LCC Projects IPO is a mainboard book-building public issue with a total size of approximately ₹427.14 crore.
The IPO comprises a fresh issue of approximately 1.77 crore equity shares worth ₹258 crore and an offer for sale of approximately 1.16 crore shares valued at ₹169.14 crore.
The LCC Projects IPO will open for subscription on 9 September 2026 and close on 11 September 2026. The shares are proposed to be listed on both NSE and BSE.
LCC Projects IPO Details
LCC Projects Limited is launching a ₹427.14 crore mainboard book-building IPO. The issue consists of both a fresh issue of equity shares and an offer for sale by existing promoter shareholders.
The fresh issue comprises approximately 1,76,71,232 shares aggregating to ₹258 crore. The offer for sale comprises approximately 1,15,85,000 shares aggregating to approximately ₹169.14 crore.
The IPO price band has been fixed at ₹139 to ₹146 per share. Investors can apply for a minimum of 102 shares and thereafter in multiples of 102 shares.
At the upper price band of ₹146, the minimum retail application requires an investment of ₹14,892.
LCC Projects IPO Details
| Particulars | Details |
|---|---|
| IPO Open Date | 9 September 2026 |
| IPO Close Date | 11 September 2026 |
| IPO Size | ₹427.14 Crore |
| Price Band | ₹139 to ₹146 per share |
| Face Value | ₹5 per share |
| Lot Size | 102 Shares |
| Issue Type | Book Building |
| Issue Structure | Fresh Issue + Offer for Sale |
| Listing Exchange | NSE and BSE |
| Market Cap at Upper Band | ₹4,229.20 Crore |
| Expected Allotment | 15 September 2026 |
| Refund / Unblocking | 16 September 2026 |
| Demat Credit | 16 September 2026 |
| Tentative Listing Date | 17 September 2026 |
LCC Projects IPO Issue Size
| Issue Component | Shares | Approx. Amount |
|---|---|---|
| Total Issue | 2,92,56,232 | Up to ₹427.14 Cr |
| Fresh Issue | 1,76,71,232 | Up to ₹258 Cr |
| Offer for Sale | 1,15,85,000 | Up to ₹169.14 Cr |
LCC Projects IPO Timeline
| Event | Date |
|---|---|
| IPO Opens | Wednesday, 9 September 2026 |
| IPO Closes | Friday, 11 September 2026 |
| Allotment | Tuesday, 15 September 2026 |
| Refund / Unblocking | Wednesday, 16 September 2026 |
| Shares Credited to Demat | Wednesday, 16 September 2026 |
| Listing | Thursday, 17 September 2026 |
LCC Projects IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% of the Net Offer |
| Retail Investors | Not less than 35% of the Net Offer |
| Non-Institutional Investors (NII) | Not less than 15% of the Net Offer |
LCC Projects IPO Lot Size
Investors can place bids for a minimum of 102 shares. Additional applications must be made in multiples of 102 shares.
| Investor Category | Lots | Shares | Investment at ₹146 |
|---|---|---|---|
| Retail Minimum | 1 | 102 | ₹14,892 |
| Retail Maximum | 13 | 1,326 | ₹1,93,596 |
| S-HNI Minimum | 14 | 1,428 | ₹2,08,488 |
| S-HNI Maximum | 67 | 6,834 | ₹9,97,764 |
| B-HNI Minimum | 68 | 6,936 | ₹10,12,656 |
About LCC Projects Ltd.
LCC Projects Limited was incorporated in 2017 and is engaged in providing engineering, procurement and construction (EPC) services, primarily in the irrigation and water supply project segment.
The company executes a broad range of infrastructure projects, including dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, water supply schemes and other EPC projects.
As of 31 March 2026, the company’s order book comprised 103 projects. Its three largest projects included the Sondwa Lift Micro Irrigation Project, Sidhi Bansagar Multi-Village Scheme and Gandhi Sagar 1 Multi-Village Scheme.
LCC Projects expanded its geographical presence from eight states in Fiscal 2026 to 12 states by 31 March 2026. These include Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Andhra Pradesh, Himachal Pradesh and Haryana.
As of 31 March 2026, the company had approximately 2,093 permanent employees.
LCC Projects Business Strengths
- Focused EPC capabilities in irrigation and water supply infrastructure projects.
- Experience in executing dams, canals, barrages, hydraulic structures and water supply schemes.
- Large order book comprising 103 projects as of 31 March 2026.
- Expanded operations across 12 states, providing a wider geographical presence.
- Exposure to government-led irrigation, water supply and infrastructure development projects.
- Revenue and profitability increased during FY2026.
- Large employee base of approximately 2,093 permanent employees.
LCC Projects Financial Performance
LCC Projects reported continued financial growth in FY2026. Total income increased to ₹3,639.45 crore from ₹2,941.01 crore in FY2025, while profit after tax increased to ₹286.44 crore from ₹223.63 crore.
