LCC Projects Ltd Fundamental

LCC Projects Ltd., headquartered in Ahmedabad, is an EPC contractor focused on irrigation and water-supply infrastructure. It began as the partnership firm Laxmi Construction Co. and was incorporated as a company in 2017, with 2,093 permanent employees. Its work spans dams, canals, lift irrigation and pipeline networks, with EPC contributing 99.8% of FY26 revenue. The stock listed on 17 September 2026 following a ₹427 crore IPO priced at ₹146, which was subscribed 49.6×.

FY26 revenue grew 23% to ₹3,600 crore and PAT rose 28% to ₹286 crore. EBITDA margin widened 70 bps to 14.4%, up from 9.9% in FY24, while FY26 ROE stood at 32.2% and ROCE at 27.1%.

The ₹7,953 crore order book spans 103 projects and covers 2.2× FY26 revenue, providing strong execution visibility. Major projects include the Sondwa Lift Micro Irrigation Project and the Sidhi Bansagar and Gandhi Sagar-1 multi-village water schemes.

The company is expanding into metro-rail and mining contracts, while revenue is modelled at ₹5,310 crore in FY28E, implying a 21% CAGR over FY26–FY28E, below the 23% growth delivered in FY26.

Of the ₹258 crore fresh issue, ₹180 crore is earmarked for debt repayment against FY26 borrowings of ₹861 crore. The reduction in debt is expected to lower interest costs and free up bank limits for bidding on new projects.