About LCC Projects IPO
LCC Projects Limited, an Ahmedabad-based engineering, procurement and construction company in the irrigation and water supply segment, opens its IPO for public subscription from September 9, 2026, to September 11, 2026 at a price band of ₹139 to ₹146 per equity share of face value ₹5. The anchor book opens for one day on September 8, 2026.
The IPO is a book-built issue of ₹427.14 crore, comprising 2,92,56,232 equity shares. It is a fresh issue of ₹258.00 crore and an offer for sale of ₹169.14 crore by the promoters.
The fresh issue proceeds accrue to the company, with ₹180 crore earmarked for debt repayment and the balance towards equipment purchase and general corporate purposes. The offer for sale proceeds go to the selling promoters and are not available to the company.
Business Overview of LCC Projects
LCC Projects Limited was incorporated in 2017 and provides engineering, procurement and construction services in the irrigation and water supply projects segment, drawing on over two decades of execution experience.
Its project capabilities cover the construction of dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works and multi-village water supply schemes.
Key Highlights of this IPO:
| Business Highlights | Key Details |
|---|---|
| Business Segment | EPC services for irrigation and water supply projects |
| Order Book | ₹79,531 crore as of March 2026, comprising 103 projects |
| Order Book Composition | Irrigation and water supply accounts for 83.26% of the total order book |
| Projects Completed | 80 projects as of March 2026 |
| Geographic Reach | 12 states as of March 31, 2026 - Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Andhra Pradesh, Himachal Pradesh and Haryana |
| Revenue Concentration | Irrigation and water supply contributed 87.44% of FY2026 revenue; EPC activities contributed 99.84% of operating revenue |
| Government Dependence | 79.07% of business from state and central government departments in FY2026, down from 85.19% in FY2025 and 87.72% in FY2024 |
| Major Projects | Sondwa Lift Micro Irrigation Project, Sidhi Bansagar Multi-Village Scheme, Gandhi Sagar 1 Multi-Village Scheme |
| Team Strength | 2,093 permanent employees as of March 31, 2026 |
| Promoters | Arjan Suja Rabari, Laljibhai Arjanbhai Ahir and Maya Arjan Rabari |
LCC Projects: IPO Date, Price, and Other Details
Here are the details of the upcoming LCC Projects IPO:
| Particular | Detail |
|---|---|
| Issue Size | ₹427.14 crore (2,92,56,232 equity shares) |
| Offer Type | Book-built issue (fresh capital cum OFS) |
| Fresh Issue | ₹258.00 crore |
| Offer for Sale | ₹169.14 crore |
| Face Value | ₹5 per equity share |
| Price Band | ₹139 to ₹146 per share |
| Anchor Investor Bidding Date | September 8, 2026 |
| IPO Open Date | September 9, 2026 |
| IPO Close Date | September 11, 2026 |
| Basis of Allotment | September 15, 2026 |
| Listing Date | September 17, 2026 |
| Lot Size | 102 shares |
| Minimum Investment (Retail) | ₹14,892 |
| Book Running Lead Manager | Motilal Oswal Investment Advisors Ltd. |
| Registrar | Kfin Technologies Ltd. |
| Listing Exchanges | BSE, NSE |
LCC Projects IPO Reservation: Who Can Apply?
The LCC Projects IPO has the following investor category reservation:
| Investor Category | Portion of Offer |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% of the Offer |
| Retail Individual Investors | Not less than 35% of the Offer |
| Non-Institutional Investors (NII) | Not less than 15% of the Offer |
Investors can bid for a minimum of 102 shares and in multiples thereof:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 102 | ₹14,892 |
| Retail (Max) | 13 | 1,326 | ₹1,93,596 |
| S-HNI (Min) | 14 | 1,428 | ₹2,08,488 |
Strengths and Risks of LCC Projects IPO
Every business has its strengths and risks, and LCC Projects is no different. Here is a brief business analysis (as per RHP) below:
Strengths
- Substantial order book: ₹79,531 crore across 103 projects as of March 2026, providing multi-year revenue visibility.
- Geographic expansion: Presence extended to 12 states as of March 31, 2026, reducing reliance on any single state's tender cycle.
- Reducing government dependence: Revenue from state and central government departments fell from 87.72% in FY2024 to 79.07% in FY2026.
- Specialized execution capability: Dams, barrages, canals, lift irrigation, and multi-village water schemes are technically demanding work with fewer qualified bidders.
- Completed track record: 80 projects completed as of March 2026, drawing on over two decades of execution experience.
- Sector tailwind: India's continuing investment requirement in irrigation, drinking water networks and rural water management.
- Equipment purchase planned: Part of the fresh issue funds will be used to own equipment, reducing dependence on hired machinery.
Risks
- Heavy government counterparty dependence, with 79.07% of FY2026 business from state and central government departments, where payment cycles and tendering outcomes sit outside the company's control.
- Geographic concentration in Gujarat and Madhya Pradesh, despite the wider 12-state footprint.
- Receivables risk, which the offer document identifies directly - inability to collect outstanding receivables in a timely manner may adversely affect cash flows.
- Outstanding legal proceedings involving the company, its subsidiaries, promoters and directors, any adverse outcome of which may affect operations.
- Contingent liabilities disclosed in the restated consolidated financial information, which if they materialize, may affect results and cash flows.
- Segment concentration, with irrigation and water supply contributing 87.44% of FY2026 revenue and EPC 99.84% of operating revenue.
- ₹180 crore of the fresh issue goes to debt repayment rather than capacity building, indicating an existing borrowing position.
- Order book conversion risk, as EPC revenue is recognized on execution and approval, or right-of-way delays defer recognition.
IPO Objectives – How Will the Funds Be Used?
The company proposes to utilize the net proceeds of the fresh issue towards:
| # | Issue Objects | Est. Amount (₹ crore) |
|---|---|---|
| 1 | Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the Company | 180.00 |
| 2 | Purchase of equipment | 14.69 |
| 3 | General corporate purposes | - |
(Note: The ₹169.14 crore offer for sale proceeds accrue to the selling promoters and are not received by the company.)
Promoter Shareholding of LCC Projects
The promoters of LCC Projects Limited are Arjan Suja Rabari, Laljibhai Arjanbhai Ahir and Maya Arjan Rabari.
| Category | Pre-IPO | Post-IPO |
|---|---|---|
| Promoter and Promoter Group | 100% | 89.9% |
| Public | 10.10% |
The offer for sale of ₹169.14 crore is being made by the promoters, so promoter holding falls both through that sale and through dilution from the fresh issue.
Financial Performance of LCC Projects (Restated Consolidated)
| Period | Growth (FY2026 over FY2025) |
|---|---|
| Revenue | +24% |
| Profit After Tax | +28% |
Revenue rose 24%, and profit after tax rose 28% between the financial year ending March 31, 2026, and March 31, 2025, with profit growing faster than revenue, indicating margin improvement over the period.
Registrar of LCC Projects IPO
The Registrar of LCC Projects IPO is Kfin Technologies Ltd.
Phone: 040-79615565
Allotment status: https://ipostatus.kfintech.com/
Lead Manager of LCC Projects IPO
Motilal Oswal Investment Advisors Ltd. is the sole book-running lead manager to the LCC Projects IPO.
