased 7 Aug 2026 | 49% incl. 275 DVR shares (100 votes each) sold to Pinaki Green Energy LLP (MoU/SHA 23 Jun 2026). Lumino keeps 51% equity, buyer holds 86.02% votes and indemnifies; consideration undisclosed |
| Lumino SMC JV | 49% capital / 90% profit | Water EPC; FY25 loss ₹0.6 cr; FY26 +₹0.03 cr |
| LIL-PCSCPL-JV | 98%, from 2 Dec 2025 | Consolidated; tiny loss |
| SIPS-Lumino-Zetwerk JV | 27%, not consolidated | Railway electrification for Ircon |
| LIL-ASPL-JV | 98%, Feb 2026 | With Acqua Tech; not operational |
| Luminaard LLP | 40% (Ardisons 60%), 6 Apr 2026 | Inverter-duty and loco transformers |
| Lumino Jupiter Solar LLP | 15% | Related party |
Subsidiaries are immaterial (FY26 assets ₹0.67 mn, revenue nil); the parent is ~100% of net assets and PAT. There are no operating acquisitions. Group companies (6, all at Unit 6/11 Merlin Acropolis): Brijdham Infrastructure, DRP Realtors, Lumino Finvest, Lumino Power Infrastructure, Shanti Health Services, Shanti Infrabuild. Promoter-group entities with same-line or adjacent names: Laser Power and Infra, Klarix Wires LLP, Ganpati Transmission and Power, Ganpati Electricals, Sanjay Casting, SCE Infratech, UIC Udyog, Jagannath Concrete Poles, Lumicab LLP, Laser Developers, SRS Tractors. Analyst View Ganpati Electricals and UIC Udyog share names with an FY24 top-10 customer and an FY24–25 top-10 supplier; we infer they are the same entities, but the RHP does not say so. 2021 scheme transferors (14): Adishwar Trade Link, Astra Vinimay, Barden Agencies, DRP Trading, Embassy Vyapaar, Jalsagar Sales, JBLD Trading, Kasauti Dealtrade, Lumino Electrical Industries, Lifeline Commotrade, Sanatan Vinimay, Regal Financial Advisory, Sigma Vyapaar, Welkon Goods (board approval 30 Sep 2020; valuer Astha Gupta, NAV method).
Litigation, tax, regulatory
| Matter | Amount | Status |
|---|---|---|
| Income-tax search & seizure, 15–16 Mar 2022: registered office/plant (Bipranapara, Domjur), homes of Devendra and Jay Goel and the Joint CFO (RHP pp.65–66) | – | Confirmed Fact. RHP attributes the high number of tax proceedings to it; explains the DCIT Central Circle-2(3) s.68 demands (₹4.69 cr, AY15–20) |
| ROC s.206(1) notice, 26 Jun 2023: complaint alleging corrupt practices in a FY23 Punjab State Transmission Corp 220 kV HTLS reconductoring tender; non-type-tested material | – | Replied 3 Jul 2023; no further RoC communication (dormant, not closed) |
| Customs appeal (Calcutta HC, 20 Jun 2025) vs CESTAT order in Lumino's favour | ₹9.47 cr | 2013 advance authorisations |
| GST writ (Calcutta HC) vs ex-parte order | ₹6.47 cr tax + ₹5.06 cr interest + ₹1.29 cr penalty | Pending; related IGST customs appeal ₹7.43 cr |
| NBPDCL arbitration/writ (Patna HC) | ₹4.58 cr claim + ₹12.31 cr BGs | Pending |
| SBPDCL | ₹3.34 cr award + ₹11.89 cr BGs | Pending |
| Tax totals (RHP p.436) | Company direct ₹0.23 cr (1), indirect ₹23.35 cr (4); promoters ₹0.57 cr (4) | FY25 AR income-tax contingent ₹17.48 cr; WB entry tax ₹17.65 cr provided then settled |
| 19 criminal complaints filed by the company | – | 10 vs EPC subcontractors (Bankura, 5 at Banda, 4 at Cooch Behar), 6 theft/vandalism, USD 102,260 email fraud ("Eren Transformer"), store in-charge sold ₹76 lakh stock to scrap dealers (FIR 24 May 2026), forged letterhead complaints (FIR Feb 2026); plus Alok Transport. None are s.138 cheque cases |
| Material creditors | 3 owed ₹98.47 cr of ₹255.47 cr payables | – |
| Site safety | 20 fatal/serious EPC accidents since Aug 2023, mostly UP RDSS; ₹2.38 cr compensation | – |
| SEBI observation letter SEBI/HO/CFD/RAC-DIL2/P/OW/2025/15227/1, 9 Jun 2025 | – | Issue opened ~14.5 months later vs 12-month ICDR Reg. 44 window; RHP cites no extension. Open question, unverified; not an irregularity finding |
No SEBI/exchange actions against promoters; no IBC; not a wilful defaulter; no criminal matters against KMP or subsidiaries. The DRHP mentioned an NI Act s.138 complaint against the company and a civil writ; the RHP lists no criminal proceedings against the company. ThePrint's Aug-2022 I-T raid on a Kolkata T&D group is not attributed to Lumino.
- ~₹1,612 cr Laser cross-guarantee plus "no same-line venture" statement
- P.S. Enterprise RPT supplier vs "no conflict" statement
- 2022 I-T search; ROC tender-corruption complaint
- Pre-listing promoter loans, education sponsorship, rent to promoters
- Controls: CARO mismatches/frauds, audit trail, auditor without peer review, site pilferage
- Pre-IPO churn of board, CFO, CS and auditors
- ₹200 cr OFS at ~zero cost; RJ Green DVR structure
- SEBI-letter timing (open question)
Supply Chain
RHP pp.29–39, 263–279; CRISIL. ₹ cr.
↑ Upstream: what Lumino depends on
| Input (₹ cr) | FY24 | FY25 | FY26 | Share FY26 |
|---|---|---|---|---|
| Aluminium | 635.81 | 871.45 | 951.87 | 83.25% |
| Copper | 51.25 | 59.85 | 84.85 | 7.42% |
| XLPE compound | 45.22 | 57.27 | 48.77 | 4.27% |
| Steel | 30.26 | 54.96 | 47.70 | 4.17% |
| PVC compound | 8.13 | 8.50 | 10.17 | 0.89% |
| Total raw material | 1,143.36 | 56.0% of revenue |
Materials + inventory change + erection/subcontracting = 83.73% of total expenses in FY26 (82.44% FY25, 83.40% FY24). RM/WIP inventory is held 39–56 days. CRISIL: copper and aluminium are 75–80% of raw-material cost.
| Supplier concentration | FY24 | FY25 | FY26 |
|---|---|---|---|
| Largest supplier | 19.39% | 22.02% | 30.89% (Hindalco) |
| Top 5 | 72.27% | 77.63% | 77.05% |
| Top 10 | 85.67% | 87.86% | 87.50% |
| From related parties | 19.54% | 22.08% | 12.78% |
| Rank | FY26 | FY25 | FY24 |
|---|---|---|---|
| 1 | Hindalco 30.89% (₹357.9 cr) | P.S. Enterprise (RP) 22.01% | P.S. Enterprise (RP) 19.39% |
| 2 | Unnamed 15.64% | Unnamed 16.18% | Tata International 15.77% |
| 3 | Unnamed 14.69% | Unnamed 15.16% | Unnamed 15.59% |
| 4 | P.S. Enterprise (RP) 12.19% | Hindalco 14.67% | Vedanta 14.60% |
| 5 | Classic Electrodes 3.64% | Tata International 9.61% | OFB Tech (OfBusiness) 6.92% |
| 6 | Maruti Recycling 3.52% | Asier Metals 3.18% | Hindalco 6.88% |
| 7 | Kritika Wires 2.03% | Unnamed 3.01% | Unnamed 1.84% |
| 8 | Unnamed 1.92% | UIC Udyog 1.61% | Unnamed 1.71% |
| 9 | HKL Industries 1.60% | Unnamed 1.22% | UIC Udyog 1.55% |
| 10 | Nirmal Wires 1.37% | Unnamed 1.21% | Asier Metals 1.42% |
- BALCO (Vedanta) and Hindalco are named aluminium/copper sources; NALCO is not named. Roles of Kritika/Nirmal (likely steel/GI core wire) and Maruti Recycling/Asier (likely secondary metal) are analyst inference.
- 68 suppliers on short-term contracts, 2 on annual contracts; pricing is LME-linked spot. Import share and source countries are not quantified ("a certain portion" imported; customs dispute confirms imports). Middle-East freight and Red Sea costs hit the Rwanda project.
- EPC bought-outs (transformers, switchgear, GI structures, towers, insulators, SCADA, solar modules) and subcontracted erection vendors are unnamed. Vendors are paid via TReDS reverse factoring (trade acceptances ₹595.47 cr).
