LCC Projects IPO- Complete Overview
LCC Projects IPO is a Mainboard IPO with an issue size of Rs. 427.14 Cr by LCC Projects Limited, which provides engineering, procurement, and construction (EPC) services for water supply and irrigation projects. The company has built dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, water supply schemes, and other EPC projects in the irrigation and water supply sector.
Sondwa Lift Micro Irrigation Project, Sidhi Bansagar Multi-Village Scheme, and Gandhi Sagar 1 Multi-Village Scheme are the top three projects in the company's Order Book as of March 31, 2026.
The construction of Tawa Left Bank Canthe, Parbati Dam Project, Dudhai Sub Branch Canal Project, and AKOT Lift Irrigation Scheme are just a few of the noteworthy projects that LCC has already completed.
This new IPO is to be launched on 09 Sep 2026, and its ‘initial public offering’ will end on 11 Sep 2026.
LCC Projects IPO Details
This Mainline IPO comprises a combination of a fresh issue of 1.77 crore shares (Rs. 258 Cr) and an offer for sale of 1.16 crore shares (Rs. 169.14 Cr). The LCC Projects IPO listing date (expected) might be Thursday, Sep 17, 2026, and the listing on the BSE and NSE.
The LCC Projects IPO price band is Rs. 139 to Rs. 146.
IPO Timetable (Tentative)
The LCC Projects IPO date is from 09 Sep to 11 Sep, with IPO allotment on Sep 15, refund initiation on Sep 16, and listing on Sep 17, 2026.
|
Events |
Date |
|
IPO Opening Date |
Sep 09, 2026 |
|
IPO Closing Date |
Sep 11, 2026 |
|
IPO Allotment Date |
Sep 15, 2026 |
|
Refund Initiation |
Sep 16, 2026 |
|
IPO Listing Date |
Sep 17, 2026 |
If you want to apply for the IPO, click to open a Demat Account.
Industry Overview & Outlook
LCC Projects Company Financial Performance
(Amount in Cr)
|
Particulars |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Assets |
2,447.54 |
1,727.46 |
1,129.99 |
|
Total Income |
3,639.45 |
2,941.01 |
2,449.79 |
|
Profit After Tax |
286.44 |
223.63 |
122.00 |
|
EBITDA |
519.90 |
401.04 |
241.37 |
|
NET Worth |
888.41 |
604.99 |
382.83 |
|
Reserves and Surplus |
752.41 |
468.99 |
348.83 |
|
Total Borrowing |
860.65 |
649.55 |
422.30 |
Cash Flows
The cash flows for various activities are shown below:
(Amount in Mn)
|
Net Cash Flow In Multiple Activities |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Net Cash Flow Operating Activities |
1,584.41 |
236.27 |
293.50 |
|
Net Cash Flow Investing Activities |
(1,068.42) |
(1,951.54) |
(1,294.89) |
|
Net Cash Flow Financing Activities |
177.21 |
2,524.77 |
834.53 |
LCC Projects IPO- Business Model
Bidding and Winning Contracts — The company participates in tenders floated by central/state government departments (e.g., Water Resources Departments, Jal Nigam, Narmada Valley Development Authority, Sardar Sarovar Narmada Nigam, etc.). It prepares detailed designs, cost estimates, and technical proposals using its in-house engineering team.
Project Execution — Once awarded, LCC designs, procures materials/equipment, constructs, tests, and commissions the project. Revenue is recognized progressively based on milestones or percentage of work completed (as per Ind AS).
Billing and Collection — Payments come from the government clients against certified work bills, often with retention money and bank guarantees.
O&M (minor) — Some contracts include multi-year operation and maintenance after construction, generating small recurring revenue.
In Fiscal 2026, revenue from operations was ₹36,002.52 million, of which ~87–93% came from irrigation & water supply projects in recent years.
Revenue Bifurcation
(Source RHP)
The Objective of the Issue
-
Purchase of equipment. ~ Rs. 14.69 Cr.
-
Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the Company. ~ Rs. 180 Cr.
-
General Corporate Purposes.
Peers of LCC Projects
|
Name of the Company |
Face Value (₹ per share) |
EPS Basic (₹) |
P/E (x) |
|
Vishnu Prakash R Punglia Limited |
10 |
(12.04) |
NA |
|
Enviro Infra Engineers Limited |
10 |
10.42 |
19.14 |
Evaluation of P/E Ratio
Considering the period ended on FY 2026 with an EPS of Rs. 10.42 from the last year, the resulting P/E ratio is 14.01x.
