LCC Projects IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

LCC Projects

Price band

₹139 – ₹146

Lot size

102 shares

Min investment

₹14,892

Issue size

₹427.14 Cr

About the company

LCC Projects Limited was started in 2017. It is an engineering, procurement and construction company, usually called an EPC company, working in irrigation and water supply. Its work covers building dams, barrages, weirs and other hydraulic structures, along with canals, pipe distribution networks, lift irrigation works and water supply schemes. In simple terms, it builds the infrastructure that carries water from a source to farms and to households. As on 31 March 2026 its order book had 103 projects. Its three largest were the Sondwa Lift Micro Irrigation Project, the Sidhi Bansagar Multi-Village Scheme and the Gandhi Sagar 1 Multi-Village Scheme. In the past it has built the Tawa Left Bank Canal, the Parbati Dam Project, the Dudhai Sub Branch Canal Project and the AKOT Lift Irrigation Scheme. By 31 March 2026 it had grown from eight states to twelve, working in Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Andhra Pradesh, Himachal Pradesh and Haryana. As on that date it had 2,093 permanent employees.

LCC Projects Limited is an EPC contractor in irrigation and water supply, building dams, barrages, canals, pipe distribution networks, lift irrigation works and water supply schemes. As on 31 March 2026 its order book had 103 projects and it had expanded operations from eight states to twelve.

IPO details

Issue price: ₹146
Price band: ₹139 – ₹146
Face value: ₹5
Lot size: 102
Min investment: ₹14,892
Issue size: ₹427.14 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 7949
NSE symbol: LCCPROJECT.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	102	₹14,892
Retail (Max)	13	1,326	₹1,93,596
S-HNI (Min)	14	1,428	₹2,08,488
B-HNI (Min)	68	6,936	₹10,12,656

Investor reservation

CATEGORY	RESERVED
QIB	Not more than 50% of the Net Offer
Retail	Not less than 35% of the Net Offer
NII	Not less than 15% of the Net Offer

Objects of the issue

1Purchase of equipment14.69

2Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by Company180.00

3General corporate purposes

Financials

Rs. Crore • restated

METRIC	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

Key performance indicators

P/E Ratio

14.76

EPS (₹)

9.89

RoE

32.24%

RoCE

27.13%

RoNW

32.24%

PAT Margin

7.96%

EBITDA Margin

14.44%

Debt / Equity

0.97

NAV (₹)

32.66

✓ Strengths

• Profit has more than doubled in two years, from Rs 122.00 crore in FY2024 to Rs 223.63 crore in FY2025 and Rs 286.44 crore in FY2026.

• Sales have grown steadily and are large, from Rs 2,449.79 crore in FY2024 to Rs 2,941.01 crore in FY2025 and Rs 3,639.45 crore in FY2026.

• EBITDA has more than doubled over the same period, from Rs 241.37 crore to Rs 519.90 crore.

• This is the cheapest of the current mainboard issues on earnings, at about 14.76 times on an EPS of Rs 9.89.

• Return ratios are strong, with RoNW of 36.96% and RoCE of 27.64%.

• The order book is large and spread out at 103 projects as on 31 March 2026, rather than depending on one or two contracts.

• The company widened its reach from eight states to twelve within the year, which reduces dependence on any single state government.

• Rs 180 crore of the issue money repays borrowings, and net worth has grown from Rs 382.83 crore in FY2024 to Rs 888.41 crore in FY2026.

⚠ Risks

• Borrowing is high and has doubled in two years, from Rs 422.30 crore in FY2024 to Rs 860.65 crore in FY2026, which is almost equal to the net worth of Rs 888.41 crore.

• The profit margin is thin at 7.66%, which is normal in civil EPC work but leaves little room when a contract runs over budget.

• Almost all the customers are state irrigation and water supply departments. Payments from government departments are slow and depend on state budget releases.

• This is a tender driven business. Every project has to be won afresh on price, so a full order book today does not protect the margin tomorrow.

• The company is young for its size. It was started only in 2017 and is already at Rs 3,639.45 crore of income, and such a fast scale up is hard to manage.

• Large civil projects carry execution risk from land acquisition, clearances, monsoon delays and cost overruns, spread now across twelve states.

• This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.

• Promoter holding falls only from 100% to 89.9%, which means the public float after listing will be small and the shares may trade thinly.

Promoters & holding

Arjan Suja Rabari, Laljibhai Arjanbhai Ahir and Maya Arjan Rabari

Pre-issue promoter holding

100%

Post-issue promoter holding

89.9%

Data refreshed 07 Nov 2026, 04:58 pm IST. GMP is unofficial market sentiment, not investment advice.