LCC Projects IPO Analysis & Review

Quick Answers

What is the LCC Projects IPO GMP today? The LCC Projects IPO GMP is ₹25 as of 7/9/2026, 6:12:39 am. The IPO price band is ₹139 - ₹146. GMP represents an unofficial grey-market indication and does not guarantee the listing price.

When does LCC Projects IPO open? The LCC Projects IPO opens on 2026-09-09 and closes on 2026-09-11.

What is the LCC Projects IPO subscription status? The overall subscription is 0x.

Key IPO Information

ViewIPO AI Analysis Score

The LCC Projects IPO scored 60/100 (Moderate Risk) in our deep analysis.

Frequently Asked Questions

What does LCC Projects Ltd do?

LCC Projects Ltd is an engineering, procurement, and construction (EPC) company primarily focused on irrigation and water supply infrastructure projects such as dams, barrages, canals, pipe distribution networks, and lift irrigation works.

What is the issue price band and lot size for the LCC Projects IPO?

The price band for the IPO is set between ₹139 and ₹146 per share, with a minimum lot size of 102 shares.

What are the key dates for the LCC Projects IPO?

The IPO opens on 9 September 2026 and closes on 11 September 2026. Allotment is finalized on 15 September 2026, and the tentative listing date is 17 September 2026.

How will the proceeds from the fresh issue of the IPO be used?

The proceeds from the fresh issue will be utilized for purchasing equipment (₹14.69 crore), repayment or prepayment of outstanding borrowings (₹180 crore), and general corporate purposes.

What is the size of LCC Projects Ltd's order book?

As of FY26, the company's order book stood at ₹7,953.18 crore across 103 projects.

What are the major financial metrics of LCC Projects Ltd for FY26?

In FY26, LCC Projects reported revenue from operations of ₹3,600.25 crore, net profit of ₹286.44 crore, an ROE of 32.24%, and an ROCE of 27.13%.

What are the main risks associated with LCC Projects Ltd?

Key risks include heavy reliance on government contracts (89.34% of FY26 revenue), geographic concentration in Gujarat and Madhya Pradesh (76.22% of revenue), rising trade receivables, and high dependency on top 10 customers.

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LCC ProjectsNSE / BSE:

Analyzed by ViewIPO Financial Research Team
Engineering, Procurement and Construction (EPC)IndiaFiled 2026-09-09Listing 2026-09-17Size ₹427.45Cr
Lot Size 102
Live GMP
₹25 (+17.12%)
Check Allotment
Status Link

Is LCC Projects IPO Good? Quick Verdict

LCC Projects IPO scored 60/100 (Moderate Risk) in our deep analysis. The strongest pillar is Financial at 77/100, while Competition is the primary concern at 35/100. LCC Projects Ltd displays robust financial growth and a strong order book, though investors should evaluate risks around client concentration, working capital intensity, and government dependence.

IPO Score
60/100
Moderate Risk

Quick Verdict

Robust financial growth with FY26 revenue reaching ₹3,600.25 Cr and net profit expanding to ₹286.44 Cr.
Large order book of ₹7,953.18 Cr across 103 projects providing strong multi-year revenue visibility.
Healthy return ratios with ROCE at 27.13% and ROE at 32.24% in FY26.
High revenue concentration with 89.34% derived from government departments and 72.30% from top 10 customers.
Growing trade receivables reaching ₹455.82 Cr in FY26 along with declining collection turnover efficiency.

Company Snapshot

Revenue (TTM)
₹3600.25Cr↑ 23.37% YoY
Profitability
PositiveNet Income ₹286.44Cr
Gross Margin
— 
Market Cap
—Pending Data
IPO Size
₹427.45Cr 
Industry
Engineering, Procurement and Construction (EPC) 
P/E Ratio
—Pending Data
Return on Equity
32.24%Profitability
Debt to Equity
0.97xLeverage

Risk Breakdown

Governance
65
Moderate
Financial
77
Moderate
Valuation
50
Expensive
Competition
35
High Risk
Dilution
60
Moderate
Promoter / Mgmt
60
Moderate

AI Summary

LCC Projects Ltd is an India-based engineering, procurement, and construction (EPC) company primarily engaged in executing irrigation and water supply projects across 12 states. The company has demonstrated strong financial performance, with revenue scaling from ₹2,438.91 crore in FY24 to ₹3,600.25 crore in FY26, accompanied by stable profitability metrics such as an ROE of 32.24% in FY26. Backed by an order book of ₹7,953.18 crore across 103 projects, LCC Projects maintains solid top-line visibility, although it remains exposed to geographic and client concentration risks.

