Q1. What is the business of LCC Projects?

LCC Projects is an EPC company executing irrigation, water supply, and infrastructure projects, offering end-to-end design, construction, and logistics services across 11 Indian states.

Q2. Why is the company raising funds via IPO?

The IPO aims to repay ₹220 crore debt, purchase new equipment, and fund general corporate purposes, strengthening balance sheet and supporting business expansion.

Q3. What is the size of the issue and where will it list?

Total issue size: ₹320 crore (fresh issue) plus OFS of 2.29 crore shares. It will list on both NSE and BSE.

Q4. What are the risks to an investor?

High dependence on government projects, margin pressures, working-capital intensity, and competition in the EPC sector may impact revenue consistency and profitability.

Q5. What are the potential upsides?

Strong order book, consistent revenue growth, debt reduction, and government infrastructure push could enhance earnings visibility and long-term shareholder value.

Q6. How to apply for the IPO?

Investors can apply online via ASBA through net-banking, UPI-enabled broker platforms, or offline through authorized intermediaries during the subscription period.

LCC Projects Limited

Open

LCC Projects Limited

Market Cap

₹ 4,229.2 Cr

IPO Issue Size

₹ 427.14 Crore

Expected Price by IPOCorner

₹ 139 – 146

IPO Score

*Score varies on actual price

LCC Projects Limited is an infrastructure development and engineering company engaged in providing comprehensive logistics, transportation, and heavy-lift solutions for large-scale industrial and infrastructure projects across India and abroad. The company specializes in project cargo management, offering end-to-end services that include planning, transportation, lifting, and installation of heavy and over-dimensional consignments (ODCs).

The company, originally established as a partnership firm under the name Laxmi Construction Company (LCC) in 2004. It was converted to a private limited company in December 2017 (incorporation date 28 Dec 2017) & currently Arjanbhai Sujabhai Rabari serves as Chairman and Managing Director. Laljibhai Arjanbhai Ahir also serves as Managing Director.

Issue size of the IPO is ₹ 427.14 Crore with a Fresh Issue of ₹ 258 Crore & an Offer for Sale of ₹ 169.14 Crore.

LCC Projects is an engineering, procurement and construction (EPC) company specialising in irrigation and water-supply projects (dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, water supply schemes including electromechanical components). It also works on metro rail, industrial infrastructure, mining and other major infrastructure projects.

The IPO opens for subscription on 9th Sep’26 & closes on 11th Sep’26, the IPO is priced at ₹ 139-146 with a lot size of 102 Shares.

Year	2025
Networth	~ ₹ 382.82 Cr
Revenue	~ ₹ 2438.91 Cr
EBITDA	~ ₹ 241.3 Cr
PAT	~ ₹ 121.9 Cr
EBITDA Margin	9.90%
PAT Margin	~ 5 %
Face Value	05 PER SHARE

IPO Important Dates

#	Date
Open Date	09-Sep'26
Close Date	11-Sep'26
Anchor Investor Bidding	08-Sep'26
Allotment Date	15-Sep'26
Refunds& Demat Credit	16-Sep'26
Tentative Listing Date	17-Sep'26

Use Of Proceeds

Purpose	Amount
Purchase of equipment	₹ 14.69 Cr
Prepayment and/or repayment of loan	₹ 180 Cr

Financial Data

#	2022	2023	2024
Revenue (₹ Cr)	₹ 780.9	₹ 1,225.3	₹ 2,438.9
PAT (₹ Cr)	₹ 35.3	₹ 68.2	₹ 122.0
Asset (₹ Cr)	₹ 473.3	₹ 803.6	₹ 1,130.0
Net Worth (₹ Cr)	₹ 193.1	₹ 261.2	₹ 382.8

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
10-Sep	₹ 139 - 146	₹ 45	₹ 4,590
09-Sep	₹ 139 - 146	₹ 35	₹ 3,570
08-Sep	₹ 139 - 146	₹ 25	₹ 2,550
07-Sep	₹ 139 - 146	₹ 28	₹ 2,856
06-Sep	₹ 139 - 146	₹ 25	₹ 2,550

Pros

Strong Order Book: Robust order book of ₹7,347 crore (as of Sept 2024) ensures steady future revenue visibility and business sustainability across major infrastructure segments.
Sector Leadership: Among India’s leading EPC players in irrigation and water-supply projects, backed by proven project execution for large government contracts.
Revenue Growth: Revenue surged from ₹796 cr in FY22 to ₹2,449 cr in FY24, reflecting strong operational scalability and increasing project inflows.
Debt Reduction Plan: IPO proceeds earmarked for repaying ~₹220 cr debt, likely improving leverage ratios and profitability margins post listing.
Government Focus on Infrastructure: Aligned with India’s ongoing infrastructure push and Jal Jeevan Mission initiatives, ensuring steady project demand and long-term growth visibility.

Cons

High Dependence on Government Orders: Nearly 89% of revenue comes from government clients, exposing business to tender delays and policy risks.
Working Capital Intensive: EPC operations require significant working capital; delayed payments could impact cash flow and project execution.
Margin Volatility: PAT margin (~5%) and EBITDA margin (~10.7%) indicate limited cushion against input cost fluctuations.
Geographical Concentration: Despite presence in 11 states, operations remain regionally concentrated, leading to localized project and political risks.
Competitive Sector: Faces intense competition from established EPC players, which may pressure bidding prices and affect future profitability.

Promoters – Pre offer equity (Approx)

Promoters	% Shares
Arjan Suja Rabari	~41.67%
Laljibhai Arjanbhai Ahir	~41.67%
Maya Arjan Rabari	~16.66%
-	-
-	-
-	-

Lot Size details

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	102 Shares	1	102 Shares	₹ 14,178
Retail (Max)	102 Shares	13	1,326 Shares	₹ 1,93,596
HNI (Min)	102 Shares	14	1,428 Shares	₹ 1,98,492
HNI (Max)	102 Shares	66	6,732 Shares	₹ 9,82,872
Big HNI (Min)	102 Shares	67	6,834 Shares	₹ 9,49,926

Key Performance Index (KPI)

ROE	32.24 %
ROCE	27.13 %
RoNW	32.24 %

Lead / Book Running Lead Managers

Motilal Oswal Investment Advisors Limited

Registrar (RTA)

KFin Technologies Limited

Q1. What is the business of LCC Projects?
LCC Projects is an EPC company executing irrigation, water supply, and infrastructure projects, offering end-to-end design, construction, and logistics services across 11 Indian states.
Q2. Why is the company raising funds via IPO?
The IPO aims to repay ₹220 crore debt, purchase new equipment, and fund general corporate purposes, strengthening balance sheet and supporting business expansion.
Q3. What is the size of the issue and where will it list?
Total issue size: ₹320 crore (fresh issue) plus OFS of 2.29 crore shares. It will list on both NSE and BSE.
Q4. What are the risks to an investor?
High dependence on government projects, margin pressures, working-capital intensity, and competition in the EPC sector may impact revenue consistency and profitability.
Q5. What are the potential upsides?
Strong order book, consistent revenue growth, debt reduction, and government infrastructure push could enhance earnings visibility and long-term shareholder value.
Q6. How to apply for the IPO?
Investors can apply online via ASBA through net-banking, UPI-enabled broker platforms, or offline through authorized intermediaries during the subscription period.