Summary
LCC Projects IPO will commence on 9 september, 2026 and conclude on 11 September 2026. The price range is set at ₹139-₹146 per equity share, and the total offer size is ₹427.14 crore.
LCC Projects offers its customers EPC services for irrigation and water supply projects. The IPO lot size is set at 102 equity shares, implying a minimum investment of ₹14,892. Retail customers can bid for up to 1,326 equity shares, which is equal to ₹1,93,596.
When the upper price band is ₹146, the minimum application is 102 shares, and the maximum application limit for retail applicants is 1,326 equity shares. For S-HNIs, the minimum application is 1,428 shares worth ₹2,08,488, while the maximum is 6,834 shares worth ₹9,97,764.
LCC Projects Ltd’s IPO is a main board offering with an issue size of ₹427.14 crores. The initial public offering will commence its subscription from September 9, 2026, to September 11, 2026. The price band has been fixed at ₹139-₹146 per share. The allotment basis will be known on September 15, 2026, while the stock will be listed on the BSE and NSE on September 17, 2026.
The lot size for this IPO is 102 shares at ₹14,892. The maximum number of shares an individual can apply for is 1,326, equivalent to 13 lots, and it will cost ₹1,93,596. For B-HNI, the minimum number of shares is 6,936, amounting to ₹10,12,656.
LCC Projects IPO Key Details
Here is a quick look at the important details of the LCC Projects IPO:
| IPO Open Date | 9 September, 2026 |
| Close Date | 11 September, 2026 |
| Face value | ₹5 per share |
| Price Band | ₹139 to ₹146 |
| Issue price | – |
| IPO Lot Size | 102 shares |
| Offer for sale | 1,15,85,000 shares of ₹5 (₹169.14 Cr) |
| Fresh issue | 1,76,71,232 shares of ₹5 ( ₹258 Cr) |
| Issue Type | Book-building IPO |
| Listing at | BSE, NSE |
| Total Issue Size (₹ Crore) | 2,92,56,232 shares (₹427.14 Cr) |
| Minimum Investment | ₹14,892 (102 shares) |
LCC Projects IPO Timeline
The key dates for the LCC Projects IPO are given below:
| Bidding Opens | 9 September, 2026 |
| Bidding Closes | 11 September, 2026 |
| Allotment Planned For | 15 September, 2026 |
| Refunds Start On | 16 September, 2026 |
| Share Credit to Demat | 16 September, 2026 |
| Listing Scheduled | 17 September, 2026 |
| Cut-off for UPI mandate | 11 September, 2026 5:00 PM |
LCC Projects Key Performance Indicators (KPIs)
LCC Projects IPO KPIs are presented in the following table:
| KPIs | FY 2026 | FY 2025 | FY 2024 |
| ROE (%) | 32.24% | 36.96% | 31.87% |
| ROCE (%) | 27.13% | 27.64% | 27.63% |
| Debt-Equity (times) | 0.97 | 1.23 | 1.10 |
| RoNW (%) | 32.24% | 36.96% | 31.87% |
| PAT Margin (%) | 7.96% | 7.66% | 5.00% |
| EBITDA Margin (%) | 14.44% | 13.74% | 9.90% |
| Price Book Value | 4.47 | 6.56 |
LCC Projects IPO Financials
Here is an overview of the company’s financial figures:
| Period | FY 2026 | FY 2025 | FY 2024 |
| Total Assets | 24,475.40 | 17,274.62 | 11,299.87 |
| Revenue from operations | 36,002.52 | 29,182.94 | 24,389.12 |
| Profit After Tax | 2,864.41 | 2,236.25 | 1,219.97 |
(Amount in ₹ million)
LCC Projects IPO Subscription Status
| Date | QIB (Ex Anchor) | NII | Retail | Total |
|---|---|---|---|---|
| Sep 9 (Day 1) | 1.14 | 1.77 | 1.30 | 1.35 |
| Sep 10 (Day 2) | 1.15 | 4.06 | 3.89 | 3.14 |
LCC Projects IPO Grey Market Premium
The listing date for the LCC Projects IPO is expected on 17 September 2026, with a price range of ₹139- ₹146 per equity share. Grey market premiums (GMPs) can fluctuate frequently because they are unofficial.
