LCC Projects Ltd is launching its ₹427.14 crore mainboard IPO from 9 to 11 September 2026 at a price band of ₹139 to ₹146 per share. The LCC Projects IPO comprises a fresh issue of up to ₹258 crore and an offer for sale (OFS) of up to ₹169.14 crore by promoters, with listing expected on 17 September 2026 on both BSE and NSE. The company operates in the EPC and civil infrastructure segment and has reported strong revenue and profit growth, improving EBITDA margins and a substantial order book.
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Table of Contents
- LCC Projects IPO Details
- LCC Projects Business Overview
- LCC Projects Order Book
- LCC Projects Financial Performance
- LCC Projects IPO Valuation
- LCC Projects IPO Peer Comparison
- LCC Projects IPO Object of the Issue
- LCC Projects IPO GMP and Listing Expectations
- LCC Projects IPO Subscription Categories
- LCC Projects IPO Strengths
- LCC Projects IPO Risks
- Should You Apply for LCC Projects IPO?
- LCC Projects IPO Key Dates
- LCC Projects IPO Review: Final Verdict
- LCC Projects IPO FAQs
The LCC Projects IPO is a ₹427.14 crore mainboard issue consisting of both a fresh issue and an OFS. Investors can subscribe to the IPO between 9 and 11 September 2026. The price band has been fixed at ₹139 to ₹146 per equity share, while the lot size is 102 shares.
At the upper price band, a retail investor needs ₹14,892 to apply for one lot. Retail investors can apply for up to 13 lots, representing 1,326 shares and an application value of ₹1,93,596 at the upper price band.
| IPO Parameter |
Details |
| Issue Size |
₹427.14 crore |
| Fresh Issue |
Up to ₹258 crore |
| Offer for Sale |
Up to ₹169.14 crore |
| Price Band |
₹139 to ₹146 per share |
| Lot Size |
102 shares |
| Minimum Retail Investment |
₹14,892 |
| Maximum Retail Application |
13 lots, 1,326 shares |
| IPO Dates |
9 to 11 September 2026 |
| Anchor Book |
8 September 2026 |
| Expected Allotment |
15 September 2026 |
| Expected Listing |
17 September 2026 |
| Face Value |
₹5 per share |
| Listing Exchanges |
BSE and NSE |
| Registrar |
KFin Technologies Ltd |
| Lead Manager |
Motilal Oswal Investment Advisors Ltd |
The IPO's fresh issue proceeds will go to LCC Projects, while the OFS component will be received by the selling promoters. Therefore, only the ₹258 crore fresh issue directly strengthens the company's balance sheet.
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Get the latest details on the LCC Projects IPO, including the price band, issue structure, lot size, key dates and other important offer information.
LCC Projects Ltd is a multidisciplinary Engineering, Procurement and Construction (EPC) company primarily focused on irrigation and water-supply projects. Its project portfolio includes dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works and water supply schemes. The company has also executed a metro rail project and is undertaking a mining development and operations (MDO) project.
The company executes projects for central and state government departments, public sector undertakings, metro rail corporations and private-sector organisations across India. Its business model is closely linked to infrastructure project awards, execution, project completion and timely collection of receivables.
For investors evaluating the LCC Projects IPO, the company's order book is particularly important because it provides visibility into potential future revenue. However, converting an order book into revenue and profits depends on timely project execution, cost control and working-capital management.
LCC Projects has an order book of approximately ₹7,953.18 crore, according to the RHP. This compares with FY26 revenue from operations of ₹3,600.25 crore.
The large order book provides strong revenue visibility over the coming years. It also gives the company a substantial pipeline of projects that can support future business growth if execution progresses as planned.
However, an order book should not be viewed as equivalent to immediate revenue or profit. Actual financial performance will depend on the company's ability to execute these projects efficiently and within the expected timelines.
LCC Projects has reported strong growth in revenue, EBITDA and profit after tax over FY24 to FY26. Revenue from operations increased from ₹2,438.92 crore in FY24 to ₹3,600.25 crore in FY26, while PAT increased from ₹121.99 crore to ₹286.44 crore.
