LUMINO INDUSTRIES LIMITED

Industrials — Electrical Equipment & Parts · NSE

₹101.99+₹0.36 (+0.35%)

DalalBaazaar Score

66 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

The 60-second version of LUMINO INDUSTRIES LIMITED — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Lumino Industries Limited manufactures and sells conductors, power cables, electrical wires, and other products and components for power distribution and transmission industries in India and internationally.

IndustryElectrical Equipment & Parts

SectorIndustrials

Employees911

Annual revenue₹2,036 Cr

How does it make money?

Turns over ₹2,036 Cr a year. Of every ₹100 of sales, about ₹8 reaches shareholders as profit, with ₹13 left at the operating level before interest, tax and depreciation. Each of its 911 employees supports ₹2.23 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.23 Cr

Who are its competitors?

The closest listed comparisons in its industry are SIEMENS LTD, ABB INDIA LIMITED, HAVELLS INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 34.9% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE17.1%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +169% while net margin moved +207% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+169%

Margin effect+207%

DalalBaazaar Score

66/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

72/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

74/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

19.4x

Sector Median

88.8x

median of 3 sector peers

🟢Against its sector it trades 78% below the peer median of 88.8x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

88.8x median of 3 peers · -78%

vs. generic bands

Fair

15x–35x

EV/EBITDA

13.3x

PEG

0.19

What's Good / What's Bad

🟢 What's Going Well6

Margins are improving
EBITDA margin is up from 7.9% to 12.6% over 3 years.
Cash generation is improving
Free cash flow is up 97% over 3 years.
Return on equity is rising
ROE has improved from 5.4% to 21.9%.
Return on capital is rising
ROCE has improved from 11.3% to 34.9%.
High return on capital employed
ROCE of 34.9% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

3 items require attention · 1 high · 2 watch

🔴Receivables growing faster than salesFinancial
Receivables up 293% against revenue up 169% — sales are being booked faster than they are collected.
🟡Debt is increasingFinancial
Total debt is up 26% over 3 years.
🟡Inventory building faster than salesFinancial
Inventory up 197% against revenue up 169% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 34.9% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 7.9% to 12.6%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 78% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 293% against revenue up 169%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 29% a year✓ 39.0% CAGR
Latest reported year was 19.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 11%✓ 12.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹104 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.6x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 32%✓ 34.9%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

9 / 10 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high

Price history

Quick Metrics

7 good · 4 neutral · 0 weak

Market Cap

₹3,106 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

19.4x

Fair

Fairly valued against the generic band

P/B Ratio

3.40x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹5.25

Profitable

Profitable on a per-share basis

ROE

21.9%

Strong

Strong capital efficiency

ROCE

34.9%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.55x

Low

Conservative leverage

Revenue Growth (YoY)

19.3%

Healthy

Healthy top-line growth

Profit Growth (YoY)

32.0%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹104 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

12.7%

Average

Average margins

Net Margin

8.0%

Average

Average bottom-line conversion

Current Ratio

1.40

Comfortable

Healthy short-term liquidity

52W Range Position

27%

Mid-range

Technical Snapshot

RSI (14)

45.9

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹758 Cr	₹1,404 Cr	₹1,913 Cr	₹2,036 Cr	+39.0%
EBITDA	₹60 Cr	₹162 Cr	₹239 Cr	₹256 Cr	+62.4%
EBITDA Margin	7.9%	11.5%	12.5%	12.6%	—
PAT (Net Profit)	₹19 Cr	₹87 Cr	₹125 Cr	₹160 Cr	+102.0%
EPS	₹0.64	₹2.84	₹4.09	—	—
ROE	5.4%	19.4%	21.8%	21.9%	—
ROCE	11.3%	31.4%	39.0%	34.9%	—
Total Debt	₹319 Cr	₹56 Cr	₹438 Cr	₹401 Cr	+7.9%
Free Cash Flow	₹53 Cr	₹79 Cr	-₹288 Cr	₹104 Cr	+25.3%

🟢 Revenue has grown at 39.0% a year over 3 years.

🟢 EBITDA has grown at 62.4% a year over 3 years.

🟢 EBITDA Margin has risen from 7.9% to 12.6% over 3 years (+4.7 pts).

🟢 PAT (Net Profit) has grown at 102.0% a year over 3 years.

🟢 ROE has risen from 5.4% to 21.9% over 3 years (+16.5 pts).

🟢 ROCE has risen from 11.3% to 34.9% over 3 years (+23.6 pts).

🔴 Total Debt has grown at 7.9% a year over 3 years.

🟢 Free Cash Flow has grown at 25.3% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹2,175 Cr

Total Liabilities

₹1,445 Cr

Cash & Equivalents

₹92 Cr

Operating Cash Flow

₹156 Cr

Capex

-₹52 Cr

Shareholding (proxy)

Institutional Holding

6.3%

Insider Holding

72.0%

Peer Comparison

Company	P/E	ROE
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%
HAVELLS INDIA LIMITED	43.5x	17.1%

Recent News

1 positive2 mixed3 general

Lumino Industries Ltd. IPO Review - Lumino Industries Ltd. IPO Dates, Issue Price, Subscription and Allotment Status

The Economic Times, 13 Oct

Lumino Industries Secures ₹496 Crore Orders Since IPO; Shares Rise 5.27%

HDFC Sky, 12 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Newly listed Lumino Industries shares jump 6% on bagging new orders worth ₹496 crore

Upstox, 12 OctOrder win

🟢Potentially positiveOrder wins add to future revenue, though the effect depends on the contract's size against annual sales and on when it is executed.

Lumino Industries Ltd | Stock Share Price Live

MarketSmith India, 08 Sept

Lumino Industries Plans 25-30% Growth and Expects Over 30% EPC Sector Growth

Sahi, 23 Sept

Lumino Industries shares soar 40% from IPO price after strong market debut. Should you buy or wait?

The Economic Times, 03 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability

MiddlingValuation

WeakRisk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 1 high-severity red flag sits above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