| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹139 to ₹146 | 102 | 09th Sep, 2026 – 11th Sep, 2026 | ₹427 Cr |
LCC Projects Limited
LCC Projects Limited is a multidisciplinary engineering, procurement, and construction (EPC) company primarily focused on irrigation and water supply infrastructure projects. The company has over two decades of experience in executing projects such as dams, barrages, canals, hydraulic structures, lift irrigation systems, pipeline networks, urban and rural water supply schemes, sewage treatment and desalination projects. Over time, LCC has also diversified into renewable energy, metro rail, mining, and other infrastructure projects, with operations spread across multiple states in India. As of March 31, 2026, the company had an order book of Rs. 7,953 crores across 103 projects, providing visibility for future execution. Irrigation and water supply remained the key revenue contributor, accounting for 87.4% of FY26 revenue from operations at Rs. 3,148 crores, followed by renewable energy at 6.7% (Rs. 242 crores), metro rail at 2.6% (Rs. 95 crores) and mining at 1.8% (Rs. 64 crores), with the balance contributed by road works, consultancy, and other activities. The business remains predominantly EPC-led, with EPC activities contributing 99.8% of FY26 revenue, while O&M accounted for the remaining 0.2%. Importantly, the company’s ongoing projects are relatively advanced, with 56.3% of projects having achieved more than 70% completion as of March 31, 2026, while 19.4% were in the 30-70% completion range, 8.7% were 10-30% complete and 15.5% were at less than 10% completion.
Objective of LCC Projects Limited
The company proposes to utilize the proceeds from the issue towards the following objects:
- Purchase of equipment;
- Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company; and
- General corporate purposes.
Rationale To LCC Projects Limited
Investment Rationale
Strong order book and execution capabilities to drive growth visibility
LCC Projects Limited is a multidisciplinary EPC company with a strong position in the irrigation and water supply segment, supported by its track record of executing complex projects and completing 80 projects for government departments and other customers as of March 31, 2026. The company has built a strong and diversified order book of Rs. 7,953 crores, which has grown from Rs. 6,269 crores in FY24, with irrigation and water supply accounting for 83.3% of the order book, while the balance is spread across mining, roads, and metro rail projects. The order book provides healthy revenue visibility, with 56.3% of ongoing projects already more than 70% complete, supporting near to medium-term execution. Further, the company has been gradually diversifying its geographical presence, with FY26 revenue contribution from Gujarat and Rajasthan increasing to 39.6% and 10.2%, respectively, while dependence on Madhya Pradesh declined to 36.6% from 66.0% in FY24. The order book is predominantly government-led, with government departments accounting for 79.1% of the order book, providing visibility on project opportunities, while the company’s established execution capabilities, engineering expertise and financial strength position it favourably to participate in large infrastructure projects across geographies.
In-house technical capabilities and disciplined project selection supports execution and returns
LCC Projects’ in-house design and engineering capabilities, disciplined project selection and cost-focused execution model enable it to manage a significant portion of the project lifecycle internally, reducing reliance on third parties and supporting timely execution and cost optimization. The company has an in-house design and engineering team of 698 qualified engineers and technical personnel as of July 31, 2026, with an average experience of over five years, supported by technologies such as SCADA, WaterGEMS, Water Hammer, GIS, GPS, STAAD Pro and AutoCAD. Its pre-bid process involves site surveys, feasibility studies and detailed assessment of technical, construction and cost parameters, enabling the company to develop realistic project designs and competitive bids. LCC also follows a structured risk assessment framework covering customer, project, JV, design, operational and execution risks, while its project selection focuses on contracts with periodic milestone-based payments and escalation clauses to mitigate cash flow and cost overrun risks. Further, its integrated inventory management and resource mobilization systems support efficient utilization of equipment, materials, and manpower. This combination of technical capabilities, disciplined bidding, risk management and cost optimization has supported healthy returns, with RoCE and RoE at 24.9% and 32.1%, respectively, in FY26.
Valuation of LCC Projects Limited
LCC Projects is a multidisciplinary EPC company with a strong presence in irrigation and water supply projects, supported by its established execution track record, in-house engineering capabilities and presence across 12 states. The company’s growth prospects remain favourable, supported by its strategy to expand its geographical footprint, diversify into renewable energy, wastewater, desalination, railways, metro rail and sewerage projects, and increasingly target larger and more complex projects. Its order book stood at Rs. 7,953 crores as of FY26, providing healthy revenue visibility, while continued investments in technology, design and engineering capabilities and cost management are expected to improve operational efficiency and returns. The company’s revenue from operations, EBITDA and PAT grew at a CAGR of 21.5%, 34.6% and 53.2%, respectively, during FY24-FY26, with EBITDA margin improving from 10.9% in FY24 to 13.4% in FY26 and PAT margin from 5.0% to 8.0%. At the CMP of Rs. 146, the stock is valued at 14.0x FY26 P/E based on diluted EPS of Rs. 10.4 and 9.6x FY26 EV/EBITDA. Considering the company’s strong order book, proven execution capabilities, healthy earnings growth, increasing geographical and segmental diversification and focus on larger-value projects, we believe the current valuation is reasonable and recommend a “SUBSCRIBE” rating to the issue.
What is the LCC Projects Limited IPO?
The initial public offer (IPO) of LCC Projects Limited an early investment opportunity in. A stock market investor can buy LCC Projects Limited IPO shares by applying in IPO before LCC Projects Limited get listed at the stock exchanges. An investor could invest in LCC Projects Limited for short term listing gain or a long term.
How to apply for the LCC Projects Limited IPO through StoxBox?
To apply for the LCC Projects Limited IPO through StoxBox one can apply from the website and also from the app. Click here
When will the LCC Projects Limited IPO open?
LCC Projects Limited IPO is opening on 09th Sep 2026. Apply Now
What is the lot size of the LCC Projects Limited IPO?
The Lot Size of LCC Projects Limited 102 equity shares. Login to your account now.
When is the LCC Projects Limited IPO allotment date?
The allotment Date for LCC Projects Limited IPO 15th Sep 2026. Login to your account now.
When is the LCC Projects Limited IPO listing date?
The listing Date for LCC Projects Limited is 17th Sep 2026. Login to your account now
What is the minimum investment required for the LCC Projects Limited IPO?
In the Retail segment the minimum investment required is Rs 14,892 Login to your account now
What is the maximum investment allowed for LCC Projects Limited IPO?
In the Retail segment the maximum investment requirement Rs 1,93,596 Login to your account now
What are the risks associated with investing in the LCC Projects Limited IPO?
- The company faces working capital and liquidity risks as trade receivables increased to Rs. 456 crores in FY26 from Rs. 250 crores in FY25, while receivables turnover declined to 10.2x from 14.4x, which could delay cash inflows, increase dependence on external borrowings and adversely impact project execution and profitability.
- The company faces higher financial risk due to elevated leverage, with its debt-to-equity ratio at 0.97x in FY26, significantly higher than its peers, which could constrain financial flexibility, increase interest and refinancing risks, and limit funds available for growth and working capital.
- The company faces significant customer concentration risk, with its top 10 customers contributing 72.3% of FY26 revenue, which could make revenue and cash flows vulnerable to the loss of key customers or any adverse changes in their financial condition.
When will the LCC Projects LimitedIPO shares be credited to my Demat account?
The LCC Projects Limited will be credited to the account on allotment date which is 15th Sep 2026. Login to your account
Where can I find the LCC Projects Limited IPO prospectus?
The prospectus of LCC Projects Limited IPO prospectus can be found on the website of SEBI, NSE and BSE
