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LCC Projects Ltd

LCCPROJECT

NSE

₹134.45-1.02%19 Oct 2026

Reports

Construction Civil and Turnkey

LCC Projects Ltd

LCCPROJECT

NSE

₹134.45

-1.02%

19 Oct 2026

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Construction Civil and Turnkey

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Founded in 2004, LCC Projects is an EPC (engineering, procurement, and construction) infrastructure contractor building large-scale irrigation canals, dams, and municipal water pipelines for state governments across India through an integrated in-house engineering and heavy equipment setup. The company relies on public-sector turnkey contracts backed by proprietary equipment and in-house hydraulic modeling teams to execute water security projects across regional command areas.

At a glance


Scale	Revenue grew from ₹780.90 cr (FY22) to ₹2,438.91 cr (FY24) and ₹1,468.11 cr (H1 FY25)
Business mix	Irrigation and water supply 94.63%, mining and rail 5.37% (H1 FY25)
Market position	Leading market share in Indian water EPC, fastest-growing Gujarat corporate
Footprint	Pan-India execution across 11 states, anchored in MP and Gujarat
Customer concentration	Top 10 government clients deliver 90.82% of revenue (H1 FY25)
Revenue model	Milestone EPC, item-rate, and turnkey contracts with input escalation clauses
The offer	₹320 cr fresh issue plus 22.94M OFS shares by Promoters Arjan Rabari & Lalji Ahir

Business segments

Two operating business engines where core water EPC drives over 90% of turnover while non-water civil works provide adjacent diversification.

1. Water infrastructure: building canals, dams, and multi-village pipelines

Executing heavy hydraulic structures and municipal drinking distribution networks for government bodies generates almost 95% of company revenue.

Pipeline and command breadth - constructed over 20,000 km of underground pipelines serving more than 200,000 hectares of command area (agricultural land irrigated by a canal system) for Sardar Sarovar Narmada Nigam Limited.
Mega turnkey water schemes - delivering the ₹1,386.49 cr Sidhi Bansagar and ₹1,049.00 cr Gandhi Sagar 1 multi-village drinking projects bundled with 10-year operation and maintenance mandates.
Micro-irrigation lifting scale - executing the ₹1,395.41 cr Sondwa Lift Micro Irrigation project covering 50,000 hectares for the Narmada Valley Development Authority to pump pressurized water to farm fields.
Dam and barrage track record - built composite gravity dams including River Parbati (172.54 MCM capacity) and Madia Dam on River Bina (270.10 MCM capacity) to supply regional reservoirs.
Pipeline-dominated order pipeline - accounts for ₹6,484.90 cr or 88.26% of the total unexecuted order book, securing visible multi-year construction activity.

2. Diversified civil works: mining excavation, roads, and metro transit

Adjacent civil engineering contracts and site excavation services provide non-irrigation diversification and represent over 5% of turnover.

Long-term coal extraction contract - operates a 7-year MDO (mine developer and operator) contract at SECL's Bishrampur Amera open-cast mine covering overburden removal (clearing surface soil and rock) and coal cutting valued at ₹669.33 cr.
Urban transit execution - built four elevated metro stations for Gujarat Metro Rail Corporation Phase-I and an 11.6 km viaduct for the Surat Metro Rail Project.
Industrial infrastructure tunnel work - executed utility tunnel infrastructure for GIFT City domestic tariff area developments valued at ₹22.58 cr.
Diversified civil order backlog - accounts for ₹862.52 cr or 11.74% of the total unexecuted order book to build out non-water construction references.

In-house engineering teams backed by heavy machinery fleets

Controlling design engineering and maintaining an owned heavy equipment base lowers third-party plant hiring costs and speeds up site mobilization.

In-house technical design team - employs 496 qualified engineers deploying SCADA (supervisory control and data acquisition automation), WaterGEMS, STAAD.Pro, and GIS (geographic information systems) mapping for hydraulic and structural design.
Mechanized plant ownership - maintains an owned equipment fleet valued at ₹125.43 cr comprising heavy excavators, transit mixers, crushers, and diesel generator sets to execute heavy earthworks internally.
Concentrated pipe procurement - procures 83.63% of materials from its top 10 suppliers, led by Welspun Corp (38.42%) and ArcelorMittal Nippon Steel (22.26%) for specialized ductile iron and steel pipelines.

