LCC Projects Limited is coming up with a Mainboard Book Built public issue comprising a fresh issue of equity shares and an Offer for Sale (OFS) by existing promoter shareholders. The equity shares are proposed to be listed on both the BSE and NSE. The IPO is scheduled to open for subscription on 9 September 2026 and close on 11 September 2026, subject to the applicable issue process and timetable.
LCC Projects Limited is an engineering, procurement and construction (EPC) company primarily focused on irrigation and water supply infrastructure projects. Its activities include construction of dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, water supply schemes and other infrastructure projects. The company has also undertaken projects in areas such as wastewater treatment, roads, highways, metro rail and mining development and operations.
The company has more than two decades of experience in its areas of operation and has expanded its presence across multiple Indian states. As of March 31, 2026, LCC Projects had an order book of approximately ₹7,953.18 crore across 103 projects, providing visibility for future project execution.
The organised infrastructure and EPC sector in India continues to benefit from government spending on irrigation, water supply, urban infrastructure and other public infrastructure projects. However, investors should carefully assess LCC Projects’ financial performance, working-capital requirements, dependence on government projects, project execution capabilities, debt levels, customer concentration and valuation before making an investment decision.
Table of Contents
LCC Projects IPO Details Information
| IPO Details | Information |
|---|---|
| IPO Name | LCC Projects IPO |
| Company Name | LCC Projects Limited |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹5 Per Equity Share |
| Price Band | ₹139 to ₹146 Per Share |
| Issue Size | ₹427.14 Crore |
| Fresh Issue | ₹258.00 Crore |
| Offer for Sale | ₹169.14 Crore |
| IPO Open Date | 9 September 2026 |
| IPO Close Date | 11 September 2026 |
| Anchor Investor Bidding | 8 September 2026 |
| Basis of Allotment | 15 September 2026 |
| Refund Initiation | 16 September 2026 |
| Shares Credited to Demat Account | 16 September 2026 |
| Listing Date | 17 September 2026 |
| Listing Exchange | BSE & NSE |
| Lot Size | 102 Equity Shares |
| Registrar | KFin Technologies Limited |
| Book Running Lead Manager | Motilal Oswal Investment Advisors Limited |
The fresh issue comprises up to 1,76,71,232 equity shares aggregating up to ₹258.00 crore, while the Offer for Sale comprises 1,15,85,000 equity shares aggregating up to approximately ₹169.14 crore at the upper price band. The total offer therefore comprises 2,92,56,232 equity shares aggregating up to approximately ₹427.14 crore.
LCC Projects IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | 8 September 2026 |
| IPO Opening Date | 9 September 2026 |
| IPO Closing Date | 11 September 2026 |
| Basis of Allotment | 15 September 2026 |
| Refund Initiation | 16 September 2026 |
| Shares Credited to Demat Account | 16 September 2026 |
| Listing Date | 17 September 2026 |
The above schedule represents the currently announced IPO timetable. The company is expected to complete the allotment process after the issue closes, followed by refund initiation and credit of allotted shares before the proposed listing date.
LCC Projects IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 50% |
| Non-Institutional Investors (NII) | Not Less Than 15% |
| Retail Individual Investors (RII) | Not Less Than 35% |
The final allocation under each investor category will depend on the applicable IPO rules and the valid bids received during the subscription period. The current issue information indicates a reservation structure of up to 50% for QIBs, at least 15% for NIIs and at least 35% for retail investors.
LCC Projects IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 102 Shares | ₹14,892 |
| Retail Maximum | 13 Lots | 1,326 Shares | ₹1,93,596 |
| S-HNI Minimum | 14 Lots | 1,428 Shares | ₹2,08,488 |
| S-HNI Maximum | 67 Lots | 6,834 Shares | ₹9,97,764 |
| B-HNI Minimum | 68 Lots | 6,936 Shares | ₹10,12,656 |
The application amounts above are calculated using the upper price band of ₹146 per equity share. Retail investors can apply for up to 13 lots, equivalent to 1,326 shares, within the retail application limit.
