Published: 4 September 2026 | 7.00 AM
Last Updated: 5 September 2026 | 6.00 AM
IPO Snapshot
| Particulars | Details |
|---|---|
| Chanakya View | 🟢 Apply |
| Overall Rating | ⭐⭐⭐⭐☆ (4/5) |
| GMP Today | Rs. 17 – frequently Updated |
| Issue Size | Rs. 427.14 Crore |
| Fresh Issue | Rs. 258 Crore |
| Offer for Sale | Rs. 169.14 Crore |
| Price Band | Rs. 139–Rs. 146 |
| Lot Size | 102 Shares |
| Minimum Retail Investment | Rs. 14,892 |
| IPO Opens | 9 September 2026 |
| IPO Closes | 11 September 2026 |
| Allotment | 15 September 2026 |
| Listing | 17 September 2026 |
| Exchange | BSE and NSE |
| Lead Manager | Motilal Oswal Investment Advisors Ltd. |
| Registrar | KFin Technologies Ltd. |
Investor Decision Box
| Question | Chanakya View |
|---|---|
| Suitable for Listing Gain? | 🟢 Yes, subject to healthy GMP |
| Suitable for Long-Term? | 🟢 Yes |
| Risk Level | Medium to High |
| Business Quality | ⭐⭐⭐⭐☆ |
| Financial Strength | ⭐⭐⭐⭐⭐ |
| Balance Sheet | ⭐⭐⭐☆☆ |
👉 | IPO GMP|IPO Reviews |IPO Subscription|IPO Allotment
Chanakya View
LCC Projects Limited is an established EPC company specialising in irrigation and water-supply infrastructure. Its operations cover dams, barrages, canals, lift-irrigation systems, hydraulic structures, pipe-distribution networks and multi-village water-supply schemes.
The company reported consistent financial growth over the last three years. Total income increased from Rs. 2,449.79 crore in FY24 to Rs. 3,639.45 crore in FY26. Profit after tax more than doubled from Rs. 122 crore to Rs. 286.44 crore during the same period. EBITDA margin improved to 14.44%, while PAT margin reached 7.96%.
Return ratios are particularly encouraging. FY26 ROE stood at 32.24%, while ROCE was 27.13%. These figures indicate efficient utilisation of capital and healthy operating profitability. At the upper price of Rs. 146, the post-issue P/E is approximately 14.76 times, which appears reasonable considering the company’s growth record and return ratios.
The principal concern is the rise in total borrowings from Rs. 422.30 crore in FY24 to Rs. 860.65 crore in FY26. However, LCC Projects proposes to use Rs. 180 crore from the fresh issue for debt repayment, which should reduce finance costs and strengthen the balance sheet.
The IPO also contains an OFS of Rs. 169.14 crore, from which the company will not receive any proceeds. Despite this, its reasonable valuation, improving margins and strong financial growth make the issue attractive.
Chanakya Recommendation: 🟢 Apply, subject to GMP, subscription response and market conditions.
About the Company
Incorporated in 2017, LCC Projects provides engineering, procurement and construction services for irrigation and water-supply projects. Its capabilities include dams, barrages, weirs, canals, hydraulic structures, lift-irrigation works and pipe-distribution networks.
As of March 31, 2026, the company’s order book comprised 103 projects. Major projects included the Sondwa Lift Micro Irrigation Project, Sidhi Bansagar Multi-Village Scheme and Gandhi Sagar 1 Multi-Village Scheme.
LCC Projects operates across 12 states, including Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Andhra Pradesh, Himachal Pradesh and Haryana. This geographical presence reduces its dependence on any single state.
As of March 31, 2026, the company employed 2,093 permanent personnel, supporting its ability to execute large and technically complex infrastructure projects.
Why This IPO Stands Out
✅ Strong presence in irrigation and water-supply infrastructure.
✅ Order book comprises 103 ongoing projects.
✅ Total income increased by 24% during FY26.
✅ PAT grew by 28% to Rs. 286.44 crore.
✅ Healthy ROE of 32.24% and ROCE of 27.13%.
✅ Reasonable post-issue P/E of 14.76 times.
✅ Debt repayment may improve future profitability.
Key Risks
⚠ Borrowings increased to Rs. 860.65 crore in FY26.
⚠ The business depends substantially on government infrastructure spending.
⚠ Delays in project execution or payments can affect cash flow.
⚠ EPC contracts are exposed to raw-material and labour-cost escalation.
⚠ The Rs. 169.14 crore OFS will not benefit the company.
⚠ Large projects may create customer and order-book concentration risks.
