LCC Projects, a leading Indian Engineering, Procurement, and Construction (EPC) firm, is preparing for a Mainboard Initial Public Offering (IPO) with tentative dates set for September 9-11, 2026. The Ahmedabad-headquartered company, which specializes in irrigation and water supply projects, reported a top market share in these segments as of September 30, 2024. Over two decades, LCC Projects has completed 71 projects across 11 Indian states.
The company has shown strong financial growth, with revenue increasing at a compound annual growth rate (CAGR) of 76.73% from INR 780.90 crore in Fiscal 2022 to INR 2,438.91 crore in Fiscal 2024. For the first half of Fiscal 2025, revenue stood at INR 1,468.11 crore with a net income of INR 117.68 crore. LCC Projects’ active order book includes 68 projects, with the top three valued at over INR 1,000 crore each: the Sondwa Lift Micro Irrigation Project (INR 1,395.41 crore), the Sidhi Bansagar Multi-Village Scheme (INR 1,386.49 crore), and the Gandhi Sagar 1 Scheme (INR 1,049.00 crore). The firm uses advanced technologies like SCADA, WaterGEMS, and Staad Pro.
The upcoming IPO will include a fresh issue of shares worth INR 320 crore and an Offer For Sale (OFS) of 2,29,40,000 shares. The face value of each share is INR 5, and 35% of the offer is reserved for retail investors. LCC Projects plans to use INR 14.91 crore from the fresh issue to buy equipment and INR 220 crore to repay or prepay existing borrowings. The remaining funds will go towards general corporate purposes. The shares are planned to list on both the NSE and BSE.
Looking at key metrics for Fiscal 2024, LCC Projects reported an Earnings Per Share (EPS) of INR 4.48, Return on Net Worth (RONW) of 31.87%, and a Net Asset Value (NAV) of INR 14.07. The company’s Debt-to-Equity ratio was 1.10. In comparison to listed peers for Fiscal 2024, LCC Projects’ revenue of INR 2,438.91 crore is higher than Vishnu Prakash R Punglia (INR 1,473.87 crore) and Enviro Infra Engineers (INR 728.92 crore).
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