| GMP Date | GMP | Est. Listing Price (cap price + GMP) | Est. Profit* | Last Updated |
|---|---|---|---|---|
| 10-09-2026 | ₹49.7 ▲ | ₹195.7 (34.04%) | ₹5,069 | 10-Sep-2026 14:59 |
| 09-09-2026 Open | ₹40 ▲ | ₹186 (27.40%) | ₹4,080 | 9-Sep-2026 23:33 |
| 08-09-2026 | ₹34 ▲ | ₹180 (23.29%) | ₹3,468 | 8-Sep-2026 23:34 |
| 07-09-2026 | ₹25.5 ▲ | ₹171.5 (17.47%) | ₹2,601 | 7-Sep-2026 23:32 |
| 06-09-2026 | ₹25 ─ | ₹171 (17.12%) | ₹2,550 | 6-Sep-2026 23:31 |
| 05-09-2026 | ₹25 ▲ | ₹171 (17.12%) | ₹2,550 | 5-Sep-2026 23:33 |
| 04-09-2026 | ₹17 ─ | ₹163 (11.64%) | ₹1,734 | 4-Sep-2026 23:35 |
Note: GMP represents sentiment in the unofficial market and should not be considered an indication of assured listing returns.
LCC Projects IPO Reservation
The share allocation for each investor category is outlined below:
| Investor Category | Reservation |
| Market Maker | – |
| QIB | Not more than 50% of the Net Offer |
| NIIs | Not less than 15% of the Net Offer |
| Retail Investors | Not less than 35% of the Net Offer |
| Total Shares | – |
LCC Projects IPO Lot Size
The applicable lot sizes for different investor categories are as follows:
| Application Type | Lots | Shares | Amount |
| Individual Investor – Minimum | 1 | 102 | ₹14,892 |
| Individual Investor – Maximum | 13 | 1,326 | ₹1,93,596 |
| S-HNI Minimum | 14 | 1,428 | ₹2,08,488 |
| S-HNI Maximum | 67 | 6,834 | ₹9,97,764 |
| B-HNI Minimum | 68 | 6,936 | ₹10,12,656 |
LCC Projects IPO Anchor Investors
The allotment status of the LCC Projects IPO is currently not yet available. As a result, information related to anchor bidding, share allocation, investment value, and lock-in periods will be added once it is disclosed.
LCC Projects IPO Prospectus
For more information on the LCC Projects IPO, check the links below:
About LCC Projects IPO
Incorporation: 2017
Managing Director: Arjan Suja Rabari and Laljibhai Arjanbhai Ahir
LCC Projects Limited is a company engaged in engineering, procurement, and construction, primarily serving the irrigation and water supply sectors. The company handles projects including dams, barrages, canals, hydraulics, pipelines, lift irrigation systems, and water supply systems. Its services span the entire project lifecycle, from planning and procurement to construction and delivery.
The firm has undertaken infrastructure projects across various Indian states and gained expertise in water management. In addition, the firm has ventured into other infrastructure areas, such as metro rail, mining, and precast concrete. Most of the firm’s income comes from its EPC business.
| Issue Registrar | Kfintech Technologies Ltd. |
| Lead Manager | Motilal Oswal Investment Advisors Ltd. |
LCC Projects IPO Objectives
Funds received from the IPO will be directed towards the following purposes:
| Particulars | Amount (in ₹ million) |
| Purchase of Equipment | ₹146.91 |
| Prepayment or repayment of certain outstanding borrowings | ₹1800 |
| General corporate purposes |
Strengths of LCC Projects IPO
Below is a list of some strengths that can be used by readers to comprehend the business position of the company:
- Robust Order Book Assures Revenue Visibility: As of March 31, 2026, LCC Projects had an order book of about ₹79,531.81 million, comprising 103 projects. providing visibility into future project implementations.
