LCC

LCC Projects Limited

Listed Mainboard NSE & BSE Fresh Issue + OFS
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LCC Projects is an infrastructure company providing engineering, procurement and construction services in the irrigation and water supply sector. The company executes projects including dams, barrages, canals, and pipe distribution networks, primarily for government clients.

Price Band
₹139–₹146
Lot Size
102 shares
Issue Size
₹427.14 Cr
GMP
+₹40
Est. Listing
+27.4%
Subscription
49.57×
Open Date
09 Sep
Close Date
11 Sep
Allotment
15 Sep
Listing Date
17 Sep
Min Investment
₹14,892

Overview

About the Company

LCC Projects Limited, incorporated in 2017, is an infrastructure company specializing in engineering, procurement and construction services for irrigation and water supply projects. The company has built expertise in constructing dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, and water supply schemes. While historically focused on government contracts in the water infrastructure space, LCC Projects is diversifying into metro railway construction, mining, road work, and renewable energy. The company operates across 12 Indian states with significant project concentration in Gujarat and Madhya Pradesh, and maintains an in-house fleet of construction equipment alongside a new precast concrete manufacturing unit. With 103 projects in its order book as of March 2026, the company has demonstrated consistent growth with a 21.50% revenue CAGR from FY24 to FY26.

Company Details

Founded
2017
Headquarters
Ahmedabad, Gujarat
Industry
Infrastructure - Irrigation and Water Supply
Employees
2,093
Promoter
Arjan Suja Rabari, Laljibhai Arjanbhai Ahir and Maya Arjan Rabari
Issue Type
Fresh Issue + OFS

📋 Objects of Issue (Use of Proceeds)

  • › Purchase of equipment - ₹14.69 crores
  • › Prepayment and/or repayment of outstanding borrowings - ₹180 crores
  • › General corporate purposes

✅ Strengths

  • ✓ Established track record in successfully executing complex irrigation and water supply infrastructure projects
  • ✓ Strong order book providing clear revenue visibility and growth prospects
  • ✓ Geographically diversified operations across 12 different Indian states
  • ✓ Consistent financial growth with 21.50% revenue CAGR from FY24 to FY26
  • ✓ Comprehensive in-house construction equipment fleet and precast concrete manufacturing capabilities

⚠️ Risks

  • ! Top 10 clients contribute 72.30% of total operating revenue, creating concentration risk
  • ! Significant dependence on government contracts exposes business to policy and funding changes
  • ! Elevated financial leverage and debt levels compared to industry peers
  • ! Revenue heavily concentrated in Gujarat and Madhya Pradesh
  • ! High unbilled revenue levels may adversely affect cash flow generation