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Wed, 09 Sept 2026
08:42:59 am
Wed, 09 Sept 2026
08:42:59 am
Rudransh Sangwan
Published at: September 9, 2026, 7:37 AM
Synopsis
LCC Projects IPO is open at ₹139-₹146 with a ₹40 GMP and 27.40% estimated premium. Check subscription, lot size, ₹14,892 investment, listing date and IPO review.
LCC Projects IPO is a ₹427.14 crore mainboard issue that opened for subscription on September 9, 2026, and will close on September 11, 2026. The IPO has a price band of ₹139 to ₹146 per share, a lot size of 102 shares, and a minimum investment of ₹14,892.
The latest LCC Projects IPO GMP is ₹40 as of September 9, 2026, at 12:00 PM. At the upper price band of ₹146, the estimated listing price is ₹186, indicating a potential premium of 27.40%. GMP is unofficial and may change before listing.
The latest LCC Projects IPO GMP today stands at ₹40 as of September 9, 2026, at 12:00 PM. Based on the upper price band of ₹146, the estimated listing price is ₹186, indicating an expected gain of 27.40%.
The GMP has increased from ₹17 on September 4 to ₹40 on September 9. The current trend indicates stronger grey-market sentiment, although investors should not rely on GMP alone when making an investment decision.
| GMP Date | IPO Price | GMP | Subscription | Est. Listing Price | Est. Profit | Last Updated |
|---|---|---|---|---|---|---|
| September 9, 2026 | ₹146 | ₹40 ▲ | 0.43x | ₹186 (27.40%) | ₹4,080 | 9-Sep-2026 12:00 |
| September 8, 2026 | ₹146 | ₹34 ▲ | — | ₹180 (23.29%) | ₹3,468 | 8-Sep-2026 23:34 |
| September 7, 2026 | ₹146 | ₹25.5 ▲ | — | ₹171.5 (17.47%) | ₹2,601 | 7-Sep-2026 23:32 |
| September 6, 2026 | ₹146 | ₹25 ─ | — | ₹171 (17.12%) | ₹2,550 | 6-Sep-2026 23:31 |
| September 5, 2026 | ₹146 | ₹25 ▲ | — | ₹171 (17.12%) | ₹2,550 | 5-Sep-2026 23:33 |
| September 4, 2026 | ₹146 | ₹17 ─ | — | ₹163 (11.64%) | ₹1,734 | 4-Sep-2026 23:35 |
Estimated Profit/Loss per lot = GMP × 102 shares.
| IPO Metric | Details |
|---|---|
| IPO Dates | September 9 to September 11, 2026 |
| Price Band | ₹139 to ₹146 per share |
| Issue Size | ₹427.14 crore |
| Fresh Issue | ₹258.00 crore |
| Offer for Sale | ₹169.14 crore |
| Lot Size | 102 shares |
| Minimum Investment | ₹14,892 |
| Issue Type | Mainboard |
| Listing | BSE, NSE |
| Listing Date | September 17, 2026 |
The LCC Projects IPO subscription stood at 0.43 times as of September 9, 2026, at 12:00 PM. The subscription figure is being tracked alongside the grey-market premium as investors participate in the three-day issue.
The IPO comprises a fresh issue of ₹258 crore and an offer for sale of ₹169.14 crore. The company plans to use part of the fresh issue proceeds for debt repayment and equipment purchases.
The LCC Projects IPO lot size is 102 shares. At the upper price band of ₹146, investors need ₹14,892 to apply for one lot.
The lot size makes the IPO accessible to retail investors under the applicable investment limit, while investors can bid for additional lots subject to the relevant category limits.
LCC Projects Limited was incorporated in 2017 and is headquartered at Ambli Bopal Road, Ahmedabad, Gujarat. The company provides engineering, procurement and construction services with a specialised focus on irrigation and water supply projects.
Its portfolio includes dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works and multi-village water supply schemes. As of March 2026, its order book stood at ₹7,953.10 crore across 103 projects in 12 states, with irrigation and water supply works accounting for around 83% of the total.
LCC Projects reported steady growth in revenue and profitability between FY24 and FY26. Total income increased from ₹2,449.79 crore in FY24 to ₹3,639.45 crore in FY26, while PAT increased from ₹122 crore to ₹286.44 crore.
