LCC Projects IPO Review: Price Band, Dates, Lot Size, Financials and RisksLCC Projects IPO Review: Price Band, Dates, Lot Size, Financials and Risks

The LCC Projects IPO opens on September 9 and closes on September 11, 2026. LCC Projects is an Ahmedabad-based engineering, procurement and construction (EPC) company focused on irrigation and water supply projects, raising ₹427.14 crore through a fresh issue of ₹258 crore and an offer for sale of ₹169.14 crore by its promoters. 

IPO Snapshot

Event	Date
IPO Opens	September 9, 2026
IPO Closes	September 11, 2026
Allotment Date	September 15, 2026
Refund	September 16, 2026
Shares Credited to Demat	September 16, 2026
Listing Date (BSE, NSE)	September 17, 2026

Price Band and Lot Size

Detail	Value
Price Band	₹139 to ₹146 per share
Face Value	₹5 per share
Lot Size	102 shares
Minimum Investment	₹14,178 to ₹14,892
Retail Maximum	13 lots, or 1,326 shares
Fresh Issue	₹258 crore
Offer for Sale	₹169.14 crore
Total Issue Size	₹427.14 crore
Listing	BSE and NSE

Pre-issue shareholding stood at 27,20,00,000 shares, rising to 28,96,71,232 shares post-issue. The fresh issue will bring new capital into LCC Projects, while the offer for sale of ₹169.14 crore will go to promoters Arjan Suja Rabari and Laljibhai Arjanbhai Ahir, who are selling 57,92,500 shares each. The company will not receive any proceeds from the offer-for-sale portion.

What Does LCC Projects Actually Do

LCC Projects, incorporated in 2017, provides EPC services in the irrigation and water supply segment. Its project portfolio includes construction of dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, water supply schemes, and other related EPC projects.

As of March 31, 2026, the company’s order book comprised 103 projects, with Sondwa Lift Micro Irrigation Project, Sidhi Bansagar Multi-Village Scheme and Gandhi Sagar 1 Multi-Village Scheme among its top three projects. Past notable projects include the Tawa Left Bank Canal, Parbati Dam Project, Dudhai Sub Branch Canal Project and AKOT Lift Irrigation Scheme.

The company has expanded its operations from eight states in Fiscal 2026 to 12 states by March 31, 2026, namely Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Andhra Pradesh, Himachal Pradesh and Haryana. As of March 31, 2026, LCC Projects had 2,093 permanent employees.

The Money Numbers

Metric	FY24	FY25	FY26
Total Income (₹ Crore)	2,449.79	2,941.01	3,639.45
Profit After Tax (₹ Crore)	122.00	223.63	286.44
Net Worth (₹ Crore)	382.83	604.99	888.41

Total income grew from ₹2,449.79 crore in FY24 to ₹3,639.45 crore in FY26, up 24% between FY25 and FY26 alone. Profit after tax more than doubled over the same window, from ₹122.00 crore to ₹286.44 crore, up 28% year-on-year in FY26. Net worth also more than doubled, from ₹382.83 crore to ₹888.41 crore.

EBITDA rose from ₹241.37 crore in FY24 to ₹401.04 crore in FY25 and ₹519.90 crore in FY26, with EBITDA margin improving from 9.85% to 13.74% and then 14.44% over the same period. Total borrowings increased from ₹422.30 crore in FY24 to ₹649.55 crore in FY25 and ₹860.65 crore in FY26, though debt-to-equity improved from 1.10 to 1.07 and then 0.97 as equity grew faster.

Return ratios were strong: ROE stood at 32.24% and ROCE at 27.13% in FY26, with RoNW at 32.24% and NAV of ₹32.66 per share. Basic EPS for FY26 was ₹10.53 pre-issue and ₹9.89 post-issue. At the upper price band of ₹146, this implies a pre-issue P/E of approximately 13.87 times and a post-issue P/E of approximately 14.76 times.

Objects of the Issue

Purpose	Amount (₹ Crore)
Purchase of equipment	14.69
Repayment or prepayment of certain outstanding borrowings	180.00
General corporate purposes	Balance amount
Total identified objects	194.69

Strengths

• Strong revenue and profit growth trajectory, with total income up 49% and PAT up 135% between FY24 and FY26.c
• High and improving return ratios, with ROE of 32.24%, ROCE of 27.13%, and RoNW of 32.24% in FY26, reflecting efficient capital deployment.
• Large and diversified order book of 103 projects as of March 31, 2026, spanning multiple states and reducing dependence on any single geography.
• Improving debt-to-equity ratio, down from 1.23 in FY25 to 0.97 in FY26, even as absolute borrowings rose, indicating equity is growing faster than debt.
• EPC model in irrigation and water supply aligns with government focus on rural infrastructure, Jal Jeevan Mission and climate-resilient agriculture, supporting a multi-year pipeline of potential projects.
• Reasonable valuation at a post-issue P/E of approximately 14.76 times FY26 earnings, among the lower multiples in the current IPO wave.

Risks

• High absolute debt level of ₹860.65 crore in FY26, even as debt-to-equity improved to 0.97 times, leaves the company exposed to interest-rate and refinancing risks.
• The IPO is predominantly an exit for promoters, with ₹169.14 crore of the ₹427.14 crore issue (about 40%) coming via offer for sale by promoters Arjan Suja Rabari and Laljibhai Arjanbhai Ahir.
• EPC projects are inherently working-capital intensive and subject to execution delays, cost overruns, variation orders and payment delays from government and quasi-government clients.
• The company’s order book, while large, is concentrated in a few big projects; any delay or dispute on a major project could materially affect revenue recognition and cash flows.
• PAT margin, though improved, remains modest at 7.96% in FY26, leaving limited buffer against cost inflation in materials, labour and equipment.
• The business depends heavily on public-sector irrigation and water-supply spending; any slowdown in government capex or policy shifts could affect new order inflows.
• Post-issue P/E of 14.76 times is reasonable in absolute terms but still higher than some smaller EPC peers, so relative valuation comparisons depend on growth sustainability and order-book quality.

How to Apply

You can apply through Alice Blue by selecting your investor category, choosing the number of lots, and submitting your bid between September 9 and September 11.

If you do not want to track subscription numbers throughout the bidding window, Alice Blue’s IPO feature can apply on your behalf. Choose your category and lot size, confirm your UPI ID, and set a subscription trigger, such as below 1x, between 1x and 5x, or above 5x. The system tracks LCC Projects’ live subscription numbers and submits the application once the selected condition is met. You then receive a UPI payment request to approve. Funds are not deducted until shares are allotted.

Frequently Asked Questions