LCC Projects IPO Date, Review, Price, Allotment Details
LCC Projects IPO is a Mainboard issue open from 9-11 Sept. The company is raising ₹427 Cr at a price band of ₹139 to ₹146 per share. One lot is 102 shares.
Grey market premium
₹25
Implied listing gain: ₹171 (17.12%)
On the GMP figure: grey market premium is quoted by informal dealers. No exchange publishes it, no regulator oversees it, and it is not a forecast of the listing price. Issues quoting a strong premium have listed below their issue price. Weigh the financials and the risk factors in the RHP well above this number.
LCC Projects IPO Analysis
Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.
Minimum retail investment
₹14,892
102 shares at the upper band of ₹146
Retail limit
13 lots
the most that fits under the ₹2 lakh retail cap
Funds blocked after close
~6 days
from the closing date to listing
Fresh issue share
60.4%
₹258 Cr of the ₹427 Cr issue
Revenue growth
+23.7%
31 Mar 2025 → 31 Mar 2026
Profit growth
+28.1%
PAT ₹223.63 Cr → ₹286.44 Cr
Net profit margin
7.9%
was 7.6% in 31 Mar 2025
Debt to equity
0.97
lower is safer
Return on equity
32.24%
ROE
GMP-implied listing gain
+17.1%
₹25 premium on a ₹146 issue price
Promoter holding
100% → 89.9%
diluted by 10.1 percentage points
LCC Projects is a mainboard issue raising ₹427 Cr, offered in a band of ₹139–₹146 per share. At the upper end that is 29.2 times the ₹5 face value, so ₹141 of every share subscribed is share premium rather than capital.
A retail application for LCC Projects needs one lot of 102 shares, which works out to ₹14,892 at the upper band of ₹146. That is close to the ₹15,000 ceiling SEBI expects for a single retail lot, so an investor applying at cut-off is committing nearly the full retail limit per application. Retail applications are capped at ₹2,00,000, which here is 13 lots; bidding above that moves the application into the non-institutional category, and the large-HNI bucket begins at ₹10,00,000, or about 68 lots.
For LCC Projects, bidding runs 9-11 Sept, allotment is finalised on 15 Sep 2026, the shares list on 17 Sep 2026. Applications that do not receive an allotment have their UPI mandate released around 4 days after the issue closes. Counting from the close of bidding, money stays blocked for roughly 6 days before listing decides what the holding is worth.
The issue is reserved 50% to qualified institutional buyers, 15% to non-institutional investors, 35% to retail. A 35% retail share is the wider end of the range, which improves the odds for small applications when the book is only modestly oversubscribed. An oversubscribed retail portion is not allotted in proportion to the amount applied for: applications are reduced to single lots and drawn by lot, so several small applications from different PANs are more effective than one large one.
The issue splits into ₹258 Cr of fresh capital (60.4%) and ₹169 Cr as an offer for sale. The company keeps the fresh portion for the objects of the issue, while the rest is existing shareholders monetising their stake.
Revenue moved from ₹2941.01 Cr in 31 Mar 2025 to ₹3639.45 Cr in 31 Mar 2026 (+23.7%), while profit after tax went from ₹223.63 Cr to ₹286.44 Cr (+28.1%). Growth in profit broadly tracks growth in revenue.
Kfin Technologies Ltd. is the registrar for this issue, which means the allotment status for LCC Projects is published on their portal from 15 Sep 2026. A PAN, application number or demat client ID is enough to look it up; the credited shares also appear in the demat account itself a day or so before listing.
A grey market premium of ₹25 on the upper band of ₹146 implies a listing gain of roughly 17.1%. The grey market is unofficial and unregulated, the premium can change daily, and it has no bearing on allotment — treat it as a sentiment reading, not a forecast.
What looks good
- Return on equity of 32.24% is strong for the sector.
This analysis is generated from the figures shown on this page and is for information only. It is not investment advice — read the RHP before you apply.
