SEBI approved the IPO of LCC Projects Ltd. on July 3, 2025. The company will now move to the next steps and launch the IPO based on market conditions and other required approvals. The SEBI approval will remain valid for 12 months.
The IPO will be a Book Build Issue, and the company plans to list its shares on both NSE and BSE. Motilal Oswal Investment Advisors Ltd. is the lead manager, while Kfin Technologies Ltd. will act as the registrar. The IPO dates, price band and lot size will be announced later.
LCC Projects IPO Objectives
- Existing shareholders will sell 22,940,000 equity shares through the Offer for Sale. The company will not receive any money from this portion; proceeds will go to the selling shareholders.
- The company will raise up to ₹3,200 million through a fresh issue. This money will be used for buying new equipment (₹149.12 million), repaying or prepaying borrowings (₹2,200 million), and for general corporate purposes.
- A major part of the funds (around ₹2,200 million) will go towards reducing debt, helping lower interest costs and strengthen the balance sheet. Another ₹149.12 million will be used to buy equipment like dump trucks and excavators to support future project needs.
About LCC Projects Ltd.
LCC Projects Ltd. is a leading EPC (Engineering, Procurement, and Construction) company in India, primarily focusing on irrigation and water supply projects. Over the past two decades, it has executed a wide range of projects, including dams, canals, hydraulic structures, pipe networks, and lift irrigation works. The company also undertakes metro rail and mining development projects. As of September 2024, it has 68 ongoing projects, with its top three valued at ₹13,954 million, ₹13,865 million, and ₹10,490 million.
The company is one of the fastest-growing large EPC firms from Gujarat, expanding its operations across 11 Indian states, and has a strong track record of completing notable projects like the Tawa Left Bank Canal, Parbati Dam, Dudhai Sub Branch Canal, and AKOT Lift Irrigation Scheme.
Industry Outlook
The Indian construction sector contributes around 8% of GDP and is expected to grow at 7–8% CAGR over the next five years, driven by infrastructure, urban development, and government projects.
Programs like PM Gati Shakti, Smart Cities Mission, and Housing for All boost public and private investment in roads, railways, irrigation, and urban infrastructure.
EPC projects, irrigation & water supply, metro rail, and renewable energy infrastructure are seeing strong demand, with increasing participation from private and multinational construction firms.
How to Apply for the LCC Projects IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the LCC Projects IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How to Check the Allotment Status of LCC Projects IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of LCC Projects IPO
Registered Office: LCC Projects Ltd., ‘B’ Wing,15th Floor, Privilon Building, Vikram Nagar AmbliBopal Road, Behind ISKCON Temple, Ahmedabad, Gujarat, 380058
Phone: +91 79 4848 4453
Email: cs@lccprojects.com
LCC Projects IPO Reservation
| Investor Category | Shares Offered |
| QIB (Qualified Institutional Buyers) | Not more than 50% of the Net Issue |
| Retail Investors | Not less than 15% of the Net Issue |
| NII (Non-Institutional Investors) | Not less than 50% of the Net Issue |
LCC Projects IPO Lot Size Details
To be announced.
LCC Projects IPO Promoter Holding
Laljibhai Arjanbhai Ahir, Maya Arjan Rabari, and Arjan Suja Rabari are the promoters of this company.
| Promoter Details | Shareholding |
| Promoter Holding (Pre-Issue) | 100% |
| Promoter Holding (Post-Issue) | To be updated |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for LCC Projects IPO
| KPI | Fiscal 2024 |
| Revenue Growth (%) | 99.05% |
| EBITDA Margin (%) | 9.90% |
| PAT Margin (%) | 5.00% |
| Return on Equity (ROE) (%) | 31.87% |
| Return on Capital Employed (ROCE) (%) | 27.63% |
LCC Projects IPO Prospectus
LCC Projects IPO Registrar and Lead Managers
LCC Projects IPO Lead Managers
- Motilal Oswal Investment Advisors Ltd.
Registrar for LCC Projects IPO
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: lccpl.ipo@kfintech.com
Financial Performance of LCC Projects
| Metric | FY2022 | FY2023 | FY2024 | H1 FY2025* |
| Order Book | 19,624.89 | 43,842.00 | 62,689.68 | 73,474.24 |
| Revenue from Operations | 7,808.96 | 12,252.67 | 24,389.12 | 14,681.13 |
| EBITDA | 862.76 | 1,277.77 | 2,413.65 | 2,039.62 |
| Profit After Tax | 353.34 | 682.17 | 1,219.97 | 1,179.49 |
| Total Debt | 1,175.36 | 2,892.78 | 4,216.43 | 6,616.58 |
LCC Projects Peer Comparison
| Company Name | Revenue from Operations (₹ million) | Basic EPS (₹) | RONW (%) | NAV per Equity Share (₹) |
| LCC Projects Limited | 24,389.12 | 4.48 | 31.87 | 14.07 |
| Vishnu Prakash R Punglia Limited | 14,738.65 | 10.95 | 16.95 | 57.85 |
| Enviro Infra Engineers Limited | 7,289.15 | 8.13 | 36.43 | 21.35 |
Strengths and Opportunities for LCC Projects IPO
- It is India’s leading EPC for irrigation and water supply projects.
- It has a strong track record of successful project management and timely execution.
- Over 93% of its revenue comes from irrigation and water supply projects.
- Its order book is growing consistently, and amounted to ₹73,474.24 million by Sept 2024.
- Over 87% of orders are backed by government contracts.
- It has robust in-house design capabilities with 496 personnel.
- It has an efficient business model, as is reflected by its RoCE and RoE.
- It has an experienced team of promoters with deep industry expertise.
Risks and Threats for LCC Projects IPO
- LCC Projects is heavily dependedent on government projects, which creates operational uncertainty.
- Project costs may exceed estimates at times, thereby reducing profitability and impacting cash flows.
- Top 10 customers contribute over 90% revenue, which increases concentration risk.
- Company’s failure to secure bank guarantees can disrupt operations and cash availability.
- Project delays may cause penalties, cost overruns, or contract termination risks.
- The company needs steady financing to meet its working-capital needs and avoid liquidity strain.
- Large order book may not fully convert into actual future revenues.
- Seasonal and climatic disruptions can slow execution and weaken financial performance.
