Lumino Industries Profit Jumps 32% as EPC Execution Accelerates
The newly listed power infrastructure player saw its engineering and construction segment surge 70%, lifting margins and profit ahead of a major capacity expansion.
Lumino Industries posted a 19.3% rise in Q1 FY27 revenue to ₹521 crore, with profit climbing 32.4% to ₹40 crore. Growth was led by a 70% surge in its EPC business, which improved overall profitability.
Lumino Industries’ first quarterly report as a listed company shows a business hitting its stride in project execution. Revenue for the quarter ended June 2026 rose 19.3% year-on-year to ₹521 crore, while profit grew even faster at 32.4% to ₹40 crore. The numbers reflect a strategic shift where engineering and construction work is becoming a powerful growth engine alongside its core manufacturing.
The company’s net profit margin expanded by 80 basis points to 7.7%, as profit growth outpaced sales. This improvement came from a better revenue mix and operating leverage, according to reports from LapaasVoice and ScanX. Operating EBITDA, at ₹71 crore, grew 34.2% with the margin rising to 13.6%.
Revenue (₹ Cr)
Profit (₹ Cr)
Net Profit Margin (%)
| Metric | CurrentQ1 FY27 | Same quarter LYQ1 FY26 |
|---|---|---|
| Revenue (₹ Cr) | 521.43YoY +19% | 437.11 |
| Profit (₹ Cr) | 40.17YoY +32% | 30.34 |
| Net Profit Margin (%) | 7.7YoY +12% | 6.9 |
Why Profit Outpaced Revenue
The standout performer was the Engineering, Procurement, and Construction (EPC) segment. As reported by LapaasVoice, EPC revenue jumped 69.6% year-on-year to about ₹150 crore. This high-growth segment now contributes 29% of total revenue. The manufacturing division, which makes conductors and cables, saw a steadier 6.5% growth to ₹371 crore.
This shift matters because the EPC business currently carries higher margins. ScanX noted the segment's EBITDA margin reached 14.1%, helping lift the company's overall profitability. The growth was driven by timely project execution, converting a strong order book into revenue.
The Order Book and the IPO Effect
Visibility remains strong with an order book of ₹3,059 crore as of June 30, split between manufacturing (₹1,046 crore) and EPC (₹2,013 crore). However, order inflows of ₹176 crore during the quarter were below the revenue recognized, causing the total backlog to dip 2.9% year-on-year.
Live Chart
· LUMINO
(BSE)
ISIN: INE185Q01025
Critically, these results are a pre-IPO baseline. The company listed on September 3, after the quarter closed, raising ₹700 crore. Management, cited by Money.Rediff, plans to use the fresh capital primarily for debt repayment and funding a major capacity expansion. The financial benefits of a stronger balance sheet will only show in subsequent quarters.
A Phased Capacity Build-Out
The next leg of growth is tied to the Ranihati facility expansion. Management guidance, detailed by ScanX, outlines a plan to add 35,000 MT of capacity in three phases. The first 10,000 MT is targeted for commissioning in the second half of FY27.
Upon completion, total installed capacity will rise from 40,000 MT to 75,000 MT. This will also enable production of higher-voltage power cables. The focus, as stated by Managing Director Devendra Goel, is to increase the share of specialised, higher-value products.
Key Points
- Revenue grew 19.3% to ₹521 crore, driven by a 70% surge in the EPC segment.
- Net profit jumped 32.4% to ₹40 crore, with the margin expanding 80 basis points to 7.7%.
- The order book stands at ₹3,059 crore, providing visibility, though quarterly inflows were lower than revenue.
- A ₹700 crore IPO concluded after the quarter; proceeds are earmarked for debt reduction and capacity expansion.
- The Ranihati facility expansion aims to nearly double manufacturing capacity by Q1 FY29, with the first phase starting in H2 FY27.
Hexa Perspective
The quarter establishes Lumino’s dual-engine model: stable manufacturing and a high-growth EPC arm. The margin expansion is encouraging, but it occurred before the IPO-led balance sheet reset. The real test is whether the company can sustain this profitability while integrating the new capital.
Investors are now weighing execution on two fronts. The first is replenishing the EPC order book at healthy margins. The second is the disciplined ramp-up of the Ranihati expansion without straining working capital. Success on both would validate the transition from a product manufacturer to an integrated infrastructure solutions provider.
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