Lumino Industries IPO

Driven by QIB demand at 33.2x and moderate disclosed risk (6/10), Lumino Industries listed at a premium of 34.1% to its issue price. The signals lean constructive — still confirm valuation against listed peers and read the DRHP before applying beyond one lot.

• Lumino Industries combines its manufacturing and EPC businesses, allowing it to use a portion of its in-house manufactured products in its EPC projects. In FY26, 23.08% of the specialised products use
• As of March 31, 2026, the company had executed approximately 80,000 km of distribution lines, 44 substations and 41.03 MW of solar projects. It has also undertaken EPC projects across multiple states
• The company operates two manufacturing facilities with a combined capacity of 40,000 MT based on aluminium consumption for cables and conductors. Its products include aluminium conductors, power cable
• The company has certain quality and product certifications. The company’s manufacturing facilities are ISO 9001:2015 certified for quality management systems, ISO 14001:2015 certified for environmenta
• The company claims to have a large and diversified order book: As of March 31, 2026, Lumino Industries had an aggregate order book of Rs 3,149.88 crore, comprising Rs 1,991.98 crore from EPC projects

Score breakdown — what drove this verdict

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Disclosed Risk 6/10

Moderate risk from DRHP → score -0.4

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QIB Demand 33.2×

Institutional subscription → score +2.0

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Retail Demand 27.7×

Strong retail interest → score +0.5

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Listing Performance +34.1%

Actual listing outcome → score +1.5

Base score: 5.0 · Final score = base + all factor adjustments, capped 1–10. Full methodology →

IPOFins Score is a quantitative signal from subscription demand, disclosed risk, and listing data — not investment advice. Not SEBI-registered.