LCC Projects Limited is set to launch its Initial Public Offering (IPO) in September 2026, giving investors an opportunity to participate in an engineering, procurement and construction (EPC) company focused primarily on irrigation and water supply infrastructure. The company has fixed the IPO price band at ₹139 to ₹146 per equity share. The issue will open for subscription on September 9, 2026 and close on September 11, 2026, with the shares proposed to be listed on both the BSE and NSE. The total IPO size is approximately ₹427.14 crore.
LCC Projects IPO Details
| Particulars | Details |
|---|---|
| IPO Type | Mainboard IPO |
| IPO Price Band | ₹139 – ₹146 per share |
| IPO Open Date | September 9, 2026 |
| IPO Close Date | September 11, 2026 |
| Total Issue Size | ₹427.14 crore |
| Fresh Issue | ₹258 crore |
| Offer for Sale | 1,15,85,000 shares |
| Face Value | ₹5 per share |
| Lot Size | 102 shares |
| Minimum Investment | ₹14,892 |
| Anchor Investor Date | September 8, 2026 |
| Basis of Allotment | September 15, 2026 |
| Refund Initiation | September 16, 2026 |
| Demat Credit | September 16, 2026 |
| Tentative Listing Date | September 17, 2026 |
| Listing Exchanges | BSE & NSE |
| QIB Allocation | 50% |
| NII Allocation | 15% |
| Retail Allocation | 35% |
| Lead Manager | Motilal Oswal Investment Advisors |
| Registrar | KFin Technologies |
The current IPO structure is smaller than the issue originally proposed in the company’s draft documents. The latest offering consists of a ₹258 crore fresh issue along with an offer for sale of 1.1585 crore equity shares. At the upper end of the ₹146 price band, the combined offering amounts to approximately ₹427.14 crore.
What Does LCC Projects Do?
LCC Projects is an EPC company with a strong focus on irrigation and water supply infrastructure. Its activities cover the construction and execution of dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation systems and water supply schemes. The company also undertakes other infrastructure and EPC projects, giving it exposure to India’s broader public infrastructure spending cycle.
The company was incorporated in its present corporate form in 2017 after being converted from the earlier partnership business, M/s. Laxmi Construction Co. It subsequently became a public company in 2024. Its registered office is located in Ahmedabad, Gujarat, while its project operations extend across multiple Indian states.
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LCC Projects had expanded its geographical presence from eight states in FY22 to 11 states by FY24. These include Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Himachal Pradesh and Haryana. This geographical expansion has allowed the company to participate in a wider range of government and infrastructure projects.
LCC Projects Order Book
The order book is one of the most important factors behind the company’s growth story. As of September 30, 2024, LCC Projects had an order book of approximately ₹7,347 crore, comprising 68 projects. The three largest projects were the Sondwa Lift Micro Irrigation Project, Sidhi Bansagar Multi-Village Scheme and Gandhi Sagar 1 Multi-Village Scheme, with project values of approximately ₹1,395 crore, ₹1,386 crore and ₹1,049 crore respectively.
The company’s project portfolio demonstrates its ability to undertake large-scale water and irrigation infrastructure assignments. Projects involving dams, canals, lift irrigation and water distribution require significant engineering and execution capabilities, while also creating long-duration revenue opportunities once contracts are secured.
A large order book provides visibility for future revenue, but it does not automatically translate into profits or cash flows. Execution timelines, government approvals, availability of funds from project authorities, working-capital requirements and cost escalation can influence the actual financial outcome of these contracts.
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LCC Projects Financial Performance
LCC Projects has recorded substantial growth in revenue and profitability over the past few years. According to the latest available restated financial information, revenue increased from ₹780.90 crore in FY22 to ₹1,225.27 crore in FY23, ₹2,438.91 crore in FY24, ₹2,918.29 crore in FY25 and approximately ₹3,600.25 crore in FY26. This represents significant expansion in the company’s operating scale.
Profitability has also improved during this period. Net profit increased from approximately ₹35.33 crore in FY22 to ₹68.12 crore in FY23, ₹121.79 crore in FY24, ₹222.41 crore in FY25 and around ₹283.39 crore in FY26. The improvement in profit has been accompanied by a significant increase in revenue, indicating stronger earnings generation as the company’s project execution scale expanded.
The company’s EBITDA margin increased from around 9.90% in FY24 to approximately 13.74% in FY25 and 14.44% in FY26. PAT margin also improved from 4.94% in FY24 to 7.62% in FY25 and 7.87% in FY26. These numbers indicate an improvement in operating profitability compared with the earlier years.
Return ratios have also remained relatively strong. FY26 ROE was reported at approximately 32.24%, while ROCE was around 27.13%. At the same time, the company’s debt-to-equity ratio was approximately 0.97, showing that leverage remains an important factor to monitor despite the improvement in profitability.
