LCC Projects IPO: price band, issue size, subscription and listing details

LCC Projects Limited, a Gujarat-headquartered engineering, procurement and construction (EPC) contractor focused on irrigation and water supply infrastructure, raised ₹427.14 crore through a mainboard IPO priced in a ₹139–₹146 band. The issue opened on September 9, 2026 and closed on September 11, 2026, comprising a ₹258.00 crore fresh issue and a ₹169.14 crore offer for sale (OFS). The shares listed on September 17, 2026 at ₹191.90.

What LCC Projects does and where it operates

LCC Projects Limited positions itself as a multidisciplinary EPC contractor with a primary focus on irrigation and water supply infrastructure. Its execution scope includes dams, barrages, canals, underground pipeline distribution networks, lift irrigation, and water treatment and water supply schemes.

Beyond core water infrastructure, the company has exposure to metro-rail civil works and a coal mining development-and-operations contract. The stated intent in its disclosures is to widen the set of project categories it can participate in alongside its core segment.

A notable operational feature highlighted is the in-house design and engineering function. The company’s disclosures also reference technology-led project delivery tools, including SCADA (Supervisory Control and Data Acquisition) and IoT (Internet of Things) applications, alongside engineering software. Separately, LCC Projects has started manufacturing precast concrete elements at its Jaspur, Gujarat unit as a supporting capability for infrastructure construction requirements.

The company reports a diversified government-focused customer base across multiple Indian states. As of March 31, 2026, it reported 103 projects across 12 states, reflecting a multi-state operating footprint.

IPO structure, investor demand, and proposed use of fresh issue proceeds

The IPO combined a fresh issue and an OFS. The fresh issue proceeds accrue to the company, while OFS proceeds accrue to the selling shareholders.

From the fresh issue, the company proposes to use net proceeds primarily for two identified purposes: purchasing equipment and prepaying and/or repaying, in full or in part, certain outstanding borrowings. The disclosures also mention general corporate purposes, without specifying a fixed allocation amount.

Demand, as indicated by the recorded subscription data at close, was 3.93 times overall. Subscription varied by investor category, with Qualified Institutional Buyers (QIBs) at 1.16 times, Non-Institutional Investors (NIIs) at 5.49 times, and Retail Individual Investors (RIIs) at 4.84 times.

On allocation structure, the net offer reserved 50% for QIBs, 15% for NIIs, and 35% for retail investors. The disclosures also indicate an anchor portion sized at ₹128.14 crore, with the anchor portion set at 60% of the QIB allocation and a domestic mutual fund reservation within the anchor category.

Business scale, order book framing, and adjacent segments

LCC Projects’ disclosures frame the company’s scale largely through its order book and multi-state execution experience in irrigation and water supply EPC. The order book figure and project count (103 projects as of March 31, 2026) are presented as the basis for visibility, while the customer mix is described as largely government entities across multiple states.

The business remains working-capital intensive by nature, reflecting how EPC projects typically involve milestone-based billing, certification processes, and collection timelines. This makes the conversion of project execution into cash flows an important part of how the business performs period to period.

Alongside its core segment, the company highlights expansion into adjacent categories such as metro-rail civil works and a mining development-and-operations contract, and it also references opportunities around wastewater/sewerage treatment, renewable energy EPC, and precast concrete manufacturing. These segments are presented as additional addressable areas, but the company’s stated revenue dependence remains linked to irrigation and water supply projects.

Track record and milestones highlighted in disclosures

LCC Projects traces its origins to 2004, when it started operations as a partnership firm under the name M/s. Laxmi Construction Co. Key milestones highlighted include the receipt of a back-to-back work order exceeding ₹505.50 million in 2011 for canal distributaries and minors works, and the execution of its first own project in Gujarat in 2014.

The disclosed timeline also indicates larger contract wins and geographic expansion. It received its first contract exceeding ₹1,000.00 million in Madhya Pradesh in 2016 and later received a contract exceeding ₹10,000.00 million in Madhya Pradesh in 2022. Over time, the company expanded into additional states, including Rajasthan (2017), Maharashtra (2019), Odisha (2020), Shimla in Himachal Pradesh (2020), Haryana (2022), Chhattisgarh (2023), Karnataka (2024), and Jharkhand (2024).

In 2017, the company converted from a partnership firm to a private limited company. The milestone list also notes turnover thresholds crossed at different points, including crossing ₹5,000.00 million in 2018, ₹10,000.00 million in 2023, and ₹20,000.00 million in 2024.

Sector diversification milestones called out include its first metro rail project work order in 2020 and its first road-work project work order in 2023. Another disclosure point is the credit rating upgrade by CARE Ratings Limited from A- to A in 2024.

Financial performance and balance sheet direction

Across the last three reported financial years in the provided financials, the company reported rising revenue and profit after tax (PAT), along with an increase in total assets.

Revenue increased from about ₹2,438.91 crore in FY2024 to ₹2,918.29 crore in FY2025 and ₹3,600.25 crore in FY2026. PAT rose from about ₹122.00 crore in FY2024 to ₹223.63 crore in FY2025 and ₹286.44 crore in FY2026. Over the same period, PAT margin moved from 5.00% in FY2024 to 7.66% in FY2025 and 7.96% in FY2026.

Total assets increased from about ₹1,129.99 crore in FY2024 to ₹1,727.46 crore in FY2025 and ₹2,447.54 crore in FY2026.

The disclosures also highlight a working-capital lens. They note that receivable collection is slowing, with trade receivables rising to 12.66% of revenue. Separately, leverage and financing dependence are also referenced in the risk discussion, and the KPI set includes a disclosed debt-to-equity ratio of 0.97 times.

Valuation metrics, grey market observations, risks, and monitoring points

At the IPO pricing reference, the disclosed earnings per share (EPS) is ₹10.53, with a pre-IPO price-to-earnings (P/E) multiple of 13.87 times and a price-to-book multiple of 4.47 times. Profitability and return metrics disclosed include an EBITDA margin of 14.44% and a PAT margin of 7.96%, along with return ratios such as ROE (return on equity) and ROCE (return on capital employed) as provided in the KPI set.

For market tracking ahead of listing, grey market premium (GMP) is an unofficial indicator and can change. In the set of dated observations provided around the listing period, GMP was observed as high as ₹63 (referenced to an issue price of ₹146) and later moved through the ₹50s and ₹40s, with observations also recorded in the ₹30s.

Risks flagged in the company’s disclosures include dependence on irrigation and water-supply projects, the working-capital intensive nature of EPC operations, and financing dependence. Other stated risk elements include contingent liabilities at 14.63% of net worth and the operational constraint that key offices are on short leases, which can create relocation-related disruption. The threat set also highlights competition in multidisciplinary EPC contracting, regulatory and compliance risks across environment, labour, mining and construction regimes, execution risks linked to terrain/logistics and subcontractor performance, and inflation and supply-chain volatility for inputs such as pipes, steel, and fuel.

Monitoring points to track through periodic disclosures and business updates:

Monitor whether trade receivables and unbilled positions convert into cash in line with execution progress and billing milestones.

Monitor whether debt levels and financing costs change after the proposed prepayment and/or repayment of borrowings from fresh issue proceeds.

Monitor whether order book conversion aligns with project schedules and the company’s own caution that order book estimates may not translate into actual revenues if scopes, schedules, or assumptions change.

Monitor whether profitability stays aligned with the disclosed EBITDA margin and PAT margin profile as the company executes across multiple geographies and expands into adjacent segments such as metro-rail works and mining-related contracts.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (19 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.