LCC Projects Limited revenue centre shifted to Gujarat in two years

LCC Projects Limited shifted its revenue centre to Gujarat in Fiscal 2026, when Gujarat generated 39.64% of revenue from operations against Madhya Pradesh’s 36.58%. Gujarat’s share rose from 10.97% in Fiscal 2024, while Madhya Pradesh’s share declined from 66.03%, reversing the two states’ ranking.

How did LCC’s revenue centre shift from Madhya Pradesh to Gujarat?

LCC’s revenue centre shifted because Gujarat revenue rose while Madhya Pradesh revenue declined over the two fiscal years. Madhya Pradesh generated Rs 1,610.453 crore, or 66.03% of revenue from operations, in Fiscal 2024, but contributed Rs 1,317.022 crore, or 36.58%, in Fiscal 2026. Its revenue therefore declined by Rs 293.431 crore and its share fell by 29.45 percentage points.

Gujarat generated Rs 267.618 crore, or 10.97% of revenue, in Fiscal 2024, rising to Rs 1,036.501 crore in Fiscal 2025 and Rs 1,427.045 crore in Fiscal 2026. The Rs 1,159.427 crore increase between Fiscal 2024 and Fiscal 2026 lifted Gujarat’s share by 28.67 percentage points to 39.64%. LCC’s total revenue from operations increased from Rs 2,438.912 crore to Rs 3,600.252 crore over the same period.

Did LCC become less concentrated geographically in Fiscal 2026?

LCC became less reliant on Madhya Pradesh, but its combined dependence on Madhya Pradesh and Gujarat changed only modestly. The two states accounted for 77.00% of revenue from operations in Fiscal 2024 and 76.22% in Fiscal 2026, a decline of 0.78 percentage points. The reported change was therefore principally a transfer of revenue weight between the two leading states.

Fiscal 2025 shows the transition between the two state mixes. Madhya Pradesh accounted for 45.41% of Fiscal 2025 revenue and Gujarat accounted for 35.52%, together representing 80.93% of the Rs 2,918.294 crore total. In Fiscal 2026, Gujarat added Rs 390.544 crore of revenue year on year, whereas Madhya Pradesh revenue declined by Rs 8.263 crore, resulting in Gujarat’s lead.

LCC expanded its operations from 10 states in Fiscal 2024 to 12 states by Fiscal 2026. As of March 31, 2026, it reported ongoing projects in Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Andhra Pradesh, Himachal Pradesh and Haryana. The broader operating footprint does not itself determine the revenue mix, which reflects the work executed under projects in each period.

Which states besides Gujarat reshaped LCC’s revenue mix?

Rajasthan and Jharkhand supplied the largest additional increases outside Gujarat in Fiscal 2026. Rajasthan revenue rose from Rs 202.175 crore, or 8.29% of revenue, in Fiscal 2024 to Rs 366.007 crore, or 10.17%, in Fiscal 2026. Jharkhand increased from Rs 2.070 crore, or 0.08%, to Rs 155.805 crore, or 4.33%, across the same two fiscal years.

Odisha and Haryana moved in the other direction, while Andhra Pradesh appeared in the reported revenue mix. Odisha revenue declined from Rs 196.788 crore, or 8.07%, in Fiscal 2024 to Rs 50.925 crore, or 1.41%, in Fiscal 2026. Haryana generated Rs 64.516 crore in Fiscal 2025 but Rs 6.885 crore in Fiscal 2026, while Andhra Pradesh contributed Rs 60.658 crore, or 1.68%, in Fiscal 2026 after reporting no revenue in Fiscal 2024 and Fiscal 2025.

What does LCC’s project mix show about the revenue shift?

LCC remained predominantly dependent on irrigation and water supply projects despite the geographic change. These projects generated Rs 3,148.224 crore, or 87.44% of revenue from operations, in Fiscal 2026, compared with Rs 2,286.267 crore, or 93.74%, in Fiscal 2024. Revenue classified as other projects increased from Rs 152.645 crore to Rs 452.028 crore, lifting its share from 6.26% to 12.56%.

Completed-project disclosures demonstrate LCC’s execution history in both Gujarat and Madhya Pradesh. Gujarat projects include the Rs 320.168 crore Dudhadi Sub Branch Canal Project, completed in 2021, and the Rs 141.250 crore Kachchh Branch Canal Project, completed in 2016. Madhya Pradesh projects include the Rs 266.852 crore Sitanagar Project, completed in 2023, and the Rs 201.119 crore Madia Multivillage Project, completed in 2024; these completed-project values are stated as total billed amounts.

The disclosed projects establish activity in both states but do not allocate LCC’s order book by geography. LCC defines its order book as estimated billing from unexecuted portions of existing contracts, including the operation and maintenance, or O&M, component of completed projects for the contracted O&M period. The Fiscal 2026 state revenue lead therefore does not establish which state will generate the most revenue in a later period.

What could sustain or alter LCC’s Gujarat-led revenue mix?

LCC’s future mix will depend on execution of its Rs 7,953.181 crore order book as of March 31, 2026, for which no state-level split is disclosed. The order book comprised 103 projects and had increased from Rs 6,268.968 crore as of March 31, 2024. Government departments accounted for Rs 6,288.550 crore, or 79.07%, of the Fiscal 2026 order book, while private customers accounted for Rs 1,664.631 crore, or 20.93%.

Project completion stages indicate that the order book included projects at materially different points of execution on March 31, 2026. LCC reported that 56.31% of ongoing projects were more than 70% complete, 19.42% were 30% to 70% complete, 8.74% were 10% to 30% complete, and 15.53% were up to 10% complete. It calculates completion by dividing revenue booked by total order value for each project, then taking an equally weighted average across orders.

LCC has disclosed a plan to diversify across existing states and expand into Bihar and Goa. It also intends to continue bidding for renewable energy projects, including solar and wind, and for mining, wastewater management, desalination, railways, metro rail, sewerage-network and treatment projects. Those plans could alter both the state mix and the current 87.44% contribution from irrigation and water supply projects, but the source does not disclose the value or timing of awards by state.

Conclusion

LCC’s Fiscal 2026 results show that Gujarat replaced Madhya Pradesh as its largest reported state revenue contributor, with a 39.64% share against 36.58%. The two states nevertheless still supplied 76.22% of revenue from operations, close to their 77.00% combined share in Fiscal 2024. The evidence points to a relocation of concentration rather than a substantial reduction in concentration.

The next measure to watch is whether LCC’s stated expansion into Bihar and Goa, alongside its pursuit of additional project categories, broadens its revenue base. Execution of the Rs 7,953.181 crore order book will be central, but its geographic composition remains unresolved because LCC has not disclosed an order-book split by state.