Overall Verdict: LCC Projects Ltd displays robust financial growth and a strong order book, though investors should evaluate risks around client concentration, working capital intensity, and government dependence.

Key Highlights

  • •Multidisciplinary EPC company specializing in dams, canals, hydraulic structures, lift irrigation, and water supply networks.
  • •Operates across 12 Indian states with an order book of 103 projects worth ₹7,953.18 crore as of FY26.
  • •Established a dedicated manufacturing unit in Jaspur, Gujarat for precast concrete elements.
  • •In-house design and engineering capability backed by a technical team of 698 qualified engineers.
  • •Revenue from operations grew from ₹2,438.91 crore in FY24 to ₹3,600.25 crore in FY26.
  • •IPO issue size is ₹427.14 crore with a price band set between ₹139 and ₹146 per share.

Financial Performance

Revenue (Annual)

↑ +23.4% YoY

INR in Crores

Net Income (Annual)

↑ +28.1% YoY

INR in Crores

EBITDA vs PAT

EBITDA YoY

INR in Crores

EBITDA
PAT

IPO Timeline

IPO Opens2026-09-09
IPO Closes2026-09-11
Basis of Allotment2026-09-15
Refunds & Demat2026-09-13
Listing Date2026-09-17

Valuation Analysis

IPO Price₹139 - ₹146
Estimated Fair Value
Pending Data
Valuation Premium
Pending
vs Fair Value

IPO DNA

Growth
56
Governance
65
Profitability
77
Valuation
50
Competition
35
Execution
60

Pros vs Cons

Pros

  • Consistent top-line and bottom-line expansion, with PAT growing at a strong pace to ₹286.44 crore in FY26.
  • High return on capital efficiency with stable ROCE of 27.13% and ROE of 32.24% in FY26.
  • Substantial order book of ₹7,953.18 crore across 103 projects providing multi-year execution visibility.
  • In-house engineering strength of nearly 700 qualified technical personnel supporting project assessment and design.

Cons

  • Significant reliance on government entities, which account for 89.34% of operational revenue in FY26.
  • High concentration of top 10 customers contributing 72.30% of total revenue from operations in FY26.
  • Geographic risk with 76.22% of revenue concentrated in Gujarat and Madhya Pradesh.
  • Increasing working capital intensity and trade receivables which rose to ₹455.82 crore in FY26.
  • Declining bid success rate from 22.89% in FY24 down to 13.53% in FY26.

Financial Health

Revenue Growth
23.37% YoY in FY26 (Excellent)
Debt Level
Debt-to-Equity of 0.97x with total debt of ₹1,817.71 Cr (Moderate)
Cash & Equivalents
Undisclosed (Moderate)

Institutional Signals

Anchor Investors
Undisclosed
VC Backing Tier
None
Strategic Partners
Government Contracts

LCC Projects IPO Reddit Pulse & Sentiment

Real-time Reddit discussions & retail sentiment

No Public Data Available

We couldn't find any significant public discussions or retail sentiment threads for this IPO at the moment.

Disclaimer: These are raw community discussions aggregated from public forums. The AI summary and Reddit comments do not constitute financial advice. Always conduct your own independent research.

LCC Projects IPO — Frequently Asked Questions

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IPO Terminology Explained

Confused by terms like GMP, Kostak, or Subject to Sauda? Read our detailed guides in the IPO Glossary to understand the terminology before you invest.

Grey Market Premium (GMP)Subject to SaudaASBAOffer for Sale (OFS)
View Full Glossary

Source Citation: All financial data and risk metrics are derived from the official prospectus filed with the regulator (SEBI DRHP/RHP). ViewIPO algorithms process this public data for informational purposes. Not financial advice.

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Frequently Asked Questions about LCC Projects

What is the expected listing price of LCC Projects?

The expected listing price depends on the live Grey Market Premium. Check the live GMP and expected listing price for LCC Projects on our Live GMP Tracker.