Minerva Capital Research Solutions

LCC Projects

ListedListed 17 Sep 2026MainboardNSE: LCCPROJECTCheck allotment
Current price₹ 124.13−14.98% since issue
Listing day+29.45%
Issue price
₹ 146
Issue size
₹ 427.14 Cr.
Min. investment
₹ 14,892
Listing price
₹ 189
Subscribed
48.51x
Lot size
102 shares
P/E
14.76
RoNW
32.24%
RoCE
27.13%
Debt / Equity
0.97
PAT margin
7.96%
EBITDA margin
14.44%
RoE
32.24%
EPS
₹ 9.89
NAV
₹ 32.66
Promoter stake
89.9%

About

LCC Projects Limited was started in 2017. It is an engineering, procurement and construction company, usually called an EPC company, working in irrigation and water supply. Its work covers building dams, barrages, weirs and other hydraulic structures, along with canals, pipe distribution networks, lift irrigation works and water supply schemes. In simple terms, it builds the infrastructure that carries water from a source to farms and to households. As on 31 March 2026 its order book had 103 projects. Its three largest were the Sondwa Lift Micro Irrigation Project, the Sidhi Bansagar Multi-Village Scheme and the Gandhi Sagar 1 Multi-Village Scheme. In the past it has built the Tawa Left Bank Canal, the Parbati Dam Project, the Dudhai Sub Branch Canal Project and the AKOT Lift Irrigation Scheme. By 31 March 2026 it had grown from eight states to twelve, working in Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Andhra Pradesh, Himachal Pradesh and Haryana. As on that date it had 2,093 permanent employees.

Timeline

  1. Opens
    9 Sep
    done
  2. Closes
    11 Sep
    done
  3. Allotment
    15 Sep
    done
  4. Refunds
    16 Sep
    done
  5. Demat credit
    16 Sep
    done
  6. Listing
    17 Sep
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 78 on 11 Sep 2026
Lowest
₹ 17 on 4 Sep 2026
First quoted
₹ 17 on 4 Sep 2026

Subscription

How many times each investor group bid for its share, as of 17 Sep 2026, 06:31 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)1102₹ 14,892
Retail (Max)131,326₹ 1,93,596
S-HNI (Min)141,428₹ 2,08,488
B-HNI (Min)686,936₹ 10,12,656

Company overview

Financials

Financials by year
Assets2,447.541,727.461,129.99
Total Income3,639.452,941.012,449.79
Profit After Tax286.44223.63122
EBITDA519.9401.04241.37
NET Worth888.41604.99382.83
Reserves and Surplus752.41468.99348.83
Total Borrowing860.65649.55422.3

Strengths

  • Profit has more than doubled in two years, from Rs 122.00 crore in FY2024 to Rs 223.63 crore in FY2025 and Rs 286.44 crore in FY2026.
  • Sales have grown steadily and are large, from Rs 2,449.79 crore in FY2024 to Rs 2,941.01 crore in FY2025 and Rs 3,639.45 crore in FY2026.
  • EBITDA has more than doubled over the same period, from Rs 241.37 crore to Rs 519.90 crore.
  • This is the cheapest of the current mainboard issues on earnings, at about 14.76 times on an EPS of Rs 9.89.
  • Return ratios are strong, with RoNW of 36.96% and RoCE of 27.64%.
  • The order book is large and spread out at 103 projects as on 31 March 2026, rather than depending on one or two contracts.
  • The company widened its reach from eight states to twelve within the year, which reduces dependence on any single state government.
  • Rs 180 crore of the issue money repays borrowings, and net worth has grown from Rs 382.83 crore in FY2024 to Rs 888.41 crore in FY2026.

Risks

  • Borrowing is high and has doubled in two years, from Rs 422.30 crore in FY2024 to Rs 860.65 crore in FY2026, which is almost equal to the net worth of Rs 888.41 crore.
  • The profit margin is thin at 7.66%, which is normal in civil EPC work but leaves little room when a contract runs over budget.
  • Almost all the customers are state irrigation and water supply departments. Payments from government departments are slow and depend on state budget releases.
  • This is a tender driven business. Every project has to be won afresh on price, so a full order book today does not protect the margin tomorrow.
  • The company is young for its size. It was started only in 2017 and is already at Rs 3,639.45 crore of income, and such a fast scale up is hard to manage.
  • Large civil projects carry execution risk from land acquisition, clearances, monsoon delays and cost overruns, spread now across twelve states.
  • This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
  • Promoter holding falls only from 100% to 89.9%, which means the public float after listing will be small and the shares may trade thinly.

What the money is for

Objects of the issue
Purchase of equipment14.69
Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by Company180
General corporate purposes—

Promoters

  • Arjan Suja Rabari
  • Laljibhai Arjanbhai Ahir
  • Maya Arjan Rabari
Promoter holding100%→89.9%before → after the issue · down 10.1 points

Anchor investors

11 anchors put in ₹ 128.13 Cr..

Anchor investors
ASTORNE CAPITAL VCC-ARVEN20,54,7903023.41%
EDELWEISS LIFE INSURANCE CO.LTD.10,27,3441511.71%
CRAFT EMERGING MARKET FUND PCC-CITADEL CAPITAL FUND6,85,032107.8%
CRAFT EMERGING MARKET FUND PCC-ELITE CAPITAL FUND6,85,032107.8%
SUNRISE INVESTMENT TRUST-SUNRISE INVESTMENT OPPORTUNITIES FUND6,85,032107.8%
ASAS GLOBAL FUND INCORPORATED VCC SUB FUND3,43,3235.013.91%
NECTA BLOOM VCC-REGAL FUND6,85,032107.8%
NECTA BLOOM VCC-NECTA BLOOM ONE6,85,032107.8%
RGSL INVESTMENT LVF I8,21,916129.36%
RAJASTHAN GLOBAL SECURITIES PVT.LTD.4,19,4066.124.78%
LRSD SECURITIES PVT.LTD.6,84,930107.8%

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 5 a share
Registrar
KFin Technologies Limited
Lead managers
Motilal Oswal Investment Advisors
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.