IPO will list on 17 Sep'26
LCC Projects Limited
Minimum Investment
₹ 14,892 / 102 shares
Our Verdict:
Avoid
- LCC Projects is a Gujarat-based multidisciplinary EPC company in the irrigation and water supply segment, with two decades of project execution experience (including work through its predecessor partnership firm); revenue from operations grew from ₹2,438.91 crore (FY24) to ₹3,600.25 crore (FY26), and PAT grew from ₹121.99 crore to ₹286.44 crore over the same period.
- Unlike many peers in this recent IPO batch, LCC's customer and government dependency has been trending down rather than up — top 5 customer concentration fell from 71.60% (FY24) to 54.47% (FY26), and government-department revenue fell from 87.72% to 79.07% over the same period, even as the order book grew to ₹7,953.18 crore.
- The Company's own risk factors disclose a Debt-to-Equity ratio (0.97x in FY26) that is significantly higher than listed industry peers, even though it has eased from 1.23x in FY25 — a trend in the right direction but still elevated by peer standards.
- Operational risks worth noting: employee attrition ran at 23.94% in FY26, and the Company itself flags timely receivables collection as a specific risk, both of which speak to execution and working-capital discipline in a project-based business.
- Consistent revenue and profit growth, a genuinely improving concentration profile, and a substantial, growing order book support the fundamentals — a more encouraging trend line than several other EPC-style IPOs in this recent series — but higher-than-peer leverage and government-tender dependency (even while easing) remain real factors to weigh before assuming the improving trend continues uninterrupted.
About the company
Founded in
28 Dec'17
Managing director
Arjan Suja Rabari
- LCC Projects is a multidisciplinary engineering, procurement and construction (EPC) company in the irrigation and water supply projects segment, based in Gujarat, with a history spanning two decades including projects executed through its predecessor partnership firm, Laxmi Construction Company.
- The Company has executed a wide range of irrigation and water supply projects including dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works and water supply schemes, alongside a metro rail construction project and an ongoing mining development and operations (MDO) project.
- As of Fiscal 2026, the Company operated across 12 states in India (up from 10 in Fiscal 2024), with a precast concrete manufacturing unit in Jaspur, Gujarat, supporting infrastructure and construction projects.
- Promoters: Arjan Suja Rabari (Chairman & Managing Director, 28+ years of experience), Laljibhai Arjanbhai Ahir (Managing Director, 16+ years of experience) and Maya Arjan Rabari (Non-Executive Director).
STRENGTHS
- Leading Position in Irrigation and Water Supply EPC: One of India's leading multidisciplinary EPC companies in the irrigation and water supply projects segment by market share, with two decades of project execution experience.
- Revenue and Profit Growth: Revenue from operations grew from ₹2,438.91 crore (FY24) to ₹3,600.25 crore (FY26); PAT grew from ₹121.99 crore to ₹286.44 crore over the same period.
- Improving Customer Diversification: Revenue concentration among the top 5 customers fell from 71.60% (FY24) to 54.47% (FY26), and the top 10 customers’ share fell from 82.76% to 72.30% over the same period.
- Strong, Growing Order Book: Order book of ₹7,953.18 crore as of FY26, up from ₹6,268.97 crore in FY24, spanning projects across 12 states.
- In-House Manufacturing and Design Capabilities: Operates a precast concrete manufacturing unit in Jaspur, Gujarat, alongside in-house project design capabilities and robust technical and risk-management processes.
RISK FACTORS
- Higher Indebtedness Than Listed Peers: The Company's Debt-to-Equity ratio (0.97x in FY26) is disclosed as significantly higher than listed industry peers, even though leverage has eased from 1.23x in FY25.
- Government and Public-Sector Dependency: 79.07% of FY26 revenue came from projects awarded by state and central government departments, making results sensitive to public tendering cycles and budget allocations.
- Receivables Collection Risk: The Company's inability to collect outstanding receivables from customers in a timely manner, or at all, could adversely affect cash flows and financial condition.
- Geographic Concentration in Gujarat and Madhya Pradesh: These two states together contributed 76.22% of FY26 revenue from operations, exposing the Company to regional risks including social unrest or natural calamities.
- High Employee Attrition: The Company's employee attrition rate stood at 23.94% in FY26; an inability to attract and retain skilled professionals could affect business prospects and execution capability.
Financials
All Values are in Cr.
Issue details
Issue type
Mainboard
Issue size
₹ ₹427.14 crore
Fresh Issue
₹ ₹258 crore
OFS
₹ ₹169.14 crore
Price range
₹ 139 - 146
Lot size
102 shares
Issue Objective
- Net Proceeds from the Fresh Issue (₹258 crore) are proposed to be used for: (i) purchase of equipment (~₹14.69 crore); (ii) repayment/prepayment of certain outstanding borrowings (~₹180 crore); and (iii) general corporate purposes (balance amount, capped at 25% of Gross Proceeds).
Dates
Bidding open
9 Sep'26
Bidding close
11 Sep'26
Allotment date
15 Sep'26
Refund date
16 Sep'26
Listing
17 Sep'26
IPO Reservations
Qualified institutional buyers
<50%
Non-institutional investors
>15%
Retail individual investors
>35%
Read the Offer Document (PDF)
© 2026 by Liquide Solutions Private Limited, SEBI Registered Research Analyst (Registration number - INH000009816)
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