LCC Projects Financial Performance in FY26
FY26 was the strongest year in the reported three-year period, with revenue from operations reaching ₹3,600.25 crore and PAT rising to ₹286.44 crore.
| FY26 Metric |
Value |
| Revenue from Operations |
₹3,600.25 crore |
| EBITDA |
₹519.89 crore |
| EBITDA Margin |
14.44% |
| PAT |
₹286.44 crore |
| Net Worth |
₹888.41 crore |
| ROE |
32.24% |
The company recorded an EBITDA margin of 14.44% in FY26, up from 13.74% in FY25 and 9.90% in FY24. Its FY26 ROE of 32.24% also indicates efficient utilisation of shareholders' equity based on the reported financials.
LCC Projects Financial Performance in FY25
In FY25, LCC Projects reported revenue from operations of ₹2,918.29 crore and PAT of ₹223.63 crore. EBITDA increased to ₹401.04 crore, while the EBITDA margin improved to 13.74%.
| FY25 Metric |
Value |
| Revenue from Operations |
₹2,918.29 crore |
| EBITDA |
₹401.04 crore |
| EBITDA Margin |
13.74% |
| PAT |
₹223.63 crore |
| Net Worth |
₹604.99 crore |
FY25 marked another year of growth, with revenue, EBITDA and PAT all higher than their respective FY24 levels.
LCC Projects Financial Performance in FY24
In FY24, LCC Projects reported revenue from operations of ₹2,438.92 crore, EBITDA of ₹241.37 crore and PAT of ₹121.99 crore.
| FY24 Metric |
Value |
| Revenue from Operations |
₹2,438.92 crore |
| EBITDA |
₹241.37 crore |
| EBITDA Margin |
9.90% |
| PAT |
₹121.99 crore |
| Net Worth |
₹382.83 crore |
FY24 provides the starting point for assessing the company's financial growth over the subsequent two fiscal years.
Key Financial Trends
LCC Projects' financial performance shows strong growth across revenue, EBITDA, PAT and net worth between FY24 and FY26.
- Revenue Growth: Revenue from operations increased by approximately 48% from ₹2,438.92 crore in FY24 to ₹3,600.25 crore in FY26, representing a CAGR of approximately 21.5% between FY24 and FY26.
- EBITDA Growth: EBITDA increased from ₹241.37 crore to ₹519.89 crore, representing a CAGR of approximately 46.7% between FY24 and FY26.
- Margin Expansion: EBITDA margin improved from 9.90% in FY24 to 14.44% in FY26, indicating improved operating profitability.
- PAT Growth: PAT increased from ₹121.99 crore to ₹286.44 crore, more than doubling over the period and representing a CAGR of approximately 53.3% between FY24 and FY26.
- Net Worth: Net worth increased from ₹382.83 crore in FY24 to ₹888.41 crore in FY26.
- ROE: FY26 ROE stood at 32.24%, indicating strong returns on shareholders' equity based on the reported financial performance.
Overall, LCC Projects' three-year financial performance reflects strong revenue and profit growth, improving EBITDA margins and a significant increase in net worth.
At the upper price band of ₹146 per share, the LCC Projects IPO implies a post-issue market capitalisation of approximately ₹4,229 crore.
Based on FY26 financials, the IPO implies a P/E multiple of approximately 14.8x and an EV/EBITDA multiple of approximately 9.61x.
| Valuation Metric |
At ₹146 Upper Band |
| Post-Issue Market Cap |
~₹4,229 crore |
| FY26 P/E |
~14.76x |
| FY26 EV/EBITDA |
~9.61x |
At around 14.76x post-issue earnings, LCC Projects is being valued at a moderate earnings multiple. Investors should compare this valuation with relevant listed EPC and infrastructure peers while considering differences in business mix, profitability, leverage and order-book quality.
The valuation is therefore better described as fair rather than deeply discounted, particularly when considered alongside the company's revenue growth, improving EBITDA margins, 32.24% FY26 ROE and large order book.
