• The document contains the transcript of Lumino Industries Limited's Q2 FY27 Earnings Conference Call held on November 5, 2026, hosted by Motilal Oswal Financial Services.
  • The event was an earnings conference call discussing the company's unaudited financial results for the quarter and half year ended September 30, 2026.
  • Management participants included:
  • Mr. Devendra Goel – Managing Director
  • Mr. Jay Goel – Whole-Time Director
  • Mr. Hemant Bhuwania – Chief Financial Officer
  • The transcript is available on the company's website at https://luminoindustries.com/wp-content/uploads/2026/11/Transcript.pdf.
  • The call was the company's first quarterly earnings call since its listing in September 2026.

Financial Highlights Disclosed

Q2 FY27 Performance:

  • Revenue from operations: INR661 crores (vs. INR509 crores in Q2 FY26, +30% YoY)
  • EBITDA: INR84 crores
  • EBITDA margin: 12.8%
  • Profit after tax: INR53 crores
  • PAT margin: 7.9%

H1 FY27 Performance:

  • Revenue from operations: INR1,183 crores (+25% YoY)
  • EBITDA: INR155 crores
  • EBITDA margin: 13.1%
  • Profit after tax: INR93 crores
  • PAT margin: 7.8%
  • Cash flow from operations: Positive INR56 crores

Business Updates and Operational Metrics

Order Book Position:

  • As of September 30, 2026: INR2,885 crores
  • Manufacturing segment: INR922 crores
  • EPC segment: INR1,963 crores
  • Additional orders secured in October: INR386 crores
  • Manufacturing: INR229 crores
  • EPC: INR157 crores
  • Total order book as of October: INR3,093 crores
  • Currently L1 in tenders worth: INR555 crores

Capacity Expansion:

  • Current capacity: 40,000 metric tons at Howrah, West Bengal
  • New facility at Ranihati, Howrah adding 35,000 metric tons in phases
  • Total planned capacity: 75,000 metric tons per annum
  • New facility focused on expanding cable manufacturing capabilities, particularly ST cables

Manufacturing Segment Breakdown (H1 FY27):

  • Total revenue: INR831 crores
  • Conductor contribution: 65%
  • Cable contribution: 35%
  • HTLS revenue: INR50 crores

Volume Metrics:

  • H1 FY27 tonnage: 13,781 metric tons
  • H1 FY26 tonnage: 15,800 metric tons
  • Capacity utilization: ~60-62% (effectively 80% due to high-value products)

Working Capital Management:

  • Working capital days: 66 days (vs. 73 days in March)
  • EPC working capital cycle: 111 days (improved from 120 days)
  • Manufacturing working capital: 46 days (improved from 50 days)
  • Debtors beyond 6 months reduced from INR230 crores to minimal levels

Debt and Finance Cost:

  • Gross debt reduced to INR128 crores post-IPO
  • INR264 crores debt repaid from IPO proceeds of INR500 crores
  • Expected finance cost reduction: INR15-16 crores in H2 FY27, INR20-25 crores annually going forward

Additional Notes Section

  • The document is a regulatory filing submitted to BSE Limited and National Stock Exchange of India Limited pursuant to Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
  • The transcript includes Q&A session with analysts and investors covering various operational and financial aspects.
  • The company emphasized its focus on being perceived as a product company (70% revenue contribution) rather than EPC company (30% revenue contribution).