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Anand Rathi Report
10 Key Things To Know Before Subscribing To LCC Projects IPO
1. IPO dates
LCC Projects launched its initial public offer today, September 9, 2026 and closes on Sep. 11. The shares of LLC Projects are tentatively scheduled to list on both National Stock Exchange and BSE On Sep 17.
2. Price band
The company has fixed the IPO price band at Rs 139-146 per share with a face value of Rs 5 each.
3. IPO size
LCC Projects is a mainboard book-built issue worth Rs 427.1 crore, comprising of a fresh issue of Rs 258 crore and an Offer for Sale (OFS) of Rs 169.1 crore.
4. Lot size and minimum investment
Investors can bid for a minimum of 102 shares. Minimum investment at the upper price band works out to Rs 14,892.
5. BRLM
Motilal Oswal Investment Advisors Ltd. is the book running lead manager for the issue while KFin Technologies Ltd. is the registrar to the issue.
6. Object of the issue
The fresh issue proceeds will be used for:
- Purchase of equipment.
- Repayment, prepayment of borrowings.
- General corporate purposes.
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7. About the company
LCC Projects is a multidisciplinary EPC company focused on irrigation and water supply infrastructure projects.
The company operates across 12 states and has over two decades of experience in dams, barrages, canals, lift irrigation systems, water supply schemes and other infrastructure projects.
As of March 2026, it had an order book of Rs 7,953 crore spread across 103 projects.
8. Financial performance
- Revenue rose to Rs 3,600 crore in FY26 from Rs 2,918 crore in FY25 and Rs 2,439 crore in FY24.
- PAT increased to Rs 286.4 crore in FY26 from Rs 223.6 crore in FY25.
- EBITDA stood at Rs 481.6 crore in FY26.
- Revenue and PAT grew at a CAGR of 21.5% and 53.2%, respectively, between FY24 and FY26.
9.Peer Comparison
Vishnu Prakash R Punglia and Enviro Infra Engineers are the other listed peers in the segment.
10. Strengths, Risks
Key Strengths
- Strong order book of Rs 7,953 crore providing revenue visibility.
- Presence across irrigation, water supply, metro rail and mining infrastructure.
- In-house engineering and design capabilities with 698 engineers and technical personnel.
- Strong profitability metrics with RoE of 32.2% and RoCE of 27.1% in FY26.
- favorable long-term prospects in irrigation and water infrastructure.
Growth strategy
- Expand geographical footprint across India.
- Diversify into renewable energy, mining, wastewater, rail and metro projects.
- Focus on larger and more complex EPC contracts.
- Increase investment in technology and project execution capabilities.
Key risks
- High dependence on government-awarded projects.
- High receivables and leverage risk.
- Customer concentration risk.
- Geographic concentration in Gujarat and Madhya Pradesh.
- Dependence on Jal Jeevan Mission-related projects.
Brokerage view and valuation
Anand Rathi has assigned a"Subscribe for Long Term" rating to the IPO, citing the company's strong order book, improving profitability, execution track record and
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