- Pass-through: price-variation clauses in "most" contracts, plus hedging and inventory. CRISIL (2024) says "not all contracts have embedded price escalation clauses"; some fixed-price EPC contracts have none, and escalation claims are lost when procurement is delayed. FY26 manufacturing revenue rose 14% on 4% lower volume. Lumino is a price-taker passing metal costs through with a lag.
↓ Downstream: who depends on Lumino
| Customer mix | FY24 | FY25 | FY26 |
|---|---|---|---|
| Government share of revenue | 85.58% | 79.89% (DRHP: 88.92% in H1 FY25) | 53.12% (₹1,084.1 cr) |
| Mfg from government (% of revenue) | 51.18% | – | 23.93% |
| Mfg from non-government | 14.42% | – | 45.81% |
| EPC from government | – | – | 29.19% |
| Top-1 customer | 29.45% | 23.25% | 7.32% |
| Top-5 [Est.] | 80.60% | 68.87% | 27.34% |
| Top-10 | 90.78% | 80.33% | 46.52% |
| Customers >10% of revenue | 3 EPC (₹896 cr) | 3 EPC (₹1,041 cr) | None |
| B2B / B2C | – | – | 98.04% / 1.96% |
| # | FY26 (₹ cr, %) | FY25 | FY24 |
|---|---|---|---|
| 1 | WBSEDCL 149.4 (7.32%) | Unnamed 23.25% | Unnamed 29.45% |
| 2 | Unnamed 130.1 (6.37%) | WBSEDCL 18.20% | Purvanchal VVNL 21.28% |
| 3 | Kashmir PDCL 95.3 (4.67%) | Purvanchal VVNL 13.23% | Assam PDCL 12.96% |
| 4 | Unnamed 92.0 (4.51%) | Unnamed 8.54% | WBSEDCL 9.55% |
| 5 | Purvanchal VVNL 91.3 (4.47%) | Assam PDCL 5.65% | Unnamed 7.36% |
| 6 | Unnamed 85.6 (4.19%) | Unnamed 3.62% | Kashmir PDCL 3.08% |
| 7 | Skipper Ltd 84.6 (4.14%) | Kashmir PDCL 3.10% | Ganpati Electricals 2.44% |
| 8–10 | Unnamed 76.6 / 73.4 / 71.4 | Uttar Gujarat Vij 1.95% + 2 unnamed | Unnamed; K.G.N Electricals 1.55%; Kalpataru 1.22% |
Other named customers. Conductors/cables: Kalpataru, Jakson, Warora Kurnool Transmission, WRSS XXI(A) Transco, Monte Carlo, R.S. Infraprojects, K.G.N. Electricals, UGVCL; historically (CRISIL) PGCIL, L&T, Tata Projects, NCC, NBPDCL/SBPDCL; narrative sources also cite NTPC, KEC and RDSO. EPC: WBSEDCL, KPDCL, APDCL/AEGCL, PuVVNL, RVPN, AVVNL, PGVCL, UGVCL, JBVNL, JUSNL, SBPDCL/NBPDCL, KSEB, Ircon, KMDA, UP Jal Nigam, WB PHED, Rwanda Energy Group. Who replaced the government volume in FY26 is not explained.
| Order book by region (Mar-26) | EPC | Manufacturing |
|---|---|---|
| East | 38.08% | 35.91% |
| West | 33.36% | 19.79% |
| Central | 14.61% | 0.21% |
| South | 13.78% | 27.92% |
| North | nil | 10.20% |
| Overseas | 0.17% | 5.97% |
Contract terms: EPC 24–30 months (CRISIL 1.5–2 yrs). Payment 60% of supply within 30 days, 30% on installation, 10% on commissioning, plus retention (₹308.7 cr). O&M tails of 3 yrs (solar), 10 yrs (UPJN) and 15 yrs (Katwa STP). Product orders are L1 tenders, so stickiness is low. The moat is pre-qualification: PGCIL Grade A, type tests, UL, 44 substations and 80,000 ckm. End-products: 11–400 kV lines, HTLS corridors, LT ABC networks, substations, rail signalling and 25 kV OHE, solar plants, building wiring, UL wire into US buildings.
Value-chain map
Competitive Position
Screener consolidated, 6 Oct 2026; ratios recomputed. Peer table uses Screener EBITDA basis for comparability (Lumino 253 / 12.4%; RHP basis is 238.95 / 11.71%).
| Company | FY26 Rev ₹cr | Growth | EBITDA% | PAT% | RoE | P/E FY26 (TTM) | EV/EBITDA | Mcap ₹cr | Moat |
|---|---|---|---|---|---|---|---|---|---|
| Lumino Industries | 2,040 | 6.5% | 12.4% | 7.8% | 24.6% (~13.4% pro forma) | 18.8x (17.7x) | 13.4x Mar-26 BS; ~11.5x pro forma | 3,003 | Narrow |
| Laser Power & Infra | 2,326 | −9.5% | 12.9% | 6.5% | 16.8% (RHP 23.3%) | 25.5x (35.3x) | 15.8x | 3,874 | Narrow; 85,448 MT, 3 WB plants, 26 states/10 countries |
| Apar Industries | 22,902 | 23.3% | 8.4% | 4.3% | 20.3% | 77.6x (63.0x) | 39.9x | 75,835 | Wide; world's largest Al conductor maker |
| Transrail Lighting | 6,880 | 29.6% | 13.7% | 5.9% | 20.0% | 15.9x (15.4x) | 7.5x | 6,425 | Moderate; towers + conductors + EPC |
| KEI Industries | 11,748 | 20.7% | 10.5% | 7.8% | 14.7% | 48.1x (44.3x) | 36.1x | 44,120 | Wide; EHV cable, retail |
| Techno Electric | 3,252 | 43.3% | 14.2% | 14.6%* | 12.0% | 24.2x (26.6x) | 20.1x | 11,471 | Moderate; substation EPC, ₹2,258 cr treasury |
| Kalpataru Projects | 27,143 | 21.6% | 9.0% | 3.8% | 13.7% | 24.3x (22.6x) | 11.7x | 25,018 | Wide; global T&D EPC |
| KEC International | 23,506 | 7.6% | 8.0% | 2.6% | 11.4% | 16.5x (16.7x) | 8.2x | 10,018 | Wide; RPG group |
| Bajel Projects | 2,792 | 7.5% | 4.0% | 0.7% | 4.1% | 94.9x (70.4x) | 20.4x | 1,898 | Weak |
| Diamond Power Infra | 1,910 | 71.3% | 11.7% | 7.5% | NM (neg. BV) | 153.5x (112x) | 109.3x | 21,949 | Turnaround; verify data |
*Techno PAT% inflated by ₹175 cr treasury income. EV = mcap + borrowings − investments (cash in other assets not netted). RHP peer set: KEC 19.81x, Kalpataru 22.13x, Apar 68.98x; range 19.81–108.66x, average 48.55x; industry P/E 23.04x (Groww). Revenue comparisons: Bajel ₹2,818.6 cr, Universal Cables ₹3,051.0 cr, Techno ₹3,401.2 cr. FY26 RoE 24.62% was the highest in the RHP set and 11.71% EBITDA beat 6 of 7 peers (IPO Central/BusinessToday).
| Q1 FY27 cross-check | Sales ₹cr | PAT ₹cr |
|---|---|---|
| Lumino | 521 | 40 |
| Laser Power | 522 | 21 |
| Apar | 6,591 | 467 |
| Transrail | 1,736 | 108 |
| KEI | 3,185 | 274 |
| Techno | 630 | 93 |
| KEC | 5,024 | 73 |
| Diamond | 690 | 58 |
Market position and share [Est.]
- Conductors: ₹735 cr vs CRISIL market ₹22,700 cr = ~3.2% share. Apar is #1; others are Sterlite/Resonia, Gupta Power, JSK, Laser, Diamond, Transrail, Hindusthan Urban, Cabcon. No published rank for Lumino.
- Wires & cables: ₹634 cr vs ₹1,61,800 cr = ~0.4%. Leaders are Polycab, KEI, Havells, Finolex, RR Kabel, Apar.
- T&D EPC: ₹618 cr, a small regional player. In substations it competes with Techno, Bajel, Siemens, Hitachi Energy, GE Vernova and regional contractors. Lumino is the smallest listed peer.
- CRISIL-in-RHP claims (company-commissioned): FY22–24 revenue CAGR above every peer; FY24 PAT margin 6.07%, RoE 21.52%, EBITDA 10.14% "among the higher". These are FY22–24 claims; FY26 growth lags.
