LCC Projects IPO Recommendation: Apply or Avoid?

By Jagat Joshi
September 9, 2026

LCC Projects is an engineering, procurement, and construction (“EPC”) firm that undertakes irrigation and water supply projects in Gujarat. So far, the company has successfully executed a wide range of irrigation and water supply projects, including dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, water supply schemes, and other EPC projects.

The IPO will be open for subscription on September 9, 2026, and close on September 11, 2026. LCC Projects is a Mainboard IPO with a price band set between ₹139 to ₹146 per share. As per the RHP, the company plans to raise around ₹427.14 crores through an Initial Public Offering (IPO).

Reviewer	Recommendation
IPOWatch	May Apply
Anand Rathi Share & Stock Brokers Ltd.	Apply
BP Equities Pvt. Ltd.	Apply
Arihant Capital Markets Ltd.	Apply
Swastika Investmart Ltd.	Apply
Ventura Securities Ltd.	Apply
Capital Market	Neutral
SMC Global	Neutral
Dilip Davda	Not Rated
Bajaj Financial Securities Ltd.	Not Rated

LCC Projects is also involved in the construction of metro rail projects, such as stations, and executing a mining development and operations (“MDO”) project. The firm has a presence across various states in India, including Madhya Pradesh, Gujarat, Odisha, Maharashtra, Chhattisgarh, Jharkhand, Uttar Pradesh, Haryana, Himachal Pradesh, Rajasthan, Andhra Pradesh, and Karnataka.

For medium-term investment, this IPO might be a good fit. Overall, investors should carefully evaluate the company’s fundamentals, strengths, risks, and growth prospects before deciding whether to invest.

Strengths:

LCC Projects is a multidisciplinary EPC company that designs, executes, supplies, and completes irrigation and water supply projects across India.
As of March 2026, the firm represents a strong order book of ₹7,953.18 crore with a diversified project portfolio.
The company has a strong risk management system and follows a project selection process to find and bid on projects that can earn it steady cash flows and profit.
The firm is backed by an experienced management team and qualified employees who have significant industry knowledge.

Weaknesses:

Inability to collect pending receivables from customers on time, or failure to pay at all, can negatively affect the business and cash flow.
Their operations are conducted on rented premises rather than premises it owns. If the rent is not renewed, is terminated, or the company cannot able to use the premises for future operations can adversely impact the company’s overall business.
LCC projects is in much higher debt compared to its listed peers. This increasing debt can lead to financial risks and impact the overall business.
In FY26, about 72.30% of the company’s revenue comes from the top 10 customers. Loss of any of these customers can badly affect the financial condition and cash flow.

Disclaimer

Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.

Jagat Joshi

Founder of IPOWatch, brings nearly 15 years of experience in IPO analysis and market research. He provides complete coverage of upcoming IPOs, subscription trends, grey market premiums (GMP), and post-listing performance, along with easy-to-understand reviews, insights, and analysis. In his working journey, he has worked with various platforms and received expertise in stock market analysis and primary markets.