LCC Projects Limited

About the company

LCC Projects IPO will open for subscription on 9 September 2026. The IPO will remain open till 11 September for retail and institutional investors, followed by listing on 17 September. Gujarat-based LCC Projects is an engineering, procurement and construction (EPC) company. The company mainly works on irrigation and water supply projects across India, having experience in various types of infrastructure projects, including dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, and water supply schemes. LCC Projects is a leading large corporate EPC company having the capability of undertaking infrastructure projects in 12 states of India as of March 31, 2026. LCC Projects' revenue is mainly generated from two business segments: EPC (engineering, procurement & construction) and O&M (operations & maintenance). In FY26, EPC’s contribution was ₹3,594.57 crore (99.8% of the total revenue) and O&M’s contribution was ₹5.68 crore (0.1% of the total revenue). The revenue mix has been broadly similar over the last three years, with EPC continuing to contribute to almost all of the revenue. Apart from irrigation and water supply projects, the company has also executed a metro rail project involving the construction of a station along with its approaches and viaducts. It is also currently executing a mining development and operations (MDO) project. The company has a manufacturing unit at Jaspur, Gujarat, where it produces precast concrete products for infrastructure and construction projects. Precast concrete is widely used in infrastructure, industrial and building projects. It is also commonly used in metro and highway projects for applications such as bridge girders, deck slabs and pier caps. As of March 31, 2026, the company had an order book of ₹7,953.1 crore across 103 projects. The three largest projects by value are the Sondwa Lift Micro Irrigation Project at ₹1,534.9 crore, the Sidhi Bansagar Multi-Village Scheme at ₹1,525.1 crore and the Gandhi Sagar 1 Multi-Village Scheme at ₹1,153.9 crore. Irrigation and water supply projects accounted for 83.2% of the total order book in FY26. The remaining 16.7% came from other projects, including mining, road work and metro rail-related projects. Government departments accounted for 79.1% of the order book, while private customers accounted for 20.9% The company's 10 largest ongoing projects by contract value include several multi-village water supply schemes and other infrastructure projects spread across Madhya Pradesh, Gujarat, Chhattisgarh, Jharkhand and Karnataka. The completion timelines for these projects range from 2026 to 2030, with the majority expected to be completed by 2027. As of March 31, 2026, 56.31% of all ongoing projects were more than 70% complete. As of March 31, 2026, the company had completed 80 projects for various Government departments and other customers. The company's earlier projects include the Tawa Left Bank Canal, Parbati Dam Project and AKOT Lift Irrigation Scheme. Its project experience covers metro rail construction, industrial buildings, hydraulic structures, dams and barrages across different soil and geographic conditions. The company has gradually expanded its presence from 10 states in FY24 to 12 states in FY26. Its current presence covers Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Andhra Pradesh, Himachal Pradesh and Haryana. In Fiscal 2026, Madhya Pradesh contributed 36.58% of revenue, or ₹1,317.02 crore, while Gujarat contributed 39.64%, or ₹1,427.05 crore. The Indian irrigation and water infrastructure industry holds promising growth prospects with the increasing demand for enhancing agricultural output, solving the issue of water scarcity and upgrading the country’s irrigation infrastructure. The Government of India has been consistently making investments in this sector through schemes like PMKSY, AIBP, Har Khet Ko Pani and Per Drop More Crop, whereas micro-irrigation has covered an area of about 110.92 lakh hectares. The PMKSY scheme has been receiving heavy funding with an allocation of ₹93,068 crore for FY22-26, and the Micro Irrigation Fund has assisted in expanding the coverage of irrigation in participating states. Growing government expenditure on irrigation, dams, canals, water management and other infrastructure development is going to provide continued business opportunities to engineering and construction firms. The company is strategically poised to take advantage of the growing investments in India’s irrigation infrastructure and the wider infrastructure ecosystem by virtue of its participation in the implementation of irrigation, water, and other infrastructure projects. The continued emphasis on assured irrigation, water infrastructure development, water-use efficiency, and major & medium irrigation projects on the part of the government will help in maintaining a consistent flow of projects. The company’s ability to implement infrastructure projects in different sectors helps it to complement the government's growing capital expenditure and infrastructure development plans. With growing investments in irrigation and water infrastructure projects, the company is set to exploit its strengths in implementation. Now, LCC Projects is launching its initial public offering (IPO), which consists of a fresh issue of ₹258 crore and an offer for sale of ₹169 crore. The total issue size of the IPO is ₹427 crore. Its shares will be listed on the NSE and BSE. ### **How to apply for LCC Projects IPO?** If you are interested in this investment opportunity but unsure how to apply for LCC Projects IPO, follow these steps. When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the LCC Projects IPO on Upstox: - Log in to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘LCC Projects IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Apply’ - Accept the mandate on your UPI app

GMP trend (Grey Market Premium by date)

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   09 Sept 2026

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   11 Sept 2026

   Last day to place your bid

3. Basis of Allotment

   Completed
   15 Sept 2026

   Share allotment finalised

4. Refund Initiation

   Completed
   16 Sept 2026

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   16 Sept 2026

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   17 Sept 2026

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.