LCC Projects IPO Valuation
|
KPI |
Value (Mar 31, 2026) |
|
ROE |
32.24% |
|
ROCE |
27.13% |
|
Debt/Equity |
0.97 |
|
RoNW |
32.24% |
|
PAT Margin |
7.96% |
|
EBITDA Margin |
14.44% |
IPO's Strengths
-
By market share, LCC is one of the top multidisciplinary EPC firms in India for irrigation and water supply projects. It has a solid basis in the infrastructure industry because of its extensive operating expertise and execution track record.
-
As of September 30, 2024, the company had 68 projects in its order book, offering substantial project visibility. Its portfolio includes mining, metro rail, irrigation, water supply, and other infrastructure projects.
-
LCC offers strong technical expertise and in-house project design capabilities. This enables the business to manage a variety of technically challenging EPC projects across several infrastructure sectors.
IPO's Weaknesses
-
In the six months ending September 30, 2024, 88.81% of the company's revenue came from projects awarded by state and federal government agencies. Its operations and financial performance could be negatively impacted by any cutbacks or delays in government project awards.
-
The company's ability to successfully bid for and win new irrigation and water delivery projects is crucial to its expansion. Its future business growth could be negatively impacted if it doesn't acquire new projects.
-
The actual expenses incurred during project execution may be substantially different from the estimates given during bid submission. Cost overruns may have a detrimental effect on the company's cash flows, operational outcomes, and financial situation if it is unable to recover additional expenses.
LCC Projects IPO GMP Today
LCC Projects IPO GMP is Rs. 25 as of September 05, 2026, when this information was written. With the upper price band of Rs. 146, LCC Projects IPO's estimated listing price is Rs. 171. The expected listing gain/loss per share is 17.12%.
IPO Other Details
|
IPO Opening & Closing Date |
09 Sep 2026 to 11 Sep 2026 |
|
Face Value |
Rs. 5 per Share |
|
Issue Price |
Rs. 139 to Rs. 146 |
|
Lot Size |
102 Shares |
|
Issue Size |
2,92,56,232 shares (Rs. 427 Cr) |
|
Offer for Sale |
1,15,85,000 shares (Rs. 169 Cr) |
|
Fresh Issue |
1,76,71,232 shares (Rs. 258 Cr) |
|
Listing At |
BSE, NSE |
|
Issue Type |
Book Built Issue IPO |
|
Registrar |
Kfin Technologies Ltd. |
IPO Grey Market Premium
The current IPO GMP is available at our live IPO GMP page, where you can get the GMP today for open Mainboard and SME IPOs.
LCC Projects IPO Lot Size
The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (102 Shares) amounting to Rs. 14892 and 13 Lots (1326 Shares) for Rs. 1,93,596, respectively, while for HNI investors, the minimum Lot is 14 (1428 Shares) amounting to Rs. 2,08,488.
|
Minimum Lot Investment (Retail) |
1 Lot |
|
Maximum Lot Investment (Retail) |
13 Lots |
|
S-HNI (Minimum) |
14 Lots |
|
S-HNI (Maximum) |
67 Lots |
|
B-HNI (Minimum) |
68 Lots |
LCC Projects IPO Reservation
|
Institutional Share Portion |
50% |
|
Retail Investors' Share Portion |
35% |
|
Non-Institutional Shares Portion |
15% |
Promoters and Management of LCC Projects Ltd.
-
Arjan Suja Rabari
-
Laljibhai Arjanbhai Ahir
-
Maya Arjan Rabari.
|
Pre-Issue Promoter Shareholding |
100% |
|
Post-Issue Promoter Shareholding |
89.9% |
IPO Lead Managers
- Motilal Oswal Investment Advisors Ltd.
Dividend Policy
The company has not paid a dividend during the last three FYs.
LCC Projects IPO Review: Subscribe or Avoid?
LCC Projects is a Gujarat-based multidisciplinary EPC player focused mainly on irrigation and water-supply projects (dams, canals, lift irrigation, pipelines, multi-village schemes). It has shown strong growth with revenue rising from ₹2,439 Cr in FY24 to ₹3,600 Cr in FY26, PAT more than doubling to ₹286 Cr, healthy EBITDA margin of ~14.4%, and a solid order book of ₹7,953 Cr as of March 2026. The business is heavily dependent on government contracts (≈79–88% of revenue/order book) and remains working-capital intensive with moderate leverage.
Before making any decision to subscribe or avoid, you should consult your SEBI-registered financial advisor.
LCC Projects IPO News
LCC Projects IPO Allotment Status
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Finowings IPO Analysis
Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO.
You must consult your financial advisor before making any financial decisions.
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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.
