LCC Projects IPO Review: Key Details, Company Overview and Financials

The LCC Projects IPO is a bookbuilding issue of Rs 427.14 crore, comprising a fresh issue of shares worth Rs 258 crore and an offer for sale of shares worth Rs 169.14 crore by existing shareholders. The IPO will open for subscription on 9 September 2026 and close on 11 September 2026. The allotment is expected to be finalised on 15 September 2026, while the shares are proposed to list on BSE and NSE around 17 September 2026.

The LCC Projects IPO price band is set at Rs 139 to Rs 146 per share, with a lot size of 102 shares. Retail investors must apply for a minimum of 102 shares, requiring an investment of Rs 14,892, and can apply for up to 13 lots at the same proportional scale, with HNI categories starting from higher lot multiples as specified in the RHP.

Motilal Oswal Investment Advisors Ltd. is the book-running lead manager for the LCC Projects IPO, while KFin Technologies Ltd. is the registrar to the issue.

For detailed information on the company's business, financials, risk factors and the proposed utilisation of proceeds, investors should refer to the LCC Projects IPO Red Herring Prospectus (RHP) before making an investment decision.

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Here is a complete breakdown of the LCC Projects IPO, covering the company profile, industry backdrop, financial track record and the risks worth weighing before applying to the LCC Projects IPO.

Show Table of contents

• Company Overview
• IPO Details
• Industry Context
• Business Strengths
• Business Risks
• Financial Performance
• Key Ratios and Metrics
• Objects of the Offer
• Conclusion
• FAQs

Company Overview

Incorporated in 2017, LCC Projects Limited provides engineering, procurement and construction (EPC) services for irrigation and water-supply infrastructure, with capabilities spanning dams, barrages, weirs, canals, hydraulic structures, lift-irrigation systems and pipe-distribution networks for multi-village water-supply schemes. As of 31 March 2026, the company's order book comprised 103 projects, including the Sondwa Lift Micro Irrigation Project, the Sidhi Bansagar Multi-Village Scheme and the Gandhi Sagar 1 Multi-Village Scheme.

LCC Projects operates across 12 Indian states, including Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Andhra Pradesh, Himachal Pradesh and Haryana, reducing its dependence on any single state for order flow. As of 31 March 2026, the company employed 2,093 permanent personnel, supporting its ability to execute large and technically complex water infrastructure projects.

Read on for the complete LCC Projects IPO details, including price band, lot size, listing timeline and the company's financial track record.

IPO Details

Particulars	Details
IPO Date	9 to 11 September 2026
Allotment	Tue, 15 September 2026
Listing Date	Thu, 17 September 2026 (tentative)
Price Band	Rs 139 to Rs 146
Lot Size	102 Shares
Issue Type	Bookbuilding IPO
Sale Type	Fresh Issue cum Offer for Sale
Total Issue Size	Aggregating up to Rs 427.14 Cr
Fresh Issue	Aggregating up to Rs 258 Cr
Offer for Sale	Aggregating up to Rs 169.14 Cr
Investor Reservation	QIB: not more than 50%; Retail: not less than 35%; NII (HNI): not less than 15% of the net offer
Listing Exchange	BSE, NSE

(Compiled from the RHP/DRHP and market updates)

Industry Context

• India continues to invest heavily in irrigation, drinking-water networks and rural water infrastructure through central and state government programmes aimed at improving agricultural productivity and rural water access.
• Multi-village water-supply schemes and lift-irrigation projects, which draw water from rivers or reservoirs to areas that cannot be served by gravity-fed canals, have become an increasingly common infrastructure category as states expand water access to drought-prone and hilly regions.
• EPC contractors in the irrigation and water-supply space generally work on tendered government contracts, so order inflow and profitability are closely linked to the pace of state and central budget allocations for water infrastructure.
• The sector is working-capital intensive, since contractors often need to fund project execution ahead of milestone-based government payments, making receivables management and access to financing important factors for operators in this space.
• Companies with a demonstrated track record across dams, canals, lift-irrigation systems and hydraulic structures, and a presence across multiple states, are generally better positioned to win repeat tenders as government water infrastructure spending continues.