About LCC Projects Limited
LCC Projects Limited is an Ahmedabad-based engineering, procurement and construction company primarily engaged in infrastructure development projects. The company was originally converted from the partnership firm M/s. Laxmi Construction Co. into LCC Projects Private Limited on December 28, 2017. It was subsequently converted from a private company into a public company, with the name changed to LCC Projects Limited in December 2024.
The company has developed capabilities in irrigation, water supply and other infrastructure projects. Its work includes dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation systems and water supply schemes. The company has also undertaken projects in metro rail, industrial infrastructure, roads, highways and mining-related activities.
LCC Projects states that it has more than 20 years of experience in providing specialised infrastructure services. Its project portfolio includes government infrastructure assignments across several Indian states, with Gujarat and Madhya Pradesh being important operating markets.
Business Operations
LCC Projects Limited operates as a multidisciplinary EPC company with its primary business focus on irrigation and water supply infrastructure.
• Irrigation Projects – The company undertakes irrigation infrastructure projects involving canals, lift irrigation systems, piped irrigation networks and related civil and hydraulic works.
• Water Supply Projects – LCC Projects executes water supply schemes involving pipelines, distribution systems and associated infrastructure.
• Dam & Hydraulic Structures – The company has experience in construction of dams, barrages, weirs and other hydraulic structures.
• Pipe Distribution Networks – It undertakes underground and surface pipeline distribution systems for irrigation and water supply applications.
• Lift Irrigation Projects – The company executes projects involving lift irrigation infrastructure and related electromechanical and civil works.
• Wastewater Treatment – The company’s project portfolio also includes wastewater and sewage treatment-related infrastructure.
• Metro Rail & Industrial Projects – LCC Projects has undertaken metro rail and industrial infrastructure-related projects.
• Mining Development & Operations – The company has also expanded into mining development and operations activities.
The company’s official website identifies irrigation, water supply, metro rail and industrial projects, and mining among its principal areas of operation.
Industry Overview
India’s infrastructure sector continues to receive substantial attention through government expenditure on irrigation, water management, drinking water, urban infrastructure, transportation and other development projects. EPC companies with technical capabilities and established project execution experience can participate in these infrastructure opportunities.
The irrigation and water supply segments are supported by demand for improved water management, expansion of water distribution networks and development of infrastructure serving agricultural and urban requirements. Government-backed schemes and infrastructure programmes can provide project opportunities for EPC contractors.
At the same time, EPC companies face risks associated with project execution, working-capital requirements, changes in raw-material costs, delays in approvals, customer concentration, payment cycles and competition for government and institutional contracts.
LCC Projects operates in these infrastructure segments and has developed a significant project portfolio. Investors should evaluate the company’s competitive position, order-book conversion, execution capability and financial strength along with broader industry opportunities.
Business Strategy
LCC Projects Limited focuses on strengthening its presence in irrigation and water supply infrastructure while expanding its project execution capabilities across India.
The company’s strategy includes pursuing large and technically complex infrastructure projects, maintaining a diversified project portfolio, improving project execution capabilities and expanding its geographic presence. Its in-house technical and engineering capabilities are intended to support project planning, design and execution.
The company also seeks to strengthen its equipment base and operational capabilities. A portion of the fresh issue proceeds is proposed to be used for purchasing equipment, while a substantial portion is intended for repayment or prepayment of certain borrowings.
As of March 31, 2026, the company’s order book stood at approximately ₹7,953.18 crore across 103 projects. This provides a substantial execution pipeline, although the conversion of the order book into revenue and cash flows will depend on project execution and other commercial factors.
LCC Projects IPO Financial Information
A company’s financial performance provides important information about revenue growth, profitability, asset base, borrowings and financial stability. Reviewing multiple financial years can help investors understand the company’s growth trajectory and capital requirements.
LCC Projects Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Total Income | ₹2,449.79 Crore | ₹2,941.01 Crore | ₹3,639.45 Crore |
| EBITDA | ₹241.37 Crore | ₹401.04 Crore | ₹519.90 Crore |
| Profit After Tax (PAT) | ₹122.00 Crore | ₹223.63 Crore | ₹286.44 Crore |
| Net Worth | ₹382.83 Crore | ₹604.99 Crore | ₹888.41 Crore |
| Total Borrowings | ₹422.30 Crore | ₹649.55 Crore | ₹860.65 Crore |
| Total Assets | ₹1,129.99 Crore | ₹1,727.46 Crore | ₹2,447.54 Crore |
The company reported growth in total income from ₹2,449.79 crore in FY2024 to ₹3,639.45 crore in FY2026. PAT increased from ₹122.00 crore to ₹286.44 crore over the same period. Net worth also increased, while total borrowings rose alongside the company’s expansion in operations and asset base.
