Manufacturing accounts for 69.7% of FY26 revenue, EPC 30.3%.
FY26 earnings valued at ~15.6x, 11.7x EV/EBITDA, below peer average.
India’s wires & cables market expected to grow 13–14% CAGR through FY31.
Business Model & Revenue Mix Lumino Industries Ltd. (LIL), founded in 2005, operates as an integrated power infrastructure firm. It manufactures conductors, power cables, electrical wires and other transmission products while also executing EPC projects in power transmission, EHV substations, solar, railway electrification and water management. In FY26, manufacturing drives 69.7% of total revenue, with EPC contributing the remaining 30.3%.
Industry Outlook & Valuation India’s power transmission, renewable energy, electrification and wires & cables sectors are in a robust capex cycle. The domestic wires & cables market is projected to expand at 13–14% CAGR through FY31, fueled by transmission investments, renewable integration, rail electrification and infrastructure development. At an upper price band of ₹82, Lumino trades at approximately 15.6x FY26 earnings and 11.7x FY26 EV/EBITDA, offering a discount relative to listed peers. Strong order‑book visibility, an integrated manufacturing‑EPC model, healthy return ratios, planned debt reduction and favourable industry tailwinds underpin the valuation.
Investment Thesis With a dominant manufacturing base, a diversified EPC portfolio and exposure to high‑growth infrastructure segments, Lumino presents a medium‑to‑long‑term investment opportunity. The company’s ability to control the supply chain enhances execution efficiency, while the projected 13–14% CAGR in the wires & cables market supports continued revenue growth. Analysts recommend a ‘Subscribe’ rating for investors seeking a stable play in India’s power infrastructure space.