Industry size and trends
| Metric | Value | Source |
|---|---|---|
| Power sector investment | ₹19.2 lakh cr (FY22–26) → ₹37–42 lakh cr (FY27–31) | CRISIL in RHP |
| Earlier DRHP view | ₹14.7 tn (FY19–24) → ₹24.5–25.5 tn (FY25–29) | DRHP |
| Transmission capex | ₹4–5 trn FY27–31 | CRISIL |
| Wires & cables | ₹1.618 lakh cr FY26 → ₹2.98–3.12 lakh cr FY31 (13–14% CAGR) | CRISIL |
| W&C exports | ~₹17,800 cr FY26, ~33% CAGR; power cables 43–45% of W&C | CRISIL |
| Power conductors | ₹22,700 cr FY26 (₹10,200 cr FY20) → ₹40,000–46,000 cr FY31 (12–15% CAGR) | CRISIL |
| NEP-Transmission 2023–32 | ₹9.15 lakh cr; 4.85 → 6.48 lakh ckm; 1,251 → 2,342 GVA; 458 GW peak | MoP |
| FY25–29 plan (DRHP) | 46,000+ ckm; ~43,500 MVA CTU | DRHP |
| ISTS awards | FY26 16 schemes vs 45 in FY25 | PL Capital |
| PGCIL FY26 | Capex ₹35,540 cr; 4,765 ckm, 72,055 MVA | PL Capital |
| Transformation added FY26 | 113,013 MVA (~90% of CEA target) | Outlook Business |
| LME aluminium Sep-2026 | Avg ~USD 3,284/t; peak ~3,360 (10 Sep); 3,213.5 (29 Sep) | alcircle / yuzemetal |
Trends: (1) an RE-evacuation transmission super-cycle (500 GW non-fossil by 2030, GEC-III, ISTS) skewed to 400/765 kV and HVDC, where Lumino's sub-400 kV credentials matter less; (2) HTLS reconductoring (CEA Regulations 2025 Schedule VII; RTM route favours incumbent TSPs). CTC also licenses Apar, Sterlite, Gupta and JSK, so the CTC tie-up gives Lumino no exclusivity; (3) RDSS extended, back-ended; (4) export/China+1, where Lumino is under-indexed; (5) commodity pass-through; (6) an IPO wave adding capacity (Transrail Dec-2024, Laser Jul-2026, Lumino Sep-2026, SME names).
Policy
| Policy | Status | Impact |
|---|---|---|
| RDSS | ₹3,03,758 cr (GBS ₹97,631 cr); ₹1.53 lakh cr loss-reduction, ₹1.31 lakh cr smart meters; extended to 31 Mar 2028; 6.0 of 20.33 cr meters (~29.5%) by Aug-2026; AT&C 16.16% FY25 vs 12–15% target | Positive, payment-gated |
| NEP-Transmission | ₹9.15 lakh cr | Positive volumes; EHV skew favours large EPCs |
| GEC-II | 7 states; 7,863 ckm / 24,388 MVA; 85 of 95 packages awarded, only 1,124 ckm charged (30 Jun 2026) | Positive, slow |
| GEC-III | ₹1.86 lakh cr (₹1.37 lakh cr intra-state; ₹50,000 cr for 50 GWh BESS); 135 GW by FY33 | Positive: state transco substations up to 400 kV |
| CEA HTLS standards / reconductoring paper | In force / draft | Positive HTLS demand |
| Cables QCO 2020 (BIS) | Since 1 Aug 2020 | Barrier vs informal players |
| PLI | None for cables/conductors/EPC | None |
| Railway electrification | BG ~98%+ electrified | Negative for RE EPC |
| LPS Rules 2022; ISTS waiver phase-out (Jul-2025) | In force | Discom liquidity +; RE pace − |
| Barrier | Strength |
|---|---|
| Vendor approvals, type tests, BIS (2–5 yrs) | Medium |
| EPC pre-qualification (net worth ~₹1,193 cr pro forma) | Medium-High (EHV) |
| WC and BG lines | High |
| Capex/technology (FA ₹80 cr on ₹2,040 cr sales) | Low-Medium |
| Brand (B2G) | Low |
| Al procurement scale | Medium |
| Porter force | Intensity |
|---|---|
| Rivalry (L1, new IPO capacity; win ratio 13–19%) | High |
| Buyer power (discoms, PGCIL; 60/30/10, LDs) | High |
| Supplier power (Al oligopoly) | Medium-High |
| Substitutes (Cu vs Al; UG vs OH) | Low-Medium |
| New entrants | Medium |
Pricing power: weak. Moat: narrow. The 2.5% (FY23) → 7.8% (FY26) PAT margin expansion coincided with the pre-IPO period, a mix shift and rising other income. Integration is weakening (captive 65% → 23%).
Strengths and weaknesses vs peers
| Peer | Lumino strengths | Lumino weaknesses |
|---|---|---|
| Laser Power | PAT% 7.8 vs 6.5; growth +6.5% vs −9.5%; D/E 0.53x vs 1.10x pre-IPO; EHV substation book; 18.8x vs 25.5x; CRISIL A+ | Half the capacity (40k vs 85k MT); same WB discom pool; family-linked (cross-guarantees) |
| Apar | Far cheaper; higher EBITDA% and PAT%; EPC stream | ~1/11th scale; ~3% share; exports 2%; Apar also holds CTC rights; growth 6.5% vs 23.3% |
| Transrail | Similar valuation, lower leverage post-IPO; cables/wires; PAT% 7.8 vs 5.9 | 3.4x larger, fully integrated towers, overseas EPC, 29.6% growth |
| KEI | T&D exposure; 18.8x vs 48.1x | EHV cable to 400 kV, retail channel, near debt-free, scale |
| Techno | Manufacturing base; cheaper; higher pre-IPO RoE | Treasury ₹2,258 cr, 14.2% EBITDA, EHV pedigree, 43.3% growth, data centres |
| KEC / Kalpataru | Higher margins and RoE | 765 kV/HVDC pre-qual, global scale |
| Bajel | 12.4% vs 4.0% EBITDA; RoE 24.6 vs 4.1 | Bajaj group backing |
Risks & Red Flags
Merged from market, financials, governance and rulings. Superseded input claims have been corrected (OCF, litigation, auditor, RPT).
Red-flag checklist
| Flag | Status | Evidence |
|---|---|---|
| Weak cash conversion | Yes, material | FY24–26 OCF ₹18.4 cr vs PAT ₹371 cr; −₹368.8 cr ex-acceptances; Note 29.1 reclassification |
| Hidden leverage | Yes | Debt-like ~₹934 cr at Jul-26 (~₹597 cr post-IPO); adj. D/E 1.37x vs 0.53x headline; BGs ₹923 cr contingent |
| Order slowdown | Yes | Q1 book-to-bill 0.34x; order book −2.9% QoQ; win ratio 14.4%; ISTS awards 45→16 |
| Related-party abuse risk | Yes | PSE supplier ₹175–270 cr/yr; Laser ₹1,612 cr guarantees; promoter loans/rent |
| Margin quality | Watch | Underlying EBITDA flat; other income 24% of PBT; tax credits |
| Auditor concerns | Watch | SDP without peer review; CARO mismatches/frauds; audit trail gap; opinions clean |
| Promoter selling | Yes (OFS) | ₹200 cr at ~zero cost (DRHP planned ₹400 cr) |
| Dilution | One-time | 20% fresh issue; no ESOP/warrants |
| Supply overhang | Near term | 1.26 cr anchor shares 30 Nov 2026; pre-IPO lock-ins after |
| Customer shift | Watch | Top-10 90.8% → 46.5%; government 85.6% → 53.1%; replacement unexplained |
| Litigation/tax | Moderate | 2022 I-T search; ROC complaint; CL ₹24.86 cr; GST/customs ~₹21 cr |
| Capex funding gap | Watch | Ranihati cost/funding undisclosed; only ₹15 cr of IPO money for capex |
| Geographic concentration | Yes | All plants/warehouses in Howrah |
| SEBI-letter timing | Open question | ~14.5 months; no extension cited; not an irregularity finding |
Risk register
| # | Risk | Category | Severity | Explanation | Mitigant |
|---|---|---|---|---|---|
| 1 | Cash conversion / WC intensity | Financial | High | 160 debtor days, 120 inventory days, retention ₹309 cr, >6m debtors ₹228 cr; OCF flattered by acceptances | IPO deleveraging; CRISIL cites better WC; ₹101 cr overdue released Apr-2026 |
| 2 | Order inflow slowdown | Business | High | ₹176 cr Q1 inflow vs ₹521 cr revenue; OB 1.44x TTM | RDSS to FY28; GEC-III; NEP; higher bid capacity; L1 on "a few orders" |
| 3 | Laser cross-guarantee / promoter distraction | Governance | High | ~₹1,612 cr personal guarantees ≈ 65x MD net worth; Laser default could pressure the promoter to pledge or sell | Nil pledge today; promoter 72% |
