LCC Projects Limited is a multidisciplinary EPC contractor focused primarily on complex irrigation and water-supply projects, while also undertaking roads, highways, bridges, mining, commercial construction, water treatment, wastewater treatment, and related operations and maintenance services across India. The company delivered an especially strong Q2 FY27: revenue rose 34% year-on-year to ₹8,857 million, EBITDA increased 46% to ₹1,369 million, and PAT grew 58% to ₹770 million. Profitability improved materially, with EBITDA margin expanding to 15.5% from 14.2% and PAT margin reaching 8.6%. LCC Projects Limited’s ₹81,540 million order book provides significant execution visibility, equivalent to roughly 4.8 times H1 FY27 revenue. Approximately three-fourths of the backlog comes from public-sector accounts, creating government-linked demand visibility but also leaving the company exposed to public-project approvals, payment cycles, and policy-driven execution timing. Despite strong quarterly growth, H1 FY27 revenue increased only 5% year-on-year to ₹16,883 million, indicating a back-ended or uneven execution pattern. The simultaneous 16% EBITDA and 13% PAT growth suggests improved project mix, operating efficiency, and cost control are currently supporting earnings quality better than topline growth alone. The company has expanded from its Gujarat origins into multiple Indian states and has developed capabilities spanning dams, barrages, canals, lift irrigation, pipe networks, water supply schemes, treatment plants, and precast concrete manufacturing. Its September 2026 IPO raised ₹4,271.4 million, including ₹2,580 million of fresh capital, but the provided material does not specify deployment details.