Turnkey EPC milestone payments tied to inflation pass-through

Structured output billing - recognizes contract revenue via the output method based on technical surveys and agreed construction milestones, aligning revenue with physical site completion.
Inflation buffer protection - embeds statutory and raw material price escalation clauses in government tenders to pass steel, cement, and fuel cost spikes directly to clients.
Contractual retention lock-in - clients hold 5% to 10% of contract value as retention money or bank guarantees across 1-to-2-year defect liability periods before releasing final payments.
Multi-year maintenance tail - bundles multi-village drinking schemes with 5-to-10-year operational maintenance mandates after commissioning to generate steady follow-on cash flows.

Capturing central river-linking and state drinking water outlays

Rising central budgetary allocations for piped rural drinking water and national dam overhauls drive long-term bidding pipelines.

Expanding national water spend - Indian irrigation capital expenditure is projected to grow at a 10.9% CAGR between FY23 and FY28, supported by the PMKSY (Pradhan Mantri Krishi Sinchayee Yojana) outlay of ₹93,068.6 cr and the Jal Jeevan Mission.
Dam rehabilitation headroom - India's national inventory covers 6,281 large dams with 3,789 aged over 25 years, creating structural refurbishment demand under the ₹10,211 cr DRIP (Dam Rehabilitation and Improvement Project) Phase II and III programs.
Direct EPC competitor set - competes against Enviro Infra Engineers, Vishnu Prakash R Punglia, and JWIL Infra for central and state government hydraulic tenders.

Ahmedabad parent operating joint ventures and non-core subsidiaries

Parent company partners in project-specific consortiums while housing non-infrastructure operating units.

Entity	Stake	What it adds
DOM'S Delicious Pvt Ltd	95.00%	Operates restaurant chains and cafes; carried negative net worth of ₹(2.42)M in FY24
LCC Engineering Pvt Ltd	60.00%	Incorporated in August 2024 for solar, hydro, and SCADA transmission networks
LCC Minechem Pvt Ltd	51.00%	Mineral processing and trading subsidiary; generated ₹6.83 cr revenue in FY24
LCC-VKMCPL JV	80.00%	Joint operation for Mahi River lift irrigation pipeline project; 20% held by VKMCPL
LCC Sai KSIPL JV	55.00%	Joint operation for river infrastructure projects; generated ₹101.55 cr revenue in FY24
Gramang Hydel Projects LLP	20.00%	Associate entity developing a 9 MW hydro electric plant in Himachal Pradesh

Debt prepayment and fleet additions fund working capital growth

Excavation equipment additions - deploying ₹14.91 cr to purchase 4 SANY SKT105S dump trucks (₹10.60 cr) and 1 SANY SY870LC-10HD hydraulic excavator (₹4.31 cr) to expand in-house mining and earthmoving fleets.
De-leveraging balance sheet - allocating ₹220.00 cr to prepay high-cost working capital and equipment facilities against ₹1,379.91 cr total borrowings to lower finance costs.
Ownership secondary sale - Promoters Arjan Rabari and Lalji Ahir are selling 22,940,000 shares through an offer for sale, with a provision for a pre-IPO placement of up to ₹64 cr.

Worth keeping in mind

Promoters Arjan Rabari and Lalji Ahir have extended uncompensated personal guarantees covering ₹1,348.58 cr of company credit lines.
The unexecuted order book metric of ₹7,347.42 cr excludes price escalations and scope alterations, differing structurally from Ind AS revenue accounting.
Fiscal 2024 reported net profit includes a one-off exceptional item expense of ₹35.52 cr.
Multiple subsidiaries, joint ventures, and associate Gramang Hydel Projects engage in overlapping business lines without formal non-compete agreements.
Operating cash flows faced significant working capital absorption of ₹(1,772.65)M in H1 FY25 and ₹(488.23)M in FY23.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹3,895Cr

