LCC Projects’ other revenue share reaches 26.5% in H1 FY27

LCC Projects reported that other projects accounted for 26.5% of revenue in H1 FY27, compared with 12.6% in FY26. The category includes mining, road work and metro rail-related work. At September 30, 2026, LCC’s Rs 8,154 crore order book allocated 22.1% to other projects.

How did LCC’s revenue mix change in H1 FY27?

LCC’s other-project revenue share rose to 26.5% in H1 FY27, while irrigation and water-supply projects accounted for 73.5% of revenue. The other-project share increased by 13.9 percentage points from FY26, when it was 12.6%, and by 20.2 percentage points from FY24, when it was 6.3%.

The presentation defines other projects as mining, road work and metro rail-related work. Irrigation and water supply remained LCC’s largest segment in H1 FY27, although its revenue share fell from 93.7% in FY24 to 87.4% in FY26 and then 73.5% in the reported half year.

LCC’s total revenue increased in each of the three full years shown, rising from Rs 2,438.9 crore in FY24 to Rs 3,600.3 crore in FY26. H1 FY27 revenue was Rs 1,688.3 crore, but the presentation labels it as a half-year period, making it different in duration from the full-year figures.

What does LCC’s order book show about diversification?

LCC’s Rs 8,154 crore order book at September 30, 2026 comprised 77.9% irrigation and water-supply projects and 22.1% other projects. The other-project proportion in the order book was lower than the 26.5% reported in H1 FY27 revenue, while still showing that mining, road and metro-related work formed part of its awarded project portfolio.

The order book increased from Rs 6,269 crore in FY24 to Rs 7,882.2 crore in FY25, Rs 7,953.2 crore in FY26 and Rs 8,154 crore in H1 FY27. The presentation describes the final amount as approximately 2.21 times revenue and says it reflects future potential, but does not provide a numerical target for the future share of other projects.

LCC reported 116 projects in its portfolio, with government departments representing 75.4% of its customer base and private customers representing 24.6%. Irrigation and water supply nevertheless remained the majority segment in the order book, at 77.9% of the Rs 8,154 crore total.

Which mining, metro and road activities does LCC include?

LCC includes mining, road work and metro rail-related work in its other-project category. The presentation says it has completed its first metro rail project, covering a station, approaches and viaducts, and that it is executing engineering, procurement and construction work for a mining project.

LCC received its first metro rail order in 2020 and its first road-work project in 2023, according to its milestones. The presentation does not disclose the individual revenue, order-book value, customer or location for the mining, road or metro activities, so it does not identify which category contributed most to the 26.5% other-project revenue share in H1 FY27.

LCC had completed 80 projects as of September 30, 2026, including irrigation and water-related works such as dams, barrages, canals, hydraulic structures and pipe-distribution networks. Its named complex-project examples were the Rs 141.3 crore Kachchh Branch Canal Long Canal Syphon completed in 2016, the Rs 320.2 crore Dudhai Sub Branch Canal completed in 2021 and the Rs 146.3 crore Parbati Dam completed in 2023.

The named completed examples were water-related, while metro, road and mining form the other-project category reported in the revenue and order-book mix. LCC also states that its execution capability covers metro rail alongside irrigation and water-supply projects, although it continues to describe irrigation and water supply as its primary business focus.

How did LCC’s geographic revenue mix change?

LCC’s revenue became less concentrated in Madhya Pradesh between FY24 and H1 FY27. Madhya Pradesh’s share declined from 66.0% in FY24 to 24.4% in H1 FY27, while Rajasthan’s share increased from 8.3% to 18.9% and the Others category increased from 6.6% to 14.4%.

Gujarat was LCC’s largest disclosed geography in H1 FY27, representing 33.8% of revenue, followed by Madhya Pradesh at 24.4%, Rajasthan at 18.9% and Odisha at 8.5%. Gujarat had represented 39.6% in FY26, compared with 36.6% for Madhya Pradesh, indicating that the geographic ranking had already changed before H1 FY27.

LCC reported operations across 12 states as of September 30, 2026, including Gujarat, Madhya Pradesh, Rajasthan, Odisha, Karnataka and Jharkhand. Its listed clients include Madhya Pradesh Jal Nigam Limited Maryadit, the Indira Gandhi Nahar Project in Rajasthan, the Department of Water Resources in Odisha and Sardar Sarovar Narmada Nigam Limited in Gujarat.

LCC says its design and engineering team includes about 700 qualified engineering and technical personnel with average work experience of more than five years. The company also lists supervisory control and data acquisition, or SCADA, WaterGEMS, Water Hammer, KY Pipe, Staad-Pro, AutoCAD, geographic information systems and E-Survey among the tools used in its engineering and project-delivery processes.

Conclusion

LCC’s figures show that the contribution of mining, road and metro-related work increased in its reported revenue mix, even as irrigation and water supply remained its larger business segment. The shift occurred alongside an order book of Rs 8,154 crore at September 30, 2026, in which other projects represented 22.1% and irrigation and water supply represented 77.9%.

The next point to watch is the conversion of the disclosed order book into revenue, particularly as LCC continues engineering, procurement and construction work on a mining project. The presentation describes milestone-based payments, escalation clauses and pre-tender risk reviews as project-selection mechanisms, but does not disclose a dated diversification target or values for individual mining, road or metro contracts.