Credit Rating- Revision

LIL/2026-27/03 Dated: 12.09.2026 The Secretary The Manager BSE Limited National Stock Exchange of India Limited New Trading Wing Exchange Plaza, C-1, Block “G” Rotunda Building 5th floor, Bandra Kurla Complex PJ Tower, Dalal Street Bandra East Mumbai- 400001 Mumbai- 400051 Scrip Code: 544894 SYMBOL: LUMINO Sub: Intimation of revision in Credit Ratings as per Regulation 30 read with Para A of Part A of Schedule III to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Madam/Sir, Pursuant to Regulation 30 read with Para A of Part A of Schedule III to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that CRISIL Ratings Limited (‘CRISIL’), a credit rating agency registered with the Securities and Exchange Board of India (SEBI), has revised the credit ratings assigned to the Company’s credit facilities vide its report dated 11th September 2026. The details of the revised Credit Ratings are as follows: Instrument Current Rating Previous Rating Action Long Term Bank Facilities Crisil A+/Stable Crisil A/Stable Upgraded Short Term Bank Facilities Crisil A1 Crisil A1 Reaffirmed A copy of the report issued by CRISIL, containing the rationale for the revised credit ratings, is enclosed herewith. Please note that this information will also be available on the website of the Company at www.luminoindustries.com Kindly, take the above information on record. Thanking you, For Lumino Industries Limited Vivek Jain Company Secretary & Compliance Officer Membership No: A36946 9/12/26, 7:13 AM Rating Rationale Rating Rationale September 11, 2026 | Mumbai Lumino Industries Limited Long-term rating upgraded to 'Crisil A+/Stable'; short-term rating reaffirmed Rating Action Regulator Of Total Bank Loan Facilities Rated Rs.2000 Crore Instrument Long Term Rating Crisil A+/Stable (Upgraded from 'Crisil A/Stable') RBI Short Term Rating Crisil A1 (Reaffirmed) RBI Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. 1 crore = 10 million Refer to Annexure for Details of Instruments & Bank Facilities Detailed rationale Crisil Ratings has upgraded its rating on the long-term bank facilities of Lumino Industries Limited (LIL) to ‘Crisil A+/Stable’ from ‘Crisil A/Stable’ and has reaffirmed its ‘Crisil A1’ rating on the short-term bank facilities. The upgrade factors in the continued strengthening of the business and financial risk profiles owing to increasing scale of operations supported by strong order book, healthy operating profitability, and improvement in the working capital cycle and debt coverage indicators. Revenue increased at compound annual growth rate (CAGR) of around 39% in the three fiscals through 2026 driven by healthy execution of the order book, which stood at Rs 3,090 crore as on June 30, 2026. The company sustained healthy operating performance in the first quarter of fiscal 2027 with estimated turnover of Rs 550 crore. Besides, it emerged as the lowest bidder (L1) for a few orders, which along with the existing order book, will ensure healthy medium term revenue visibility. Earnings before interest, tax, depreciation and amortisation (Ebitda) is expected to be healthy over the medium term, with the Ebitda margin expected to improve backed by greater share of remunerative orders through transmission and distribution (T&D) and export. The business risk profile will also benefit from its increasing market presence and established clientele, and the strong industry outlook for the T&D sector in domestic and international markets. The working capital cycle has improved in the first quarter of fiscal 2027 with realisation of a chunk of receivables greater than six months and retention money expected to be sustained over the medium term, backed by greater revenue contribution from manufacturing orders, which have leaner working capital cycles than engineering, procurement and construction (EPC) orders. The company has raised around Rs 500 crore via fresh equity share initial public offering (IPO) allotment dated September 3, 2026. The funds have been utilised for funding the working capital cycle, thereby reducing reliance on debt by around Rs 360 crore. The fund raise will strengthen the financial risk profile and improve key debt metrics. Networth stood at Rs 730.13 crore as on March 31, 2026, and is expected to increase to more than Rs 1,400 crore as on March 31, 2027, supported by equity funding and accretion to reserve. Consequently, gearing is expected to improve to 0.20–0.30 time and total outside liabilities to tangible networth (TOLTNW) ratio is expected below unity over the medium term. With reduction in overall debt, the interest coverage ratio is expected to improve to more than 5 times over the medium term. The ratings continue to reflect the strong business risk profile of LIL, supported by its established presence in the conductors and cables business, leading to sizeable and diversified scale of operations. The ratings also factor in the extensive experience of the promoters in the heavy electrical equipment and EPC industry, the reputed clientele of the company, its established market presence and a comfortable financial risk profile. These strengths are partially offset by working capital-intensive operations and susceptibility of operating performance to cyclicality in end-user industries and risks inherent in tender-based business. Analytical approach Crisil Ratings has combined the business and financial risk profiles of LIL, its joint ventures (JVs) and its wholly owned subsidiaries. This is because all these entities, collectively referred to as the LIL group, have common management and significant financial linkages, and are in the same business. Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation. Key rating drivers - Strengths https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/LuminoIndustriesLimited_September 11_ 2026_RR_404984.html 1/10 9/12/26, 7:13 AM Rating Rationale Established market presence, experienced management and reputed clientele: LIL is one of the leading players in the domestic conductors/cables business. Backed by the management’s experience of over five decades, the company has diversified geographically and added new customers and products, such as high-efficiency conductors, high-tension low- slag conductors, as well as the recent entry into solar power EPC, which should improve scalability. The company derives most of its revenue from manufacturing cables and conductors, and execution of long-term contracts in power EPC segment provide steady revenue. LIL has undertaken initiatives to diversify its revenue sources. The diversification is reflective of strong understanding of market dynamics owing to longstanding presence of the promoters in the industry and healthy relationships with customers and suppliers. The key promoter, Purushottam Das Goel, has been associated with the power industry since 1989 and has been instrumental in business expansion and client relationships. He is assisted by his son, Devendra Goel, and a team of professionals. LIL has customers such as Power Grid Corporation of India Ltd, Larsen & Turbo Ltd, West Bengal State Electricity Distribution Co Ltd, Tata Projects Limited, NCC Limited, South Bihar Power Distribution Co Ltd, and North Bihar Power Distribution Co Ltd. Backed by the group’s established presence in the cables and conductors business, revenue grew to Rs 2,041 crore in fiscal 2026 from Rs 1,917 crore in fiscal 2025 at 6% on the back of healthy order book, steady flow of new orders and ramped up execution. Revenue is expected to increase at CAGR of around 20% to Rs 2,500–3,000 crore over the medium term. T [Showing first 8,000 characters — download PDF for full document]