About the Business
Incorporated in 2017, LCC Projects Limited is an established Engineering, Procurement, and Construction (EPC) company specializing in irrigation, water supply, and civil infrastructure projects across India. The company executes large-scale public utility infrastructure, including dams, barrages, weirs, hydraulic structures, canal networks, pipe distribution systems, lift irrigation schemes, and multi-village potable water supply initiatives.
As of March 31, 2026, the company’s order book comprised 103 active projects, anchored by major developments such as the Sondwa Lift Micro Irrigation Project, Sidhi Bansagar Multi-Village Scheme, and Gandhi Sagar 1 Multi-Village Scheme.
- Proven execution pedigree with landmark projects including Tawa Left Bank Canal, Parbati Dam Project, Dudhai Sub Branch Canal Project, and AKOT Lift Irrigation Scheme.
- Expanded multi-state operational presence across 12 states: Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Andhra Pradesh, Himachal Pradesh, and Haryana.
- Dedicated workforce of 2,093 permanent employees backing field execution and project delivery.
- Specialized domain positioning aligned with key government water-security, irrigation, and tap-water connectivity missions.
The company’s promoters are Arjan Suja Rabari, Laljibhai Arjanbhai Ahir, and Maya Arjan Rabari.
Financial Overview
LCC Projects Ltd. has demonstrated consistent revenue expansion and profit compounding, with total income growing by 24% and Profit After Tax (PAT) increasing by 28% between FY25 and FY26.
| Metric (₹ Cr) | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Total Income | ₹3,639.45 | ₹2,941.01 | ₹2,449.79 |
| Operating EBITDA | ₹519.90 | ₹401.04 | ₹241.37 |
| PAT (Profit After Tax) | ₹286.44 | ₹223.63 | ₹122.00 |
| Net Worth | ₹888.41 | ₹604.99 | ₹382.83 |
| Reserves & Surplus | ₹752.41 | ₹468.99 | ₹348.83 |
| Total Borrowings | ₹860.65 | ₹649.55 | ₹422.30 |
| Total Assets | ₹2,447.54 | ₹1,727.46 | ₹1,129.99 |
Restated Consolidated Figures | Source: RHP Filings
Key Financial Metrics (FY26)
Issue Reservation
| Investor Category | Allocation Limit |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail (RII) Shares Offered | Not less than 35% of the Net Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Net Offer |
Objects of the Issue
The net proceeds from the fresh issue segment (₹258.00 Cr) are proposed to be utilized toward:
- Prepayment and/or repayment, in full or in part, of certain outstanding borrowings availed by the company ₹180.00 Cr
- Purchase of construction and project equipment ₹14.69 Cr
- General corporate purposes Balance
LCC Projects Limited displays consistent execution in the irrigation and regional water supply EPC domain, holding a substantial order book of 103 projects across 12 states. The company maintains strong capital efficiency, delivering an ROE of 32.24% and an ROCE of 27.13% for FY26.
Utilizing ₹180 Cr of fresh issue proceeds to pay down debt will lower interest costs, improve cash flow generation, and compress leverage below 0.97x. At the upper price band of ₹146, the issue is priced at an attractive post-issue P/E of 14.76x against an implied market capitalization of ₹4,229.20 Cr, offering favorable entry valuations compared to listed peers. Investors seeking exposure to India’s water infrastructure and irrigation capex cycle may consider this issue with a medium-to-long-term perspective.
