Lcc Projects Limited

This section provides an overview of the industry context, primarily referencing an ICRA Report for industry understanding. It discusses the global macroeconomic outlook, noting expected growth trends and potential slowdowns due to geopolitical risks. The text also details various infrastructure initiatives globally, such as China's and the European Union's, and provides an outlook on India's macroeconomic factors, including GDP growth projections and inflation trends.

This section provides an overview of the Indian infrastructure landscape, detailing various aspects of capital expenditure, sectoral breakdowns, and government plans. It discusses the need for significant infrastructure spending to achieve India's economic goals, the focus on specific sectors like energy, transport, and irrigation, and the various initiatives being undertaken by the government to enhance infrastructure, including road development, railway modernization, and renewable energy transitions. Furthermore, the text covers the deployment of various safety technologies in the railway sector and the expansion of domestic manufacturing capabilities in the solar PV module segment.

This section discusses the investment trends in India's infrastructure sector and the various aspects of the irrigation industry. It highlights the significant budgetary allocations for infrastructure projects in the Union Budget, including investments in roads, ports, power, and renewable energy. Furthermore, it details the importance of irrigation in supporting agriculture, noting the need for efficient practices due to limited water resources and erratic monsoons. Various government initiatives, such as the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY), have been introduced to promote sustainable and modern irrigation methods.

The text details various government schemes and initiatives related to water management and irrigation in India, including the Per Drop More Crop (PDMC), Har Khet Ko Pani (HKKP), and the Accelerated Irrigation Benefit Programme (AIBP). It outlines the creation of irrigation potential, the implementation of water body repair and restoration schemes, and the focus on micro-irrigation technologies. Furthermore, the text discusses the growth in investments in the Indian irrigation sector, the deployment of funds under the Micro Irrigation Fund (MIF), and the government's budgetary allocations for infrastructure projects like roads, highways, and power.

The provided text details various aspects related to India's dam infrastructure, including state-wise operational and under-construction dams, government initiatives for dam safety, and the status of hydropower potential. It also covers the development of India's canal network for inland water transport and the recent high volume of cargo movement on National Waterways.

This section details various aspects of India's infrastructure, focusing on inland waterways, urban development, and water resource management. It discusses the role of canal-based waterways in connectivity, the challenges and developments in urban water supply and sanitation, and the regulatory framework governing water and waste management in the country. Key points cover the impact of urbanization on population, the dependence on erratic monsoons for water, and the need for adaptive strategies to manage water resources and infrastructure.

The text discusses various aspects of urban infrastructure and transport in India, including water management, metro rail development, and smart city initiatives. It covers government efforts in public awareness for water supply, the role of storm water drainage, the need for wastewater treatment advancements, and the expansion of the metro network across different cities. Furthermore, it details the financing mechanisms for metro projects, the implementation of the Smart Cities Mission, and recent approvals for new metro corridors by the Union Cabinet.

India has expertise in metro rail systems, evidenced by the Delhi Metro Rail Corporation (DMRC) implementing a system in Bangladesh and providing consultancy in Jakarta, with interest from other countries like Israel, Saudi Arabia, Kenya, and El Salvador. The government is promoting Public Private Partnership (PPP) models for infrastructure investment, including Viability Gap Funding (VGF), Hybrid Annuity-Maintenance (HAM), and skill development initiatives. Key budget announcements for the road sector include increased allocations for highways, identified projects, and initiatives like the Pradhan Mantri Gram Sadak Yojana (PMGSY-IV). The road sector is expected to show robust growth driven by urbanization, economic growth, and various government initiatives, although it faces challenges such as funding constraints, land acquisition issues, and quality control concerns. Furthermore, there is a focus on technological advancements, multimodal transportation integration, and sustainable development principles.

The text details various infrastructure projects across the tunnelling sector, including new tunnels for connectivity, metro lines, hydro projects, and water supply/sewerage works. It also provides an overview of the Indian mining sector, noting India's position as a leading mineral producer globally and the concentration of mineral production in certain states. The document discusses different tunneling techniques, challenges faced by the industry, and the growth drivers for the sector.

