Lcc Projects Limited
RHP · filed 04 Sept 2026
Lcc Projects Limited is a company that has reported a revenue of Rs 3600.252 crore and a profit after tax of Rs 286.441 crore for the latest fiscal year, with a revenue CAGR of 21.5% and a return on equity of 32.07%. The offer is structured as a fresh issue of equity shares, and the company has a debt-to-equity ratio of 0.96. The draft prospectus highlights significant risks, including the potential for delayed customer receivables, material contingent liabilities of Rs 1299.86 million, and a high level of indebtedness compared to industry peers.
What stands out
Large related-party dealings. Related-party transactions are 109.5% of revenue.
Risk factor. Inability to collect receivables from customers in a timely manner or at all, which may adversely affect business, financial condition, results of operations and cash flows.
Risk factor. Materialization of contingent liabilities, which as of March 31, 2026, total ₹1,299.86 million (14.63% of net worth), may adversely affect results of operations, cash flows and financial condition.
Risk factor. Significantly higher level of indebtedness and leverage compared to listed industry peers, which may increase financial risk and adversely affect operational flexibility and competitive position.
Strong revenue growth. Restated revenue CAGR of 21.5%.
Healthy return on equity. ROE of 32.1%.
How the offer is structured
- Purchase of equipment₹14.7 Cr
- Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company₹180 Cr
- General Corporate Purposes
Restated financials
Revenue
₹3.60k Cr
Latest fiscal year
Profit after tax
₹286 Cr
Revenue CAGR
21.5%
Return on equity
32.1%
Debt / equity
0.96
PAT CAGR
53.2%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹2.44k Cr | ₹122 Cr | ₹383 Cr | |
| 2025 | ₹2.92k Cr | ₹224 Cr | ₹607 Cr | |
| 2026 | ₹3.60k Cr | ₹286 Cr | ₹893 Cr |
Promoters, litigation & related parties
Promoter (pre)
82.0%
Related-party
109.5%
Share of revenue
Except as disclosed in this section, there are no pending: (i) criminal proceedings involving the Company, Subsidiaries, Directors, Promoters, Key Managerial Personnel and Senior Management; (ii) actions taken/ penalties imposed by statutory and/ or regulatory authorities involving the Relevant Parties, Key Managerial Personnel and Senior Management; (iii) disciplinary actions including penalty imposed by SEBI or stock exchanges against the Promoters in the last five financial years preceding this Red Herring Prospectus, including outstanding actions; (iv) claims related to direct and indirect taxes involving the Relevant Parties, in a consolidated manner, giving details of the number of cases and total amount involved in such cases; and (v) other pending litigation / arbitration proceeding involving the Relevant Parties which has been determined to be material pursuant to the Materiality Policy. Further, except as disclosed in this section, there are no pending litigation involving our Group Companies which may have a material impact on our Company in the opinion of our Board. The materiality threshold for litigation is ₹105.34 million. Pre-litigation notices received by any Relevant Party, Key Managerial Personnel or Senior Management from third parties (excluding those notices and show cause notices issued by governmental, statutory, regulatory, judicial, quasi-judicial or taxation authorities or notices threatening criminal action or first information reports) shall, in any event, not be considered as litigation until such time that Relevant Party, Key Managerial Personnel or Senior Management is impleaded as defendants or respondents in litigation proceedings before any judicial/arbitral forum or governmental authority. There are no outstanding material dues to creditors of our Company.
Risks the company discloses
Inability to collect receivables from customers in a timely manner or at all, which may adversely affect business, financial condition, results of operations and cash flows.(Financial)
Materialization of contingent liabilities, which as of March 31, 2026, total ₹1,299.86 million (14.63% of net worth), may adversely affect results of operations, cash flows and financial condition.(Financial)
Inability to continue operating from leased premises or renew leases on favourable terms, or at all, which may adversely affect business, operations and financial condition.(Operational)
Significantly higher level of indebtedness and leverage compared to listed industry peers, which may increase financial risk and adversely affect operational flexibility and competitive position.(Financial)
Revenue from top ten customers comprises a significant portion of revenue from operations (72.30% for Fiscal 2026, 84.10% for Fiscal 2025, and 82.76% for Fiscal 2024), and any failure to maintain these relationships or loss of customers may adversely affect business, results of operations, financial condition and cash flows.(Customer Concentration)
Certain lease agreements are not adequately stamped as per relevant state stamp duty requirements, which may adversely impact business, operations and financial condition.(Legal)
High level of indebtedness may limit ability to obtain additional financing on favourable terms and increase vulnerability to economic downturns and fluctuations in interest rates.(Financial)
Elevated debt levels increase the risk of breaching financial covenants, which could lead to defaults, acceleration of repayments, and enforcement of security by lenders.(Financial)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.