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| Revenue from Operations | ₹3,600.25 Cr | ₹2,918.29 Cr | ₹2,438.91 Cr |
| Other Income | ₹39.20 Cr | ₹22.72 Cr | ₹10.88 Cr |
| Total Income | ₹3,639.45 Cr | ₹2,941.01 Cr | ₹2,449.79 Cr |
| YoY Growth | 23.75% | 20.05% | — |
| Construction Expenses | ₹2,946.72 Cr | ₹2,399.20 Cr | ₹2,069.95 Cr |
| Employee Benefits Expense | ₹131.20 Cr | ₹109.95 Cr | ₹79.38 Cr |
| Finance Costs | ₹96.17 Cr | ₹80.15 Cr | ₹49.89 Cr |
| Depreciation & Amortisation | ₹45.36 Cr | ₹27.36 Cr | ₹19.06 Cr |
| Other Expenses | ₹40.36 Cr | ₹30.83 Cr | ₹23.86 Cr |
| Total Expenses | ₹3,260.12 Cr | ₹2,647.56 Cr | ₹2,241.87 Cr |
| Profit Before Exceptional Items & Tax | ₹379.33 Cr | ₹293.45 Cr | ₹207.92 Cr |
| Profit Before Tax | ₹378.37 Cr | ₹293.53 Cr | ₹172.42 Cr |
| Total Tax Expense | ₹91.92 Cr | ₹69.91 Cr | ₹50.43 Cr |
| Profit After Tax | ₹286.44 Cr | ₹223.63 Cr | ₹122.00 Cr |
| Attributable to Owners | ₹283.39 Cr | ₹222.41 Cr | ₹121.79 Cr |
| Basic / Diluted EPS | ₹10.42 | ₹8.18 | ₹4.48 |
The company plans to use the IPO proceeds towards repayment or prepayment of certain outstanding borrowings, purchase of equipment and general corporate purposes.
Around ₹180 crore has been earmarked for repayment or prepayment of borrowings.
LCC Projects has an established presence in irrigation and water-supply EPC and has completed 80 projects across dams, barrages, canals, hydraulic structures, lift irrigation systems and multi-village water supply projects.
Its ₹7,953.10 crore order book across 103 projects provides revenue visibility and is more than twice its FY26 total income. Operating cash flow also improved to ₹158.44 crore in FY26 from ₹23.63 crore in FY25.
Customer concentration is a key concern, with the top 10 customers contributing 72.30% of FY26 revenue. The company is also highly dependent on government-funded infrastructure projects, making order inflows sensitive to government spending, tender activity and policy changes.
LCC Projects is working-capital intensive, while total borrowings stood at ₹860.65 crore as of March 2026. Finance costs also increased from ₹49.89 crore in FY24 to ₹96.17 crore in FY26.
The research report places the LCC Projects IPO P/E ratio at 14.76x, compared with a peer average P/E of 24.42x. Revenue recorded a two-year CAGR of 21.90%, while PAT recorded a two-year CAGR of 53.23% between FY24 and FY26.
The report considers the valuation reasonable, supported by growth and order-book visibility. However, it highlights borrowings, government-project dependence and execution risks as key factors to monitor.
LCC Projects has exposure to the irrigation and water-supply infrastructure segment, supported by a large order book and positive operating cash flow. The company's revenue and PAT growth also provide support to its long-term growth prospects.
At the same time, high borrowings, customer concentration, government-project dependence and working-capital requirements remain important risks. The research report gives the LCC Projects IPO a “Subscribe” rating for the long term.
LCC Projects IPO is a ₹427.14 crore mainboard IPO with a price band of ₹139 to ₹146 per share and a lot size of 102 shares.
The latest LCC Projects IPO GMP is ₹40 as of September 9, 2026, at 12:00 PM.
Based on the current GMP of ₹40 and the upper price band of ₹146, the estimated listing price is ₹186.
The LCC Projects IPO lot size is 102 shares.
The minimum investment is ₹14,892 for one lot at the upper price band.
The LCC Projects IPO closes on September 11, 2026.
LCC Projects shares are scheduled to list on September 17, 2026.
The research report gives LCC Projects IPO a “Subscribe” rating for the long term.
Disclaimer: IPO GMP is based on unofficial grey-market activity and is indicative only. It does not guarantee the actual listing price or returns. The research report states that investors should conduct their own evaluation and consider the merits and risks before investing.
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