Close Price

₹134.45

Industry

Construction Civil and Turnkey

Price To Earnings

13.72

Price To Sales

1.08

Revenue

₹3,600Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

—

Consolidated

Standalone

Numbers

Percentage

Quarter	Jun 2025	Mar 2026	Jun 2026
Revenue RevenueCr	946	1,165	803
Growth YoY Revenue Growth YoY%			-15.1
Expenses ExpensesCr	818	1,016	683
Operating Profit Operating ProfitCr	128	149	120
OPM OPM%	13.5	12.8	14.9
Other Income Other IncomeCr	3	20	8
Interest Expense Interest ExpenseCr	20	29	25
Depreciation DepreciationCr	8	14	11
PBT PBTCr	103	126	92
Tax TaxCr	26	30	26
PAT PATCr	78	96	66
Growth YoY PAT Growth YoY%			-15.6
NPM NPM%	8.2	8.2	8.2
EPS EPS₹	2.8	3.5	2.3

Quarter	Jun 2025	Mar 2026	Jun 2026
Revenue RevenueCr	946	1,165	803
Growth YoY Revenue Growth YoY%			-15.1
Expenses ExpensesCr	818	1,016	683
Operating Profit Operating ProfitCr	128	149	120
OPM OPM%	13.5	12.8	14.9
Other Income Other IncomeCr	3	20	8
Interest Expense Interest ExpenseCr	20	29	25
Depreciation DepreciationCr	8	14	11
PBT PBTCr	103	126	92
Tax TaxCr	26	30	26
PAT PATCr	78	96	66
Growth YoY PAT Growth YoY%			-15.6
NPM NPM%	8.2	8.2	8.2
EPS EPS₹	2.8	3.5	2.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	1,225	2,439	2,918	3,600
Growth Revenue Growth%		99.0	19.7	23.4
Expenses ExpensesCr	1,107	2,173	2,540	3,119
Operating Profit Operating ProfitCr	118	266	378	482
OPM OPM%	9.7	10.9	13.0	13.4
Other Income Other IncomeCr	9	-25	23	38
Interest Expense Interest ExpenseCr	29	50	80	96
Depreciation DepreciationCr	7	19	27	45
PBT PBTCr	92	172	294	378
Tax TaxCr	24	50	70	92
PAT PATCr	68	122	224	286
Growth PAT Growth%		78.8	83.3	28.1
NPM NPM%	5.6	5.0	7.7	8.0
EPS EPS₹	2.5	4.5	8.2	10.4

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	1,225	2,439	2,918	3,600
Growth Revenue Growth%		99.0	19.7	23.4
Expenses ExpensesCr	1,107	2,173	2,540	3,119
Operating Profit Operating ProfitCr	118	266	378	482
OPM OPM%	9.7	10.9	13.0	13.4
Other Income Other IncomeCr	9	-25	23	38
Interest Expense Interest ExpenseCr	29	50	80	96
Depreciation DepreciationCr	7	19	27	45
PBT PBTCr	92	172	294	378
Tax TaxCr	24	50	70	92
PAT PATCr	68	122	224	286
Growth PAT Growth%		78.8	83.3	28.1
NPM NPM%	5.6	5.0	7.7	8.0
EPS EPS₹	2.5	4.5	8.2	10.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	34	34	136	136
Reserves ReservesCr	227	349	469	752
Current Liabilities Current LiabilitiesCr	481	641	985	1,435
Non Current Liabilities Non Current LiabilitiesCr	61	105	136	120
Total Liabilities Total LiabilitiesCr	804	1,130	1,727	2,448
Current Assets Current AssetsCr	581	848	1,402	2,094
Non Current Assets Non Current AssetsCr	222	282	326	353
Total Assets Total AssetsCr	804	1,130	1,727	2,448

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	34	34	136	136
Reserves ReservesCr	227	349	469	752
Current Liabilities Current LiabilitiesCr	481	641	985	1,435
Non Current Liabilities Non Current LiabilitiesCr	61	105	136	120
Total Liabilities Total LiabilitiesCr	804	1,130	1,727	2,448
Current Assets Current AssetsCr	581	848	1,402	2,094
Non Current Assets Non Current AssetsCr	222	282	326	353
Total Assets Total AssetsCr	804	1,130	1,727	2,448

