Lumino Inds Q2 FY27 Results (NSE: LUMINO)

4 Nov 2026 · Analysis by Alpha Inflection

Signal: Steady quarter

The read

The trajectory is manufacturing-led acceleration: Q2 revenue grew 30% YoY and H1 revenue 25% to Rs. 1,183 crore, while Q2 EBITDA margin improved 40bps YoY to 12.8%; however, the 82bps QoQ margin decline and EPC margin compression show that execution mix remains the near-term swing factor.

P&L walk

Revenue rose to Rs. 661 crore, up 30% YoY and 27% QoQ, while operating EBITDA grew 34% YoY to Rs. 84 crore; the 12.8% margin expanded 40bps YoY but contracted 82bps QoQ as EPC margin weakened, and PAT rose 51% YoY to Rs. 53 crore.

Segments

Manufacturing is driving the group, with revenue up 39% YoY to Rs. 460 crore and EBITDA up 52% to Rs. 58 crore, while EPC grew 13% to Rs. 201 crore and EBITDA only 6% to Rs. 26 crore as its margin compressed 80bps YoY to 12.9%.

Key positives

• Revenue from operations reached Rs. 661 crore in Q2 FY27, up 30% YoY and 27% QoQ, with manufacturing revenue up 39% YoY to Rs. 460 crore.
• Operating EBITDA increased 34% YoY to Rs. 84 crore and margin expanded 40bps YoY to 12.8%.
• Manufacturing EBITDA grew 52% YoY to Rs. 58 crore and margin expanded 110bps YoY to 12.7%.
• Total order book stood at Rs. 2,885 crore, including Rs. 922 crore manufacturing and Rs. 1,963 crore EPC, while Rs. 386 crore of additional orders were received after September 30, 2026.
• H1 operating cash flow was positive at Rs. 56 crore.

Key concerns

• EPC EBITDA grew only 6% YoY to Rs. 26 crore against 13% revenue growth, with margin down 80bps YoY to 12.9% and 140bps QoQ.
• Q2 consolidated EBITDA margin declined 82bps QoQ to 12.8%, indicating sequential execution or mix pressure despite YoY expansion.
• EPS growth of 40% lagged PAT growth of 51%, and the release does not disclose the change in outstanding shares or minority interest.

View original filing

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