LCC Projects targets Rs 6,000 crore FY27 inflow to Rs 10,000 crore

LCC Projects Limited is targeting Rs 6,000 crore of FY27 order inflow, including Rs 1,583 crore of L1 projects, to build an order book of about Rs 10,000 crore by March 2027. LCC Projects had secured Rs 1,641 crore of new orders in H1 FY27 and reported an Rs 8,154 crore order book on September 30, 2026.

What is LCC Projects' FY27 order inflow target?

LCC Projects is targeting about Rs 6,000 crore of order inflow in FY27, according to management's November 2, 2026 earnings call. The target includes Rs 1,641 crore of orders already secured in H1 FY27, Rs 1,583 crore of L1 projects, and further awards expected before March 2027. L1 means the company has emerged as the lowest bidder, but a work order is still required for the project to become a confirmed order.

Management said about Rs 3,000 crore of the Rs 6,000 crore target was already visible. This includes the H1 orders and the L1 pipeline from Gujarat and Rajasthan. Management expected the L1 projects to receive work orders within around 20 to 21 days of the call, while noting that elections in Rajasthan were affecting the timing of the process.

LCC Projects had also submitted bids worth about Rs 12,000 crore across Chhattisgarh, Gujarat, Odisha and Uttar Pradesh. Management said it expected to bid for an additional Rs 15,000 crore to Rs 20,000 crore of tenders by March, and expected more than Rs 3,000 crore of work from this wider pipeline. These are management expectations, not secured orders.

How does LCC Projects plan to reach Rs 10,000 crore order book?

LCC Projects plans to reach an order book of around Rs 10,000 crore at FY27-end by adding about Rs 6,000 crore of annual inflow while executing projects through the year. Management confirmed that the Rs 6,000 crore calculation includes the Rs 1,583 crore L1 pipeline. The starting book was Rs 8,154 crore on September 30, 2026, compared with Rs 7,953 crore at March 31, 2026.

The target is linked to management's FY27 revenue expectation of Rs 4,300 crore to Rs 4,400 crore. LCC Projects reported Rs 1,688 crore of revenue in H1 FY27 and said its historical pattern over the past three to four years was about 40% of annual revenue in the first half and 60% in the second half. That pattern implies substantially higher execution in H2 FY27 than the first-half run rate.

Management said it seeks to maintain its order book at more than 2.5 times annual revenue. At the Rs 4,300 crore to Rs 4,400 crore FY27 revenue target, the Rs 10,000 crore book target would be above that benchmark. By comparison, the September 30 book represented 2.21 times FY26 revenue, showing that management is seeking higher order coverage by March 2027.

Which projects and sectors support LCC Projects' order pipeline?

LCC Projects said about 80% of its revenue comes from water-sector work, while metro, mining, railway and solar account for the remaining 20%. Management said it intends to maintain that broad 80:20 focus. In the reported quarter, irrigation and water-supply activity was lower because of rainfall, which temporarily increased the share of other sectors.

The September 30 order book includes several large projects under execution: the Rs 1,395 crore Sondwa Lift Irrigation project, the Sidhi Bansagar project in Madhya Pradesh at about Rs 1,400 crore, and the Gandhi Sagar project at about Rs 1,049 crore. LCC Projects also cited the Bishrampur Mining Project in Chhattisgarh, though it did not disclose that project's value on the call.

Management described irrigation as about 65% of its water-sector work and the Jal Jeevan Mission as about 20%. It said Jal Jeevan Mission payments had generally been received within 45 to 55 days during the past three years. The company is also examining water-management work for data centres and nuclear power plants, but said it had no orders in either area as of November 2, 2026.

Can LCC Projects fund and execute the planned growth?

LCC Projects said its non-fund-based banking limits were sufficient to support the planned expansion, with more than 35% unutilised capacity cited in prepared remarks. During the analyst discussion, management agreed with an estimate of roughly 38% unutilised limits and said the release of bank guarantees from completed obligations would provide further headroom.

The company reported total debt of Rs 885 crore and cash and bank balances of Rs 535 crore. Management said the cash balance was not entirely available for discretionary use: nearly Rs 290 crore was fixed-deposit and bank-guarantee margin money, while IPO proceeds were being deployed for their stated purposes. Debt-to-equity stood at 0.7 times, compared with 0.97 times in March 2026.

Working capital remains an execution measure to watch. Trade receivables rose to Rs 674 crore at September 30 from Rs 456 crore at March 31, while working-capital days increased to 123 from 99. Management attributed the rise to milestone-related billing near quarter-end, expected significant realisation in Q3, and said it aimed to return to 90 to 100 working-capital days.

What financial targets accompany LCC Projects' order-book plan?

LCC Projects is targeting revenue growth of around 20% or more, with FY27 revenue of Rs 4,300 crore to Rs 4,400 crore. H1 FY27 revenue was Rs 1,688 crore, while Q2 revenue was Rs 886 crore, compared with Rs 661 crore in the comparable quarter cited by management. The company said the second half typically contributes about 60% of annual revenue.

Management expects earnings before interest, tax, depreciation and amortisation, or EBITDA, margin of 14% to 15% for FY27. H1 FY27 EBITDA margin was 15.2%, versus 13.8% in H1 FY26, while Q2 margin was 15.5%, compared with 14.2% in the prior-year quarter. The chief financial officer attributed the Q2 margin improvement to profitable projects and project mix, while retaining the 14% to 15% full-year range.

LCC Projects spent about Rs 30 crore on capital expenditure, or capex, in H1 FY27 and expects a further Rs 30 crore in H2. Management said its usual annual capex range is Rs 50 crore to Rs 60 crore, mainly for machinery and plant. It described the company as asset-light and said this spending level was adequate for its growth plan.

Conclusion

LCC Projects has set a clear FY27 test: convert its Rs 1,583 crore L1 pipeline, add enough awards from Rs 12,000 crore of submitted bids, and achieve about Rs 6,000 crore of annual order inflow. Success would support management's goal of increasing the Rs 8,154 crore September 30 order book to around Rs 10,000 crore while pursuing Rs 4,300 crore to Rs 4,400 crore of FY27 revenue.

The next disclosed milestones are the expected Gujarat and Rajasthan work orders within about 20 to 21 days of the November 2 call, additional tender awards before March 2027, and H2 execution against the company's 60% seasonal revenue pattern. Investors can also watch whether receivables reduce from Rs 674 crore and working-capital days move back from 123 toward management's 90-to-100-day target.