LCC Projects IPO Key Performance Indicators (KPIs)
Key Performance Indicators provide additional information about profitability, capital efficiency, leverage and valuation.
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 32.24% |
| Return on Capital Employed (ROCE) | 27.13% |
| Return on Net Worth (RoNW) | 32.24% |
| EBITDA Margin | 14.44% |
| PAT Margin | 7.96% |
| Debt-to-Equity Ratio | 0.97 |
| NAV Per Share | ₹32.66 |
| Pre-IPO EPS | ₹10.53 |
| Post-IPO EPS | ₹9.89 |
| Pre-IPO P/E | 13.87x |
| Post-IPO P/E | 14.76x |
| Price to Book Value | 4.47x |
The FY2026 indicators show strong return ratios and improved profitability compared with earlier periods, although the debt-to-equity ratio also reflects the company’s borrowing levels. At the upper price band of ₹146, the reported post-issue P/E is approximately 14.76 times based on the stated post-IPO EPS.
Objects of the LCC Projects IPO
The company intends to utilise the net proceeds from the fresh issue for the following purposes:
• Purchase of equipment – ₹14.69 crore.
• Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company – ₹180.00 crore.
• General corporate purposes – balance amount from the net proceeds after the above stated uses and issue-related requirements.
The fresh issue is ₹258.00 crore. The stated utilisation towards equipment and repayment/prepayment of borrowings totals ₹194.69 crore, with the remaining amount intended for general corporate purposes and other applicable issue-related requirements.
The proceeds from the Offer for Sale will be received by the respective selling shareholders and will not form part of the company’s funds.
LCC Projects IPO Listing Performance
The listing performance section will be updated after the equity shares begin trading on the stock exchanges.
| Particular | Value |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | 17 September 2026 |
| Issue Price | ₹139 to ₹146 Per Share |
| Final Issue Price | To be updated |
| Listing Price | To be updated |
| Listing Gain | To be updated |
| Listing Gain (%) | To be updated |
As the IPO has not yet been listed as of September 4, 2026, no listing price or listing gain has been assumed. The proposed listing date is September 17, 2026.
LCC Projects IPO Subscription Status
The subscription figures will be updated after the IPO opens for bidding.
LCC Projects IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | To be updated |
| Non-Institutional Investors (NII) | To be updated |
| Retail Individual Investors (RII) | To be updated |
| Employee Category | To be updated, if applicable |
| Total Subscription | To be updated |
The LCC Projects IPO is scheduled to open for subscription on September 9, 2026 and close on September 11, 2026. Therefore, category-wise subscription figures are not available as of September 4, 2026.
LCC Projects IPO Review
LCC Projects Limited operates in the infrastructure EPC sector, with a primary focus on irrigation and water supply projects. The company has more than two decades of experience and has executed a broad range of infrastructure assignments involving dams, canals, hydraulic structures, water supply systems and lift irrigation projects.
One of the key factors supporting the company’s business outlook is its sizeable order book. As of March 31, 2026, LCC Projects had an order book of approximately ₹7,953.18 crore spread across 103 projects. A large order book can provide revenue visibility, although actual financial benefits depend on timely project execution, billing, collections and completion of contractual milestones.
The company’s financial performance has also improved over the three-year period from FY2024 to FY2026. Total income increased from ₹2,449.79 crore to ₹3,639.45 crore, while PAT increased from ₹122.00 crore to ₹286.44 crore. The company also reported net worth of ₹888.41 crore as of March 31, 2026.
However, investors should also consider the company’s reliance on infrastructure and government-related projects, working-capital requirements, debt levels, customer concentration, project execution risks and geographical concentration. Infrastructure projects can involve long execution periods and substantial working-capital requirements.
