- ₹427.14-cr IPO opens today at ₹139-146 a share; company valued at ₹4,229 cr at upper band
- Anchor investors commit ₹128.14 cr as institutional confidence precedes public issue
- FY26 PAT jumps 28.1% to ₹286.4 cr on 23.4% revenue growth
- ₹7,953.1-cr order book provides multi-year visibility across 103 projects
- ₹258-cr fresh issue to fund equipment, debt repayment and corporate requirements
- Ahmedabad-headquartered EPC player eyes larger irrigation, water and infrastructure opportunities across India
R MANICKAVASAGAM
AHMEDABAD, SEPT 9
For a Gujarat-born engineering company that has spent more than two decades building the physical infrastructure of water and irrigation, LCC Projects Ltd is now seeking to build something equally consequential in the capital markets — a national-scale growth platform backed by a ₹7,953-crore order book.
The Ahmedabad-based multidisciplinary engineering, procurement and construction (EPC) company opens its ₹427.14-crore maiden IPO for subscription on Wednesday, seeking to convert its strong project pipeline and improving profitability into the next phase of expansion. The issue will remain open till September 11, with the shares proposed to list on the BSE and NSE on September 17.
The price band has been fixed at ₹139-146 per equity share, valuing LCC Projects at about ₹4,229.2 crore at the upper end. The issue comprises a fresh issue of ₹258 crore and an offer for sale of 1.1585 crore shares worth ₹169.14 crore at the upper band.
The more compelling part of the IPO story, however, lies beneath the headline issue size: LCC Projects enters the market with an order book nearly 18.6 times the fresh issue size, providing substantial revenue visibility if projects are executed as planned.
₹128.14-cr anchor backing sets the tone
Institutional investors have already provided an early vote of confidence.
LCC Projects raised ₹128.14 crore from anchor investors on September 8, allotting 87,76,869 equity shares at ₹146 apiece, the upper end of the IPO price band. Eleven institutional investors participated in the anchor allocation, including Astorne Capital, Edelweiss Life Insurance Company, Craft Emerging Market Fund, Sunrise Investment Trust, ASAS Global Fund, Necta Bloom VCC, RGSL Investment Fund, Rajasthan Global Securities and LRSD Securities.
The anchor mobilisation comes immediately ahead of the public issue and gives LCC Projects an institutional base even before retail and non-institutional bidding begins.
For investors, the anchor participation also comes against the backdrop of a buoyant but increasingly selective Indian IPO market, with six mainboard issues opening simultaneously on September 9, collectively seeking more than ₹4,500 crore.
PAT surges 28%; revenue crosses ₹3,600 crore
LCC Projects’ financial performance has strengthened significantly ahead of the IPO.
For FY26, the company reported profit after tax of ₹286.4 crore, up 28.1% from ₹223.6 crore in FY25. Revenue from operations rose 23.4% to ₹3,600.3 crore, compared with ₹2,941 crore in the previous year.
The three-year trajectory is even more striking: revenue rose from about ₹2,450 crore in FY24 to ₹3,600 crore in FY26, while PAT more than doubled from ₹122 crore to ₹286.4 crore over the same period. EBITDA increased to about ₹519.9 crore in FY26 from ₹401 crore in FY25.
The company’s FY26 RoNW stood at 32.24%, while its debt-to-equity ratio improved to around 0.97 from 1.23 a year earlier.
The numbers give the IPO a sharper proposition: LCC Projects is not entering the market merely with a large order book, but with an established earnings base and improving profitability.
₹7,953-cr order book: the real IPO story
At the centre of the LCC Projects proposition is its ₹7,953.1-crore order book as of March 31, 2026, spread across 103 projects. Irrigation and water-supply projects accounted for about 83% of the order book, underscoring the company’s core strength in water infrastructure.
The three largest projects include the Sondwa Lift Micro Irrigation Project worth ₹1,534.9 crore, Sidhi Bansagar Multi-Village Scheme worth ₹1,525.1 crore and Gandhi Sagar 1 Multi-Village Scheme worth ₹1,153.9 crore.
