LCC Projects

LCC Projects has executed irrigation and water supply projects including dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, and water supply schemes. As of March 31, 2026, its Order Book comprised 103 projects, with the Sondwa Lift Micro Irrigation Project, Sidhi Bansagar Multi-Village Scheme, and Gandhi Sagar 1 Multi-Village Scheme among its top three. Past notable projects include the Tawa Left Bank Canal, Parbati Dam Project, Dudhai Sub Branch Canal Project, and AKOT Lift Irrigation Scheme.

The company expanded its footprint from eight states in Fiscal 2026 to 12 states by March 31, 2026 — Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Andhra Pradesh, Himachal Pradesh, and Haryana. As of March 31, 2026, the company had 2,093 permanent employees.

The ₹427.14 Cr book-built IPO combines a fresh issue of ₹258.00 Cr (1.77 crore shares) with an offer for sale of ₹169.14 Cr (1.16 crore shares) from two promoter individuals. The price band is ₹139–₹146 per share, with a lot size of 102 shares. Net proceeds from the fresh issue are earmarked for purchase of equipment (₹14.69 Cr) and prepayment/repayment of borrowings (₹180.00 Cr), with the balance toward general corporate purposes — though the stated objects total does not reconcile with the full fresh issue size (see Issue Details flag).

At the upper price band, the IPO is priced at a post-issue P/E of 14.76x (pre-issue: 13.87x) and a Price-to-Book multiple of 4.47x based on FY26 NAV of ₹32.66. RoNW stood at 32.24% for FY26. Revenue grew 24% and PAT grew 28% year-on-year between FY25 and FY26, though ROE, RoNW, and Price-to-Book all improved (declined multiple) from FY25 levels even as absolute profit rose, and Debt/Equity eased from 1.23 to 0.97. Promoter shareholding was 100% pre-issue and falls to 89.9% post-issue due to the OFS component — the company was wholly promoter-owned prior to listing.