Business Strengths

Here are the key strengths investors evaluating the LCC Projects IPO should weigh:

• An established presence in irrigation and water-supply infrastructure, with an order book comprising 103 projects as of March 2026 spanning dams, canals, lift-irrigation systems and multi-village water schemes.
• Geographical diversification across 12 Indian states, reducing dependence on any single state's budget cycle or tendering pace.
• Strong financial growth, with total income rising from Rs 2,449.79 crore in FY24 to Rs 3,639.45 crore in FY26, and profit after tax more than doubling from Rs 122 crore to Rs 286.44 crore over the same period.
• Healthy return ratios, with FY26 ROE of 32.24 percent and ROCE of 27.13 percent, alongside a reasonable post-issue valuation of around 14.76 times earnings at the upper price band.

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Business Risks

Alongside these strengths, the LCC Projects IPO also carries the following business risks:

• Total borrowings rose from Rs 422.30 crore in FY24 to Rs 860.65 crore in FY26, and while the company plans to use Rs 180 crore of the fresh issue to repay debt, borrowings remain a factor to monitor.
• The business depends substantially on government infrastructure spending, so any slowdown in tendering or budget allocations for irrigation and water projects could affect future order inflow.
• EPC contracts are exposed to raw material and labour cost escalation, and delays in project execution or government payments can affect cash flow and working capital.
• The Rs 169.14 crore offer for sale will not provide funds to the company, and large individual projects can create customer and order-book concentration risk.

Financial Performance

The LCC Projects IPO comes after three consecutive years of strong growth. The company's total income rose from Rs 2,449.79 crore in FY24 to Rs 3,639.45 crore in FY26, while profit after tax more than doubled from Rs 122 crore to Rs 286.44 crore over the same period.

LCC Projects Ltd. – Financials (Rs in Lakh)

Particulars	Fiscal 2026	Fiscal 2025	Fiscal 2024
Total Income	3,63,945.00	2,94,101.00	2,44,979.00
EBITDA	51,990.00	40,104.00	24,137.00
EBITDA Margin (%)	14.29% (computed)	13.63% (computed)	9.85% (computed)
Profit After Tax (PAT)	28,644.00	22,363.00	12,200.00
Net Worth	88,841.00	60,499.00	38,283.00
Total Borrowings	86,065.00	64,955.00	42,230.00
Return on Equity (ROE) (%)	32.24%	Not separately disclosed	Not separately disclosed

Amounts in Rs Lakh unless stated otherwise, compiled from published LCC Projects IPO financial disclosures. EBITDA margin figures are computed from disclosed absolute figures. ROE for FY25 and FY24 was not separately disclosed in the available data.

Key Ratios and Metrics

The table below summarises the key ratios and metrics relevant to the LCC Projects IPO as of the latest reported period.

These ratios offer a quick snapshot of how the LCC Projects IPO is priced relative to the company's profitability and net worth.

KPI (Mar 31, 2026)	Value
Return on Equity (ROE)	32.24%
Return on Capital Employed (ROCE)	27.13%
PAT Margin	7.96%
EBITDA Margin	14.44%
Post-Issue P/E (at upper price)	~14.76x

Objects of the Offer

The company proposes to utilise the net proceeds from the LCC Projects IPO towards the following objects.

• Purchase of equipment (Rs 14.69 Cr)
• Repayment or prepayment of borrowings (Rs 180.00 Cr)
• General corporate purposes

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Conclusion

Here is the bottom line on the LCC Projects IPO.

The LCC Projects IPO reflects an established irrigation and water-supply EPC contractor with a sizeable, geographically diversified order book, strong three-year financial growth, healthy return ratios, and a relatively reasonable post-issue valuation.

However, rising borrowings, dependence on government infrastructure spending, EPC execution and cost-escalation risk, and the offer for sale component are factors that could affect the investment case for the LCC Projects IPO.

Overall, investors weighing the LCC Projects IPO should evaluate the company's business model, financial performance, industry outlook, competitive positioning, valuation and risk factors in detail, and carefully review the Red Herring Prospectus (RHP) before making an informed investment decision.

Univest does not publish grey market premium figures. Grey market premium is an unofficial and unregulated indicator collected informally outside the stock exchanges. It is not published, verified or endorsed by SEBI, NSE or BSE, can vary widely between trackers, and is not always accurate.

FAQs

What are the LCC Projects IPO dates, and when will it list?

