IPO Overview
Founded in 2017, LCC Projects Limited is an engineering, procurement, and construction (EPC) firm that works primarily on irrigation and water supply projects. The company has built dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, water supply schemes, and other EPC projects in the irrigation and water supply sector. Gujarat-based LCC Projects is valued at ₹4,229.2 crore at the upper end of the price band. As of March 2026, the company had an order book of ₹7,953.1 crore, with irrigation and water supply projects accounting for 83% of the total.
The IPO is set to open on 09 September 2026 and will close on 11 September 2026. The company is raising around ₹427.14 crore via IPO, comprising a fresh issue of ₹258 crore and an offer for sale of up to 1,15,85,000 equity shares. The IPO price band is ₹139 to ₹146 per share, and the shares are to be listed on BSE and NSE on September 17, 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Investor Date | 08 September 2026 |
| IPO Open Date | 09 September 2026 |
| IPO Close Date | 11 September 2026 |
| Allotment Date | 15 September 2026 (Expected) |
| Refund Initiation | 16 September 2026 |
| Credit to Demat | 16 September 2026 |
| Listing Date | 17 September 2026 (Tentative) |
| Price Band | ₹139 – ₹146 per share |
| Face Value | ₹5 per share |
| Lot Size | 102 shares |
| Minimum Investment (Retail) | ₹14,892 (1 lot = 102 shares) |
| Issue Size | ₹427.14 crore |
| Fresh Issue | ₹258 crore (1,76,71,232 shares) |
| Offer For Sale (OFS) | ₹169.14 crore (1,15,85,000 shares) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
OFS / Selling Shareholders
The offer-for-sale comprises 1.15 crore shares by promoters Arjan Suja Rabari and Laljibhai Arjanbhai Ahir, valued at ₹169.1 crore at the upper end of the price band. The company will not receive any proceeds from the OFS component — those funds will go directly to the selling promoters.
Objects of the Issue (Fund Utilization)
The net proceeds from the fresh issue will be utilised for the following purposes: purchase of equipment — ₹14.69 crore; prepayment and/or repayment of outstanding borrowings — ₹180 crore; and general corporate purposes.
- Purchase of equipment — ₹14.69 crore
- Repayment / prepayment of outstanding borrowings — ₹180 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Motilal Oswal Investment Advisors Ltd.
- Registrar to the Issue: Kfin Technologies Ltd.
- Website: https://ipostatus.kfintech.com/
Promoters & Management
The promoters of the company are Arjan Suja Rabari, Laljibhai Arjanbhai Ahir, and Maya Arjan Rabari. The promoter group brings deep domain expertise in EPC project execution within the irrigation and water supply segment, having built the company from inception in 2017 into a ₹3,600+ crore revenue business within less than a decade.
Company Details
Incorporated in 2017, LCC Projects Limited offers engineering, procurement, and construction services in the irrigation and water supply projects segment. The company has executed projects such as the construction of dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, and water supply schemes.
Sectors Served:
- Irrigation Infrastructure
- Water Supply Schemes
- Lift Irrigation Projects
- Dam & Canal Construction
- Hydraulic Structures
Notable Completed Projects:
- As of March 31, 2026, the company had completed 80 projects, including the Kachchh Branch Canal Project, Dudhai Sub Branch Canal Project, and the Parbati Dam Project.
Top Order Book Projects (as of March 31, 2026):
- Sondwa Lift Micro Irrigation Project, Sidhi Bansagar Multi-Village Scheme, and Gandhi Sagar 1 Multi-Village Scheme are the top three projects in the company’s order book.
Key Capabilities:
- Multidisciplinary EPC capabilities covering irrigation and water supply projects, with strong order book, diversified project portfolio, in-house project designing capabilities, robust technical knowledge, and strong risk management, project selection, and dispute resolution processes.
Registered Office: ‘B’ Wing, 15th Floor, Privilon Building, Vikram Nagar, Ambli-Bopal Road, Behind ISKCON Temple, Ahmedabad, Gujarat – 380058
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY25 | ₹2,941.01 | ₹223.63 |
| FY26 | ₹3,639.45 | ₹286.44 |
Key Financial Metrics
- Revenue grew by 24% and PAT rose by 28% between FY25 and FY26.
- FY26 ROE stood at 32.24%, while ROCE was 27.13%, indicating efficient utilisation of capital and healthy operating profitability.
- At the upper price of ₹146, the post-issue P/E is approximately 14.76 times, which appears reasonable considering the company’s growth record and return ratios.
- Total borrowings rose from ₹422.30 crore in FY24 to ₹860.65 crore in FY26. However, LCC Projects proposes to use ₹180 crore from the fresh issue for debt repayment, which should reduce finance costs and strengthen the balance sheet.
Company Strengths
- Strong order book of ₹7,953.1 crore as of March 2026, with irrigation and water supply projects accounting for 83% of the total — providing strong revenue visibility for the next several years.
- Demonstrated expertise in executing irrigation and water supply projects across India, with revenue from these projects at ₹3,148.22 crore (87.44%) in FY26.
- Consistent double-digit revenue and profit growth — 24% revenue growth and 28% PAT growth in FY26, with healthy return ratios (ROE: 32.24%, ROCE: 27.13%).
- In-house project designing capabilities with robust technical knowledge, strong risk management, and efficient business model with experienced management team and qualified personnel with significant industry experience.
- Post-IPO debt repayment of ₹180 crore will reduce finance costs and improve balance sheet strength significantly.
- India’s water infrastructure sector is seeing strong government push — programs like PM Gati Shakti, Jal Jeevan Mission, and PMKSY provide long-term tailwinds for irrigation and water supply EPC players.
Key Risks & Challenges
- Revenue from top ten customers comprises a significant portion of total revenue — 72.30% for FY26, 84.10% for FY25, and 82.76% for FY24 — making the business highly dependent on a few large clients.
- The company’s business significantly depends on projects awarded by state and central government departments — 79.07% for FY26, 85.19% for FY25, and 87.72% for FY24 — which may impact results due to policy changes, delays, or budget cuts.
- The sizeable OFS of ₹169.14 crore means promoters are partially exiting, and these proceeds will not be available to the company for business use.
- There are outstanding legal proceedings involving the company, subsidiaries, promoters, and directors — any adverse decision may affect business and financial condition.
- Rising debt levels — total borrowings nearly doubled from FY24 to FY26, highlighting the capital-intensive nature of EPC businesses and the ongoing reliance on external financing for project execution.
- EPC projects are prone to delays, cost overruns, and disputes — particularly in government infrastructure projects — which can compress margins and impact cash flows.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