| 4 | Related-party supplier (PSE) | Governance | High | 12–22% of RM; ₹21.4 cr advance; "no conflict" claim | Audit committee and EGM approvals; share falling |
| 5 | Aluminium volatility | Macro | High | Al 83% of RM; not all contracts have PV clauses | PV clauses, hedging, inventory |
| 6 | Hidden leverage / supplier-finance dependence | Financial | Med-High | ₹615 cr LC+discounting; TReDS ₹230 cr; lender appetite dependency | ~7% cost; A+ rating |
| 7 | Customer/discom concentration | Business | Med-High | Government 53%; WBSEDCL RDSS suspension Feb-2026 | Private EPC and export diversification |
| 8 | EPC execution / overruns | Execution | Med-High | EPC 63–66% of OB; EHV 44.6%; ₹23.62 cr overrun FY25; LDs ₹6.4 cr; 6–8 month delays | Track record; JVs |
| 9 | Margin mean-reversion / competition | Business | Med-High | L1 tenders; new capacity (Laser 85k MT, Diamond, SMEs) | Mix shift to HTLS/EHV |
| 10 | Earnings quality | Financial | Medium | Other income 24% of PBT; entry-tax swing ₹29.4 cr; tax credits | Q1 FY27 margin 13.6% |
| 11 | Growth vs guidance | Business | Medium | FY26 +6.4% vs 25–30% guide; Mfg +6.5% Q1 | Capacity H2 FY27 |
| 12 | Ranihati capex/funding | Execution | Medium | Cost undisclosed (~₹190 cr unverified); CRISIL downgrade trigger on debt-funded capex | Accruals ₹180–200 cr/yr; low capital intensity |
| 13 | Integration weakening | Business | Medium | Captive 65% → 23% | Broader merchant base |
| 14 | Tax / I-T search aftermath | Regulatory | Medium | 15–16 Mar 2022 search; s.68 demands; ₹17.48 cr AR contingent | Appeals |
| 15 | ROC tender-corruption complaint | Regulatory | Medium | Punjab HTLS tender; dormant since Jul-2023 | No further RoC action |
| 16 | Internal control / pilferage | Governance | Medium | 19 complaints; CARO frauds ₹93.48 lakh; stock-statement gaps; BEC loss ~₹0.88 cr | EY internal audit |
| 17 | Anchor/lock-in overhang | Financial | Medium | 30 Nov 2026 (~4.1%); ~Mar-2027 pre-IPO lock-ins | Long-only MF anchors |
| 18 | Geographic concentration | Business/ESG | Medium | Howrah floods, cyclones, labour | Insurance |
| 19 | Policy (RDSS execution) | Regulatory | Medium | Smart meters 29.5%; sunset Mar-2028 | GEC-III, NEP |
| 20 | Key-person / family control | Governance | Medium | Goel family runs bidding and lenders | Next gen in roles |
| 21 | ESG: site safety | ESG | Medium | 20 fatal/serious accidents since Aug-2023 | ISO 45001 |
| 22 | BRLM-linked anchor | Governance | Low | Motilal Oswal MF took anchor shares while Motilal Oswal was lead BRLM (permitted under ICDR) | Within limits |
| 23 | Interest rate / FX | Macro | Low-Med | Floating WC lines; Rwanda/exports | 85% USD hedged |
| 24 | Tech/IP (ACCC) | Business | Low-Med | Non-exclusive CTC licence; no patents | Multiple HTLS types |
| 25 | Railway saturation / unrelated diversification | Business | Low-Med | RE pipeline shrinking; website mentions roads and gas | Small share |
| 26 | SEBI-letter timing | Regulatory | Low (open) | Letter 9 Jun 2025 vs issue 27 Aug 2026 | A relaxation or fresh letter may exist, uncited |
Commentary, Guidance & Street Sentiment
No concall transcripts exist. The company listed 3 Sep 2026, and Q1 FY27 (21 Sep 2026) came via press release only. This tab therefore uses management statements, CRISIL-recorded projections, IPO-street data and sentiment.
Quarter log
| Period | Status / highlights |
|---|---|
| Q1 FY27 (results 21 Sep 2026) | Revenue ₹521.43 cr (+19.3%); EBITDA ₹70.88 cr (13.59%); PAT ₹40.17 cr (+32.4%). Mfg ₹371 cr (+6.5%, margin 13.3%); EPC ₹150 cr (+69.6%, 14%); EPC 29% of revenue. Order book ₹3,059 cr; inflow ₹176 cr. No concall |
| Q4 FY26 and earlier | Unlisted; no calls |
| Post-IPO MD interview (YouTube) | Title cites "₹3,200 Cr order book"; transcript not retrievable |
| BusinessLine, 22 Aug 2026 | Paywalled; one quote |
Management in its own words
- Devendra Goel (Q1 FY27): "The strategic priority will be to use the additional capacity to increase the contribution from specialised conductors and cables, including products for higher-voltage applications."
- On EPC: "the company will focus on opportunities across substations and HTLS reconductoring, where its product manufacturing and project execution capabilities can be deployed synergistically."
- BusinessLine (Aug 2026): "So there is a unique integration between the product that we manufacture and the EPCs that we do."
- Guidance (Sahi, 23 Sep 2026; possibly paraphrase): revenue CAGR 25–30%, EPC >30%, manufacturing double-digit; ~₹200 cr revenue from new capacity; 40k → 75k MT by Q1 FY29.
Tone: confident and promotional ("fastest-growing integrated power EPC"). Recurring themes: integration (captive 23% in FY26 vs DRHP-era 62.38%), moving up to EHV/HTLS, deleveraging, Ranihati. The FY26 slowdown was not explained. CRISIL's 2 Jul 2026 rationale records that the company appealed the A reaffirmation before the post-IPO upgrade.
Guidance vs actual (credibility)
| When / who | Projected | Actual | Verdict |
|---|---|---|---|
| CRISIL 29 Feb 2024 | FY24 revenue ₹1,200–1,300 cr | ₹1,407 cr | Beat |
| CRISIL Feb 2024 | Orders >₹2,800 cr | RHP Mar-24 ₹1,940.57 cr | Conflict (definition) |
| CRISIL Feb 2024 | Gearing <1x; NW ~₹450 cr | NW ₹446 cr | In line |
| DRHP-era FY25 | Strong growth | +36% but OCF −₹238.6 cr, ST debt +₹312 cr | Debt-funded |
| CRISIL 2 Jul 2026 | ₹2,500–3,000 cr medium term, ~20% CAGR, ~13% margin | Q1 +19.3%, 13.6% | On track (1 qtr) |
| CRISIL 2 Jul 2026 | OB ₹2,791 cr Mar-26 | RHP ₹3,149.88 cr | Conflict |
| CRISIL Sep 2026 | Q1 turnover ~₹550 cr; OB ₹3,090 cr | ₹521 cr; ₹3,059 cr | ~5% miss |
| CRISIL Sep 2026 | ~₹360 cr debt cut | Object ₹337 cr | Consistent |
| Company Sep 2026 | 25–30% CAGR; Mfg double-digit | Q1 +19%; Mfg +6.5% | Below |
| Company | Ranihati +10k MT H2 FY27 | Pending | Track |
IPO structure: DRHP vs final
| Parameter | DRHP (Jan 2025) | RHP (Aug 2026) |
|---|---|---|
| Size | ₹1,000 cr | ₹700 cr (8,53,65,851 sh) |
| Fresh | ₹600 cr | ₹500 cr (6,09,75,609 sh) |
| OFS | ₹400 cr (Devendra 300, Jay 100) | ₹200 cr (Devendra ₹150 cr, Jay ₹50 cr) |
| Debt repayment / capex / GCP / expenses | ₹420 cr / ₹15.08 cr / bal. | ₹337.00 / ₹15.01 / ₹110.58 / ₹52.28 cr (total ₹514.87 cr incl. OFS-borne share) |
| Pre-IPO placement | Up to ₹120 cr | Not done |
| Reservation | – | QIB 50% (anchor 29.57%), NII 15% (bNII 9.86%, sNII 4.93%), Retail 35%, Employee ₹10 cr (1.43%) |
| Order book disclosed | ₹1,803.5 cr (30 Sep 2024) | ₹3,149.88 cr (31 Mar 2026) |
Timeline: DRHP 20 Jan 2025 (board authorisation 9 Dec 2024) → BSE/NSE in-principle 20 Mar 2025 → SEBI observation 9 Jun 2025 (reported 17 Jun) → DRHP corrigendum (board 28 Jul 2026; SEBI site ~19 Aug) → RHP 20 Aug 2026 (selling-shareholder consent 8 Aug) → anchor 25 Aug → issue 27–31 Aug → allotment 1 Sep (1,67,531 allottees) → listing 3 Sep. Price band ₹78–82; lot 182 (₹14,924). Registrar Bigshare. BRLMs Motilal Oswal, JM Financial, Monarch Networth.