Ans. The LCC Projects IPO opens for subscription on 9 September 2026 and closes on 11 September 2026. The allotment is expected to be finalised on 15 September 2026, and the shares are tentatively scheduled to list on both BSE and NSE around 17 September 2026, alongside the other mainboard IPOs opening the same week.

What is the price band and minimum investment for the LCC Projects IPO?

Ans. The price band for the LCC Projects IPO is fixed at Rs 139 to Rs 146 per equity share, with a lot size of 102 shares. Retail investors must apply for a minimum of one lot, which works out to Rs 14,892 at the upper end of the price band.

What does LCC Projects Limited actually do?

Ans. LCC Projects is an engineering, procurement and construction (EPC) company focused on irrigation and water-supply infrastructure, undertaking projects such as dams, barrages, weirs, canals, hydraulic structures, lift-irrigation systems and pipe-distribution networks for multi-village water schemes. As of 31 March 2026, the company's order book comprised 103 projects across 12 Indian states, including flagship schemes such as the Sondwa Lift Micro Irrigation Project and the Sidhi Bansagar and Gandhi Sagar 1 Multi-Village Schemes.

How large is LCC Projects' order book and geographical footprint?

Ans. As of 31 March 2026, LCC Projects had 103 ongoing or recently awarded projects in its order book, providing a meaningful degree of revenue visibility for the coming quarters. The company operates across 12 states, including Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Andhra Pradesh, Himachal Pradesh and Haryana, which reduces its dependence on any single state's budget cycle or tendering activity, and it employed 2,093 permanent personnel as of the same date to support execution of these projects.

How will LCC Projects use the proceeds from its fresh issue?

Ans. Of the Rs 258 crore fresh issue, the company plans to use Rs 180 crore to repay or prepay outstanding borrowings, which should help lower interest costs given that total borrowings had risen to Rs 860.65 crore in FY26. A further Rs 14.69 crore is earmarked for the purchase of equipment, likely supporting in-house execution capabilities and reducing dependence on hired machinery, with the remaining amount going towards general corporate purposes.

What are the key strengths highlighted for the LCC Projects IPO?

Ans. LCC Projects has built a sizeable and diversified order book of 103 projects spread across 12 states, reducing its exposure to any single region's government budget cycle or project pipeline. The company has delivered strong financial growth over the past three years, with total income rising from Rs 2,449.79 crore in FY24 to Rs 3,639.45 crore in FY26 and profit after tax more than doubling to Rs 286.44 crore, alongside healthy return ratios of 32.24 percent ROE and 27.13 percent ROCE in FY26. At the upper price band, the post-issue valuation works out to a relatively reasonable P/E of around 14.76 times, which independent reviews have flagged as attractive relative to the company's growth and profitability record.

What are the main risks or concerns flagged for the LCC Projects IPO?

Ans. The most notable financial concern is the sharp rise in total borrowings, from Rs 422.30 crore in FY24 to Rs 860.65 crore in FY26, though the planned Rs 180 crore debt repayment from the fresh issue should help address this. As an EPC contractor working primarily on government-tendered irrigation and water-supply projects, the company's future order inflow depends substantially on the pace of state and central government infrastructure spending, and delays in project execution, clearances or government payments can affect cash flow. The Rs 169.14 crore offer for sale component will not bring in funds for the company, and the concentration of revenue in large individual projects can also create order-book concentration risk.

Who are the lead manager and registrar for the LCC Projects IPO?

Ans. Motilal Oswal Investment Advisors Ltd. is the sole book-running lead manager for the LCC Projects IPO, responsible for structuring and managing the offer process. KFin Technologies Ltd. is the registrar to the issue and will handle the allotment process and crediting of shares to successful applicants' demat accounts.

Is the LCC Projects IPO a good investment?

Ans. LCC Projects offers exposure to an established, geographically diversified irrigation and water-infrastructure EPC business with strong recent growth, healthy return ratios, and a valuation that independent reviews have described as reasonable relative to its earnings and growth profile. At the same time, rising borrowings, dependence on government infrastructure spending, and typical EPC execution risks are factors that deserve careful attention. As always, investors should study the RHP in full, monitor subscription demand and broader market sentiment, and assess their own risk appetite before applying.