LCC Projects Limited IPO
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
A mixed but reasonable offering — 2 positive against 0 negative signals
- Steady revenue growthRevenue compounding at 21.5%
- Profit growth outpaces salesPAT up 53.2% a year against revenue at 21.5% — check whether that is operating leverage or a one-off before extrapolating it
- High return on equityROE of 32.1%
- Conservative balance sheetDebt/equity of 0.97×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens09 Sept 2026
- Closes11 Sept 2026
- Allotment15 Sept 2026
- Listing17 Sept 2026
The offering
Terms, structure and who is selling
What the money is for
Stated use of the net proceeds
- 01Purchase of equipment₹14.69 Cr
- 02Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company₹180 Cr
- 03General Corporate Purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 2,438.912 | — | 121.997 | 383.363 | — |
| 2025 | 2,918.294 | — | 223.625 | 606.782 | — |
| 2026 | 3,600.252 | — | 286.441 | 893.247 | — |
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| LCC Projects Limitedthis issue | 10.42 | — | 32.66 | 32.24% |
| Vishnu Prakash R Punglia Limited | -12.04 | — | — | — |
| Enviro Infra Engineers Limited | 10.41 | 19.14 | 70.23 | 15.28% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumOur inability to collect receivables outstanding and due to be paid by our customers, in a timely manner, or at all, may adversely affect our business, financial condition, results of operations and cash flows.
mediumWe have certain contingent liabilities which have been disclosed in our Restated Consolidated Financial Information, which if they materialize, may adversely affect our results of operations, cash flows and financial condition.
mediumOur Company has a significantly higher level of indebtedness and leverage compared to our listed industry peers, which could increase our financial risk and adversely affect our operational flexibility and competitive position.
Positives the filing discloses (2)
Restated revenue CAGR of 21.5%.
ROE of 32.1%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About LCC Projects Limited
LCC Projects is a multidisciplinary engineering, procurement and construction (EPC) company primarily engaged in irrigation and water supply projects. The company undertakes projects including dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, and water supply schemes. The company has also executed a metro rail project involving the construction of a station, approaches and viaducts, and is currently executing a mining development and operations project. As of FY26, its order book comprised 103 projects. LCC Projects operates across 12 states in India and has experience in executing projects across varied geographical and terrain conditions. The company has also established a manufacturing unit in Jaspur, Gujarat, for producing precast concrete elements used in infrastructure and construction projects. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS). Proceeds from the OFS will go to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes: Purchase of equipment — Rs 14.69 crore Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company — Rs 180 crore General corporate purposes
Offer documents
The primary sources everything above is drawn from
Common questions
What is the minimum investment in the LCC Projects Limited IPO?
One lot is 102 shares, so a retail application at the ₹146 cut-off price blocks ₹14,892. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
When is the LCC Projects Limited IPO allotment date?
Allotment is scheduled for 2026-09-15, with listing on 2026-09-17. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, KFin Techologies Ltd.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.