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Use of IPO Proceeds
The fresh issue is intended primarily to strengthen the company’s operating and financial position. According to the latest IPO information, approximately ₹14.69 crore is proposed to be used for purchasing equipment, while around ₹180 crore is earmarked for prepayment or repayment of certain outstanding borrowings. The remaining amount is intended for general corporate purposes.
Debt reduction is particularly relevant for an EPC company because infrastructure projects can require substantial working capital. Money can remain tied up in receivables, inventory, contract assets and project execution costs before payments are received from customers. Reducing borrowings could help lower the company’s financing burden and strengthen its balance sheet if the proceeds are deployed as planned.
The IPO also contains a significant OFS component. The offer for sale consists of 1,15,85,000 shares, meaning proceeds from this portion will go to the selling shareholders rather than directly to LCC Projects. Investors therefore need to distinguish between the fresh issue, which provides capital to the company, and the OFS, which provides liquidity to existing shareholders.
LCC Projects IPO GMP
Grey Market Premium, or GMP, is an unofficial indicator of market sentiment toward an IPO before listing. It is not regulated by the stock exchanges and can change significantly depending on market conditions and investor expectations.
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For LCC Projects, GMP should not be treated as a guaranteed indication of the listing price or future performance. Investors should focus primarily on the company’s earnings growth, order book, debt position, valuation, cash flows and execution capabilities rather than relying solely on grey-market activity.
Strengths of LCC Projects
One of the company’s biggest strengths is its exposure to India’s water and irrigation infrastructure development. Large-scale irrigation, water supply and related infrastructure projects can provide long-term opportunities as governments continue investing in water distribution, agricultural infrastructure and regional development.
The company’s growing order book is another positive factor. A large pipeline of projects can provide revenue visibility over the coming years, although the ultimate benefit depends on successful and timely execution. The expansion from eight states to 11 states also demonstrates the company’s ability to broaden its geographical operating footprint.
The financial performance has also strengthened considerably. Revenue has grown rapidly since FY22, while PAT has increased at an even faster rate in the recent period. The improvement in EBITDA and PAT margins indicates that the company has been able to improve profitability while scaling up its operations.
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Another potential advantage is the company’s experience in complex irrigation and water infrastructure projects. Its portfolio includes dams, canals, lift irrigation systems and water distribution networks, which require specialised project execution capabilities and relationships with government authorities.
Key Risks to Consider
The EPC business is highly dependent on timely project execution. Delays caused by government approvals, land acquisition, weather conditions, changes in project specifications, availability of materials or other unforeseen circumstances can affect revenue recognition, margins and cash flows. The company’s own risk disclosures highlight seasonal, climatic and other execution-related factors as potential challenges.
Working-capital requirements are another important risk. Infrastructure companies often need to spend money on labour, materials, equipment and subcontractors before receiving corresponding payments. Delayed receivables from government or public-sector customers can therefore put pressure on cash flows and increase dependence on borrowings.
Leverage is also worth monitoring. Historical prospectus information showed total debt of approximately ₹469.06 crore at FY24 and ₹741.11 crore in the later reported period. Although the company’s profitability has increased significantly, the debt position means investors should pay attention to interest costs, cash generation and the impact of the planned repayment using IPO proceeds.
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The company also operates in a competitive infrastructure market. Winning large contracts depends on technical capabilities, pricing, execution track record and the ability to satisfy tender requirements. Aggressive bidding by competitors could place pressure on project margins.
Another consideration is the company’s exposure to government-related infrastructure spending. Changes in government priorities, delays in budget allocations, tender cancellations or changes in regulatory and infrastructure policies could affect new order inflows.
LCC Projects IPO: Overall Picture
LCC Projects enters the IPO market as a rapidly growing EPC company with a strong presence in irrigation and water supply infrastructure. Its expansion across 11 states, sizeable project order book and substantial increase in revenue and profitability provide the company with several potential growth drivers. The improvement in EBITDA and PAT margins in recent years also strengthens the overall financial profile.
The IPO valuation will ultimately determine how attractive these growth prospects are for investors. At a price band of ₹139–₹146, the company is being offered to public investors after a period of substantial earnings growth. However, investors should evaluate the issue against its debt position, working-capital requirements, project execution risks and dependence on infrastructure spending.
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The ₹258 crore fresh issue is an important part of the offering because a substantial portion is intended for debt repayment. If the company successfully reduces borrowings and continues to grow its order book and profitability, its financial position could improve. However, the significant OFS component means that a meaningful portion of the total IPO proceeds will go to selling shareholders rather than the company.
LCC Projects IPO will open on September 9, 2026 and close on September 11, 2026. The basis of allotment is expected on September 15, refunds and demat credit on September 16, and listing on September 17, 2026. The issue is proposed to list on both BSE and NSE.
Disclaimer
This article is intended for educational and informational purposes only and should not be considered investment, financial or trading advice. IPO investments involve market risks, and investors should carefully study the company’s offer documents, financial performance, valuation, business risks and other relevant information before making any investment decision. Past performance does not guarantee future results. Onetrader does not guarantee IPO listing gains or future returns.
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