LCC Projects Limited
LCC Projects Limited is a mainboard IPO raising ₹427 Cr at ₹139 – ₹146 a share. The smallest application you can make is 102 shares, costing ₹14,892 at the top of the band. Bidding has closed; the shares list on 17 Sept 2026. So far it has been subscribed 49× in total.
48.5 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What happens when
Next: bidding closes on 11 Sept 2026.
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
LCC Projects Limited is a multidisciplinary engineering, procurement and construction (EPC) company headquartered in Ahmedabad, Gujarat, that builds irrigation and water-supply infrastructure — dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, multi-village drinking water schemes, sewage treatment and desalination projects — primarily for central and state government departments. It also runs a precast concrete manufacturing unit in Jaspur, Gujarat, has executed a metro-rail package, and is executing one mining development and operations (MDO) project.
How it earns
Almost entirely through lump-sum/turnkey EPC contracts (99.84% of FY2026 revenue from operations), with a small slice from post-completion operations and maintenance (O&M) work bundled into many of those contracts (0.16% in FY2026).
Who buys
Primarily central and state government departments and public-sector undertakings — named customers include Narmada Valley Development Authority, Madhya Pradesh Jal Nigam Maryadit, Sardar Sarovar Narmada Nigam Limited, Water Resource Division Damoh (MP), Anandpur Canal Division Salapada (Odisha), Indira Gandhi Nahar Project, Government of Rajasthan, and Department of Water Resources Odisha; several other clients (referred to as Customer 5, 6, 8, 9, 10) are not named due to non-receipt of consent. Government departments account for 79.07% of the FY2026 Order Book (₹6,288.55 crore / ₹62,885.50 million) and private customers for 20.93% (₹1,664.63 crore / ₹16,646.31 million).
Scale
FY2026 revenue from operations ₹3,600.25 crore (₹36,002.52 million), EBITDA ₹519.90 crore (₹5,198.97 million), PAT ₹286.44 crore (₹2,864.41 million); Order Book of 103 projects across 12 states; 698 in-house engineers/technical staff; one precast manufacturing unit at Jaspur (Gujarat); headquarters at Ahmedabad with regional offices in Madhya Pradesh, Rajasthan and Odisha; completed 80 projects to date.
What it says sets it apart
- Focused position in multidisciplinary irrigation and water-supply EPC — 87.44% of FY2026 revenue (₹3,148.22 crore / ₹31,482.24 million) and 83.26% of FY2026 Order Book (₹6,621.43 crore / ₹66,214.31 million) comes from this segment.
- Order Book of ₹7,953.18 crore (₹79,531.81 million) spread across 103 projects in 12 Indian states, providing revenue visibility.
- In-house design and engineering capability with 698 qualified engineers/technical personnel (as on July 31, 2026) using SCADA, Water Gems, Water Hammer, KY Pipe, Staad-pro, AutoCAD, GIS and GPS for design and project monitoring.
- Owned precast concrete manufacturing unit at Jaspur, Gujarat, producing precast elements in a controlled factory environment to speed up on-site assembly and reduce labour/congestion.
- Disciplined risk-based bidding system — pre-tender site surveys, risk pricing and mitigation plans, milestone-based payment collection and contractual escalation clauses to pass cost overruns to customers; track record of 80 completed projects to March 31, 2026.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs146 / stated EPS Rs10.42 (FY2026 (year ended March 31, 2026) diluted EPS, restated consolidated, adjusted for share split (₹10 to ₹5) and bonus issue). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How the book stands today
The category split is the number worth reading, not the total.
QIB: 79× their allocation. Retail: 26×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
How this cohort has done
63 mainboard issues listed in 2026 that we can price today. This is the group it is about to join.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
Led by Motilal Oswal Investment Advisors Limited — median +20.7% across the 46 of its issues we can price. All lead managers →
What to watch
- Priced at 14× earnings — 27% below the median of the peers the issuer itself names.
- Its cohort's record: median +33.9% since issue price, 27% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track this company once it lists
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.