LCC Projects FY26 revenue was 99.84% EPC, 89.34% government

LCC Projects Limited derived 99.84% of Fiscal 2026 revenue from engineering, procurement and construction (EPC), while government departments supplied 89.34% of operating revenue. LCC Projects reported Rs 3,594.569 crore of EPC revenue out of Rs 3,600.252 crore of revenue from operations, and government departments contributed Rs 3,216.617 crore.

How concentrated was LCC Projects' FY26 revenue in EPC?

LCC Projects' Fiscal 2026 revenue was almost wholly generated through EPC contracts, with operation and maintenance (O&M) contributing only 0.16%. EPC refers to contracts covering engineering, procurement and construction, while LCC Projects defines O&M as maintenance and repair work. EPC generated Rs 3,594.569 crore in Fiscal 2026, compared with Rs 5.684 crore from O&M.

The contract-type mix changed little over the three reported financial years. EPC represented 99.73% of revenue from operations in Fiscal 2025 and 99.89% in Fiscal 2024, before reaching 99.84% in Fiscal 2026. O&M's share was 0.27% in Fiscal 2025 and 0.11% in Fiscal 2024, indicating that maintenance obligations in project contracts had not become a material standalone revenue stream.

LCC Projects increased revenue from operations by 23.37% in Fiscal 2026, following growth of 19.66% in Fiscal 2025. Because EPC retained a share near 100% while revenue rose from Rs 2,438.912 crore in Fiscal 2024 to Rs 3,600.252 crore in Fiscal 2026, continued growth depends principally on project awards, execution progress and revenue recognition from EPC work.

How dependent was LCC Projects on government departments?

LCC Projects received 89.34% of Fiscal 2026 revenue from government departments, up from 80.71% in Fiscal 2025 and 86.75% in Fiscal 2024. Government-department revenue increased to Rs 3,216.617 crore in Fiscal 2026 from Rs 2,355.383 crore a year earlier, while private-customer revenue fell in share to 10.66% from 19.29%.

The order book remained government-led despite a lower government share than in the preceding two years. LCC Projects defines its order book as estimated billing from the unexecuted portions of existing contracts, including the contracted O&M component of completed projects. Government departments accounted for Rs 6,288.550 crore, or 79.07%, of the Rs 7,953.181 crore order book at March 31, 2026, versus 85.19% at March 31, 2025.

LCC Projects expects contracts awarded by government departments to continue accounting for a high percentage of revenue from operations. The company identifies government policy, pre-qualification criteria, budget allocations, internal approval processes and payment delays as factors that can affect bidding, execution and collections. The high government share can persist only if public authorities continue to award projects and support their implementation.

Does LCC Projects have revenue diversification beyond water projects?

LCC Projects had wider project categories in Fiscal 2026, but irrigation and water supply still generated 87.44% of revenue from operations. This category produced Rs 3,148.224 crore in Fiscal 2026, down from 92.84% in Fiscal 2025 and 93.74% in Fiscal 2024. The category includes canals, dams, barrages, micro-irrigation systems, pipeline networks, drinking-water schemes, sewage-treatment plants and desalination work.

Renewable-energy projects were the main new reported vertical in Fiscal 2026, producing Rs 241.567 crore, or 6.71% of revenue, after no reported revenue in Fiscal 2025 or Fiscal 2024. Metro railway work contributed Rs 94.577 crore, or 2.63%, while mining work contributed Rs 63.536 crore, or 1.76%. These verticals identify the underlying projects, whereas the EPC and O&M split shows that almost all revenue remained construction-execution revenue.

LCC Projects expanded its operating presence from 10 states in Fiscal 2024 to 12 states in Fiscal 2026. As of March 31, 2026, the company had regional offices in Madhya Pradesh, Rajasthan and Odisha, alongside its Ahmedabad headquarters. The expansion broadens the locations and types of projects available to the company, but does not change the Fiscal 2026 concentration in EPC contracts and government-derived sales.

What execution and customer factors could affect LCC Projects' revenue?

LCC Projects' conversion of its Rs 7,953.181 crore order book depends on execution across 103 projects as of March 31, 2026. Its three largest projects by value were the Sondwa Lift Micro Irrigation Project at Rs 1,534.952 crore, the Sidhi Bansagar Multi-Village Scheme at Rs 1,525.144 crore and the Gandhi Sagar I Multi-Village Scheme at Rs 1,153.900 crore. Together, these projects represented about 53% of the order book.

Project-stage data show that 56.31% of ongoing projects were more than 70% complete at March 31, 2026, while 15.53% were up to 10% complete. LCC Projects calculates completion by comparing revenue booked with total project value for each order and then using an equally weighted average across orders. The company identifies scope changes, regulatory delays, payment delays, force majeure and cash-flow issues as conditions that can defer project completion and collections.

Customer concentration adds a further dependency within the government-led revenue base. LCC Projects' top 10 customers generated Rs 2,602.844 crore, or 72.30%, of Fiscal 2026 revenue from operations, compared with 84.10% in Fiscal 2025 and 82.76% in Fiscal 2024. The Office of the Executive Engineer, N D Division No. 16, Kukshi District, Dhar, Madhya Pradesh was the largest disclosed Fiscal 2026 customer, contributing Rs 720.262 crore, or 20.01% of revenue.

Conclusion

LCC Projects' reported Fiscal 2026 mix shows a business diversified across some project categories and 12 states, but still concentrated by contract type and customer class. EPC accounted for 99.84% of Rs 3,600.252 crore in revenue from operations, government departments supplied 89.34%, and irrigation and water supply projects represented 87.44%.

The next disclosed developments to watch are order-book conversion, execution of the largest projects scheduled for completion between 2026 and 2030, and the proposed capital raise. LCC Projects filed a draft red herring prospectus with the Securities and Exchange Board of India on March 31, 2026 for a fresh issue of up to Rs 320 crore, with approval pending as of the balance-sheet date.