Financial Snapshot (Rs. Crore)
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| Total Income | 3,639.45 | 2,941.01 | 2,449.79 |
| EBITDA | 519.90 | 401.04 | 241.37 |
| PAT | 286.44 | 223.63 | 122.00 |
| Net Worth | 888.41 | 604.99 | 382.83 |
| Borrowings | 860.65 | 649.55 | 422.30 |
Chanakya Interpretation: LCC Projects has delivered strong revenue and profit growth with improving margins. Borrowings remain elevated, but proposed debt repayment and healthy operating returns provide comfort.
Business Quality Score
| Parameter | Rating |
|---|---|
| Business Model | ⭐⭐⭐⭐☆ |
| Industry Outlook | ⭐⭐⭐⭐⭐ |
| Financial Performance | ⭐⭐⭐⭐⭐ |
| Management | ⭐⭐⭐⭐☆ |
| Balance Sheet | ⭐⭐⭐☆☆ |
| Growth Potential | ⭐⭐⭐⭐☆ |
IPO Proceeds and Why They Matter
| Purpose | Amount |
|---|---|
| Purchase of Equipment | Rs. 14.69 Crore |
| Repayment or Prepayment of Borrowings | Rs. 180 Crore |
| General Corporate Purposes | Balance Amount |
| Offer for Sale | Rs. 169.14 Crore |
Chanakya Interpretation: Debt repayment is the most important use of the fresh-issue proceeds. LCC Projects’ borrowings increased to Rs. 860.65 crore in FY26. Repayment of Rs. 180 crore should reduce interest costs, improve leverage and strengthen future cash flows.
The purchase of equipment may improve project-execution capabilities and reduce dependence on hired machinery. However, the Rs. 169.14 crore OFS proceeds will go to the selling promoters and will not be available to the company.
Business Outlook
India requires substantial investment in irrigation, drinking-water networks, rural infrastructure and efficient water management. Government programmes and state-level water-supply projects can generate sustained opportunities for specialised EPC contractors such as LCC Projects.
The company’s order book of 103 projects provides revenue visibility, while its presence across 12 states reduces geographical concentration. Its experience in dams, canals, lift-irrigation systems and multi-village water schemes supports future tender participation.
However, EPC businesses face risks from delayed government payments, regulatory clearances, cost escalation and project overruns. Maintaining execution discipline and working-capital efficiency will be crucial.
Strengths vs Concerns
| 👍 Strengths | ⚠ Concerns |
|---|---|
| Strong irrigation and water-infrastructure presence | Borrowings remain elevated |
| Order book comprising 103 projects | Dependence on government contracts |
| Consistent revenue and PAT growth | Payment and execution delays |
| Attractive post-issue valuation | Rs. 169.14 crore OFS |
| Healthy ROE and ROCE | Working capital-intensive operations |
Who Should Apply?
| Investor Type | Suitability |
|---|---|
| Listing Gain Investors | ⭐⭐⭐⭐☆ |
| Long-Term Investors | ⭐⭐⭐⭐☆ |
| Conservative Investors | ⭐⭐⭐☆☆ |
| Growth-Oriented Investors | ⭐⭐⭐⭐⭐ |
Chanakya View: LCC Projects may suit investors seeking exposure to India’s water and irrigation infrastructure. Listing-gain applicants should monitor GMP and institutional subscription. Long-term investors should track order-book execution, receivable collection and reduction in borrowings.
Chanakya Final Verdict
LCC Projects combines an established EPC business, strong financial growth, healthy return ratios and a sizeable project portfolio. The post-issue P/E of approximately 14.76 times appears reasonable compared with its growth and profitability.
Rising debt, dependence on government projects and the sizeable OFS remain important risks. Nevertheless, the proposed debt repayment should strengthen the company’s financial position.
Chanakya Recommendation: 🟢 Apply
Investors may consider applying for listing gains and selective long-term holding, provided GMP, subscription demand and broader market sentiment remain favourable.
Frequently Asked Questions
What is the LCC Projects IPO price band?
The price band is Rs. 139–Rs. 146 per share.
What is the minimum investment in LCC Projects IPO?
Retail investors must apply for at least 102 shares, requiring Rs. 14,892 at the upper price.
When will LCC Projects IPO list?
The tentative BSE and NSE listing date is 17 September 2026.
Should investors apply for LCC Projects IPO?
Chanakya’s recommendation is 🟢 Apply, subject to GMP, subscription response and individual risk appetite.
Summary
LCC Projects IPO offers exposure to irrigation and water-supply infrastructure. Strong growth, attractive valuation, healthy return ratios and proposed debt reduction support the issue, while rising borrowings, government dependence and the OFS require monitoring.