Overall, LCC Projects operates in infrastructure segments that may benefit from continued public investment in irrigation, water supply and related infrastructure. Investors should evaluate the IPO valuation, financial performance, order-book quality, cash flows, borrowings and disclosed risk factors before making an investment decision.
LCC Projects IPO Strengths
• Strong presence in irrigation and water supply EPC infrastructure.
• More than two decades of experience in infrastructure project execution.
• Large order book of approximately ₹7,953.18 crore across 103 projects as of March 31, 2026.
• Diversified project portfolio covering irrigation, water supply, dams, canals, metro rail, industrial infrastructure and mining-related activities.
• Expansion of operations across 12 Indian states.
• Strong growth in total income and PAT between FY2024 and FY2026.
• Experienced management and technical personnel with substantial infrastructure-sector experience.
LCC Projects IPO Risk Factors
• A substantial portion of the company’s business is associated with government and government-related infrastructure projects, creating exposure to government spending, tendering and payment cycles.
• Infrastructure EPC projects require significant working capital and may experience delays in execution, approvals, billing or collections.
• The company has reported increasing borrowings, with total borrowings of ₹860.65 crore as of March 31, 2026.
• A significant portion of the company’s order book and revenue is concentrated in particular states and customer groups.
• The company operates in a competitive EPC and infrastructure market where pricing and project execution capabilities are important.
• Changes in raw-material costs, labour costs, interest rates and other operating expenses may affect profitability.
• Delays in obtaining approvals, changes in project specifications or contractual disputes may affect project execution and financial performance.
• The company depends on skilled technical and project-management personnel for successful execution of complex infrastructure contracts.
Investors should read the complete Risk Factors section of the applicable offer document before investing.
LCC Projects IPO Promoters
LCC Projects Limited is promoted by Arjan Suja Rabari, Laljibhai Arjanbhai Ahir and Maya Arjan Rabari. The company’s original DRHP identifies these three individuals as its promoters.
LCC Projects IPO Promoters Details
| Promoter | Designation / Status |
|---|---|
| Arjan Suja Rabari | Chairman and Managing Director |
| Laljibhai Arjanbhai Ahir | Managing Director |
| Maya Arjan Rabari | Promoter |
The promoters have been associated with the company’s infrastructure business and management. Arjan Suja Rabari has significant experience in civil engineering, infrastructure development and project management, while Laljibhai Arjanbhai Ahir has experience in business management, administration, financial management and operations.
LCC Projects IPO Management Team
The company is managed by a team with experience in infrastructure development, engineering, project execution, finance and corporate administration.
| Name | Designation |
|---|---|
| Arjan Suja Rabari | Chairman and Managing Director |
| Laljibhai Arjanbhai Ahir | Managing Director |
| Maya Arjan Rabari | Non-Executive Director |
| Rajnikant Chimanlal Diwan | Independent Director |
| Vijayalakshmi Suvarna | Independent Director |
| Mirtunjay Singh | Independent Director |
The board composition and director details are based on the company’s offer-document disclosures.
LCC Projects IPO Registrar Details
The registrar to the LCC Projects IPO is KFin Technologies Limited.
| Particular | Details |
|---|---|
| Registrar Name | KFin Technologies Limited |
| Website | https://www.kfintech.com |
| IPO Allotment Status | KFin Technologies IPO allotment portal |
| Email ID | [email protected] |
| Contact Number | +91 40 7961 5565 |
KFin Technologies Limited is responsible for processing IPO applications and related registrar functions for the issue. The company’s original offer-document disclosures identify KFin Technologies as the registrar to the offer.
LCC Projects IPO Lead Manager Details
The Book Running Lead Manager for the LCC Projects IPO is Motilal Oswal Investment Advisors Limited.
| Particular | Details |
|---|---|
| Lead Manager | Motilal Oswal Investment Advisors Limited |
| Address | Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai – 400025, Maharashtra |
| Telephone | +91 22 7193 4380 |
| [email protected] | |
| SEBI Registration No. | INM000011005 |
Motilal Oswal Investment Advisors Limited is identified as the Book Running Lead Manager in the company’s offer-document disclosures.
