LCC Projects IPO: Issue Structure and Company Details

    Summary:


    LCC Projects Limited is involved in irrigation and water supply EPC projects in 12 states of India with an Order Book of ₹7,953.18 crore as of March 31, 2026. The company reported FY2026 revenue of ₹3,639.45 crore and profit after tax of ₹286.44 crore, up from ₹122.00 crore in FY2024.

    Simultaneously, prior to the IPO, investors could also weigh the company’s geographical concentration and its dependence on Jal Jeevan Mission projects against its revenue growth and Order Book expansion.

    LCC Projects IPO: Issue Structure and Company Details

    LCC Projects Limited executes irrigation and water supply EPC projects within this funding environment, and has filed its Red Herring Prospectus (RHP) with the Securities and Exchange Board of India (SEBI) ahead of the LCC Projects IPO.

    The RHP discloses how the company generates revenue, its planned use of issue proceeds, and the risks tied to its operations. LCC Projects IPO details form part of a wider set of Upcoming IPO filings in the irrigation and water infrastructure space.

    IPO Details

    The table below highlights the key details of the LCC Projects IPO available in the RHP.

    ParticularsDetails
    IPO Type100% Book Built Offer
    IPO Open DateSeptember 9, 2026
    IPO Close DateSeptember 11, 2026
    Face Value₹5 per equity share
    Price Band₹139 to ₹146 per share
    Lot Size102 shares
    Fresh Issue1,76,71,232 shares (agg. up to ₹258 Cr)
    Offer for Sale1,15,85,000 shares of ₹5 (agg. up to ₹169 Cr)
    Total Issue Size2,92,56,232 shares (agg. up to ₹427 Cr)
    Listing ExchangeNSE and BSE

    The Offer combines a Fresh Issue of up to ₹258 crore with an Offer for Sale of up to 1,15,85,000 equity shares by promoter selling shareholders, and the company will not receive proceeds from the Offer for Sale.

    About LCC Projects Limited

    Company Background

    LCC Projects Limited holds Corporate Identity Number U45500GJ2017PLC100301 and is registered in Ahmedabad, Gujarat. The company was incorporated in 2017, though its promoters have executed irrigation and water supply projects for over two decades through a predecessor partnership firm.

    Promoters Arjan Suja Rabari, Laljibhai Arjanbhai Ahir and Maya Arjan Rabari lead the company. Rabari brings more than 28 years of industry experience, while Ahir brings more than 16 years.

    Business Overview

    LCC Projects is a multidisciplinary engineering, procurement and construction company focused on irrigation and water supply projects, based in Gujarat. The company has executed projects across 12 Indian states, including dams, canals, pipe distribution networks and lift irrigation works (Source: RHP, citing ICRA Report).

    As of March 31, 2026, the Order Book comprised 103 projects. This included:

    • Order Book value of ₹7,953.18 crore as of March 31, 2026, up from ₹6,268.97 crore in FY2024

    • EPC work contributing 99.84% of revenue from operations in FY2026, with operations and maintenance work contributing the remainder

    • 80 completed projects for government departments and authorities as of March 31, 2026

    • A precast concrete manufacturing unit in Jaspur, Gujarat, producing structural elements for infrastructure projects

    The three highest-value ongoing projects, the Sondwa Lift Micro Irrigation Project, Sidhi Bansagar Multi-Village Scheme and Gandhi Sagar 1 Multi-Village Scheme, together carried a contract value of roughly ₹4,214 crore.

    Revenue Model

    The Revenue from Operations increased from ₹2,438.91 crore in FY2024 to ₹3,600.25 crore in FY2026, showing a CAGR of approx. 21%. The Order Book of Jal Jeevan Mission projects in FY2026 was 19.54% as compared to 44.75% in FY2024.

    Gujarat and Madhya Pradesh together contributed 76.22% of revenue from operations in FY2026.

    Industry Overview

    The Pradhan Mantri Krishi Sinchayee Yojana, the flagship irrigation program of the Indian government, has disbursed central assistance of over ₹64,407 crore, benefiting over 27 million farmers since its inception (Source: RHP, citing ICRA Report).

    The program has been allocated a sum of ₹6,587 crore in the Union Budget for FY2027 and about 110.92 lakh hectares have been brought under micro-irrigation so far (Source: RHP citing ICRA Report).

    As on August 2026, 82% of the rural households or 15.84 crore connections, were connected to tap water under the Jal Jeevan Mission, launched for the same (Source: RHP, quoting ICRA Report).

    Government-funded irrigation work runs on budget cycles rather than market cycles. A scheme's allocation can rise or fall with the Union Budget in ways a private construction contract never would.