Consolidated

Standalone

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-49	29	24	158
Investing Cash Flow Investing Cash FlowCr	-93	-129	-195	-107
Financing Cash Flow Financing Cash FlowCr	143	83	252	18
Net Cash Flow Net Cash FlowCr	2	-17	81	69
Free Cash Flow Free Cash FlowCr	-87	-38	-51	120
CFO To PAT CFO To PAT%	-71.6	24.1	10.6	55.3
CFO To EBITDA CFO To EBITDA%	-41.2	11.0	6.3	32.9

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-49	29	24	158
Investing Cash Flow Investing Cash FlowCr	-93	-129	-195	-107
Financing Cash Flow Financing Cash FlowCr	143	83	252	18
Net Cash Flow Net Cash FlowCr	2	-17	81	69
Free Cash Flow Free Cash FlowCr	-87	-38	-51	120
CFO To PAT CFO To PAT%	-71.6	24.1	10.6	55.3
CFO To EBITDA CFO To EBITDA%	-41.2	11.0	6.3	32.9

Consolidated

Standalone

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					3,895
Price To Earnings Price To Earnings					13.7
Price To Sales Price To Sales					1.1
Price To Book Price To Book					3.4
EV To EBITDA EV To EBITDA					9.0
Profitability Ratios Profitability Ratios
GPM GPM%	13.7	14.8	17.6	17.9	17.9
OPM OPM%	9.7	10.9	13.0	13.4	13.4
NPM NPM%	5.6	5.0	7.7	8.0	8.0
ROCE ROCE%	21.9	27.6	27.6	27.1	27.1
ROE ROE%	26.1	31.9	37.0	32.2	32.2
ROA ROA%	8.5	10.8	12.9	11.7	11.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					3,895
Price To Earnings Price To Earnings					13.7
Price To Sales Price To Sales					1.1
Price To Book Price To Book					3.4
EV To EBITDA EV To EBITDA					9.0
Profitability Ratios Profitability Ratios
GPM GPM%	13.7	14.8	17.6	17.9	17.9
OPM OPM%	9.7	10.9	13.0	13.4	13.4
NPM NPM%	5.6	5.0	7.7	8.0	8.0
ROCE ROCE%	21.9	27.6	27.6	27.1	27.1
ROE ROE%	26.1	31.9	37.0	32.2	32.2
ROA ROA%	8.5	10.8	12.9	11.7	11.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	AFCONS	CEIGALL	OSEINTRUST	LCCPROJECT	GLASSWALL	TECHNOCRAF	GHVINFRA
Market CapitalizationMkt CapCr	9,015	6,860	5,831	3,895	2,110	1,978	1,915
Close PriceClose₹	245.11	393.80	100.00	134.45	239.95	499.50	238.15
IndustryIndustry	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey
Price To EarningsPE	63.01	21.34	32.47	13.72	25.80	45.66	33.45
Price To SalesPS	0.80	1.65	2.42	1.08	4.62	5.73	2.54
RevenueRevenueCr	11,249	4,154	2,406	3,600	457	345	754
Revenue Growth TTMRev Gr TTM%	-11.9%	20.3%	7.4%
PAT Growth TTMPAT Gr TTM%	-73.0%	23.6%	-70.7%

	AFCONS	CEIGALL	OSEINTRUST	LCCPROJECT	GLASSWALL	TECHNOCRAF	GHVINFRA
Market CapitalizationMkt CapCr	9,015	6,860	5,831	3,895	2,110	1,978	1,915
Close PriceClose₹	245.11	393.80	100.00	134.45	239.95	499.50	238.15
IndustryIndustry	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey
Price To EarningsPE	63.01	21.34	32.47	13.72	25.80	45.66	33.45
Price To SalesPS	0.80	1.65	2.42	1.08	4.62	5.73	2.54
RevenueRevenueCr	11,249	4,154	2,406	3,600	457	345	754
Revenue Growth TTMRev Gr TTM%	-11.9%	20.3%	7.4%
PAT Growth TTMPAT Gr TTM%	-73.0%	23.6%	-70.7%

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FY2026

Sep 26

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Sep 26

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