Of all the IPOs opening this particular week, LCC Projects has arguably the strongest set of fundamentals on paper — real revenue growth, real profit growth, and a genuinely large order book. Here’s why it deserves a closer look.
What the company does
LCC Projects is a Gujarat-based, multidisciplinary EPC company incorporated in 2017, with its core business built around irrigation and water supply infrastructure — dams, barrages, weirs, canals, hydraulic structures and pipe distribution networks for water supply and irrigation projects, largely for government clients. EPC work makes up nearly 99.8% of its revenue, and irrigation/water supply projects alone account for close to 87% of that. The company has also started branching into metro rail construction and mining development and operations (MDO) contracts, though those remain small next to the core irrigation business. As of March 2026, its order book stood at a substantial ₹7,953 crore across 103 projects.
Key dates
| Event | Date |
|---|---|
| IPO opens | September 9, 2026 |
| IPO closes | September 11, 2026 |
| Allotment finalisation | September 15, 2026 |
| Listing on NSE & BSE | September 17, 2026 |
Price band and lot size
The band is ₹139 to ₹146 per share, with a lot size of 102 shares — roughly ₹14,892 for one retail lot at the upper price.
Issue structure
This is a ₹427.14 crore issue: ₹258 crore fresh issue and ₹169.14 crore offer for sale. Promoter holding will fall from 100% to about 89.9% after the issue — a relatively modest dilution compared to several other listings happening around the same time.
GMP today
GMP has trended upward fairly consistently through the run-up, moving from around ₹14-17 a week out to the low-₹20s to low-₹30s closer to the opening date, implying roughly a 15-20% expected listing premium. That’s a solid, if not spectacular, level of grey market confidence.
Company review — should you apply?
The growth numbers here are genuinely strong: revenue jumped 23% to ₹3,600 crore in FY26, EBITDA rose to ₹520 crore, and profit after tax grew 28% to ₹286 crore, with ROE above 32% and ROCE above 27%. Operating cash flow also turned sharply positive in FY26 after two thinner years, which is a good sign for an EPC business where working capital swings can be brutal.
The company uses genuinely specialised tools for its niche — SCADA systems, WaterGEMS, water hammer analysis — that suggest real technical depth rather than being a generic contractor riding the infrastructure wave. The obvious risk is customer concentration: EPC is almost entirely government-facing, and top-10 customers accounted for over 72% of FY26 revenue. Payment cycles and milestone-based billing in government contracting can also be slow and lumpy in ways that don’t always show up cleanly in headline growth numbers.
Frequently Asked Questions
What is the LCC Projects IPO price band?
₹139 to ₹146 per share, with a lot size of 102 shares.
What does LCC Projects specialise in?
Irrigation and water supply infrastructure EPC work — dams, barrages, weirs, canals and pipe distribution networks — mainly for government clients, with some newer expansion into metro rail and mining projects.
Is LCC Projects IPO a good fundamental pick?
On the numbers — strong revenue and profit growth, improving cash flow, high ROE and ROCE — it looks like one of the stronger fundamental stories among IPOs opening in the same window, though government-customer concentration is a risk worth watching.
Conclusion
LCC Projects brings genuinely strong growth numbers and a large order book to the table, backed by real technical specialisation in a niche that isn’t easy to replicate. The main thing to watch is customer concentration and the pace of government payment cycles — worth checking the receivables ageing in the RHP before applying.
GMP figures mentioned above are unofficial, unregulated grey market indicators that change frequently. They are not a guarantee of listing price. Please review the RHP and consult your financial advisor before applying.