LCC Projects IPO

LCC Projects builds irrigation and water-supply infrastructure on an engineering, procurement and construction basis. The work is physical civil construction: dams, barrages, weirs, canals, hydraulic structures, pipe distribution networks, lift irrigation works and water supply schemes. It has also built a metro rail project including a station with its approaches and viaducts, and is executing a mining development and operations contract. Customers are mostly central and state government bodies, among them Madhya Pradesh Jal Nigam Maryadit, the Indira Gandhi Nahar Project, the Department of Water Resources in Odisha and the Water Resource Department at Damoh, Madhya Pradesh. The business began as the partnership firm Laxmi Construction Company in 2004 and was incorporated as a company on December 28, 2017. It works across 12 states, is headquartered in Ahmedabad, and had 2,093 permanent employees at March 31, 2026.

Revenue comes from fixed-scope construction contracts, won largely through competitive bidding and billed against work completed. EPC work was 99.84% of FY26 revenue from operations of Rs 3,600.25 crore, and irrigation and water supply alone 87.44%. Construction expenses are the dominant cost at Rs 2,946.72 crore in FY26, leaving an EBITDA margin of 14.44% and a PAT margin of 7.96%; sub-contracting expenses were nil in FY26, so the work is self-performed. The structural constraint is working capital set against concentration: the order book stood at Rs 7,953.18 crore at March 31, 2026, but 79.07% of it sits with government departments and the top ten customers were 72.30% of FY26 revenue. Borrowings of Rs 860.65 crore funded the gap, and Rs 180 crore of the fresh issue repays part of them.