| IPO Date | 9-11 Sept |
| Face Value | ₹5 Per Share |
| Price Range | ₹139 to ₹146 |
| Issue Size | ₹427 Cr |
| Lot Size | 102 Shares |
| Allotment Date | 15 Sep 2026 |
| Listing Date | 17 Sep 2026 |
| Registrar | Kfin Technologies Ltd. |
Quota Allocation
| Category | Allocation |
|---|
| Retail Investors | 35% |
| QIB (Qualified Institutional Buyers) | 50% |
| HNI (High Net Worth Individuals) | 15% |
IPO Details
| Total Issue Size | 2,92,56,232 shares (agg. up to ₹427 Cr) |
| Fresh Issue | 1,76,71,232 shares (agg. up to ₹258 Cr) |
| Offer for Sale | 1,15,85,000 shares of ₹5 (agg. up to ₹169 Cr) |
| Share Holding Pre Issue | 27,20,00,000 shares |
| Share Holding Post Issue | 28,96,71,232 shares |
IPO Timetable (Tentative)
| IPO Open | Wed, Sep 9, 2026 |
| IPO Close | Fri, Sep 11, 2026 |
| Allotment | Tue, Sep 15, 2026 |
| Refund | Wed, Sep 16, 2026 |
| Credit of Shares | Wed, Sep 16, 2026 |
| Listing | Thu, Sep 17, 2026 |
Issue Reservation
| Investor Category | Shares |
|---|
| QIB | Not more than 50% of the Net Offer |
| Retail | Not less than 35% of the Net Offer |
| NII | Not less than 15% of the Net Offer |
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|
| Retail (Min) | 1 | 102 | ₹14,892 |
| Retail (Max) | 13 | 1,326 | ₹1,93,596 |
| S-HNI (Min) | 14 | 1,428 | ₹2,08,488 |
| S-HNI (Max) | 67 | 6,834 | ₹9,97,764 |
| B-HNI (Min) | 68 | 6,936 | ₹10,12,656 |
Company Financials (Restated Consolidated)
| 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 |
| Amount in ₹ Crore |
IPO Objects of the Issue
| # | 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 |
Key Performance Indicator (KPI)
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|
| ROE | 32.24% | 36.96% |
| ROCE | 27.13% | 27.64% |
| Debt/Equity | 0.97 | 1.23 |
| RoNW | 32.24% | 36.96% |
| PAT Margin | 7.96% | 7.66% |
| EBITDA Margin | 14.44% | 13.74% |
| NAV | 32.66 | 22.24 |
| Price to Book Value | 4.47 | 6.56 |
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|
| EPS (₹) | 10.53 | 9.89 |
| P/E (x) | 13.87 | 14.76 |
| Market Cap at Offer Price | ₹3,971Cr. | ₹4,229.20 Cr |
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|
| Promoter and Promoter Group | 100% | 89.9% |
| Public | | 10.10% |
| Total | 100% | 100% |
Offer For Sale - Selling Shareholders
| Name | Category | No. of Shares Offered | Amount (₹ cr.) |
|---|
| Arjan Suja Rabari | Promoter | 57,92,500 | 84.57 |
| Laljibhai Arjanbhai Ahir | Promoter | 57,92,500 | 84.57 |
| Total | | 1,15,85,000 | 169.14 |
IPO Details
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|
| Brokers | 5 | 0 | 0 | 0 |
| Members | 0 | 0 | 0 | 0 |
About LCC Projects
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 March 31, 2026, the company's Order Book comprises 103 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 2026 to 12 states by March 31, 2026, namely, Gujarat, Madhya Pradesh, Odisha, Rajasthan, Maharashtra, Uttar Pradesh, Karnataka, Jharkhand, Chhattisgarh, Andhra Pradesh, Himachal Pradesh, and Haryana.
As of March 31, 2026, the company had 2,093 permanent employees.
LCC Projects IPO — common questions
What is LCC Projects IPO?
LCC Projects IPO is a Mainboard issue open from 9-11 Sept. The company is raising ₹427 Cr at a price band of ₹139 to ₹146 per share. One lot is 102 shares.
When does LCC Projects IPO open and close?
The issue is open 9-11 Sept. Bids must be placed, and any UPI mandate approved, before the cut-off on the closing day.
What is the LCC Projects IPO price band?
The price band is ₹139 to ₹146 per equity share, against a face value of ₹5. Retail investors may bid at cut-off, meaning they accept the final discovered price within this band.
What is the LCC Projects IPO lot size?
The minimum application is 102 shares, and bids must be in multiples of that lot.
What is the LCC Projects IPO issue size?
The total issue size is ₹427 Cr.
How is LCC Projects IPO reserved between investor categories?
The issue is reserved as retail 35%, QIB 50%, HNI 15%. If the retail portion is oversubscribed, allotment there is decided by a lottery on lot-sized applications rather than in proportion to the amount applied for.
When is the LCC Projects IPO allotment date?
Basis of allotment is expected to be finalised on 15 Sep 2026. You can check your status on the registrar's website (Kfin Technologies Ltd.) using your PAN.
When does LCC Projects IPO list?
Listing is expected on 17 Sep 2026, following the T+3 timeline that applies to Indian IPOs.
