LCC Projects Limited Q2 profit rises 58.4% to ₹77 crore

LCC Projects Limited reported Q2 FY27 net profit of ₹77 crore, up 58.4% year-on-year, while revenue from operations rose 33.9% to ₹885.7 crore. The performance matters because the EPC contractor is targeting about 20% full-year revenue growth, although receivables of ₹674 crore remain a key working-capital consideration.

What did LCC Projects report for Q2 FY27?

LCC Projects reported revenue from operations of ₹885.7 crore for the quarter ended September 30, 2026, compared with ₹661 crore in Q2 FY26. The reported year-on-year increase was 33.9%, while quarterly revenue was also higher than ₹802.6 crore in the preceding quarter.

Net profit was ₹77 crore, an increase of 58.4% year-on-year. The company also reported Q2 EBITDA of ₹137 crore, compared with ₹94 crore a year earlier. The Q2 EBITDA margin was reported at 15.5%.

For the first half of FY27, revenue stood at ₹1,688 crore and EBITDA at ₹256 crore. These numbers were discussed in the earnings call held on November 2, 2026, covering the quarter and half-year ended September 30, 2026.

What drove LCC Projects' quarterly performance?

LCC Projects attributed its operating momentum to its focus on water-sector work, which management said accounts for roughly 80% of revenue. The remaining 20% comes from other activities, while the order book remains concentrated in irrigation and water-supply projects.

The company is a multidisciplinary EPC contractor undertaking irrigation and water-supply projects as its primary areas of work. Its activities also include roads, highways, bridges, mining, commercial construction, water treatment, wastewater treatment and related operations and maintenance services across India.

The earnings call summary indicated that irrigation and water supply remain the main areas of business focus. The company said it intends to continue concentrating on these sectors rather than indicating a change in its project mix.

What is LCC Projects' order book and FY27 guidance?

LCC Projects said its order book was ₹8,154 crore as of September 13, 2026, giving it more than two years of revenue visibility according to the call summary. Management is targeting an order book of ₹10,000 crore by the end of FY27, or March 2027.

The company has guided for FY27 revenue of ₹4,300 crore to ₹4,400 crore, implying growth of about 20%. It has also set a full-year EBITDA margin target of 14% to 15%, while indicating that H2 FY27 margin is expected to be around 13% to 13.5%.

A recent Letter of Intent from the Gujarat Water Supply and Sewerage Board adds to the water-project pipeline. The ₹703 crore Bharuch project covers design and construction of water-supply infrastructure, including pipelines and pumping systems, along with 10 years of operations and maintenance.

Why are receivables important for LCC Projects investors?

Receivables of ₹674 crore were highlighted alongside the quarterly growth figures, signalling a working-capital issue for investors to monitor. In an EPC business, reported revenue and profit do not by themselves show the timing of customer collections or the cash tied up in projects.

The disclosed receivables need to be viewed with the company’s expansion plans and project mix. Water and irrigation contracts can involve extended execution cycles, milestone-based billing and operations and maintenance commitments, making collection discipline relevant to the conversion of reported earnings into operating cash flow.

The available call information does not provide a detailed receivables ageing profile, collection schedule or cash-flow figure. Therefore, the reported ₹674 crore balance identifies an area for scrutiny but does not establish the reason for the balance or its likely movement.

How did the earnings update affect LCC Projects shares?

LCC Projects shares closed at ₹132.9 on the next trading day after the October 30 Q2 FY27 results announcement, up 0.57%. After the November 2 announcement that the earnings-call audio recording was available, the shares closed at ₹136.1 the next day, up 2.41%.

The company had scheduled the conference call on October 26, and held it at 3:00 PM IST on November 2. The audio recording has been made available through the investor website, allowing shareholders and analysts to review management commentary on the quarterly and half-year performance.

For investors, the reported revenue growth, profit growth, order-book target and margin guidance provide the main operating reference points. At the same time, receivables, execution of the water-focused order book and progress toward the FY27 targets remain relevant disclosed factors.

Conclusion

LCC Projects delivered higher Q2 FY27 revenue, EBITDA and net profit, supported by its water-sector-led project portfolio. Revenue reached ₹885.7 crore and net profit reached ₹77 crore, while management described an ₹8,154 crore order book and maintained a growth-oriented FY27 outlook.

The next disclosed milestones are progress toward the ₹10,000 crore order-book target by March 2027 and FY27 revenue guidance of ₹4,300 crore to ₹4,400 crore. Investors will also watch further disclosures on receivables of ₹674 crore, H2 margins and execution of water and irrigation contracts.