LCC Projects IPO

The LCC Projects mainboard IPO is open between 9 Sept 2026 and 11 Sept 2026, offered at a price band of ₹139–146 per share, and is set to list on NSE and BSE. The IPO seeks to raise ₹427.14 crore. Retail investors bid in lots of 102 shares, a minimum application of ₹14,892.

Issue structure

The offer combines a fresh issue of ₹258 crore with an offer for sale (OFS) of ₹169.14 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by company (₹180 crore), alongside purchase of equipment (₹14.69 crore). In all, 3 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, LCC Projects reported revenue of ₹3,639.45 crore and a net profit of ₹286.44 crore. Revenue grew from ₹2,449.79 crore in FY2024 to ₹3,639.45 crore in FY2026 (+49.0%). Net worth stood at ₹888.41 crore at the end of FY2026. At the upper band, that puts the issue at roughly 13.9× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 14.76× post-issue earnings and 4.47× book value, against a return on net worth of 32.24% and a debt-to-equity ratio of 0.97. These ratios come from the offer document and are for comparison, not a recommendation.

Promoters

The promoters of the company are <p>Arjan Suja Rabari, Laljibhai Arjanbhai Ahir, Maya Arjan Rabari</p>. Promoter holding stands at 100% before the issue and comes down to 89.9% after listing.

Grey market premium (GMP)

In the unofficial grey market, LCC Projects shares are quoted at a premium of ₹0 implying an expected listing around ₹146, about +0.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

What to weigh

When evaluating the LCC Projects IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About LCC Projects

Incorporated in 2017, LCC Projects Limited offers engineering, procurement and construction (&ldquo;EPC&rdquo;) services in the irrigation and water supply projects segment. The company has executed projects in the irrigation and water supply segment, such as the construction of dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, water supply schemes, and other EPC projects. As of September 30, 2024, the company's Order Book comprises 68 projects, of which Sondwa Lift Micro Irrigation Project, Sidhi Bansagar Multi &ndash; Village Scheme, and Gandhi Sagar 1 Multi-Village Scheme are the top three projects. In the past, LCC have also executed notable projects, such as the construction of Tawa Left Bank Canthe al, Parbati Dam Projthe ect, Dudhai Sub Branch Canal Projectthe and AKOT Lift Irrigation Scheme. The company expanded its operations from eight states in Fiscal 2022 to 11 states by September 30, 2024, namely, Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Himachal Pradesh and Haryana. As of the six months ending September 30, 2024, the company had 1,788 permanent employees.