LCC ProjectsIPO Review — Financials, Valuation & Peers
A data-only look at the LCC Projects IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 2,449.79 | 122 | 241.37 | 382.83 | 1,129.99 | 422.3 | — |
| FY 2025 | 2,941.01 | 223.63 | 401.04 | 604.99 | 1,727.46 | 649.55 | — |
| FY 2026 | 3,639.45 | 286.44 | 519.9 | 888.41 | 2,447.54 | 860.65 | 10.53 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 13.87x
- P/E (post-issue)
- 14.76x
- RoNW
- 32.24%
- RoE
- 32.24%
- RoCE
- 27.13%
- Debt / Equity
- 0.97
- EPS (pre-issue)
- ₹10.53
- EPS (post-issue)
- ₹9.89
- EBITDA Margin
- 14.44%
- PAT Margin
- 7.96%
- P/BV
- 4.47x
- NAV / share
- ₹32.66
- Market Cap
- ₹4,229.2 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW |
|---|---|---|---|---|
| LCC Projects | 10.42 | 32.66 | — | 32.24% |
| Enviro Infra Engineers | 10.42 | 70.23 | 19.14x | 15.28% |
| Vishnu Prakash R Punglia | -12.04 | 50.54 | — | — |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Arjan Suja Rabari, Laljibhai Arjanbhai Ahir, Maya Arjan Rabari</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 89.9%
- Dilution
- 10.1%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the LCC Projects IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
The anchor round of the LCC Projects IPO drew 11 institutional investors committing a combined ₹128.13 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to ASTORNE CAPITAL VCC-ARVEN (₹30 crore), EDELWEISS LIFE INSURANCE CO.LTD. (₹15 crore) and RGSL INVESTMENT LVF I (₹12 crore). Investor categories represented include Other, Insurance and FII/FPI. The lock-in on half the anchor shares ends on 15 Oct 2026, with the remainder locked until 14 Dec 2026.
Analyst view tally
For the LCC Projects IPO, we track the published view of 1 reviewer, Capital Market among them. Of the 1 with a stated verdict, 1 says "Neutral". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. LCC Projects operates at an EBITDA margin of 14.44% and a net (PAT) margin of 7.96% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 27.13% and a return on equity (RoE) of 32.24%. At the upper band, the post-issue market capitalisation works out to about ₹4,229.2 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
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 general corporate purposes (₹41.73 crore). In all, 4 objects are disclosed.
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.
Frequently asked questions
- What is the reservation split in the LCC Projects IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%.
- Who are the promoters of LCC Projects and what is their holding?
- The promoters are <p>Arjan Suja Rabari, Laljibhai Arjanbhai Ahir, Maya Arjan Rabari</p>. Promoter holding is 100% before the issue and 89.9% after listing.
- What is the P/E ratio of the LCC Projects IPO?
- At the upper price band, the LCC Projects IPO is valued at 13.87× pre-issue earnings and 14.76× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the LCC Projects IPO?
- The net proceeds go primarily toward prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by company, among 4 disclosed objects.