118.12× subscription and up to 49% grey market premium (GMP) projected.
Valuation stands at 15.5× FY26 earnings, 9.6× FY26 EV/EBITDA within Rs 78‑82 price band.
Experts advise booking partial profits on a strong listing while holding the rest for long‑term growth.
Market Demand and Premium Lumino Industries’ IPO has been met with overwhelming demand, registering a subscription rate of 118.12×. Grey market activity shows a premium of up to 49% over the issue price, with Investorgain quoting a GMP of Rs 34 (41.46% listing gain) and IPO Watch noting 48.78% GMP.
Company Profile & Growth Drivers Lumino Industries is a product‑driven, integrated EPC firm with three decades of experience in power transmission and distribution. It operates in manufacturing and EPC, boasting in‑house capabilities for conductors, power cables, and electrical wires. According to Anand Rathi’s Narendra Solanki, the company is well‑positioned to benefit from rising investments in power transmission infrastructure, renewable energy, electrification projects, and the domestic wires and cables market. The firm has shown consistent revenue and profitability growth, strong operating margins, and robust return ratios, with a focus on high‑margin EHV substation projects, expanding exports, and solid execution capabilities.
Valuation & Investor Guidance At the upper end of its Rs 78‑82 price band, Lumino is valued at 15.5× FY26 earnings and 9.6× FY26 EV/EBITDA. Kantilal Chhaganlal Securities’ Mahesh M Ojha notes a comparable valuation of 15.6× FY26 P/E and 11.1× EV/EBITDA, underscoring its attractiveness against listed peers. Experts recommend that IPO allottees book partial profits on a premium listing—potentially above 30%—and retain the remaining shares for long‑term growth, given the company’s healthy order book, capacity expansion, and strong return ratios.