Relevant EPC and infrastructure peers include IRB Infrastructure, PNC Infratech, NCC Ltd and KNR Constructions, among similar companies.
LCC Projects can be compared with listed EPC and infrastructure companies such as IRB Infrastructure, PNC Infratech, NCC Ltd and KNR Constructions. However, valuation comparisons should consider differences in business mix, profitability, leverage, order-book quality and execution capabilities.
At around 14.76x post-issue earnings, LCC Projects is being valued at a moderate earnings multiple relative to the selected peer group.
The key investment argument is that the valuation is supported by the company's strong growth profile, improving margins, high ROE and substantial order book. At the same time, investors should consider the execution and working-capital risks associated with the EPC business before treating the valuation as attractive.
The company plans to use the ₹258 crore fresh issue proceeds primarily for debt repayment and equipment purchases, with the remaining amount allocated towards general corporate purposes.
| Use of Funds |
Amount |
| Purchase of Equipment |
₹14.69 crore |
| Repayment of Borrowings |
₹180 crore |
| General Corporate Purposes |
Balance amount, subject to the terms of the offer document |
Repayment of Borrowings
The largest allocation, ₹180 crore, will be used for the prepayment and/or repayment, in full or in part, of certain outstanding borrowings. This could reduce the company's outstanding debt and may lower its future interest burden.
Purchase of Equipment
Approximately ₹14.69 crore will be used to purchase equipment such as trucks and machinery. This can support the company's ability to execute projects and expand its operating capacity.
General Corporate Purposes
The remaining net proceeds will be used for general corporate purposes, subject to the limits and conditions specified in the offer document.
The ₹169.14 crore OFS component, meanwhile, will not provide funds to LCC Projects. The proceeds from the OFS will go to the selling promoters.
As of 8 September 2026, the LCC Projects IPO grey market premium (GMP) is reported at around ₹25-₹25.5. Against the upper IPO price band of ₹146, this indicates an implied listing price of approximately ₹171–₹171.50, or a potential premium of around 17%-17.5% over the upper price band.
| GMP Indicator |
Estimate |
| Upper IPO Price |
₹146 |
| Reported GMP |
₹25–₹25.5 |
| Implied Listing Price |
₹171–₹171.50 |
| Implied Listing Gain |
~17%–17.5% |
However, GMP is unofficial and can change rapidly. It is not a guarantee of the actual listing price or listing gain. Subscription demand, broader market conditions and investor sentiment can influence the eventual listing performance.
Investors should therefore use GMP only as a sentiment indicator rather than as the primary basis for an IPO investment decision.
The LCC Projects IPO has reserved 50% of the issue for Qualified Institutional Buyers, 15% for Non-Institutional Investors and 35% for Retail Individual Investors.
| Investor Category |
Quota |
Application |
| QIB |
50% |
As per applicable category rules |
| NII |
15% |
68+ lots, ₹10.12 lakh+ |
| Retail |
35% |
1 to 13 lots, ₹14,892 to ₹1.94 lakh |
For retail investors, the minimum application is one lot of 102 shares. At the upper price band of ₹146, this requires ₹14,892.
The maximum retail application is 13 lots, or 1,326 shares, requiring ₹1,93,596 at the upper band.
In an oversubscribed IPO, applying for the maximum number of lots does not necessarily guarantee an allotment. The retail allotment process and subscription level determine the eventual probability of receiving shares.
The LCC Projects IPO has several factors that may appeal to investors evaluating the company's growth prospects.
1. Strong Revenue and Profit Growth
Revenue increased by approximately 48% from FY24 to FY26, while PAT increased from ₹121.99 crore to ₹286.44 crore. EBITDA growth was also strong over the same period.
2. Improving EBITDA Margins
EBITDA margin expanded from 9.90% in FY24 to 14.44% in FY26. This improvement indicates better operating profitability over the reported period.
3. Large Order Book
The approximately ₹7,953.18 crore order book provides substantial visibility for future project execution and potential revenue generation.
4. Strong ROE
The company's FY26 ROE of 32.24% indicates efficient utilisation of shareholders' capital based on the reported financials.