Subscription
| Category | Final (exchange / Zee Business) | Alt. aggregators | Shares offered |
|---|---|---|---|
| QIB (ex-anchor) | ~221x | 232.79x | 1,68,29,268 (₹138 cr) |
| NII | ~176x | 185.21x | 1,26,21,951 (₹103.5 cr) |
| Retail | ~38.5x | 40.27x | 2,94,51,219 (₹241.5 cr) |
| Employee | 7.5–11.6x (sources differ) | – | 12,19,512 (₹10 cr) |
| Overall | ~117.6x | 124.02x | ₹700 cr |
Other circulating figures: 118.12x (Upstox/India TV), 117.78x (BS), 104.31x (Kotak 4:45 pm snapshot), 87.25x (Chittorgarh; ₹61,073.49 cr bids ÷ ₹700 cr including anchor; 57.31 lakh applications), 58.19x and ~50x (intraday snapshots / category-weighted on stale QIB data). ₹61,073 cr ÷ ₹493 cr non-anchor ≈ 124x. Day 1 was 0.98x. Differences come from denominators and snapshot times.
Grey market premium
| Date 2026 | GMP ₹ (IPOWatch) | Implied | Others |
|---|---|---|---|
| 21 Aug | 43 | 52.4% | – |
| 22–25 Aug | 50 | 61.0% | Mishra ₹49 |
| 26 Aug | 48 | 58.5% | – |
| 27 Aug | 50 | 61.0% | BS "60%" |
| 28 Aug | 56 | 68.3% | – |
| 29 Aug | 60 (peak) | 73.2% | IIFL ₹63 |
| 31 Aug | 60 | 73.2% | IIFL ₹57 |
| 1–3 Sep | 40 | 48.8% | InvestorGain ₹38 |
Listing at ₹110 NSE (+34.15%) / ₹109 BSE (+32.9%) was ~₹10 below the last GMP, which led to "misses GMP" headlines. InvestorGain classed it a "negative listing for GMP".
Anchor book (25 Aug 2026): ₹207 cr, 30 investors, 2,52,43,901 shares
| Anchor | Shares | % of book | ~₹ cr |
|---|---|---|---|
| HDFC Infrastructure Fund | 18,26,916 | 7.24% | 14.98 |
| Abakkus Growth Fund (Sunil Singhania) | 18,21,820 | 7.22% | 14.94 |
| Bandhan Small Cap | 12,15,942 | 4.82% | 9.97 |
| Bandhan Balanced Advantage | 12,15,760 | 4.82% | 9.97 |
| Kotak Rural Opportunities | – | 4.83% | ~10.0 |
| Kotak Contra | – | 4.82% | ~10.0 |
| Kotak Manufacture in India | – | 4.82% | ~10.0 |
| Citigroup Global Markets Mauritius | 6,09,882 | 2.42% | 5.0 |
| Motilal Oswal Contra | 6,07,925 | 2.41% | 4.98 |
Domestic MFs took 71.59% (1,80,71,114 sh; 22 schemes; HDFC, Kotak, Motilal Oswal, Bandhan, Edelweiss, JM Financial, Bank of India). Life insurers 6.74%. Others: SBI General, Bajaj Life, Kotak Life, 3PIM India Equity (IFSC), Silver Stride, Ashika Global, HDFC Large & Mid Cap, Motilal Oswal Large Cap. House totals: Kotak ₹44.95 cr, HDFC ₹44.93 cr, Bandhan ₹19.94 cr. Lock-ins: 1,26,21,951 shares freed 1 Oct 2026; 1,26,21,950 free on 30 Nov 2026 (~4.1% each; media "3.1%" and "15%" are wrong).
Brokerage IPO notes (no target prices)
| House | Rating | Valuation cited | Reasoning / caveats |
|---|---|---|---|
| SBI Securities | Subscribe | 15.6x FY26 post-issue | Diversified OB, integration, returns, debt cut |
| Anand Rathi | Subscribe – LT | 15.5x P/E, 9.6x EV/EBITDA | EHV mix; flags PSU dependence 53–86% |
| Ventura | Subscribe | 15.6x, 12.7x EV/EBITDA | – |
| DR Choksey | Subscribe | 15.62x, 10.65x EV/EBITDA | T&D cycle |
| Sushil Finance | Subscribe | EPS ₹6.57; peers 20–109x | RoNW 24.62%; ₹337 cr deleveraging |
| BP Equities | Subscribe | 12.5x pre-dilution | OB visibility |
| Swastika (Shivani Nyati) | Subscribe | 12.48x pre-IPO | Concentration; post-listing stop ₹98–100, upside ₹120–125 if >₹110–112 (failed) |
| Adroit | Subscribe | – | Valuation comfort |
| Chanakya Nipothi (Dilip Davda) | Apply | 15.62x | FY26 growth ~7%; ROCE 31.9 → 25.75%; ₹15 cr capex |
| InvestorGain | 4/5 | – | – |
| Abhinav Mishra (Substack) | Constructive | 15.6x | Growth slowed; govt 85.6% FY24 |
| INDmoney | Wait-and-watch | 15.61x; 2.03x P/B | ₹1,856.78 cr "borrowings", 7.77x (now resolved; see Tab 6); NWC; overruns; Howrah |
| Finology | Cautious | 15.61x vs KEC 19.81x | Debt-jump argument |
Chittorgarh tally: 12 Subscribe, 1 May Apply, 0 Avoid (ipocentral/IPO Guru: "Strong Apply", 6 analysts). Post-listing coverage: none yet (Trendlyne: no estimates). BRLM research quiet period ends ~mid-Oct 2026.
Price, flows and media timeline
| Date 2026 | Event | Price / tone |
|---|---|---|
| 3 Sep | Listing | NSE O 110 / H 118.99 / L 106.54 / C 110.32; BSE O 109 / H 119 / C 110.39; ~17 cr shares traded |
| ~11–15 Sep | CRISIL A+/Stable | Positive, ignored by price |
| Mid-Sep | Bulk buys: Yuga Stocks 18,27,882 sh @ ₹110.84 (narrative) vs 17,75,779 @ ₹105.60 (Groww via heard); Junomoneta 17,33,498 @ ₹110.79 and 18,39,715 @ ₹104.30 | Prop/HFT flow (inference); sources differ |
| 21 Sep | Q1 FY27 | ~₹111.9–113.4; −1.4% on day |
| 28 Sep | Trading window closed | – |
| 29–30 Sep | Pre-unlock | ₹104.40 / ₹102.46 |
| 1 Oct | 30-day anchor unlock | – |
| 5–6 Oct | New low ₹94.5 | ₹98.6; 3.7 M shares by 1:26 pm |
Media tone moved from positive (IPO) to "neutral with caveats" (listing GMP miss; NewsDrum/PTI), to positive (Q1, CRISIL; Outlook, TradeBrains, Sahi, Lapaas), to supply-negative (Mint/TradingView, Analytics Insight unlock lists). No ValuePickr or Reddit threads; X tipster posts only (@BaluGorade "124x, GMP 54%"). No on-record fund-manager commentary. Trendlyne tags "Expensive Valuation". Value Research names Kotak Special Opportunities 1.88% and HDFC Value 1.80% (unverified). QIBs were allotted ~13.8% and FII+DII hold 12.85%, so institutions largely held.
Growth, Outlook & Valuation
Order book
| Date | Total ₹ cr | EPC | Manufacturing | Govt share | Source |
|---|---|---|---|---|---|
| Dec 2023 | >2,800 | – | – | – | CRISIL Feb-24 |
| 31 Mar 2024 | 1,940.57 | 737.81 | 1,202.76 | 96.71% | RHP |
| 30 Sep 2024 | 1,803.5 | – | – | – | DRHP |
| 31 Mar 2025 | 2,436.27 | 1,346.08 | 1,090.19 | 72.38% | RHP |
| 31 Mar 2026 | 3,149.88 (1.54x rev) | 1,991.98 | 1,157.90 | 82.20% | RHP (CRISIL: 2,791; gap unresolved) |
| 30 Jun 2026 | 3,059 (1.44x TTM) | 2,013 | 1,046 | n.a. | Company (CRISIL: 3,090; MD video: ~3,200) |
| Book-to-bill | Inflow ₹ cr | Revenue | B2B |
|---|---|---|---|
| FY25 [Est., derived] | ~2,413 | 1,918 | ~1.26x |
| FY26 [Est., derived] | ~2,755 | 2,041 | ~1.35x |
| Q1 FY27 (reported inflow) | 176 | 521 | ~0.34x |
The Q1 bridge does not reconcile: 3,150 + 176 − 521 = 2,805 vs 3,059 reported, implying unexplained scope/escalation additions. (A narrative-file estimate of 0.83x is superseded.) EPC backlog ₹2,013 cr ≈ 3.3 years at the Q1 EPC run-rate; manufacturing backlog ≈ 2.8 quarters. CRISIL says Lumino is L1 on "a few orders" (value undisclosed). No exchange-disclosed order wins since listing. EPC order book by line: EHV substations 44.57% (~₹888 cr [Est.]); the rest mainly RDSS distribution, MVCC, solar and water.
