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LCC Projects Limited IPO
₹427 Cr · Fresh Issue & OFS · Other Utilities
Price Band
₹139 – ₹146
Lot: 102 shares (₹14,892)
GMP (Grey Market)
₹75 (+51.37%)
Est. listing ₹221
Issue Size
₹427 Cr
Fresh Issue & OFS
Market Cap
₹4229.20 Cr
At upper band
P/E Ratio
14.8x
P/S: 1.2x
Listing Date
17 Sep 2026
BSE & NSE
IPO Timeline
✓
Opens
09 Sep 2026
✓
Closes
11 Sep 2026
📋
Allotment
14 Sep 2026
₹
Refund
15 Sep 2026
📈
Listing
17 Sep 2026
IPO India Hub: Subscribe
Conviction
8/10
The company trades at 0.64× sector midpoint with exceptional PAT growth of 53.2% CAGR and strong ROCE of 27.64%, indicating efficient capital deployment. Key risk is modest NPM of 7.9% and moderate leverage at 1.23× D/E, which limits margin expansion headroom.
Our Analysis — Key Points
✓ Strength
Exceptional profit growth trajectory
Net profit has grown from ₹122.0 Cr (FY-2) to ₹286.4 Cr (FY0), a 53.2% CAGR over two years, significantly outpacing revenue growth of 21.9%. This demonstrates strong operational leverage and improving cost management in the utilities sector.
✓ Strength
Attractive valuation with sector discount
At 14.8× P/E, the company trades at 0.64× the niche/unlisted sector midpoint of 23×, offering a 36% discount to peer valuations. The 17.47% GMP signals market confidence and validates the pricing for an SME listing.
✓ Strength
Strong capital efficiency metrics
ROCE of 27.64% and EBITDA margin of 13.74% indicate the company generates returns well above cost of capital. These metrics suggest disciplined capital allocation and operational competence in project execution.
⚠ Risk
Low net profit margin limits upside
NPM of 7.9% is below the 15% threshold that would justify premium valuations, and sits in the lower quartile for utilities. Margin expansion will be critical to justify growth; any compression would pressure returns significantly.
⚠ Risk
Moderate leverage and debt repayment focus
D/E of 1.23× is acceptable but leaves limited room for aggressive expansion. ₹180 Cr of the ₹194.69 Cr proceeds (92.6%) are earmarked for debt repayment, reducing capital for growth investments and equipment purchases.
⚠ Risk
High OFS component signals founder exit
OFS represents 39.6% of the total issue, indicating partial promoter dilution from 100% to 89.9% post-issue. While promoter holding remains strong, the large secondary component reduces fresh capital inflow for the business.
₹ Valuation
Valuation significantly below sector norms
At 14.8× P/E against a niche/unlisted sector midpoint of 23×, the company offers a 0.64× multiple discount. P/S of 1.2× is also conservative for a growing utilities player with 21.9% revenue CAGR.
👁 Watch
Monitor margin trajectory post-listing
Track quarterly EBITDA and net margins closely; any decline below 13% EBITDA or 7% NPM would signal operational stress and warrant reassessment of the investment thesis.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "LCC Projects Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹3600.25 Cr
Net Profit
₹286.44 Cr
Industry
Other Utilities
Issue Type
Fresh Issue & OFS
Promoters
ARJAN SUJA RABARI, LALJIBHAI ARJANBHAI AHIR AND MAYA ARJAN RABARI
Lead Managers
Motilal Oswal Investment Advisors
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 0.64× sector midpoint with exceptional PAT growth of 53.2% CAGR and strong ROCE of 27.64%, indicating efficient capital deployment. Key risk is modest NPM of 7.9% and moderate leverage at 1.23× D/E, which limits margin expansion headroom.
The current grey market premium (GMP) is ₹75, which is 51.37% above the upper band price of ₹146. This implies an estimated listing price of around ₹221. GMP is informal and unregulated — treat it as a sentiment indicator, not a guarantee.
The minimum lot size is 102 shares. At the upper band price of ₹146, the minimum investment per retail application is ₹14,892. You can apply for up to 13 lots (₹193,596) under the retail category (up to ₹2 lakh).
The IPO opens on 09 Sep 2026. It closes on 11 Sep 2026. Allotment is expected on 14 Sep 2026. Refunds initiate on 15 Sep 2026. Listing on BSE and NSE is on 17 Sep 2026.
The lead managers for the IPO are Motilal Oswal Investment Advisors. Check the SEBI filing for the registrar details.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 11 Sep 2026. The minimum investment is ₹14,892 for one lot (102 shares). The company trades at 0.64× sector midpoint with exceptional PAT growth of 53.2% CAGR and strong ROCE of 27.64%, indicating efficient capital deployment. Key risk is modest NPM of 7.9% and moderate leverage at 1.23× D/E, which limits margin expansion headroom.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 11 Sep 2026. The IPO is priced at a P/E of 14.8x. Market cap at issue price is ₹4229.20 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 102 shares at ₹146 each, costing ₹14,892 per application. The issue closes on 11 Sep 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'LCC Projects Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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