LCC Projects Limited is a multidisciplinary engineering, procurement and construction (“EPC”) company primarily focused on irrigation and water supply projects. With over two decades of experience, the company has executed projects involving dams, canals, lift irrigation, water supply schemes, pipe networks and other EPC works. It also undertakes projects in wastewater treatment, roads, highways, mining and metro rail infrastructure.
As of March 31, 2026, the company had an Order Book of ₹7,953.18 crore across 103 projects, led by the Sondwa Lift Micro Irrigation, Sidhi Bansagar Multi-Village and Gandhi Sagar 1 Multi-Village projects.
The company has executed notable projects such as the Tawa Left Bank Canal, Parbati Dam, Dudhai Sub Branch Canal and AKOT Lift Irrigation Scheme. It has also undertaken metro rail and mining development (MDO) projects.
The company has expanded its geographical presence from 10 states in Fiscal 2024 to 12 states as of March 31, 2026, namely Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Andhra Pradesh, Himachal Pradesh and Haryana.
As of March 31, 2026, the company had 2,093 permanent employees, including 1,130 technical employees, 422 employees in plant and machinery, 266 in human resources, 183 in purchase and stores, and 92 in finance and accounts.
LCC Projects IPO – Details
| IPO Opening Date | 09 September 2026 |
| IPO Closing Date | 11 September 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 2,92,56,232 Shares Worth ₹427.14 Crore Fresh Issue: 1,76,71,232 Shares Worth ₹258.00 Crore Offer For Sale: 1,15,85,000 Shares Worth ₹169.14 Crore |
| Face Value | ₹5 per equity share |
| IPO Price | ₹139 – ₹146 per share |
| Market Lot | 102 Shares |
| Min Order | 102 Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
LCC Projects IPO – Date Schedule
| IPO Open Date | 09 September 2026 |
| IPO Close Date | 11 September 2026 |
| Basis of Allotment | 15 September 2026 |
| Initiation of Refund | 16 September 2026 |
| Credit of Shares to Demat Account | 16 September 2026 |
| IPO Listing Date | 17 September 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 11, 2026 |
LCC Projects IPO – Lots Size & Price
| 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 |
| S-HNI (Max) | 67 | 6,834 | ₹9,97,764 |
| B-HNI (Min) | 68 | 6,936 | ₹10,12,656 |
Competitive Strength
- Multidisciplinary EPC company in India for irrigation and water supply projects.
- Strong Order Book and diversified project portfolio.
- In-house project designing capabilities with robust technical knowledge.
- Strong risk management, project selection and dispute resolution processes.
- Efficient business model.
- Experienced management team and qualified personnel with significant industry experience.
Company Promoters
- Arjan Suja Rabari
- Laljibhai Arjanbhai Ahir
- Maya Arjan Rabari
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹2,449.79 Cr | ₹2,241.87 Cr | ₹122.00 Cr | ₹422.30 Cr |
| 31 March 2025 | ₹2,941.01 Cr | ₹2,647.56 Cr | ₹223.63 Cr | ₹649.55 Cr |
| 31 March 2026 | ₹3,639.45 Cr | ₹3,260.12 Cr | ₹286.44 Cr | ₹860.65 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 32.24% |
| ROCE | 27.13% |
| Debt/Equity | 0.97 |
| RoNW | 32.24% |
| PAT Margin | 7.96% |
| EBITDA Margin | 14.44% |
| NAV | 32.66 |
| Price to Book Value | 4.47 |
| Pre IPO | Post IPO | |
| EPS (₹) | 10.53 | 9.89 |
| P/E (x) | 13.87 | 14.76 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Purchase of equipment. | ₹14.69 |
| Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the Company. | ₹180.00 |
| General corporate purposes. |
LCC Projects IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Vishnu Prakash R Punglia Limited | NA |
| 2 | 10 | Enviro Infra Engineers Limited | 19.14 |
✅Strengths
- Strong Order Book of ₹7,953.18 crore across 103 projects.
- Diversified Projects across irrigation, water supply, metro and mining.
- Experienced Execution with over two decades of industry experience.
- Expanding Presence across 12 states.
⚠️Risks
- Government Dependence with 79.07% of FY26 revenue from government projects.
- Customer Concentration with top 10 customers contributing 72.30% of FY26 revenue.
- High Leverage compared with listed industry peers.
- Geographical Concentration in Gujarat and Madhya Pradesh.
- Employee Attrition stood at 23.94% in FY26.
LCC Projects IPO Promoter Holding
| Pre Issue Share Holding | 100.00% |
| Post Issue Share Holding | 89.90% |
LCC Projects IPO Prospectus
Company Contact Information
| LCC Projects Ltd. ‘B’ Wing,15th Floor, Privilon Building, Vikram Nagar AmbliBopal Road, Behind ISKCON Temple, Ahmedabad, Gujarat, 380058 Phone: +91 79 4848 4453 Email: cs@lccprojects.com Website: https://www.lccprojects.com/ |
LCC Projects IPO Registrar
| Kfin Technologies Ltd. Phone: 040-79615565 Email: lccpl.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
LCC Projects IPO Lead Manager(s)
| 1. Motilal Oswal Investment Advisors Limited |
LCC Projects IPO FAQs
| What is the LCC Projects IPO? LCC Projects IPO is a main-board IPO. The issue is priced at ₹139 to ₹146 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the LCC Projects IPO open? The IPO is to open on 09 September 2026 for QIB, NII, and Retail Investors. |
| What is LCC Projects IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the LCC Projects IPO Size? LCC Projects IPO size is ₹427.14 Crore. |
| What are the LCC Projects IPO Minimum and maximum lot sizes for Retail? The minimum bid is 102 Shares with ₹14,892, while the maximum bid is 1326 Shares with ₹1,93,596. |
| What is the LCC Projects IPO Allotment Date? LCC Projects IPO allotment date is 15 September 2026. |
| What is the LCC Projects IPO Listing Date? LCC Projects IPO listing date is 17 September 2026. The IPO is to be listed on the BSE and the NSE. |
