| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 2438.91 | 2918.29 | 3600.25 |
| Expenses | 2241.87 | 2647.56 | 3260.12 |
| Other Income | 10.88 | 22.72 | 39.20 |
| Total Revenue | 2449.79 | 2941.01 | 3639.45 |
| Profit Before Tax | 172.42 | 293.53 | 378.37 |
| Net Profit | 122.00 | 223.62 | 286.44 |
LCC Projects
LCC Projects IPO
₹14,178
3.03 xOver-subscribedBidding Dates 09 Sept, 26 -11 Sept, 26
Min Investment ₹14,178
Lot Size102
Price Range ₹139 – ₹146
Issue Size ₹427.14 Cr.
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IPO Subscription Details
Retail Subscription Details
3.71 x
Non-Institutional Buyers (sHNI)
5.12 x
Non-Institutional Buyers (bHNI)
3.27 x
Qualified Institutional Buyers (QIB)
1.15 x
Total3.03 x
3.03 x IPO Timeline
IPO Offer Start
09 Sept,26
IPO Offer Ends
11 Sept,26
Allotment Finalisation
15 Sept,26
Refund Initiation
16 Sept,26
Listing of Shares
17 Sept,26
IPO Analysis
Strengths
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.
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.
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.
Risks
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.
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).
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.
Objectives
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.
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.
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.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 1129.99 | 1727.46 | 2447.54 |
| Current Assets | 848.43 | 1401.60 | 2094.13 |
| Fixed Assets | 281.55 | 325.87 | 353.41 |
| Total Equity & Liabilities | 1129.99 | 1727.46 | 2447.54 |
| Total Liabilities | 746.62 | 1120.68 | 1554.29 |
| Current Liabilities | 641.39 | 984.90 | 1434.78 |
| Non Current Liabilities | 105.24 | 135.78 | 119.51 |
| Total Equity | 383.36 | 606.78 | 893.25 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -16.69 | 80.95 | 69.32 |
| Investing Activities | -129.49 | -195.15 | -106.84 |
| Operating Activities | 29.35 | 23.63 | 158.44 |
| Financing Activities | 83.45 | 252.48 | 17.72 |
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...more
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Managing DirectorArjan Suja Rabari
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