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LCC Projects IPO
Price Band
₹139.0–146.0
Issue Size
₹427.14 Cr
Lot Size
102 shares
Min Investment
₹14,892
GMP
+₹36.0 (24.66%)
Issue Price
₹146.0
Subject to Sauda
₹2800
Paid only if allotted
LCC Projects IPO AI Summary
- LCC Projects IPO is listed on BSE, NSE in the Water Supply & Management sector.
- Price band: ₹139.0–₹146.0 per share, lot size 102 shares (min. investment ₹14,892).
- Subscription window: 09 Sep–11 Sep 2026, listing on 17 Sep 2026.
- Current GMP is +₹36.0 (24.66%), an estimated listing price of ₹182 — unofficial and can change daily.
LCC Projects Limited is an emerging player in the EPC services for water supply and irrigation projects in India. With a strong order book and expanding operations, the company aims to leverage the funds raised through its IPO for growth and debt management.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
LCC Projects IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 11 Sep 2026 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Overall Subscription
49.57x
| Category | Subscription | Status |
|---|---|---|
| QIB (Institutional) |
78.73x
|
79x ✓ |
| NII (HNI) |
64.91x
|
65x ✓ |
| ↳ bNII (>₹10L) |
61.53x
|
62x ✓ |
| ↳ sNII (<₹10L) |
71.66x
|
72x ✓ |
| Retail (RII) |
26.34x
|
26x ✓ |
| Total | 49.57x | 49.57x |
Auto-updated every 5 min · As of 11th Sep 2026 18:54
LCC Projects IPO Grey Market Premium (GMP) Today
GMP
+₹36.0
GMP %
+24.66%
Est. Listing
₹182.0
Updated: 17 Sep 2026 04:15
GMP Trend (Last 13 Days)
About the Company
Incorporated in 2017, LCC Projects Limited offers engineering, procurement and construction (“EPC”) services in the irrigation and water supply projects segment. The company has executed projects in the irrigation and water supply segment, such as the construction of dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, water supply schemes, and other EPC projects. As of September 30, 2024, the company's Order Book comprises 68 projects, of which Sondwa Lift Micro Irrigation Project, Sidhi Bansagar Multi – Village Scheme, and Gandhi Sagar 1 Multi-Village Scheme are the top three projects. In the past, LCC have also executed notable projects, such as the construction of Tawa Left Bank Canthe al, Parbati Dam Projthe ect, Dudhai Sub Branch Canal Projectthe and AKOT Lift Irrigation Scheme. The company expanded its operations from eight states in Fiscal 2022 to 11 states by September 30, 2024, namely, Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Himachal Pradesh and Haryana. As of the six months ending September 30, 2024, the company had 1,788 permanent employees.
Company Financials (₹ Cr)
As of 2026-03-31
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 2,447.54 | 1,727.46 | 1,129.99 |
| Total Income | 3,639.45 | 2,941.01 | 2,449.79 |
| Profit After Tax | 286.44 | 223.63 | 122.00 |
| EBITDA | 519.90 | 401.04 | 241.37 |
| NET Worth | 888.41 | 604.99 | 382.83 |
| Reserves and Surplus | 752.41 | 468.99 | 348.83 |
| Total Borrowing | 860.65 | 649.55 | 422.30 |
Key Ratios
EPS
₹10.53
NAV
₹22.24
ROE
36.96%
ROCE
27.64%
RoNW
36.96%
P/B Value
6.56
P/E Ratio
13.87
Market Cap
₹4229.20 Cr
PAT Margin
7.66%
Debt/Equity
1.23
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Enviro Infra Engineers | 70.23 | 15.28% | 19.14 | 10.42 | 10.41 |
| Vishnu Prakash R Punglia | 50.54 | — | — | -12.04 | -12.04 |
| LCC Projects This IPO | 32.66 | 32.24% | — | 10.42 | 10.42 |
Promoters
Arjan Suja Rabari, Laljibhai Arjanbhai Ahir, Maya Arjan Rabari
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Purchase of equipment 14.69 2 Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by Company 180.00 3 General corporate purposes Total 194.69
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹2,449.79 Cr for the period ending 31 Mar 2024, increasing to ₹2,941.01 Cr by 31 Mar 2025, and further rising to ₹3,639.45 Cr by 31 Mar 2026. This indicates a consistent upward trend in revenue over these periods.
Profit Trend
Profit After Tax was ₹122.00 Cr in the period ending 31 Mar 2024, which increased to ₹223.63 Cr by 31 Mar 2025, and further to ₹286.44 Cr by 31 Mar 2026. This shows a positive growth trajectory in profitability across the reported periods.
Valuation
LCC Projects has an implied P/E ratio of approximately 13.87 at the issue price, compared to peers trading at a P/E range of 19.14. This suggests that LCC Projects is priced lower than some of its competitors.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an unofficial indicator of the expected listing price of an IPO. It reflects the demand for the shares before they are officially listed on the stock exchange. A positive GMP indicates that the market expects the stock to list at a higher price than the issue price.
Subscription Demand
As of 11th Sep 2026, the IPO has received a total subscription of 49.57 times. The QIB category was subscribed 78.73 times, the NII category 64.91 times, and the Retail category 26.34 times, indicating strong interest across all investor segments.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their risk tolerance and investment goals. It is essential to consider the company's fundamentals and market conditions before making a decision.
Who May Want to Wait
Investors who are risk-averse or prefer stable, established companies may want to avoid IPOs like this, which can be subject to market fluctuations and uncertainties.
Listing Gains — The Risk
Investing in IPOs can present the opportunity for listing-day gains, but it also carries risks. The stock price may fluctuate significantly on the first day of trading, influenced by market sentiment and demand. Investors should be prepared for potential volatility.
This evaluation is generated from LCC Projects's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is LCC Projects IPO GMP today?
LCC Projects IPO GMP today is +₹36.0 (24.66%), indicating an estimated listing price of ₹182. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of LCC Projects IPO?
The price band of LCC Projects IPO is ₹139.0–₹146.0 per share.
When does LCC Projects IPO open and close?
LCC Projects IPO opens on 09 September 2026 and closes on 11 September 2026.
When does LCC Projects IPO list on the stock exchange?
LCC Projects IPO listed on 17 September 2026 at ₹182.0.
What is the lot size for LCC Projects IPO?
The lot size for LCC Projects IPO is 102 shares, requiring a minimum investment of ₹14,892.
What is the price band for the LCC Projects IPO?
The price band for the LCC Projects IPO is ₹139.0 to ₹146.0.
What is the minimum investment required?
The minimum investment required is ₹14,892.0.
What is the lot size for the IPO?
The lot size for the IPO is 102 shares.
When is the listing date for LCC Projects?
The listing date for LCC Projects is September 17, 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected premium of the IPO shares over the issue price in the grey market.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
09 Sep 2026
Close
11 Sep 2026
Allotment
15 Sep 2026
Listing
17 Sep 2026
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