| Bidding | FY24 | FY25 | FY26 |
|---|---|---|---|
| Bids / awards | 38 / 5 | 73 / 14 | 121 / 17 |
| Win ratio (count) | 13.16% | 19.18% | 14.42% |
| Tender participation ₹ cr | 6,147.3 | 8,424.9 | 11,322.5 |
| Tender won ₹ cr | 806.6 | 1,212.5 | 1,678.9 (another RHP table: 2,545.11; printed value-win 12.91% vs computed 14.83%) |
Awards over the last three years include WBSEDCL RDSS (Bankura, Coochbehar, Kharagpur, Khatra, Purulia), JBVNL Deoghar, RVPN 220 kV GSS (Jawali, Sumerpur, Bayana, Bhanwata, Andhi, Deogarh), Udaipur 400/220 kV GSS, Kankani 400 kV bays (JPMIA/DMIC), SBPDCL Bhagalpur, NBPDCL Motihari/Begusarai, PuVVNL feeder segregation (Mau, Jaunpur, Fatehpur), PGVCL MVCC (Surendranagar, Anjar, Jamnagar), AVVNL Bhilwara, APDCL Pkg-37, AEGCL 132/33 kV, JUSNL Maithon 58 km, KSEB 220 kV GIS, UGVCL Patan, RGGVY Saharsa, and RDSS Kanpur zone. The RHP "consideration outstanding" column is not backlog.
Expansion and catalysts
| Timing | Catalyst | Watch |
|---|---|---|
| Mid-Oct 2026+ | First sell-side initiations (MOSL, JM) | Target consensus |
| By ~14 Nov 2026 | Q2/H1 FY27 results; possibly first concall | OCF ex-acceptances, debtor days, book-to-bill >1, finance cost; first quarter ex-RJ Green |
| 30 Nov 2026 | Anchor 90-day unlock | Supply |
| Dec 2026 | Shareholding | MF/FPI direction |
| H2 FY27 | Ranihati Phase 1 +10k MT | Delay; funding disclosure |
| ~Mar 2027 | Pre-IPO / promoter lock-in milestones (per ICDR; RHP to confirm) | Overhang |
| Ongoing | RDSS, GEC-III, PGCIL HTLS programmes; GCP use ₹110.58 cr; monitoring-agency reports | Tailwind / governance |
| 3–5 yrs | 75k MT, HT cables to 66 kV, e-beam, exports, EHV mix | Mix-led margin |
Valuation
| Metric | At IPO (₹82) | Now (₹98.6) |
|---|---|---|
| Market cap | ₹2,497 cr (Chittorgarh ₹3,359.84 cr inconsistent) | ₹3,003 cr |
| P/E | 12.48x pre / 15.62x post-issue FY26 | 17.7x TTM; 18.8x FY26; ~19.6x normalised |
| P/B | 2.74x pre-issue NAV ₹29.95 (some say 2.03x) | 2.44x pro forma |
| EV/EBITDA headline | 9.6x / 10.65x / 12.7x (brokers) | ~10.9–11.4x TTM |
| EV/EBITDA incl. acceptances | – | ~13.2–13.7x |
| 3-yr average multiples | Not available (one month of trading) | |
| Analyst targets (bull/base/bear) | None published; no consensus FY27/FY28 estimates | |
| Dividend / buyback | Nil; one pre-listing buy-back (Laser Cables, ₹13.50) | |
EV build [Est.]: borrowings 384.2 − 337 = 47.2 + leases 17.2 − unencumbered cash 130 = net cash ~65.7 (or ~191.7 adding ~₹126 cr undeployed IPO funds); TTM EBITDA ₹257.2 cr RHP basis. Adjusted adds ₹595.5 cr acceptances. Gross-cash basis: ~10.4–10.9x headline, ~12.7–13.2x adjusted. Mar-26 balances; Q1 movements undisclosed. Peers trade at 19.81–108.66x P/E (RHP set); the discount reflects WC intensity, aluminium-heavy mix and acceptance funding.
Final Verdict
Bull case
- Strong T&D capex (RDSS to FY28, GEC-III ₹1.86 lakh cr, NEP ₹9.15 lakh cr) plus capacity to 75k MT drive 20%+ growth; Q1 margin 13.6% sustains.
- Post-IPO balance sheet (~₹597 cr debt-like, A+, ~7% cost) and mix shift to EHV/HTLS lift returns; discount to peers (Laser 25.5x, KEC/Kalpataru 16–24x) narrows.
- Customer diversification (top-10 46.5%) and quality institutional holders (HDFC, Kotak, Abakkus) support a re-rating once coverage starts.
Bear case
- Cash never arrives: receivables and retention keep absorbing cash, and OCF depends on supplier finance that a rating or lender change could withdraw.
- Inflow slowdown (0.34x) and distribution EPC decline (−27%) push FY27 growth below guidance; flat underlying EBITDA is exposed.
- Governance event: Laser stress triggers MD guarantee calls, pledging or sale; RPT or tax issues escalate; anchor and lock-in supply weighs.
5 things to remember
- FY24–26 OCF ₹18 cr vs PAT ₹371 cr; −₹369 cr ex-acceptances (Note 29.1 reclassification).
- ₹1,856.78 cr = ₹923 cr BGs (contingent) + ~₹934 cr debt-like; ~₹597 cr post-IPO (~2.5x EBITDA).
- Q1 FY27 book-to-bill ~0.34x; order book ₹3,059 cr; win ratio 14.4%.
- MD guarantees ~₹1,612 cr of competitor Laser Power's bank lines (13 banks).
- Underlying FY26 EBITDA flat (~₹239 cr vs ~₹240.6 cr adj. FY25); PAT growth from other income and tax.
5 questions before investing
- What is OCF excluding trade-acceptance changes in H1 FY27, and when do debtor days fall below 130?
- What is the plan and timeline to release Devendra Goel's Laser guarantees, and is there a non-compete?
- Why was Q1 inflow ₹176 cr, and what is the L1 pipeline value? Reconcile the order-book bridge and the CRISIL vs RHP definitions.
- What does Ranihati cost, and how is it funded without breaching CRISIL triggers?
- How did the SEBI observation letter remain valid for an issue opening ~14.5 months later, and where is the entry-tax write-back booked?
Sources
Merged and de-duplicated from the financials, business, governance, narrative, market and street-sentiment inputs and the lead-analyst RHP rulings. All accessed 6 Oct 2026 unless noted. "(403)/(snippet)" = content from search snippet only.
