LCC Projects
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 78.69×
- Big non-institutionalbNII · above ₹10 lakh
- 59.72×
- Small non-institutionalsNII · ₹2–10 lakh
- 69.13×
- Retail individualRII · up to ₹2 lakh
- 24.15×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 10 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 13 Sept 2026 | ₹64 | +43.84% | ₹5,000 | ₹210 | ₹6,528 |
| 12 Sept 2026 | ₹65 | +44.52% | ₹5,000 | ₹211 | ₹6,630 |
| 11 Sept 2026 | ₹78 | +53.42% | ₹6,000 | ₹224 | ₹7,956 |
| 10 Sept 2026 | ₹51 | +34.93% | ₹4,000 | ₹197 | ₹5,202 |
| 09 Sept 2026 | ₹40 | +27.40% | ₹3,100 | ₹186 | ₹4,080 |
| 08 Sept 2026 | ₹34 | +23.29% | ₹2,600 | ₹180 | ₹3,468 |
| 07 Sept 2026 | ₹25.5 | +17.47% | ₹2,000 | ₹171.5 | ₹2,601 |
| 06 Sept 2026 | ₹25 | +17.12% | ₹1,900 | ₹171 | ₹2,550 |
| 05 Sept 2026 | ₹25 | +17.12% | ₹1,900 | ₹171 | ₹2,550 |
| 04 Sept 2026 | ₹17 | +11.64% | ₹1,300 | ₹163 | ₹1,734 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 09 Sept 2026 – 11 Sept 2026
- Listing date
- 17 Sept 2026
- Face value
- ₹5 per share
- Price band
- ₹139 – ₹146
- Lot size
- 102 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹427 Cr
- Fresh issue
- ₹258 Cr 1,76,71,232 shares
- Offer for sale
- ₹169 Cr 1,15,85,000 shares
- Market cap at offer price
- ₹4,229 Cr
- Promoter holding
- 100.00% → 89.90% pre-issue → post-issue
- ISIN
- INE1FPN01026
- CIN
- U45500GJ2017PLC100301
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Motilal Oswal Investment Advisors Ltd.
- Registered office
- LCC Corporate House, B/S GTPL House, Sindhu Bhavan Road, Bodakdev, Ahmedabad – 380 054, Gujarat, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 58,54,205 | 27.97% | 27.97% |
| Anchor investor · within QIB | 87,76,869 | — | 41.94% |
| NII (HNI) | 45,21,923 | 21.61% | 21.61% |
| bNII > ₹10L · within NII | 30,14,616 | — | 14.41% |
| sNII < ₹10L · within NII | 15,07,307 | — | 7.20% |
| Retail (RII) | 1,05,51,153 | 50.42% | 50.42% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 2,09,27,281 | — | 100.00% |
Net offer to the public of 2,09,27,281 shares, out of a total issue of 2,09,27,281. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 102 shares per lot, in multiples, at ₹146
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 102 | ₹14,892 |
| Retail (max) | 13 | 1,326 | ₹1,93,596 |
| S-HNI (min) | 14 | 1,428 | ₹2,08,488 |
| S-HNI (max) | 67 | 6,834 | ₹9,97,764 |
| B-HNI (min) | 68 | 6,936 | ₹10,12,656 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹146 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.53 | 9.89 |
| P/E (×) | 13.87 | 14.76 |
| Price to book (×) | 6.56 | — |
| Market cap | — | ₹4,229 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 36.96%
- ROCE
- 35.00%
- Debt / equity
- 1.23
- PAT margin
- 7.66%
- EBITDA margin
- 13.74%
- NAV per share
- ₹22.24
- Price to book
- 6.56
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 3,639.45 | 2,941.01 | 2,449.79 |
| Revenue from operations | 3,600.25 | 2,918.29 | 2,438.91 |
| Other income | 39.2 | 22.72 | 10.88 |
| Total expenses | 3,260.12 | 2,647.56 | 2,241.87 |
| Operating profit | 379.33 | 293.45 | 207.92 |
| Operating margin | 10.42% | 9.98% | 8.49% |
| Profit before tax | 378.37 | 293.53 | 172.42 |
| Profit after tax | 286.44 | 223.62 | 122 |
| PAT margin | 7.87% | 7.60% | 4.98% |
| Balance sheet | |||
| Total assets | 2,447.54 | 1,727.46 | 1,129.99 |
| Current assets | 2,094.13 | 1,401.6 | 848.43 |
| Current liabilities | 1,434.78 | 984.9 | 641.39 |
| Total liabilities | 1,554.29 | 1,120.68 | 746.62 |
| Net worth | 893.25 | 606.78 | 383.36 |
| Current ratio | 1.46× | 1.42× | 1.32× |
| Return on equity | 32.07% | 36.85% | 31.82% |
| Cash flow | |||
| Operating cash flow | 158.44 | 23.63 | 29.35 |
| Investing cash flow | -106.84 | -195.15 | -129.49 |
| Financing cash flow | 17.72 | 252.48 | 83.45 |
| Net cash flow | 69.32 | 80.95 | -16.69 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Purchase of equipment ₹14.69 Cr
The company proposes to utilize funds towards purchase of equipment including SANY Model SKT105S Wide Body Dump Truck and SANY Model SY870LC-10HD HYDRAULIC EXCAVATOR for carrying out business operations based on order book and future requirements.