- Continuous Growth in Revenue and Profits: The company’s revenue from operations has increased from ₹24,389.12 million in FY24 to ₹36,002.52 million in FY26. During the same period, its PAT increased from ₹1,219.97 million to ₹2,864.41 million.
- Wide Range of Experience in Irrigation & Water Infrastructure Projects: As of March 2026, LCC Projects had executed 80 projects and had entered 12 Indian states. Irrigation and water supply infrastructure projects constituted around 87.44% of its revenue in FY26. The above-mentioned projects have been an integral part of the company’s experience.
- Technical and Engineering Expertise Within the Company: The company has about 698 engineers and technical employees who can design and implement projects. The company’s technical resources can help reduce its reliance on other companies and manage the different stages of infrastructure projects.
Risks of LCC Projects IPO
Though the firm is a prominent player in the infrastructure sector, it is important for investors to understand the risks the business may pose from a business and financial perspective.
- Overreliance on Government Orders: Government departments provided almost 79.07% of the order book in FY26. Any shifts in government policies or even in the budgeting of such projects could affect project delivery and cash flows.
- Overreliance on Top Customers: The top three customers accounted for 43.3%. The loss of any of these customers, or a reduction in their orders, could affect revenues and order flows.
- Rise in Trade Receivables: The company’s trade receivables rose to ₹ 4,558.21 million in FY26. Also, the receivables turnover ratio is 10.20, down from 14.35 in FY25. Late payments can strain working capital needs and hamper the business’s operating cash flows.
- Contingent Liability and Execution Risk: Contingent liabilities in the company stand at ₹1,299.86 million, accounting for 14.63% of the company’s net worth as on 31st March 2026. Also, any delays in executing the EPC project may incur penalty costs.
LCC Projects IPO Review
LCC Projects is a design, procurement, and construction company dealing in projects related to irrigation, water supply, and other infrastructure projects. Its business involves design, material procurement, construction execution, and project completion for its governmental or institutional clients. As of March 2026, LCC Projects had an order book of ₹79,531.81 million across 103 projects, ensuring a sufficient pipeline for execution.
The company’s Profit After Tax (PAT) increased from ₹1,219.97 million in FY24 to ₹2,864.41 million in FY26. However, there is risk inherent in the business relating to dependency on government projects, need for working capital, and project execution. The company’s borrowings were around ₹8,606.54 million in FY26.
Overall, the IPO presents a business with established EPC Operations, improving financial performance, and a strong project pipeline, alongside debt customer concentration and execution-related risks.
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LCC Projects IPO FAQs
LCC Projects IPO is a main board listing that includes a new issue and an offer for Sale. The total size of the issue is ₹427.14 crore, and the price band is ₹139 – ₹146 per share. The firm operates in irrigation, water supply, and EPC Infrastructure projects.
Investors can apply via their broker or an IPO platform that supports UPI. They will have to choose the IPO, select the desired number of lots and apply. After that, they need to approve the UPI mandate to finalise the application.
The IPO has several strengths and weaknesses. A large order book and a focus on irrigation and water infrastructure projects are strengths, whereas dependence on government contracts, working capital, and project execution are issues worth considering.
It is not possible to predict IPO returns because the listing price depends on market conditions and investor sentiment. The reported GMP is an unofficial market metric and may vary before listing. Hence, it should not be treated as an assured return.
The IPO will open on September 9, 2026, and the subscription period will continue until September 11, 2026. During this period, investors can submit bids in accordance with the IPO guidelines.
The lot size of the LCC Projects IPO is 102 shares. Investors must bid on at least one lot. Based on the top price band of ₹146, one lot will require an investment of ₹14,892.
Finalisation of the allocation basis is due by September 15, 2026. The refund of money and allotment of shares are scheduled for September 16, 2026, as per the final allocation process.
The listing of the shares is planned for September 17, 2026, on both the BSE and the NSE. The actual price at which the shares will be traded upon listing will depend on market dynamics.
