LCC Projects IPO
Price Band
₹139 – ₹146
Issue Size
₹427.14 Cr
Issue Dates
9 Sept – 11 Sept 2026
Listing Date
17 Sept 2026
About LCC Projects Ltd.
Incorporated in 2017, LCC Projects Limited offers engineering, procurement and construction (EPC) services in the irrigation and water supply projects segment. The company has executed projects in the irrigation and water supply segment, such as the construction of dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, water supply schemes, and other EPC projects. As of March 31, 2026, the company's Order Book comprises 103 projects, of which Sondwa Lift Micro Irrigation Project, Sidhi Bansagar Multi-Village Scheme, and Gandhi Sagar 1 Multi-Village Scheme are the top three projects. In the past, LCC have also executed notable projects, such as the construction of Tawa Left Bank Canal Project, Parbati Dam Project, Dudhai Sub Branch Canal Project and AKOT Lift Irrigation Scheme. The company expanded its operations from eight states in Fiscal 2026 to 12 states by 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.
IPO Details
| Price Band | ₹139 – ₹146 |
| Face Value | ₹5 |
| Issue Size | ₹427.14 Cr |
| Fresh Issue | ₹258 Cr |
| Offer for Sale | ₹169.14 Cr |
| Total Shares Offered | 2,92,56,232 |
| Listed On | Both |
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: (1) Purchase of equipment - Rs. 14.69 Cr; (2) Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the Company - Rs. 180.00 Cr; (3) General corporate purposes (amount not disclosed). Total of specified objects: Rs. 194.69 Cr. The Offer for Sale of 1,15,85,000 equity shares of Rs. 5 each (aggregating Rs. 169.14 Cr) comprises shares sold by Promoters Arjan Suja Rabari (57,92,500 shares, Rs. 84.57 Cr) and Laljibhai Arjanbhai Ahir (57,92,500 shares, Rs. 84.57 Cr).
Key Financial Metrics
EPS (Basic)
₹10.53
P/E Ratio
13.87x
ROE
32.24%
ROCE
27.13%
Debt / Equity
0.97
Financial Performance
| Particulars (₹ Cr) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | — | — | — |
| EBITDA | 241.37 | 401.04 | 519.9 |
| PAT | 122 | 223.63 | 286.44 |
| Total Assets | 1,129.99 | 1,727.46 | 2,447.54 |
| Net Worth | 382.83 | 604.99 | 888.41 |
| Total Borrowings | 422.3 | 649.55 | 860.65 |
Valuation
Market Capitalisation
P/E Ratio
Promoter Holding
Public Holding
Lot Size & Allocation
Investment by Category
| Category | Lot Size | Min Investment | Max Investment |
|---|---|---|---|
| retail_min | 102 shares | ₹14,892 | — |
| retail_max | 102 shares | — | ₹1,93,596 |
| shni_min | 14 × 102 | ₹2,08,488 | — |
| shni_max | 102 shares | — | ₹9,97,764 |
| bhni_min | 68 × 102 | ₹10,12,656 | — |
Reservation / Allocation
| Category | Allocation | Cut-off |
|---|---|---|
| QIB Shares Offered | 50% | No |
| Retail Shares Offered | 35% | Yes |
| NII (HNI) Shares Offered | 15% | No |
Registrar & Lead Managers
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