2 Prepayment and/or repayment of outstanding borrowings ₹180 Cr
The company intends to utilize funds for prepayment and/or repayment, in full or in part, of certain outstanding borrowings to reduce debt servicing costs, improve debt to equity ratio and enable utilization of internal accruals for business growth.
3 General corporate purposes —
The company plans to deploy balance funds towards general corporate purposes including strategic initiatives, funding growth opportunities, strengthening marketing capabilities, meeting ongoing contingencies and other purposes approved by the Board.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About LCC Projects
LCC Projects Limited is a multidisciplinary engineering, procurement and construction (EPC) company specializing in irrigation and water supply projects from Gujarat. The company has executed a wide range of projects over two decades including construction of dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, and water supply schemes across 12 states in India. The company has also established a manufacturing unit in Jaspur, Gujarat for production of precast concrete solutions and has expanded operations to include metro rail projects and mining development operations.
Management
Arjan Suja Rabari
MD
Laljibhai Arjanbhai Ahir
CEO
Strengths
As stated in the offer document
Multidisciplinary EPC company in India for irrigation and water supply projects
The company is a multidisciplinary EPC company in India, in terms of market share, in the irrigation and water supply projects segment, with a strong track record in successful project management, execution and timely completion of irrigation and water supply projects across India.
Strong Order Book and diversified project portfolio
The company's Order Book has grown from ₹ 62,689.68 million as of March 31, 2024 to ₹ 79,531.81 million as of March 31, 2026, with diversified business verticals ensuring continued diversification.
In-house project designing capabilities with robust technical knowledge
The company has an in-house design and engineering team comprising 698 qualified engineers and technical personnel as on July 31, 2026, with average work experience of over five years, enabling timely completion and cost reduction.
Strong risk management, project selection and dispute resolution processes
The company has established a comprehensive risk management system that assists in identifying, measuring and monitoring various risks, with experienced Senior Management responsible for analysing and evaluating all proposed new bids and investments.
Efficient business model
The company's growth is attributable to efficient business model involving careful project identification and cost optimisation, generating RoCE of 27.13% and RoE of 32.24% for Fiscal 2026.
Experienced management team and qualified personnel with significant industry experience
The company is led by Promoters with over 28 years and over 16 years of experience respectively, with many leadership team members working in the organization for over 10 years, enabling effective navigation of challenges.
Risk factors
As stated in the offer document
Inability to collect receivables outstanding from customers
The company's trade receivables have increased significantly, with amounts outstanding beyond six months from due date reaching ₹86.08 million (1.89% of total trade receivables) as of March 31, 2026. Delays in collection or inadequate recovery could adversely affect cash flows and working capital requirements.
Contingent liabilities exposure
The company has contingent liabilities totaling ₹1,299.86 million as of March 31, 2026, representing 14.63% of net worth. These include claims against the company (₹518.20 million), bank guarantees (₹673.49 million), and taxation matters (₹108.16 million).
Significantly higher debt-to-equity ratio compared to industry peers
The company's debt-to-equity ratio of 0.97 as of March 31, 2026 is considerably higher than industry peers, limiting operational flexibility and exposing the company to greater financial risk. This high leverage reduces funds available for working capital and growth investments.
Heavy dependence on top ten customers
Revenue concentration from top ten customers comprises 72.30% for Fiscal 2026, with the top three customers contributing 43.32% of revenue. This dependency on government departments creates significant customer concentration risk and potential revenue volatility.
Dependence on government projects and policy changes
The company derives 89.34% of revenue from government departments in Fiscal 2026, with 79.07% of order book from government projects. Any adverse changes in government policies, fiscal allocations, or infrastructure spending priorities could materially impact business operations.
Geographic concentration in Gujarat and Madhya Pradesh
A substantial portion of ongoing projects are concentrated in Gujarat (39.64% of revenue) and Madhya Pradesh (36.58% of revenue) for Fiscal 2026. This geographic concentration exposes the company to localized regulatory, political, and economic risks.
High employee attrition rate
The company experienced an attrition rate of 23.94% for Fiscal 2026, with 659 employees resigning during the year. High attrition could impact project execution capabilities and increase recruitment and training costs.
Competitive bidding pressure and low bid success rate
The company's bid success rate was only 13.53% in Fiscal 2026, declining from 22.89% in Fiscal 2024. Intense competition and aggressive pricing pressures in bidding processes could lead to reduced margins or project losses.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| LCC Projects THIS ISSUE | 10.42 | 32.66 | 14.76, computed at the offer price | 6.56, computed at the offer price | 32.24% |
| -12.04 | 50.54 | — | — | — | |
| 10.42 | 70.23 | 19.14 | — | 15.28% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.