The text describes the import and re-export activities within India's cutting and polishing industry for various precious and semi-precious stones. It details the degree of self-sufficiency in principal minerals and metals, including data on consumption, supply, and the resulting order of self-sufficiency percentages. Furthermore, the section provides production trends for metallic and non-metallic minerals, identifying key producing states and major producers for commodities like Bauxite, Chromite, Copper Concentrate, and Iron Ore. It also outlines the regulatory framework governing the mining sector in India, detailing the roles of the Ministry of Mines and various acts that regulate leases, auctions, and exploration licenses.

This section details various Indian laws and regulatory bodies related to mineral and mining activities, including the Offshore Areas Minerals (Development & Regulation) Act, 2002, and the Mines Act, 1952, which govern safety, pollution control, and labor welfare in mining. It also outlines various rules and guidelines concerning mineral leases and environmental protection. Furthermore, the text describes government organizations like the Indian Bureau of Mines (IBM) and the National Mineral Exploration Trust (NMET), which focus on mineral resource utilization and exploration. The section also covers initiatives like the Pradhan Mantri Khanij Kshetra Kalyan Yojana (PMKKKY) aimed at welfare and sustainable livelihoods for mining communities. Finally, it introduces the concept of pre-casting as an efficient construction methodology and provides a brief profile of Lcc Projects Limited, which focuses on irrigation, water management, and infrastructure development.

The company has an unexecuted order book of INR 7953.18 crores as of March 31, 2026, which is 2.21 times its FY26 turnover of INR 3600.25 Crores. The company operates as a multidisciplinary EPC company based in Gujarat, intending to undertake infrastructure projects across 12 states in India. They possess an in-house design and engineering team to prepare detailed structural and architectural designs for government authorities. The company's business spans various sectors including irrigation, water management, waste water management, renewable energy, metro rail, and coal mining.

The company is a multidisciplinary engineering, procurement, and construction (EPC) company operating in the irrigation and water supply projects segment, primarily based in Gujarat. The company is positioned to undertake infrastructure projects across 12 states in India. Over the past two decades, they have executed numerous projects in the irrigation and water supply segment, including the construction of dams, barrages, canals, and various pipe distribution networks. Furthermore, the company has established a manufacturing unit in Jaspur, Gujarat, for precast concrete solutions. The company has a significant order book, with its top three projects being the Sondwa Lift Micro Irrigation Project, Sidhi Bansagar Multi-Village Scheme, and Gandhi Sagar 1 Multi-Village Scheme.

The company is a multidisciplinary Engineering, Procurement, and Construction (EPC) company in India specializing in irrigation and water supply projects. It is headquartered in Ahmedabad, Gujarat, with regional offices in Madhya Pradesh, Rajasthan, and Odisha. The company utilizes a disciplined bidding strategy involving comprehensive risk assessments to protect returns, and it maintains a wide range of heavy machinery and specialized equipment. The company employs various latest technologies such as SCADA, water gems, and Staad-pro for design planning and data analysis. The business has a strong track record in successfully completing numerous projects for various government departments and private sector organizations across India.

The management team is credited with driving the company's growth by understanding market trends and executing projects based on customer preferences. The company has expanded its geographical footprint across India, with ongoing projects spanning 12 states as of March 31, 2026, and plans to continue this diversification. The company recognizes the critical need for efficient irrigation practices due to water scarcity and erratic weather, which necessitates innovation in the sector. The company plans to diversify its project portfolio beyond irrigation into renewable energy, including solar and wind power projects, as well as various other EPC segments. Furthermore, the company invests heavily in technology infrastructure, including various IT systems and computer-aided design technologies, to enhance design, engineering, and project execution capabilities.

The company has undertaken various infrastructure projects across different states, including civil works, irrigation projects, and mining operations. These projects involve the construction, engineering, procurement, testing, commissioning, and operation/maintenance of various structures and systems. The projects span across different regions such as Gujarat, Odisha, Madhya Pradesh, Haryana, and Chhattisgarh. The company maintains an order book which represents the estimated contract value of unexecuted portions of existing projects, noting that this calculation does not account for escalations or changes in work scope.