    The ICRA Report cited throughout this section was commissioned and paid for by LCC Projects itself, standard practice for RHP industry sections across Indian IPOs. That funding arrangement does not necessarily change the underlying figures, but it is a detail worth keeping in mind.

    Company Financials

    The table below summarises LCC Projects Limited's financial performance over the last three years, based on the Restated Consolidated Financial Information in the RHP.

    Financials (₹ crore)FY2026FY2025FY2024
    Revenue from Operations3,639.452,941.012,449.79
    EBITDA519.90401.04241.37
    PAT286.44223.63122.00
    Total Assets2,447.541,727.461,129.99
    Net Worth888.41604.99382.83

    Revenue from Operations and profit both rose every year, with profit after tax up from ₹122.00 crore in FY2024 to ₹286.44 crore in FY2026. Net Worth increased from ₹382.83 crore to ₹888.41 crore over the same period.

    Strengths of LCC Projects Limited

    Position Among India's Irrigation and Water Supply EPC Contractors

    LCC Projects has completed 80 projects for government departments and authorities as of March 31, 2026, with a majority finished on or ahead of schedule. The company has executed irrigation and water supply projects across 12 Indian states (Source: RHP, citing ICRA Report).

    Order Book Growth and Diversification

    The order book grew from Rs 6,268.97 crore as on March 31, 2024 to Rs 7,953.18 crore as on March 31, 2026, including 103 projects. A spread of irrigation, water supply, and other infrastructure reduces reliance on any one type of project.

    In-House Design and Engineering Capabilities

    An in-house design team uses Staad-Pro, AutoCAD and Geographic Information System tools for structural design and topographic mapping. This capability lets the company manage technical specifications without relying on third-party design firms.

    Structured Risk Management and Dispute Resolution

    A dedicated team will assess customer, project and joint venture risk prior to bid, escalating those projects breaching internal risk limits. The Company collects payments in staged intervals to reduce its credit risk exposure.

    Cost-Focused Business Model

    Integrated inventory management system supports project selection and cost estimation prior to bidding. New contract wins are driven by a dedicated tender and business development team.

    Experienced Promoters and Management Team

    Promoter Arjan Suja Rabari has over 28 years of industry experience and Promoter Laljibhai Arjanbhai Ahir has 16 years of industry experience. Management has been here for a long time, with many of them working in the company from its earlier years.

    Risks Associated with LCC Projects Limited

    Geographic Concentration in Gujarat and Madhya Pradesh

    Gujarat and Madhya Pradesh together contributed 76.22% of revenue from operations in FY2026. Localized disruption in either state would affect a large share of revenue.

    Dependence on Jal Jeevan Mission Projects

    Jal Jeevan Mission projects made up 19.54% of the Order Book in FY2026, down from 44.75% in FY2024. A change in the scheme's funding or scope would affect future order inflow.

    Higher Leverage Than Listed Peers

    The debt-to-equity ratio stood at 0.97 as of March 31, 2026, against 1.03 and 0.34 for two listed industry peers over the same period. Higher leverage limits the cash available for working capital and expansion.

    Dependence on Government Tenders

    Revenue depends on winning competitive government tenders for irrigation and water supply projects. An unsuccessful bid cycle would affect future order inflow.

    Dependence on Sub-Contractors

    Certain aspects of project execution rely on sub-contractors without long-term agreements in place. Failure by a sub-contractor would affect project timelines and completion.

    Employee Attrition

    The employee attrition rate stood at 23.94% in FY2026. Difficulty retaining skilled professionals would affect project execution and future contract wins.

    Key Things Investors May Consider

    Investors may consider the following factors before making a judgment on the IPO:

    • Geographical concentration of the company in Gujarat and MP

    • Reliance on Jal Jeevan Mission projects, govt funding cycles

    • Leverage Compared to Public Industry Peers

    • Dependence on winning new government tenders through competitive tenders

    • No contracts of long duration with sub-contractors

    • Employee turnover and the ability to retain skilled professionals

    • Revenue and Order Book growth vs. irrigation & water supply EPC sector

    In addition to the full risk disclosures and financial information set forth in the RHP, these factors should be considered.

    Disclaimer :

    Investments in securities market are subject to market risk, read all related documents carefully before investing. This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.


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    Content Partner - Dalal Street Investment Journal Wealth Advisory Private Limited



    This article is for educational purposes only and should not be considered investment advice. Market investments are subject to risks. DSIJ Wealth Advisory Private Limited is a SEBI-registered Research Analyst (Reg. No: INH000006396) and Investment Adviser (Reg. No: INA000001142). Please consult your financial adviser before investing. 

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    Publish Date: 09 Sep 2026

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