LCC Projects IPO is a book-built issue worth ₹427.14 crores, comprising a fresh issue of 1.77 crore shares amounting to ₹258.00 crores and an offer for sale of 1.16 crore shares aggregating to ₹169.14 crores.
The IPO will be open for subscription from September 9, 2026, to September 11, 2026. The allotment is expected to be finalized on September 15, 2026, while the equity shares are proposed to be listed on both NSE and BSE on September 17, 2026.
The price band has been fixed at ₹139 to ₹146 per share, with a lot size of 102 shares. At the upper end of the price band, retail investors will need a minimum investment of ₹14,892 for one lot. Motilal Oswal Investment Advisors Ltd. is acting as the book-running lead manager for the issue, while Kfin Technologies Ltd. is the registrar.
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.
Company Overview
LCC Projects Limited, incorporated in 2017, is an engineering, procurement and construction (EPC) company focused primarily on irrigation and water supply infrastructure projects. Its project capabilities include dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works and water supply schemes.
As of March 31, 2026, the company had 103 projects in its order book. The three largest projects were the Sondwa Lift Micro Irrigation Project, Sidhi Bansagar Multi-Village Scheme and Gandhi Sagar 1 Multi-Village Scheme.
LCC Projects has also completed several significant contracts, including the Tawa Left Bank Canal Project, Parbati Dam Project, Dudhai Sub Branch Canal Project and AKOT Lift Irrigation Scheme.
The company has expanded its geographical presence from eight states to 12 states as of March 31, 2026. Its operations span Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Andhra Pradesh, Himachal Pradesh and Haryana. As of March 31, 2026, LCC Projects employed 2,093 permanent employees.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 9 to 11 Sep, 2026 |
| Allotment | Tue, Sep 15, 2026 |
| Listing Date | Thu, Sep 17, 2026 |
| Face Value | ₹5 per share |
| Price Band | ₹139 to ₹146 per share |
| Lot Size | 102 Shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh capital cum OFS |
| Total Issue Size | 2,92,56,232 shares (agg. up to ₹427 Cr) |
| Offer for Sale | 1,15,85,000 shares of ₹5 (agg. up to ₹169 Cr) |
| Fresh Issue | 1,76,71,232 shares (agg. up to ₹258 Cr) |
| Shareholding Pre-Issue | 27,20,00,000 shares |
| Shareholding Post-Issue | 28,96,71,232 shares |
| Listing Exchange | BSE, NSE |
(Compiled from RHP and market updates)
Industry Context
- India’s irrigation systems market is projected to grow at a 10.9% CAGR during 2023–2028, supported by rising investment and the need to expand and modernise irrigation infrastructure.
- India has the world’s largest irrigated crop area at 8.26 million hectares and the second-largest arable land area at 159.7 million hectares, creating substantial scope for irrigation infrastructure development.
- Government initiatives such as PMKSY continue to support irrigation development by improving irrigation coverage, promoting efficient water use and encouraging sustainable water-management practices.
- Under PMKSY, central assistance has exceeded ₹64,407 crore, benefiting more than 27 million farmers and creating or restoring irrigation potential across 24.61 million hectares since FY2017.
- India’s infrastructure spending remains strong, with ₹12.2 lakh crore allocated towards public capital expenditure in FY2026–27, supporting continued development across infrastructure and water-related projects.
Business Strengths
- LCC Projects operates across critical water-related infrastructure segments, giving it exposure to projects involving irrigation networks, water supply systems and other essential public infrastructure.
- The company has expanded its operations across 12 states, reducing dependence on a single regional market and creating opportunities to participate in infrastructure development projects across multiple parts of India.
- With 103 projects in its order book as of March 31, 2026, LCC Projects has a sizeable project pipeline that can support future revenue generation and provide better business visibility.
- The company has executed varied infrastructure contracts involving dams, canals, hydraulic structures, lift irrigation and water distribution systems, demonstrating capabilities across multiple stages of water infrastructure development.
- With a workforce of 2,093 permanent employees as of March 31, 2026, the company has developed an established manpower base to support the execution of its expanding project portfolio.
Business Risks
- A significant part of the company’s business is associated with irrigation and water supply infrastructure, where project awards and execution can depend heavily on government spending, policies, approvals and administrative decisions.
- EPC projects can face delays arising from land acquisition, regulatory clearances, weather conditions, availability of materials, labour constraints or changes in project specifications, potentially affecting revenue recognition and profitability.
- Infrastructure projects generally involve substantial working capital commitments due to payment cycles, retention amounts and project-related expenses, which could place pressure on the company’s cash flows during periods of delayed collections.
- LCC Projects operates in a competitive infrastructure market where larger established contractors and regional players may compete for government and institutional projects, potentially putting pressure on margins and order acquisition.
- The company’s focus on irrigation and water supply projects exposes it to fluctuations in infrastructure spending and project availability, while any slowdown in awarding new contracts could affect future growth and order-book replenishment.
Financial Performance
LCC Projects Limited – Financials (₹ in Million)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 36,002.52 | 29,182.94 | 24,389.12 |
| EBITDA | 5,198.97 | 4,010.35 | 2,413.65 |
| EBITDA Margin (%) | 14.44% | 13.74% | 9.90% |
| Profit / (Loss) After Tax (PAT) | 2,864.41 | 2,236.25 | 1,219.97 |
| Net Worth | 8,884.11 | 6,049.89 | 3,828.25 |
| Return on Capital Employed (ROCE) (%) | 27.13% | 27.64% | 27.63% |
| Return on Equity (%) | 32.24% | 36.96% | 31.87% |
(Source: RHP)
Key Ratios & Metrics
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| Return on Equity (ROE) | 32.24% | 36.96% |
| Return on Capital Employed (ROCE) | 27.13% | 27.64% |
| Debt-to-Equity Ratio | 0.97 | 1.23 |
| Return on Net Worth (RoNW) | 32.24% | 36.96% |
| PAT Margin | 7.96% | 7.66% |
| EBITDA Margin | 14.44% | 13.74% |
| Net Asset Value (NAV per share) | ₹32.66 | ₹22.24 |
(Source: RHP)
Objects of the Offer
- Purchase of equipment required for business operations.
- Repayment or prepayment of outstanding borrowings of the company.
- General corporate purposes and other business requirements.
Conclusion
LCC Projects IPO provides investors with exposure to the water and irrigation infrastructure segment, supported by the company’s presence across 12 states, a portfolio of 103 projects and experience in executing dams, canals, lift irrigation and water supply projects. The company also reported growth in revenue, EBITDA and PAT in FY2026, while its debt-to-equity ratio improved to 0.97x.
However, investors should also consider risks related to EPC execution, working capital requirements, dependence on government infrastructure spending, order inflows, project approvals and competition. Overall, investors should evaluate the IPO based on the company’s financial performance, valuation, order-book execution, cash-flow position and associated risks before making an investment decision.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This content is purely for informational purposes only and should not be considered as investment advice or a recommendation. Securities quoted are for illustration purposes only and not recommendatory. Investors are requested to do their own due diligence before investing.
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