LCC Projects - IPO Report

LCC Projects Ltd. is a Gujarat-based multidisciplinary EPC company primarily focused on irrigation and water infrastructure, with over two decades of experience. Its capabilities include dams, barrages, weirs, hydraulic structures, canals, underground and pressurised pipeline networks, lift irrigation, water-supply schemes, WTPs, STPs and sewerage networks, with a presence across 12 states.

The company has an in-house design and engineering team and uses technologies such as SCADA, IoT, GIS and WaterGEMS for technically complex projects. It has also diversified into metro rail and mining (MDO) and is pursuing opportunities in wastewater treatment, sewerage, solar and renewable energy, river linking and desalination.

As of March 31, 2026, LCC had an unexecuted order book of ₹7,953.18 crore, equivalent to 2.21× FY26 turnover, across 103 projects. The three largest projects were Sondwa Lift Micro Irrigation at ₹1,534.95 crore, Sidhi Bansagar Multi-Village Scheme at ₹1,525.14 crore and Gandhi Sagar 1 Multi-Village Scheme at ₹1,153.90 crore, providing strong medium-term revenue visibility.

The business remains overwhelmingly EPC-driven, with ₹3,594.57 crore or 99.84% of FY26 revenue generated from EPC and only 0.16% from O&M. LCC is also building adjacent capabilities through its precast concrete manufacturing unit and renewable-energy capabilities through LCC Engineering.

The company has 14 joint ventures supporting its expansion into a broader range of infrastructure projects, while its diversification across water, wastewater, transportation, mining and renewable energy provides additional opportunities for future growth.