LCC Projects Limited

LCC Projects Limited is a multidisciplinary engineering, procurement, and construction (EPC) company based in Gujarat, with an operational network spanning 12 Indian states as of March 31, 2026. The company's core focus and competitive strength lies in the irrigation and water management sector, where it designs, plans, and delivers high-complexity civil infrastructure projects. Its project execution history includes the construction of composite gravity dams, barrages, weirs, hydraulic structures, extensive canal networks, pressurized micro-irrigation systems, wastewater treatment plants, and urban or rural drinking water supply schemes. The underlying business model is centered around end-to-end turnkey EPC execution, where LCC manages the entire project life cycle—from initial hydraulic designs to raw material procurement, structural construction, and subsequent long-term operations and maintenance (O&M) activities.

The company's primary client segment consists of central and state government departments. This focus introduces significant customer concentration, with the top ten government clients contributing 72.30% of total operational revenues in Fiscal 2026. The most prominent public counterparties include the Madhya Pradesh Jal Nigam Maryadit, the Office of the Executive Engineer in Dhar (Madhya Pradesh), the Water Resources Investigation Division in Gujarat, and the Sardar Sarovar Narmada Nigam Limited (SSNNL). Geographically, LCC has diversified from its regional origins in Gujarat to execute projects in Madhya Pradesh, Odisha, Maharashtra, Chhattisgarh, Jharkhand, Uttar Pradesh, Haryana, Himachal Pradesh, Rajasthan, Karnataka, and Andhra Pradesh. Despite this geographic expansion, operations remain heavily concentrated in Madhya Pradesh and Gujarat, which accounted for 36.58% and 39.64% of Fiscal 2026 revenues respectively.

To drive operational efficiency and achieve vertical integration, LCC recently entered the precast concrete solutions segment by establishing a dedicated manufacturing facility in Jaspur, Gujarat. This manufacturing plant is designed to cast, cure, and finish concrete block solutions, U-drains, and structural segments under strict, climate-controlled factory environments before transporting them to nearby project sites for immediate installation. LCC commenced commercial production at this facility in December 2025. As of the financial year ended March 31, 2026, the factory had an aggregate installed manufacturing capacity of 120.00 cubic meters. During its initial period of operations, the plant recorded an actual production volume of 90.00 cubic meters, reflecting a capacity utilization rate of exactly 75.00%.

A key driver of the company's project selection and margin execution is its in-house design and technological capabilities. LCC integrates computer-aided design (CAD) technology to achieve precise detailing parameters tailored to engineering requirements. The design and execution teams utilize advanced modeling software such as SCADA systems, WaterGEMS, Water Hammer, KYPipe, and Staad Pro for mapping, design database management, and topographic surge analysis. LCC deploys SCADA automation for centralized, remote control over irrigation pump gates and real-time soil moisture monitoring. Additionally, it uses IoT weather solutions and crop-specific moisture sensors to optimize water distribution, using data analytics to predict regional irrigation requirements.

As per financial performance, LCC Projects Limited has posted total income / net profits of Rs 24,497.91 million / Rs 1,219.97 million (FY24), Rs 29,410.13 million / Rs 2,236.25 million (FY25) and Rs 36,394.54 million / Rs 2,864.41 million (FY26). So as per previous financials data, the company has shown strong growth with total income and net profits compounding at 21.84% and 53.23% respectively, although total debt has also expanded from Rs 4,216.43 million in FY24 to Rs 8,606.54 million in FY26. Company has an average EPS of Rs 8.68 and average RoNW of 33.75% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 4.47 as per NAV of Rs 32.66 as on 31.03.26. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 3.69. If we attribute the latest earnings of FY24, FY25, and FY26 to the expanded equity base post-issue, then the asking price is at a Post-Issue P/E of around 34.73, 19.02, and 14.92 respectively. As per RHP, a comparison between listed peers is shown in above table.

On BRLM's front, Motilal Oswal Investment Advisors Limited is associated with this IPO, and this Book Running Lead Manager has handled 37 IPOs in the last three fiscal years. (as on 04.09.26)

• 1 Mr. Arjan Suja Rabari
• 2 Mr. Laljibhai Arjanbhai Ahir
• 3 Ms. Maya Arjan Rabari