LCC Projects
LCC Projects is an engineering, procurement, and construction (EPC) firm specializing in irrigation and water supply projects. The company operates in the infrastructure sector, focusing on the construction of dams, barrages, canals, and pipe distribution networks.
Price Band
₹139 - ₹146
Lot Size
102 Shares
Issue Size
₹427.14 Cr
Fresh Issue
₹258.00 Cr
OFS
₹169.14 Cr
Registrar
AI Sentiment Score
Current GMP
+₹75
Est. Listing: ₹221 (+51.4%)
📅 IPO Timeline
✓
Open
Sep 9
2
Close
Sep 11
3
Allotment
Sep 15
4
Refund
Sep 16
5
Demat
Sep 16
6
Listing
Sep 17
✨ AI Analysis & Prediction
+50.9%
predicted listing gain
The predicted gain is adjusted upward from the GMP baseline due to exceptional institutional demand (QIB 78.73x) and strong financial quality (ROE 32.24%). The significant fresh issue component (60.4%) further boosts sentiment, outweighing the moderate float size.
💪 Strengths
- Strong ROE of 32.24% and ROCE of 27.13%
- Consistent growth in both revenue and PAT over 3 years
- Broad geographic footprint across 11 Indian states
⚠️ Weaknesses
- Debt-to-Equity ratio nearly at 1.0
- Concentration in irrigation and water supply EPC sector
🚀 Opportunities
- Increased government spending on water infrastructure and irrigation
- Potential to leverage new equipment for larger project scales
🛡️ Threats
- Project execution delays typical of EPC contracts
- Dependency on government tender cycles and approvals
🎯 Objectives of the IPO
| Requirement / Purpose | Amount (₹ Cr) |
|---|---|
| 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. | ₹232.45 |
📊 Financial Overview
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue (₹ Cr) | Rs 2,439.00 Cr | Rs 2,918.00 Cr | Rs 3,600.00 Cr |
| Net Profit / PAT (₹ Cr) | Rs 122.00 Cr | Rs 224.00 Cr | Rs 286.00 Cr |
| EBITDA / Op. Profit (₹ Cr) | Rs 266.00 Cr | Rs 378.00 Cr | Rs 482.00 Cr |
| Borrowings (₹ Cr) | Rs 422.00 Cr | Rs 747.00 Cr | NA |
| Total Assets (₹ Cr) | Rs 1,130.00 Cr | Rs 1,727.00 Cr | NA |
| ROCE % | 38.00% | 35.00% | NA |
Debt/Equity
0.97
📋 Live Subscription Status
QIB
78.73x
NII
71.66x
Retail
26.34x
Total
49.57x
Updated: Sep 12, 2026 8:02 AM
💼 Reservation Quota
QIB
50.00%
Retail
35.00%
NII
15.00%
📈 Shareholding & Anchor Lock-In
🔗 Important Links & Lead Managers
- Check Allotment StatusCheck Now →
- Registrar WebsiteVisit →
- Download DRHP ProspectusDownload PDF 📥
- Download RHP ProspectusDownload PDF 📥
Lead Managers / Merchant Bankers
This issue is managed by Hem Securities Ltd., and Share India Capital Services Pvt. Ltd.
Disclaimer: The information provided on this page is for educational and informational purposes only and does not constitute financial advice. IPO investments are subject to market risks. AI-generated analysis is based on publicly available data and may not be accurate. Grey Market Premium (GMP) is unofficial and highly speculative. Always consult a qualified financial advisor and read the DRHP/RHP carefully before making investment decisions.
Founded in 2017, LCC Projects has rapidly evolved into a prominent EPC player specializing in critical water infrastructure. Over its operating history, the company has successfully transitioned from a regional player to a multi-state operator, executing complex hydraulic structures and irrigation works.
The company's core business model revolves around the turnkey execution of irrigation and water supply projects. Its service portfolio includes the construction of dams, barrages, weirs, lift irrigation works, and the installation of extensive pipe distribution networks and canals.
LCC Projects has demonstrated significant geographic expansion, operating in 8 states in FY22 and expanding to 11 states by FY24, including Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Himachal Pradesh, and Haryana.
In terms of operational scale, the firm has completed 68 projects as of September 2024. Notable achievements include the Sondwa Lift Micro Irrigation Project, Sidhi Bansagar Multi-Village Scheme, and the Gandhi Sagar 1 Multi-Village Scheme, alongside the Tawa Left Bank Canal and Parbati Dam Project.
The company is led by its promoters, Arjan Suja Rabari, Laljibhai Arjanbhai Ahir, and Maya Arjan Rabari, who have scaled the business to a revenue level exceeding ₹3,600 Crore by FY2026.
LCC Projects is launching a Mainboard IPO to raise approximately ₹427.14 Crore. The issue is structured as a combination of a fresh issue of ₹258 Crore and an Offer for Sale (OFS) of approximately 1.15 Crore shares. The price band is set between ₹139 and ₹146 per share, with a minimum retail lot size of 102 shares. The IPO is scheduled to open on September 9, 2026, and close on September 11, 2026, with listing on BSE and NSE on September 17, 2026.
The proceeds from the fresh issue are primarily earmarked for the repayment or prepayment of outstanding borrowings (₹180 Crore) and the purchase of new equipment (₹14.69 Crore), indicating a strategy to deleverage the balance sheet and enhance operational capacity.
Financial performance has shown a strong upward trajectory over the last three years. Revenue grew from ₹2,449.79 Crore in FY24 to ₹3,639.45 Crore in FY26. Similarly, the Profit After Tax (PAT) surged from ₹122 Crore in FY24 to ₹286.44 Crore in FY26, reflecting robust operational efficiency.
From a valuation perspective, the company reports a Basic EPS of ₹10.42 for FY26. While a direct P/E ratio was not explicitly provided, the company's high ROE of 32.24% and ROCE of 27.13% suggest strong value creation relative to the invested capital.
Key investment strengths include a diversified geographic presence across 11 states, a proven track record of executing large-scale government water projects, and impressive profit growth. The high QIB and NII subscription levels indicate strong institutional confidence.
However, investors should consider risks such as the inherent nature of EPC projects, which are subject to regulatory delays and execution risks, and the current debt-to-equity ratio of 0.97. While not a pure OFS, the partial promoter exit via OFS is a standard feature of this issue size.