The company’s total income increased by approximately 24% and profit after tax increased by approximately 28% between FY2025 and FY2026.
| Particulars (₹ Crore) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Total Income | 3,639.45 | 2,941.01 | 2,449.79 |
| Profit After Tax | 286.44 | 223.63 | 122.00 |
| EBITDA | 519.90 | 401.04 | 241.37 |
| Net Worth | 888.41 | 604.99 | 382.83 |
| Reserves and Surplus | 752.41 | 468.99 | 348.83 |
| Total Borrowings | 860.65 | 649.55 | 422.30 |
| Assets | 2,447.54 | 1,727.46 | 1,129.99 |
LCC Projects IPO Objects of the Issue
The net proceeds from the fresh issue are proposed to be used primarily for purchasing equipment, reducing outstanding borrowings and meeting general corporate requirements.
| No. | Use of IPO Funds | Estimated Amount |
|---|---|---|
| 1 | Purchase of equipment. | ₹14.69 Cr |
| 2 | Prepayment and/or repayment, in full or in part, of certain outstanding borrowings of the company. | ₹180.00 Cr |
| 3 | General corporate purposes. | Balance Amount |
| Total Identified Proceeds | ₹194.69 Cr | |
LCC Projects IPO Key Performance Indicators
| KPI | 31 Mar 2026 | 31 Mar 2025 |
|---|---|---|
| ROE | 32.24% | 36.96% |
| ROCE | 27.13% | 27.64% |
| Debt/Equity | 0.97 | 1.23 |
| RoNW | 32.24% | 36.96% |
| PAT Margin | 7.96% | 7.66% |
| EBITDA Margin | 14.44% | 13.74% |
| NAV | ₹32.66 | ₹22.24 |
| Price to Book Value | 4.47 | 6.56 |
LCC Projects IPO Valuation
Based on the upper IPO price of ₹146 per share, LCC Projects is valued at an estimated post-issue market capitalization of approximately ₹4,229.20 crore.
| Valuation Metric | Pre-IPO | Post-IPO |
|---|---|---|
| EPS | ₹10.53 | ₹9.89 |
| P/E Ratio | 13.87x | 14.76x |
| Market Capitalisation | ₹3,971 Cr | ₹4,229.20 Cr |
LCC Projects Shareholding Pattern
| Category | Pre-IPO | Post-IPO |
|---|---|---|
| Promoter & Promoter Group | 100% | 89.90% |
| Public | 0% | 10.10% |
| Total | 100% | 100% |
Company Promoters: Arjan Suja Rabari, Laljibhai Arjanbhai Ahir and Maya Arjan Rabari.
LCC Projects IPO Offer for Sale
The offer for sale comprises shares offered by existing promoter shareholders. The proceeds from the OFS will go to the selling shareholders and will not be received by LCC Projects Limited.
| Selling Shareholder | Category | Shares Offered | Amount |
|---|---|---|---|
| Arjan Suja Rabari | Promoter | 57,92,500 | ₹84.57 Cr |
| Laljibhai Arjanbhai Ahir | Promoter | 57,92,500 | ₹84.57 Cr |
| Total OFS | 1,15,85,000 | ₹169.14 Cr |
LCC Projects Order Book
LCC Projects had an order book consisting of 103 projects as of 31 March 2026. The order book reflects the company’s presence in irrigation and water supply infrastructure projects across multiple Indian states.
Among the company’s significant projects are the Sondwa Lift Micro Irrigation Project, Sidhi Bansagar Multi-Village Scheme and Gandhi Sagar 1 Multi-Village Scheme.
LCC Projects IPO Registrar & Lead Manager
IPO Registrar: Kfin Technologies Ltd.
Book Running Lead Manager: Motilal Oswal Investment Advisors Ltd.
LCC Projects Ltd. Contact Details
Registered / Corporate Office:
‘B’ Wing, 15th Floor, Privilon Building,
Vikram Nagar, Ambli-Bopal Road,
Behind ISKCON Temple,
Ahmedabad, Gujarat – 380058
Phone: +91 79 4848 4453
Email: cs@lccprojects.com
LCC Projects IPO Quick Summary
LCC Projects IPO is a mainboard public issue of approximately ₹427.14 crore. The IPO will open on 9 September 2026 and close on 11 September 2026.
The IPO price band is ₹139 to ₹146 per share and the minimum lot size is 102 shares. At the upper price band, one retail lot requires ₹14,892.
The issue consists of a fresh issue of approximately ₹258 crore and an OFS of approximately ₹169.14 crore.
LCC Projects operates in the EPC sector, with a focus on irrigation and water supply infrastructure projects. The company had an order book of 103 projects as of 31 March 2026.
The shares are proposed to be listed on both NSE and BSE, with a tentative listing date of 17 September 2026.
LCC Projects IPO FAQs
Disclaimer
This article is intended for educational and informational purposes only. IPO investments are subject to market risks and the information provided should not be considered investment advice. Investors should carefully read the company’s RHP, prospectus and other official documents before making any investment decision. IPO dates, price details, allotment dates and listing dates are subject to change as per official announcements.