5. Debt Reduction
₹180 crore of the fresh issue proceeds will be used for repayment/prepayment of borrowings. This could reduce the company's outstanding debt and may lower its future interest burden.
6. Reasonable Valuation
At approximately 14.76x post-issue FY26 earnings at the upper price band, the IPO is not deeply discounted. The valuation should be assessed alongside the company's earnings growth, order-book visibility and EPC-sector risks.
Anand Rathi has recommended a “Subscribe – Long Term” rating for the IPO, citing the company's strong order book, healthy earnings growth and long-term prospects for irrigation and water infrastructure.
Despite its strong financial growth and order book, LCC Projects operates in a business where execution, cash flows and project economics are important risks.
1. Customer Concentration
LCC Projects has significant customer concentration. Its top 10 customers contributed 72.30% of revenue from operations in FY26, while its top five customers accounted for 54.47%. A loss of major customers, delays in project awards or payment delays could adversely affect revenue, cash flows and financial performance.
2. Dependence on Government Projects
LCC Projects is significantly dependent on projects awarded by central and state government departments. Government-awarded projects accounted for 79.07% of revenue from operations in FY26. Changes in government spending, project awards, approvals, execution timelines or payment cycles could therefore affect the company's financial performance.
3. Geographic Concentration
Although LCC Projects operates across 12 states, its revenue remains concentrated in Gujarat and Madhya Pradesh. These two states together contributed 76.22% of revenue from operations in FY26. Any adverse developments affecting project execution in these markets could materially affect the company's operations and financial performance.
4. Working Capital Intensity
Infrastructure projects can require substantial working capital. Delays in receivables can put pressure on liquidity even when the company reports healthy revenue and profits.
5. Project Execution Risk
Delays, cost overruns and regulatory or approval-related issues can affect project timelines and profitability. The company's ability to convert its large order book into revenue will therefore remain an important factor to monitor.
6. Debt Levels
The company had total borrowings of ₹860.65 crore and a debt-to-equity ratio of 0.97x as of March 31, 2026. The proposed ₹180 crore repayment/prepayment from the fresh issue could reduce outstanding borrowings, although investors should assess the company's leverage and interest obligations after the IPO.
7. GMP Volatility
The reported GMP of ₹25–₹25.5 can change quickly. A decline in grey market sentiment or weaker-than-expected subscription demand could reduce the potential listing premium.
8. OFS Does Not Strengthen the Company
The ₹169.14 crore OFS is a promoter sale. These proceeds go to the selling shareholders rather than to LCC Projects. Consequently, only the ₹258 crore fresh issue directly provides capital to the company.
The answer depends on the investor's objective and risk tolerance.
For Retail Investors Seeking Short-Term Listing Gains
The reported GMP indicates a potential listing premium of approximately 17% to 17.5% over the upper price band. Investors comfortable with moderate risk may therefore consider applying for the IPO with a listing-gain strategy.
However, GMP is not binding. Investors should avoid basing the entire decision on the current premium, particularly if the GMP weakens significantly before listing.
For Long-Term Investors
The long-term case rests on several factors: revenue and PAT growth, expanding EBITDA margins, a large order book, a 32.24% FY26 ROE and the proposed repayment of ₹180 crore of borrowings.
At approximately 14.8x FY26 P/E, the IPO is not a deep-value offering, but the valuation can be considered reasonable in the context of the company's reported growth profile and order-book visibility.
For investors who are positive on India's infrastructure capex story and comfortable with EPC-sector risks, the supplied assessment supports a Subscribe for long-term holding view.
Investors Who May Want to Avoid the IPO
The LCC Projects IPO may not suit investors who:
- Prefer debt-free or asset-light businesses.
- Expect a guaranteed listing gain.
- Are uncomfortable with EPC execution and working-capital risks.
- Have low tolerance for fluctuations in IPO GMP and market sentiment.