The scale of this order pipeline offers considerable execution visibility at a time when India’s infrastructure spending is increasingly extending beyond roads and buildings into irrigation, drinking water, rural water distribution, lift irrigation and large multi-village water-supply schemes.
LCC Projects’ portfolio includes dams, barrages, weirs, hydraulic structures, canals, pipe-distribution networks, lift-irrigation works and water-supply schemes, giving it exposure to one of India’s most critical infrastructure priorities — moving water efficiently from source to communities and agricultural areas.
Gujarat base, national ambition
Although headquartered in Ahmedabad, LCC Projects’ opportunity is increasingly national.
The company’s Gujarat base provides an important engineering and manufacturing foundation. Its Jaspur manufacturing unit in Gujarat produces precast concrete products used in infrastructure and construction applications, including products relevant to metro and highway projects.
The company has also executed projects beyond its traditional irrigation and water-supply domain, including a metro-rail project involving construction of a station, approaches and viaducts, while it is currently executing a mining development and operations project.
This widening project portfolio could become increasingly important as the company seeks to move up the value chain and participate in larger and more complex infrastructure opportunities across India.
Its Ahmedabad identity, therefore, is not simply that of a regional EPC contractor. Gujarat is the company’s base; the order book is national; and the IPO is intended to finance the next leg of that journey.
Where the ₹258 crore will go
The fresh issue of ₹258 crore is aimed at strengthening both execution capability and the balance sheet.
According to the IPO documents, the company plans to deploy approximately ₹14.69 crore towards purchase of equipment and ₹180 crore towards prepayment and/or repayment of specified borrowings, with the balance of around ₹63.31 crore for general corporate purposes.
The equipment component is strategically important for an EPC company operating across multiple large projects, while debt reduction is expected to provide greater financial flexibility.
As of July 2026, LCC Projects’ total consolidated borrowings stood at approximately ₹1,817.7 crore, making the proposed ₹180-crore debt reduction a meaningful balance-sheet intervention.
In effect, the IPO is designed to do two things simultaneously: strengthen the company’s execution engine and reduce the financial drag associated with borrowings.
The national water-infrastructure opportunity
LCC Projects’ core business sits at the intersection of two powerful structural trends — India’s growing water-infrastructure requirements and sustained public investment in capital expenditure.
Large irrigation networks, lift-irrigation projects, multi-village drinking-water schemes and hydraulic infrastructure require specialised EPC capabilities and long execution cycles. LCC Projects’ order book demonstrates that it is already participating in projects of substantial scale.
The company’s challenge — and opportunity — will be to convert this pipeline into timely revenue and cash flows while maintaining margins and managing working capital.
That makes execution perhaps as important as order-book size.
IPO structure at a glance
The IPO comprises up to 2.9256 crore equity shares, including 1.7671 crore shares through the fresh issue and up to 1.1585 crore shares through the OFS. The OFS is being undertaken by promoters Arjan Suja Rabari and Laljibhai Arjanbhai Ahir.
The issue is being managed by Motilal Oswal Investment Advisors, while KFin Technologies is the registrar. The shares are proposed to be listed on the BSE and NSE, with NSE designated as the stock exchange for the issue.
The retail lot comprises 102 shares, requiring a minimum investment of ₹14,892 at the upper end of the price band. The broad reservation structure provides 50% for qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors.
From building water assets to building shareholder value
LCC Projects’ IPO comes at an interesting inflection point.
The company has moved from a predominantly project-execution story to one combining scale, profitability, order visibility, manufacturing capability and balance-sheet strengthening.
With a ₹7,953.1-crore order book, ₹286.4-crore FY26 PAT, ₹3,600.3-crore revenue, ₹258-crore fresh capital raise and ₹128.14-crore anchor backing, the company is presenting the market with a proposition that goes beyond its Ahmedabad roots.