The company outlines a comprehensive project cycle involving pre-qualification, tendering, planning, execution, and closure. The process includes detailed analysis of project scope, budget, timelines, and risk management, involving various teams to ensure competitive and value-reflective pricing. Key activities cover site visits, budget preparation, sub-contracting, material procurement, and the provision of guarantees and insurance. The company has established a manufacturing unit in Jaspur, Gujarat, for precast concrete solutions, commencing production in December 2025. Furthermore, the company relies on domestic suppliers for construction materials and critical inputs like fuel and pipes.

The company focuses on providing various types of training to its employees, covering civil, mechanical, electrical, electronic, and instrumentation training, as well as safety training, fabrication programs, and training on executing oil and gas projects. The company emphasizes a performance-based work culture centered on values like development and collaboration, including customer focus, process orientation, and drive for results. The company maintains a commitment to corporate social responsibility through the LCC Foundation, which conducts medical check-ups and distribution camps. The company operates under various sector-specific laws and regulations concerning building and construction, environmental protection, and water pollution.

This section details a comprehensive overview of the various laws and regulations applicable to the company's operations in India. It lists numerous acts concerning environmental protection, labour, building construction, data privacy, taxation, and intellectual property. The text emphasizes that the company must comply with a wide array of legislation, including various Labour Codes, tax laws, and intellectual property statutes.

The company's history involves a transition from a partnership to a private limited company, followed by a subsequent conversion to a public company, which included a name change. The company has undergone several changes to its registered office location over time. The Memorandum of Association has seen numerous amendments related to its objects, share capital structure, and business scope over the last ten years. The company currently has four subsidiaries, including DOM’S Delicious Private Limited, LCC Engineering Private Limited, LCC Minechem Private Limited, and LCC-Saroj (JV) Private Limited.

The section details the shareholding patterns and financial information for several entities. LCC Engineering Private Limited's shareholding is split between Lcc Projects Limited and Rajkumar Foolchand Jayswal, and its financial data is provided for Fiscal 2026, 2025, and 2024, noting that the Fiscal 2024 data is unavailable. LCC Minechem Private Limited was incorporated on March 3, 2022, and its business involves the manufacturing, trading, and supplying of minerals except cement and construction products. LCC-Saroj (JV) Private Limited was incorporated on April 17, 2025, and focuses on contracting, engineering, and agency services for water treatment plans. Furthermore, the text lists fourteen joint ventures, including various partnerships and JVs with entities like Adani Enterprises Limited and Lcc Projects Limited.

This section details various joint ventures formed by the company, including LCC-VKMCPL, MPPL-LCC, JWIL-LCC, UTIPL LCC, RVR LCC, LCC VCCL, SHC LCC JV, LCC Maruti JV, and LCC-MHPL-SCC JV. It outlines the formation agreements, principal places of business, nature of business (primarily related to government tender bidding in irrigation and infrastructure sectors), and the respective capital structures for each entity. Specific details regarding the formation dates and the financial data availability for different fiscal years are provided for each JV.

This section details the participation shares and financial information for several joint ventures and an associate. It outlines the structure of the LCC-MHPL-SCC JV and the LCC-GACCPL JV, including their respective capital contributions and financial performance data for different fiscal years. It also describes the associate, Gramang Hydel Projects LLP, including its formation details and capital structure. The text further clarifies the business relationship between the company and its various entities, stating that there are no business interests between the company and its subsidiaries, joint ventures, associate, or other entities, except in the ordinary course of business.

This section provides various definitions and abbreviations used throughout the Prospectus. It defines terms related to the company, such as the legal name, registered office, and various parties involved in the offering process. It also details terms concerning the equity shares, the nature of the issue, and the roles of different intermediaries and investors.