The LCC Projects IPO timeline begins with the anchor book on 8 September 2026, followed by the public issue from 9 to 11 September 2026.
| Event |
Date |
| Anchor Book |
8 September 2026 |
| IPO Opens |
9 September 2026 |
| IPO Closes |
11 September 2026 |
| Expected Allotment |
15 September 2026 |
| Expected Refund |
16 September 2026 |
| Expected Listing |
17 September 2026 |
The shares are expected to list on both BSE and NSE on 17 September 2026.
The LCC Projects IPO offers investors exposure to the civil infrastructure and EPC segment at a time when the company is reporting strong financial growth. Revenue increased from ₹2,438.92 crore in FY24 to ₹3,600.25 crore in FY26, while PAT more than doubled to ₹286.44 crore. EBITDA margin also improved from 9.90% to 14.44% during the same period.
The approximately ₹7,953.18 crore order book is another major positive because it provides substantial visibility for future project execution. The proposed repayment of ₹180 crore of borrowings from the fresh issue could further strengthen the company's financial position by reducing its interest burden.
At the upper price band of ₹146, the IPO implies a market capitalisation of approximately ₹4,229 crore and a FY26 P/E of around 14.8x. At around 14.76x post-issue earnings, the IPO is not deeply discounted. Its valuation needs to be assessed alongside the company's earnings growth, order-book visibility, business concentration and EPC-sector risks.
The key risks remain project execution, working-capital requirements, customer concentration, debt and GMP volatility. Investors should also remember that the ₹169.14 crore OFS does not provide funds to the company.
Overall, the LCC Projects IPO presents a balanced risk-reward profile for investors who are comfortable with EPC-sector risks. The company's strong earnings growth, ₹7,953.18 crore order book and proposed debt repayment are positives, while customer concentration, government-project dependence, geographic concentration, leverage and execution risks remain important considerations. Investors should evaluate these factors alongside the IPO valuation and monitor subscription levels and GMP trends before making an investment decision.
This analysis is for informational purposes only and should not be considered investment advice. Investors should consult a qualified financial adviser before making investment decisions.
Want to compare LCC Projects with other recent mainboard issues across infrastructure and related sectors? Use the IPO dashboard to track issue sizes, pricing, valuations and listing trends.
1. What is the LCC Projects IPO price?
The LCC Projects IPO price band is ₹139 to ₹146 per equity share. The upper price band of ₹146 implies a post-issue market capitalisation of approximately ₹4,229 crore.
2. What is the LCC Projects IPO date?
The LCC Projects IPO will open for subscription on 9 September 2026 and close on 11 September 2026. The expected allotment date is 15 September 2026, while the shares are expected to list on 17 September 2026 on BSE and NSE.
3. What is the LCC Projects IPO lot size and minimum investment?
The LCC Projects IPO lot size is 102 shares. At the upper price band of ₹146, the minimum retail investment is ₹14,892 for one lot. Retail investors can apply for up to 13 lots, or 1,326 shares, requiring ₹1,93,596 at the upper price band.
4. Should You Apply for LCC Projects IPO?
LCC Projects IPO may appeal to investors seeking exposure to the irrigation, water-supply and infrastructure EPC sectors who are comfortable with the associated execution, working-capital, customer-concentration and leverage risks. The company has reported strong revenue and PAT growth, improving EBITDA margins, a large order book of approximately ₹7,953.18 crore and an FY26 ROE of 32.24%.
At around 14.8x FY26 P/E, the IPO appears fairly valued rather than deeply discounted. However, investors should consider project execution, working-capital requirements, customer concentration, and debt levels before applying. For long-term investors, the investment case depends largely on the company's ability to execute its order book while maintaining margins and managing cash flows effectively.
5. Is LCC Projects IPO good for long-term investment?
The LCC Projects IPO has several positive factors, including strong revenue and PAT growth, improving EBITDA margins, a large order book of approximately ₹7,953.18 crore, FY26 ROE of 32.24% and planned repayment of ₹180 crore of borrowings. At approximately 14.76x post-issue FY26 earnings, the valuation is not deeply discounted and should be assessed against the company's growth prospects, order-book execution and associated risks. However, investors should consider EPC-sector risks such as project execution, working capital, customer concentration and debt before investing.