Primary filings and company
| Source | URL / note |
|---|---|
| Red Herring Prospectus, 20 Aug 2026 (pp.20–67, 90–94, 113–150, 246–326, 370–445; Notes 29/29.1/29.2, 45.11–45.19) | https://luminoindustries.com/pdf/RHP.pdf (read via local text extract; lead-analyst rulings) |
| Prospectus, 31 Aug 2026 (SEBI) | https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1788760904072.pdf |
| Prospectus (company site) | https://luminoindustries.com/pdf/prospectus.pdf |
| Abridged prospectus (SEBI, Aug 2026) | https://www.sebi.gov.in/sebi_data/commondocs/aug-2026/LUMINO%20INDUSTRIES%20LIMITED%20-AP_p.pdf |
| DRHP, Jan 2025 (BSE) | https://www.bseindia.com/corporates/download/306897/IPO%20Prior/LuminoDRHP_20250120184413.pdf |
| Annual Report FY2024-25 | https://luminoindustries.com/annual-report/Annual-Report-2024-25.pdf |
| Company website; certifications; board; management; MD overview; company profile | https://luminoindustries.com/ · /certifications/ · /board-members/ · /our-management/ · /managing-directors-overview/ · /company-profile/ |
| Laser Power & Infra abridged prospectus (Jul 2026) | https://www.sebi.gov.in/sebi_data/commondocs/jul-2026/Laser%20Power%20and%20Infra%20Limited%20-%20ABRI_p.pdf |
Credit ratings
| Source | URL |
|---|---|
| CRISIL rationale 2 Jul 2026 | https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/LuminoIndustriesLimited_July%2002_%202026_RR_399092.html |
| CRISIL bulletin 3 Feb 2025 | https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/LuminoIndustriesLimited_February%2003_%202025_RR_362597.html |
| CRISIL rationale 29 Feb 2024 | https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/LuminoIndustriesLimited_February%2029,%202024_RR_337968.html |
| CRISIL rationale 29 Nov 2017 | https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/Lumino_Industries_Limited_November_29_2017_RR.html |
| ICRA withdrawal 14 Jun 2019 | https://www.icra.in/Rating/GetRationalReportFilePdf?id=81263 |
| Business Standard: CRISIL A+ upgrade (403) | https://www.business-standard.com/markets/capital-market-news/crisil-ratings-upgrades-ratings-of-lumino-industries-to-a-with-stable-outlook-126091500789_1.html |
| Whalesbook: CRISIL A+ | https://www.whalesbook.com/corporate-news/English/bankingfinance/Lumino-Industries-Long-Term-Credit-Rating-Upgraded-to-CRISIL-AStable/6aa53834f2017017ae69627e |
Financial databases and entity data
| Source | URL |
|---|---|
| Screener: Lumino | https://www.screener.in/company/LUMINO/consolidated/ |
| Screener peers: Apar, KEI, Transrail, KEC, Techno, Diamond, Kalpataru, Bajel, Laser | https://www.screener.in/company/APARINDS/ · /KEI/ · /TRANSRAILL/ · /KEC/ · /TECHNOE/ · /DIACABS/ · /KPIL/ · /BAJEL/ · /LASERPOWER/ (consolidated) |
| Groww stock page | https://groww.in/stocks/lumino-industries-ltd |
| Trendlyne equity; bulk/block deals | https://trendlyne.com/equity/3636541/LUMINO/lumino-industries-ltd/ · https://trendlyne.com/equity/bulk-block-deals/LUMINO/3636541/lumino-industries-ltd/ |
| Value Research shareholding (403) | https://www.valueresearchonline.com/stocks/387969/lumino-industries-ltd/shareholding/ |
| Business Standard share price | https://www.business-standard.com/markets/lumino-industries-ltd-share-price-75521.html |
| Tofler; Tracxn; Quickcompany (Devendra Goel); TheOrg (Bhuwania); MarketScreener (Sultania) | https://www.tofler.in/lumino-industries-limited/company/U14293WB2005PLC102556 · https://tracxn.com/d/legal-entities/india/lumino-industries-limited/__vYypzAieFN1V7ipOtFuXpqwMswAhZcRQCiOsYIapoBs · https://www.quickcompany.in/directors/00673447-devendra-goel · https://theorg.com/org/lumino-industries-limited/org-chart/hemant-bhuwania · https://www.marketscreener.com/insider/HEMANT-SULTANIA-A0TGTP/ |
IPO portals, data and reviews
| Source | URL |
|---|---|
| Chittorgarh: IPO; subscription; anchor news; Laser IPO | https://www.chittorgarh.com/ipo/lumino-industries-ipo/2013/ · https://www.chittorgarh.com/ipo_subscription/lumino-industries-ipo/2013/ · https://www.chittorgarh.com/news-detail/ipo/confirmed-ipo/lumino-industries-ipo/2125/ · https://www.chittorgarh.com/ipo/laser-power-infra-ipo/2654/ |
| IPOWatch: IPO; GMP | https://ipowatch.in/lumino-industries-ipo/ · https://ipowatch.in/lumino-industries-ipo-gmp-grey-market-premium/ |
| InvestorGain: IPO; GMP | https://www.investorgain.com/ipo/lumino-industries-ipo/1619/ · https://www.investorgain.com/gmp/lumino-industries-ipo/1619/ |
| Kotak Neo | https://www.kotakneo.com/ipo/lumino-industries-ltd-ipo/ |
| Groww: IPO page; Day-3; DRHP blog | https://groww.in/ipo/lumino-industries-ipo · https://groww.in/blog/lumino-industries-ipo-day-3-subscription-status · https://groww.in/blog/lumino-industries-files-drhp-for-ipo |
| INDmoney review; IPO page | https://www.indmoney.com/blog/ipo/lumino-industries-ipo-review · https://www.indmoney.com/ipo/lumino-industries-ipo |
| EquityResearchIndia | https://www.equityresearchindia.com/post/lumino-industries-ipo-27-31-august-analysis |
| 5paisa IPO; DRHP news | https://www.5paisa.com/ipo/lumino-industries-ltd-ipo · https://www.5paisa.com/news/lumino-industries-submits-drhp-for-rs1000-crore-ipo |
| Anand Rathi; mStock; OneTrader; Inxits | https://anandrathi.com/blog/lumino-industries-ipo-details · https://www.mstock.com/articles/lumino-industries-ipo · https://onetrader.in/lumino-industries-ipo-2026/ · https://inxits.com/lumino-industries-ipo-review/ |
| TradeBrains IPO business note | https://tradebrains.in/lumino-industries-ipo-cables-substations-and-solar-what-is-the-business-behind-the-expected-60-listing-gain/ |
| Bajaj Broking; MNCL; ScanX | https://www.bajajbroking.in/blog/lumino-industries-ipo · https://www.mnclgroup.com/lumino-industries-ltd-ipo-review-2026 · https://scanx.trade/stock-market-news/ipo/lumino-industries-ipo-700-cr-issue-financials-key-details/48835683 |
| Angel One: DRHP; SEBI nod | https://www.angelone.in/news/ipos/lumino-industries-filled-drhp-with-sebi-for-ipo · https://www.angelone.in/news/ipos/sebi-clears-ipo-proposals-of-lumino-industries-m-b-engineering-and-sunshine-pictures |
| HDFC Sky: SEBI nod; anchor | https://hdfcsky.com/news/sebi-clears-ipo-path-for-lumino-industries-mb-engineering-and-sunshine-pictures · https://hdfcsky.com/news/lumino-industries-raises-207cr-anchor-investors |
| IPO Central: brokers; anchor (403) | https://ipocentral.in/lumino-industries-ipo-review-broker-recommendations/ · https://ipocentral.in/lumino-industries-anchor-book/ |
| Dealroom; Outlook Business anchor; IPO Guru lock-in | https://dealroom.co/news/147565-lumino-industries-pulls-in-206-99-crore-from-anchors-ahead-of-ipo/ · https://www.outlookbusiness.com/corporate/lumino-industries-collects-207-cr-from-anchor-investors-ipo-to-open-on-aug-27 · https://www.ipoguru.in/blog/lumino-industries-anchor-lock-in-ends-1-october |
| MarketInsiders; insights.market; IPO360; InCred Money; ipoanalysis Substack | https://marketinsiders.in/2026/08/21/lumino-industries-ipo-simple-analysis-for-investors/ · https://blog.insights.market/lumino-industries-ipo-powering-growth-through-conductors/ · https://www.ipo360.in/company/lumino-industries-limited-ipo · https://www.incredmoney.com/blog/lumino-industries-ipo/ · https://ipoanalysis.substack.com/p/lumino-industries-ipo-wired-for-growth |
| Rupeezy; Multibagg (in-house supply; Q1 date); MoneyWorks4Me; Zee Business DRHP | https://rupeezy.in/blog/is-lumino-industries-good-or-bad · https://www.multibagg.ai/market-pulse/articles/lumino-in-house-epc-supply-rhp-cmu8yoclj00205qntlbrzys7c · https://www.multibagg.ai/market-pulse/articles/lumino-industries-q1-results-date-cmube0qsl000s36p5zdw80bpr · https://www.moneyworks4me.com/company/news/index/id/752981 · https://www.zeebiz.com/companies/news-lumino-industries-files-draft-red-herring-prospectus-for-rs-1000-crore-ipo-340706 |
Brokerage notes and independent reviews
| Source | URL |
|---|---|
| Sushil Finance | https://www.sushilfinance.com/blogs/IPO-Note/Lumino-Industries-Limited-IPO |
| Chanakya Nipothi | https://chanakyanipothi.com/lumino-industries-ipo/ |
| Finology (403) | https://ticker.finology.in/discover/market-update/lumino-industries-ipo-analysis |