The document details various components of an Initial Public Offering (IPO) involving a Fresh Issue and an Offer for Sale. The total offer included a Fresh Issue of 1,76,71,232 Equity Shares and an Offer for Sale of 1,15,85,000 Equity Shares. The offer price was set at ₹146.00 per Equity Share, with a price band ranging from a minimum of ₹139.00 to a maximum of ₹146.00. The process involved a Book Building Process, and the pricing date was finalized on September 11, 2026.

This section primarily details various technical and financial terms used within the prospectus, including definitions for various equipment, processes, and financial metrics. It outlines conventions regarding the use of geographical references, financial data periods, and currency conversions. It also specifies that certain financial information is derived from restated consolidated financial statements and notes the differences between various accounting standards.

This section primarily discusses forward-looking statements, risks, and uncertainties associated with the company's operations and financial performance. It outlines various potential risks, including issues related to receivables collection, contingent liabilities, reliance on third-party leased premises, high indebtedness compared to peers, and exposure to various economic and regulatory factors. The text also provides data on trade receivables turnover ratios and the percentage of trade receivables relative to revenue from operations over the fiscal years 2024, 2025, and 2026.

The company derives a significant portion of its revenue from operations from its top ten customers, primarily state and central government departments. The business is heavily dependent on these government departments, as the majority of the order book is attributable to them. The company operates in the irrigation and water supply projects segment, and its business is also significantly dependent on contracts awarded by government departments. The company's operations are geographically concentrated in the states of Gujarat and Madhya Pradesh, which exposes it to risks from local social unrest, natural calamities, and changes in state policies. Furthermore, the company faces outstanding legal proceedings involving its company, subsidiaries, promoters, and directors.

The company's operations are subject to various legal and operational risks, including anti-bribery, anti-corruption, and sanctions laws, which could negatively impact its reputation and financial standing. The business heavily relies on successfully bidding for and acquiring projects in the irrigation and water supply segment, where competitive bidding is a key factor. Furthermore, the company faces risks related to bid success, potential cost overruns due to material price fluctuations, and dependencies on government policies, such as those related to the Jal Jeevan Mission. The company also relies on subcontractors, and the provision of bank guarantees and performance guarantees to customers exposes it to risks concerning the performance of third parties and the invocation of such guarantees.

The company faces various risks related to project execution, including delays from unforeseen engineering problems, force majeure events, or customer-related issues, which could lead to liquidated damages or contract termination. The company also faces risks in entering a new precast concrete business, including challenges in sourcing raw materials, quality control, and competition. Furthermore, the business is working capital intensive, and insufficient cash flows or financing could negatively impact the company's financial condition. The company's reliance on suppliers for construction materials also poses a risk due to the lack of long-term agreements and potential supply shortfalls.

The provided text discusses various risks related to raw material sourcing, the impact of supplier quality, and potential disruptions to the business due to external factors. It details the performance comparison against listed peers across several key performance indicators (KPIs) for Fiscal Years 2026, 2025, and 2024. Furthermore, the text covers risks associated with land acquisition, environmental clearances, and regulatory changes, which could cause project delays or disputes. The company also mentions its workforce management, noting the number of permanent employees as of March 31, 2026, and the potential for shortages in skilled employees. Finally, it outlines plans to diversify into new sectors like renewable energy and other infrastructure projects, while acknowledging the risks associated with such diversification.

The provided text discusses several risks related to the company's operations, including revenue recognition issues, competition, expansion challenges, related party transactions, equipment management, and regulatory compliance. Key risks highlighted include the reliance on unbilled revenue, competition in the irrigation and water supply segment, the difficulty of expanding into new geographic regions, and exposure to changes in technical standards. Furthermore, the company faces risks associated with environmental, health, and safety laws, delays in paying statutory dues, and potential issues with debt financing covenants and liquidity due to a high proportion of current liabilities.

The company faces significant risks related to its financial structure, including reliance on non-fund-based borrowings like bank guarantees, which pose liquidity and credit risks. There are concerns regarding unsecured borrowings repayable on demand and outstanding dues to various creditors, which could disrupt operations if payments are delayed. Furthermore, the company's growth strategies depend on securing contracts, managing skilled personnel, and navigating potential challenges in expanding into other states. The company also faces risks from interest rate fluctuations, potential issues with intellectual property protection, and dependencies on its promoters.

