LCC Projects IPO Lists at 29.45% Premium at ₹189 on NSE

LCC Projects shares made a strong stock market debut on September 17, 2026, listing at ₹189.00 per share on the NSE, a 29.45% premium over the IPO issue price of ₹146 per share. On the BSE, the stock debuted at ₹191.90 per share, representing a 31.44% premium over the issue price.

The listing followed the company’s ₹427.14 crore IPO, which was open for subscription from September 9 to September 11, 2026. The issue witnessed strong investor interest and was subscribed 49.57 times by the end of the bidding period.

LCC Projects’ IPO comprised a fresh issue of 1.77 crore shares aggregating to ₹258.00 crore and an offer for sale of 1.16 crore shares aggregating to ₹169.14 crore, taking the total issue size to ₹427.14 crore.

Incorporated in 2017, LCC Projects Limited provides engineering, procurement and construction (EPC) services primarily for irrigation and water supply projects. Its operations include dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works and water supply schemes.

LCC Projects IPO Listing Details

LCC Projects launched its ₹427.14 crore book-built IPO, comprising a fresh issue of 1.77 crore shares worth ₹258.00 crore and an offer for sale of 1.16 crore shares worth ₹169.14 crore. The bidding window opened on September 9 and closed on September 11, 2026.

The final IPO issue price was fixed at ₹146 per equity share. The minimum lot size was 102 shares, requiring a minimum retail investment of ₹14,892 at the issue price.

The IPO received an overall subscription of 49.57 times by the end of the bidding period.

LCC Projects subsequently made its stock market debut at ₹189.00 per share on the NSE against the issue price of ₹146, resulting in a listing premium of 29.45%. On the BSE, shares opened at ₹191.90, representing a higher listing premium of 31.44%.

• Issue Price: ₹146 per share
• NSE Listing Price: ₹189.00 per share
• NSE Listing Premium: 29.45%
• BSE Listing Price: ₹191.90 per share
• BSE Listing Premium: 31.44%
• IPO Size: ₹427.14 crore
• Fresh Issue: ₹258.00 crore
• Offer for Sale: ₹169.14 crore
• Minimum Lot Size: 102 shares
• Minimum Investment: ₹14,892
• Overall Subscription: 49.57 times
• IPO Open Date: September 9, 2026
• IPO Close Date: September 11, 2026
• Allotment Date: September 15, 2026
• Listing Date: September 17, 2026
• Exchanges: BSE and NSE

First-Day Trading Performance

Listing Price: LCC Projects share price debuted at ₹189.00 per share on the NSE against the IPO issue price of ₹146, resulting in a 29.45% listing premium.

On the BSE, LCC Projects shares opened at ₹191.90 per share, representing a 31.44% premium over the IPO issue price.

Following the strong listing, the stock saw some moderation in early trade. As of 10:03 AM on September 17, 2026, LCC Projects shares were trading at ₹173.90 on the NSE, which was 19.11% above the IPO issue price of ₹146.

The positive debut followed the company’s ₹427.14 crore IPO, which received an overall subscription of 49.57 times.

The listing performance indicated that the stock entered the secondary market above the price at which shares were offered to IPO investors on both the NSE and BSE

Growth Drivers

Established EPC Capabilities: LCC Projects provides engineering, procurement and construction services across irrigation and water supply infrastructure projects.

Diversified Project Portfolio: The company undertakes dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works and water supply schemes.

Order Book: As of March 31, 2026, the company’s order book comprised 103 projects, providing visibility into its project execution pipeline.

Financial Growth: Total income increased to ₹3,639.45 crore in FY26 from ₹2,941.01 crore in FY25 and ₹2,449.79 crore in FY24.

Profitability Growth: Profit after tax increased to ₹286.44 crore in FY26 from ₹223.63 crore in FY25 and ₹122.00 crore in FY24.

Challenges

Project Execution: The EPC business is exposed to risks related to timely execution and completion of large infrastructure projects.

Borrowing Levels: Total borrowings stood at ₹860.65 crore in FY26, making debt management an important factor for the company.

Government and Infrastructure Spending: The company’s operations in irrigation and water infrastructure may be influenced by government spending, project awards and policy priorities.

Working Capital Requirements: Large EPC projects can involve significant working capital requirements during different stages of execution.

Competitive Environment: LCC Projects operates in a competitive infrastructure and EPC market where companies compete for large project contracts.

Utilisation of IPO Proceeds

LCC Projects’ IPO comprised a fresh issue of ₹258.00 crore and an offer for sale of ₹169.14 crore, aggregating to a total issue size of ₹427.14 crore.

The company intends to utilise ₹180.00 crore from the net proceeds towards prepayment or repayment, in full or in part, of certain outstanding borrowings.

Another ₹14.69 crore is intended to be utilised towards the purchase of equipment to support the company’s project execution capabilities.

The remaining net proceeds are intended to be utilised for general corporate purposes.

The public issue comprised:

• Fresh Issue: ₹258.00 crore
• Offer for Sale: ₹169.14 crore
• Total IPO Size: ₹427.14 crore

Motilal Oswal Investment Advisors Limited managed the issue, while KFin Technologies Limited acted as the registrar.

Business and IPO Overview

Incorporated in 2017, LCC Projects Limited provides engineering, procurement and construction services primarily across the irrigation and water supply infrastructure segments.

The company constructs dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works and water supply schemes.

As of March 31, 2026, its order book comprised 103 projects, including major projects such as the Sondwa Lift Micro Irrigation Project. The company had 2,093 permanent employees as of March 31, 2026.

LCC Projects recorded total income of ₹3,639.45 crore in FY26, compared with ₹2,941.01 crore in FY25 and ₹2,449.79 crore in FY24.

EBITDA reached ₹519.90 crore in FY26, while profit after tax increased to ₹286.44 crore from ₹223.63 crore in FY25 and ₹122.00 crore in FY24. As of March 31, 2026, total assets stood at ₹2,447.54 crore, net worth at ₹888.41 crore and total borrowings at ₹860.65 crore.

LCC Projects entered the public markets through a ₹427.14 crore IPO comprising a fresh issue of ₹258.00 crore and an offer for sale of ₹169.14 crore. The issue opened on September 9 and closed on September 11, 2026, with the final issue price fixed at ₹146 per share.

The IPO received an overall subscription of 49.57 times by the end of the bidding period.

LCC Projects made a positive stock market debut on September 17, 2026. Shares listed at ₹189.00 on the NSE, representing a 29.45% premium over the ₹146 issue price. On the BSE, the stock opened at ₹191.90, representing a 31.44% listing premium.