| Abhinav Mishra Substack | https://abhinavmishra.substack.com/p/lumino-industries-ipo |
| Business Standard analysts / GMP 60% (403) | https://www.business-standard.com/markets/ipo/lumino-industries-ipo-gmp-at-60-analysts-recommend-subscribe-tag-126082700170_1.html |
| Business Today review | https://www.businesstoday.in/markets/ipo-corner/story/lumino-industries-ipo-opens-today-should-you-subscribe-or-skip-check-price-band-gmp-reviews-551647-2026-08-27 |
News, results, listing, flows
| Source | URL |
|---|---|
| Business Standard: DRHP; SEBI nod; 117.78x; listing (403) | https://www.business-standard.com/markets/ipo/epc-firm-lumino-industries-files-draft-papers-with-sebi-for-rs-1-000-cr-ipo-125012101021_1.html · https://www.business-standard.com/markets/ipo/sunshine-pictures-lumino-industries-m-b-engineering-get-sebi-s-nod-to-float-ipos-125061700770_1.html · https://www.business-standard.com/amp/markets/capital-market-news/lumino-industries-ipo-subscribed-117-78-times-126083101030_1.html · https://www.business-standard.com/markets/news/lumino-industries-makes-strong-debut-lists-at-34-premium-on-nse-126090300174_1.html |
| Zee Business final subscription | https://www.zeebiz.com/markets/ipo/news-lumino-industries-ipo-day-3-last-day-to-bid-should-you-apply-issue-subscribed-2179x-so-far-401394 |
| Upstox; India TV; ICFM; IIFL listing; IIFL GMP | https://upstox.com/news/market-news/ipo/lumino-industries-shares-list-at-34-premium-on-nse-here-s-how-much-investors-made-per-lot/article-199720/ · https://www.indiatvnews.com/business/markets/lumino-industries-ipo-listing-today-gmp-suggests-strong-debut-on-bourses-check-share-price-and-other-details-2026-09-03-1053134 · https://www.icfmindia.com/news/lumino-industries-ipo-listing-shares-debut-at-34-premium-at-110-on-nse · https://www.indiainfoline.com/news/ipo/lumino-industries-list-at-34-premium-surges-42-above-ipo-price · https://www.indiainfoline.com/news/ipo/lumino-industries-ipo-gmp-today-gmp-at-57-estimated-listing-premium-69-51 |
| NewsDrum; Hindusthan Samachar; Business Today video | https://www.newsdrum.in/business/lumino-industries-lists-34-higher-misses-gmp-estimate-hold-or-sell-now-12486433 · https://english.hindusthansamachar.in/Encyc/2026/9/3/IPO-Listing-Lumino-Industries.php · https://www.businesstoday.in/bt-tv/market-today/video/lumino-industries-ipo-lists-34-higher-book-listing-gains-or-hold-for-long-term-returns-553089-2026-09-03 |
| Q1 FY27: TradeBrains; Outlook Business; Lapaas Voice | https://tradebrains.in/indian-markets/lumino-industries-q1-fy27-net-profit-rises-327-yoy-to-402-crore-revenue-up-193-12562771 · https://www.outlookbusiness.com/corporate/lumino-industries-q1fy27-net-profit-rises-32-to-40cr · https://lapaasvoice.com/lumino-industries-q1-fy27-results-2026-09-21 |
| Sahi: guidance; Q1 (unit error); Laser PGCIL order | https://www.sahi.com/news/lumino-industries-plans-25-30-growth-and-expects-over-30-epc-sector-growth · https://www.sahi.com/news/lumino-industries-reports-q1-standalone-net-profit-of-403m-rupees-vs-303m-yoy · https://www.sahi.com/news/laser-power-infra-secures-72-76-crore-htls-reconductoring-order-from-powergrid |
| TNDIndia Ranihati | https://www.tndindia.com/lumino-industries-to-nearly-double-capacity-at-ranihati-facility/ |
| TradingView/Mint lock-ins; Analytics Insight | https://www.tradingview.com/news/moodys:a318e23b71f55:0-esds-lumino-purple-style-labs-18-ipo-stocks-facing-anchor-lock-in-expiry-in-october-check-full-list/ · https://www.analyticsinsight.net/ipo/ipo-share-unlocks-begin-october-5-for-18-stocks-including-esds-lumino |
| ThePrint Aug-2022 I-T raid on Kolkata group (not attributed to Lumino) | https://theprint.in/economy/income-tax-dept-raids-kolkata-based-business-group/1111190/ |
| BusinessLine MD interview (paywalled); YouTube MD interview | https://www.pressreader.com/india/businessline-delhi-9wvw/20260822/281779930968832 · https://www.youtube.com/watch?v=HI9CklJvg2E |
| X @BaluGorade (402, snippet) | https://x.com/BaluGorade/status/2094463229028397244 |
Industry, policy, commodity
| Source | URL |
|---|---|
| CTC Global ACCC partners: JSK; Gupta Power | https://ctcglobal.com/ctc-global-welcomes-our-newest-accc-conductor-manufacturing-partner-jsk-industries-pvt-ltd/ · https://www.businesswire.com/news/home/20181101005804/en/CTC-Global-and-Gupta-Power-Announce-Their-Partnership-to-Manufacture-High-Performance-ACCC-Conductors-in-India |
| RDSS: IMPRI; Power Line; smart-meter slippage | https://www.impriindia.com/insights/policy-update/revamped-sector-scheme-funding-push/ · https://powerline.net.in/2025/07/16/304376/ · https://thesecretariat.in/article/smart-meter-mission-loses-momentum-as-installation-targets-slip |
| NEP Transmission: Business Today; T&D India | https://www.businesstoday.in/latest/economy/story/centre-targets-rs-915-lakh-crore-investment-opportunity-in-transmission-sector-by-2032-450046-2024-10-15 · https://www.tndindia.com/national-electricity-plan-2032-finalized-outlay-pegged-at-over-rs-9-trillion/ |
| PGCIL Q4FY26 (PL Capital); FY26 MVA (Outlook Business) | https://www.plindia.com/pl-research/power-grid-corporation-of-india-pwgr-in-q4fy26-result-update-strong-transmission-pipeline-capex-cycle-accelerating-buy/ · https://www.outlookbusiness.com/spotlight/news-wire/india-adds-113013-mva-grid-transformation-capacity-in-fy26-meets-90-of-cea-target |
| GEC-III: NextIAS; Energy-Storage.news (403); GEC-II (IEA) | https://www.nextias.com/ca/current-affairs/01-10-2026/green-energy-corridor-phase-3 · https://www.energy-storage.news/india-approves-us19-3-billion-green-energy-corridor-phase-iii-with-50gwh-bess/ · https://www.iea.org/policies/17145-green-energy-corridor-intra-state-transmission-system-phase-ii-scheme |
| Reconductoring: Power Line; CEA draft paper | https://powerline.net.in/2025/12/09/grid-upgrades-reconductoring-to-unlock-additional-capacity/ · https://energy.prayaspune.org/images/pdf/CEA_Draft_Paper_on_Reconductoring_of_Transmission_Lines_in_ISTS.pdf |
| Cables QCO (BIS) | https://www.karparivartan.com/bis-certification-electrical-cables-india/ |
| LME aluminium: alcircle; yuzemetal | https://www.alcircle.com/news/lme-aluminium-price-drops-nearly-1-stocks-hold-firm-at-241-375t-on-september-30-121365 · https://yuzemetal.com/en/insights/lme-aluminium-3254-late-september-2026-aluminum-buyers |
Data conflicts resolved in this report
| Item | Inputs | Used |
|---|---|---|
| ₹1,856.78 cr split | §1: NFB ₹1,101.5 cr / debt-like ₹755 cr; heard/narrative: "probably NFB limits" | §4: BGs ₹923 cr contingent; ~₹934 cr debt-like; ~₹597 cr post-IPO |
| Laser guarantee | ₹1,650 cr (governance) | ~₹1,612 cr, 13 banks (RHP sum) |
| Q1 book-to-bill | 0.83x (narrative) | ~0.34x |
| Subscription | 50x / 87x / 104x / 118x / 124x | ~117.6x (QIB ~221x, NII ~176x, retail ~38.5x) |
| I-T search | "No evidence" (governance) | Confirmed 15–16 Mar 2022 (RHP pp.65–66) |
| Cumulative OCF | −₹175 cr (market, Screener FY24) | +₹18.4 cr (RHP); −₹368.8 cr ex-acceptances |
| FY26 EBITDA | 238.95 RHP vs 253 Screener | RHP everywhere; Screener only in peer table |
| Order book Mar-26 | ₹3,149.88 cr RHP vs ₹2,791 cr CRISIL | RHP; gap noted |
| Founding | 1989 vs 1969 | 1989; 1969 flagged |
| Debtor days | 160 / 145 / 132 | 160 (bases shown in Tab 6) |
| LC classification | financials: inference | On balance sheet per Note 29.2 (ruling) |
| Contingent liabilities | ₹25.9 cr (Sep-24) vs ₹24.86 cr; claims ₹0.94 vs ₹1.03 cr | ₹24.86 cr (Mar-26); BGs excluded; claims conflict flagged |
| Bulk deals | Share counts/prices differ | Both shown |
| Promoter post-IPO holding | IPOWatch ~80% | 71.97% |
| SEBI letter timing | Flag | Open question, not an irregularity |
Not available after search: five of last eight quarters; lender-wise maturity ladder; import share; Ranihati cost (no verified figure; ~₹190 cr unverified); order book by named client; HTLS revenue; post-listing targets; 3-yr average multiples; FY26 AR/CARO; RJ Green consideration; full anchor scheme list; Kostak rates; exact dates of the pre-2019 ₹500 issue and buy-back.