LCC Projects Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | LCC Projects Limited |
| Registered Office | LCC Corporate House, B/S GTPL House, Sindhu Bhavan Road, Bodakdev, Ahmedabad, Gujarat – 380054, India |
| IPO/Corporate Office | ‘B’ Wing, 15th Floor, Privilon Building, Vikram Nagar Ambli-Bopal Road, Behind ISKCON Temple, Ahmedabad, Gujarat – 380058, India |
| Website | www.lccprojects.com |
| Email ID | [email protected] |
| Telephone | +91 79 4848 4453 |
The company’s official website identifies LCC Projects Limited as an infrastructure construction company and provides its Ahmedabad contact details.
How to Check LCC Projects IPO Allotment Status
Investors can check the LCC Projects IPO allotment status after the basis of allotment is finalised through the registrar’s website or the relevant stock-exchange IPO facility.
Through KFin Technologies Limited
- Visit the official KFin Technologies IPO allotment portal.
- Select LCC Projects IPO from the available IPO list.
- Choose the applicable option such as PAN, application number or DP/Client ID.
- Enter the required details.
- Complete the verification process, if required.
- Submit the information to view the allotment status.
Through BSE
- Visit the BSE IPO allotment facility.
- Select LCC Projects IPO from the list of available issues.
- Enter the required PAN or application details.
- Complete the verification process, if required.
- Submit the details to view the allotment result.
The basis of allotment is currently scheduled for September 15, 2026, with refund initiation and share credit expected on September 16, 2026.
LCC Projects IPO Conclusion
LCC Projects IPO provides investors with an opportunity to participate in the public offering of an established infrastructure EPC company focused primarily on irrigation and water supply projects. The company has developed experience across dams, canals, hydraulic structures, water supply systems, lift irrigation and other infrastructure assignments.
The company’s sizeable order book, expanding geographic presence and growth in revenue and profitability are important factors to consider when evaluating the IPO. As of March 31, 2026, the company had an order book of approximately ₹7,953.18 crore across 103 projects and reported PAT of ₹286.44 crore for FY2026.
At the same time, investors should carefully assess the company’s borrowings, working-capital requirements, dependence on government and institutional projects, geographical concentration, customer concentration, competitive environment and project execution risks.
A detailed assessment of the IPO price band, valuation, financial statements, order book, objects of the issue, risk factors and long-term business prospects can help investors determine whether the LCC Projects IPO is suitable for their investment objectives.
LCC Projects IPO FAQs
What is LCC Projects IPO?
LCC Projects IPO is the Mainboard public issue of LCC Projects Limited. The IPO comprises a fresh issue of equity shares and an Offer for Sale by existing promoter shareholders. The issue is proposed to be listed on BSE and NSE.
What is the price band of LCC Projects IPO?
The LCC Projects IPO price band is ₹139 to ₹146 per equity share.
When will the LCC Projects IPO open?
The total LCC Projects IPO size is approximately ₹427.14 crore, comprising a fresh issue of ₹258.00 crore and an Offer for Sale of approximately ₹169.14 crore.
When will the LCC Projects IPO close?
The LCC Projects IPO is scheduled to open for subscription on September 9, 2026.
When will the LCC Projects IPO close?
The IPO is scheduled to close on September 11, 2026.
On which stock exchanges will LCC Projects shares be listed?
LCC Projects shares are proposed to be listed on both BSE and NSE. The tentative listing date is September 17, 2026.
Who is the registrar for the LCC Projects IPO?
KFin Technologies Limited is the registrar to the LCC Projects IPO.
What is the face value of LCC Projects IPO shares?
The face value of each LCC Projects equity share is ₹5.
What does LCC Projects Limited do?
LCC Projects Limited is an engineering, procurement and construction company primarily engaged in irrigation and water supply infrastructure. Its activities include dams, barrages, hydraulic structures, canals, pipe distribution networks, lift irrigation projects, water supply schemes and other infrastructure projects.
What are the objects of the LCC Projects IPO?
The company proposes to use the fresh issue proceeds for purchasing equipment, prepayment or repayment of certain outstanding borrowings and general corporate purposes. ₹14.69 crore is earmarked for equipment and ₹180 crore for repayment or prepayment of certain borrowings.
