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HomeIPOLCC Projects

About LCC Projects

Founded in 2017, LCC Projects Limited provides engineering, procurement and construction (EPC) services under the irrigation and water supply projects division. The company has completed projects under the irrigation and water supply division, including dam construction, barrages, weirs, hydraulic structures, canals, pipe distribution network, lift irrigation work, water supply scheme, and other EPC projects. As of September 30, 2024, the Order Book of the company consists of 68 projects out of which Sondwa Lift Micro Irrigation Project, Sidhi Bansagar Multi – Village Scheme, and Gandhi Sagar 1 Multi-Village Scheme are the top three among them. Earlier, LCC have also completed significant projects like Tawa Left Bank Canthe al construction, Parbati Dam Projthe ect, Dudhai Sub Branch Canal Projectthe, and AKOT Lift Irrigation Scheme. The company grew its business from eight states in Fiscal 2022 to 11 states as of September 30, 2024, which are Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Himachal Pradesh and Haryana. As of the six months ended September 30, 2024, the company employed 1,788 permanent staff.

Checklist Quality Analysis

Revenue Growth

Live IPOs

National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
Live IPO
Antala Industries logo

Antala Industries

SME
Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
Live IPO
Companies NameOpen - CloseIssue SizeMin. QtyIssue PriceApply
National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
Antala Industries logo

Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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LCC Projects

LCC Projects

Open Date

Sep 9, 2026

Close Date

Sep 11, 2026

listed

Min Investment

₹14,892

Lot Size

102 Shares

Issue Size

₹427.14 Cr

Price Range

₹139 - ₹139

Listing Date

Sep 17, 2026

IPO Doc

RHP PDF

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹36(+24.66%)GMP
24.66%Prediction Listing Gain

Grey Market Premium (GMP) Trend

LCC Projects IPO - Issue Objectives

The company will use ₹14.69 crore for purchase of equipment for the business. The company will utilise ₹180 crore for partial or full repayment of the borrowings. Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

Purchase of equipment

5.6%

Repayment of loan

69.7%

General corporate purposes

24.5%

1

Purchase of equipment

The company will use ₹14.69 crore for purchase of equipment for the business.

5.60%
2

Repayment of loan

The company will utilise ₹180 crore for partial or full repayment of the borrowings.

69.70%
3

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

24.50%

IPO Subscription Status

QIB
78.73x
NII
64.91x
Individual
26.34x
Total
49.57x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of LCC Projects

In Cr.

Key Performance Indicator30-Sep-24 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)31-Mar-22 (In Cr.)
Revenue1484.542449.791234.64796.22
EBITDA
Expenses
Profit After Tax117.9512268.2235.33
Assets1453.941129.99803.61473.29
Net Worth500.06382.83261.23193.11
Reserves466.06348.83227.23159.11
Borrowing741.11469.06324.73155.86

LCC Projects - Promoter(s)

Arjan Suja Rabari

Laljibhai Arjanbhai Ahir

Maya Arjan Rabari

Pre Issue Share Holding

N/A

Post Issue Share Holding

N/A

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

EPC execution track record

The company has expertise in irrigation and water supply projects accounting for 87.44% of FY26 revenue and a track record of delivering 80 projects in India.

02

Order book gives visibility to revenue

The company’s order book amounted to ₹7,953 crore as of March 31, 2026, having 103 projects in its order book, giving good visibility and diversification in EPC segments.

03

In-house capability of engineering

The firm employs 698 professional engineers and technical experts, which gives in-house engineering capacity and lessens third-party dependency.

04

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

High dependency on government contracts

Government departments have been responsible for 89.3% of FY26 revenues and also have formed 79.1% of the FY26 order book, hence making the company susceptible to changes in policy and payments.

02

High customer concentration

The top ten customers made up 72.3% of the FY26 revenue, whereas the top three customers were responsible for 43.3% of the FY26 revenue.

03

Contact Details

LCC Projects

‘B’ Wing, 15th Floor, Privilon Building, Vikram Nagar Ambli Bopal Road, Behind ISKCON Temple, Ahmedabad, Gujarat, 380058

+917948484453
cs@lccprojects.com
https://www.lccprojects.com/

Registrar Contact Details

Kfin Technologies Ltd

04067162222
lccpl.ipo@kfintech.com
https://kosmic.kfintech.com/ipostatus/

LCC Projects IPO - FAQs

LCC Projects IPO is a Mainboard IPO. The issue is priced at 139-₹146. The minimum order quantity is 102 Shares. The IPO opens on 9 Sep, and closes on 11 Sep. Kfin Technologies Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

IPO Timeline

  • Pre Apply2026-09-07
  • Bidding Starts2026-09-09
  • Bidding Ends2026-09-11
  • Allotment Finalisation2026-09-15
  • Release of Funds2026-09-16
  • Demat Transfer2026-09-16
  • Listing2026-09-17

Diversified projects portfolio

Irrigation and water supply projects accounted for 83.2% of the total order book, as of March 31, 2026. The remaining 16.7% came from projects in areas such as mining, roads and metro rail.

05

Large equipment and machinery base

The company has a wide range of heavy and specialised equipment, including excavators, tippers, transit mixers, graders, JCBs, rock breakers, DGs, crushers, silos and transportation vehicles.

06

Track record of completing projects on time

The company had completed 80 projects for Government departments and other customers as of March 31, 2026. Most of its projects have been completed ahead of or on schedule.

Increasing receivables and working capital requirement

Trade receivables rose to ₹455.82 crore in FY26, whereas the receivables turnover ratio fell from 14.46x in FY25 to 10.20x in FY26.

04

Bidding and margin erosion

Bid acceptance rate dropped from 21.3% in FY25 to 13.5% in FY26 due to stiff competition, which may lead to margin erosion through lower bidding.

05

Cost overruns and execution

Costs of material, labour and fuel can rise more than anticipated in the bid; in that case, escalations may not cover the cost overrun in fixed-price bids.