The provided text discusses various operational and financial risks faced by the company, including inventory management, equipment breakdowns, insurance coverage adequacy, internal controls, and potential liabilities. It details that operational failures, such as equipment issues or supply shortages, could negatively impact the business. Furthermore, the text addresses risks related to insurance claims, the potential for issues with internal controls leading to inaccurate financial reporting, and the dependency of future dividend payments on various financial factors. The company also highlights risks associated with the concentration of ownership by promoters and the potential for issues with the sale of equity shares in the public market.

The offering consists of both a Fresh Issue and an Offer for Sale, with the entire proceeds from the Offer for Sale being paid to the Selling Shareholders after deducting applicable Offer Expenses, and the company will not receive any such proceeds. The company's Directors or Key Managerial Personnel will not receive any proceeds from the Offer. Various risks are disclosed regarding the reliance on non-GAAP measures, the impact of external economic and political factors, and potential issues arising from changes in laws and regulations. Furthermore, the company is subject to various restrictions related to foreign investment and exchange controls.

This section details the structure of an offer involving a total of 2,92,56,232 Equity Shares with a face value of ₹5 each, aggregating to ₹427.14 Crore. The offer comprises a Fresh Issue of 1,76,71,232 Equity Shares and an Offer for Sale of 1,15,85,000 Equity Shares. The offer is divided into QIB, Non-Institutional, and Retail portions, with specific allocations made to different bidder categories. The offer was authorized by the Board and shareholders, and the selling shareholders have confirmed their participation in the Offer for Sale.

This section presents summary financial information derived from the Restated Consolidated Financial Information for Fiscal 2026, Fiscal 2025, and Fiscal 2024. It directs readers to refer to the 'Financial Information' on page 255 and the 'Management’s Discussion and Analysis of Financial Condition and Results of Operations' on page 333 for detailed information. The data includes statements for assets, liabilities, profit and loss, cash flows, and contingent liabilities across the three fiscal years.

This section provides various corporate and professional details for Lcc Projects Limited, including its registered and corporate office address, company registration and corporate identity numbers, and details of its Board of Directors. It also lists the Company Secretary and Compliance Officer, along with various details regarding investor grievances, book running lead managers, legal counsel, and bankers to the offer.

The section details various aspects related to the offer process, including the appointment of entities, filing procedures, and the book-building process. It specifies that no credit rating agency was appointed for grading, nor was an appraising entity appointed. CARE Ratings Limited was appointed as a monitoring agency to monitor the utilization of gross proceeds above a certain threshold. The filing of the Draft Red Herring Prospectus and the Red Herring Prospectus was done through SEBI's online portal and with the Registrar of Companies (RoC). The book-building process involved consultation with the Book Running Lead Manager (BRLM) to determine the price band and minimum bid lot, which were advertised in various newspapers. Furthermore, different investor categories were required to participate through specific processes like the ASBA process or the UPI Mechanism, with restrictions on withdrawals for certain investors.

This section details the capital structure of the company, including the authorized, issued, and paid-up share capital figures. It also outlines various historical transactions related to the issuance and transfer of equity shares by the promoters and the promoter group. Furthermore, it specifies the details regarding the minimum promoter's contribution locked-in under SEBI ICDR Regulations, which involves a portion of the promoters' shareholding.

The section details various provisions regarding the equity shares offered for promoter contribution, including restrictions on the type and price of shares acquired in the preceding year. It outlines conditions for locking in equity shares, differentiating treatment based on the type of shareholder (e.g., venture capital funds). Furthermore, it specifies rules for the transferability and pledging of equity shares held by promoters, including conditions for such transfers. The document also provides a shareholding pattern as of the prospectus date, detailing the distribution among promoters, the promoter group, and additional top 10 shareholders. Finally, it lists the average cost of acquisition for equity shares by promoters and selling shareholders over different time periods.

This section primarily addresses various restrictions and confirmations related to the company's capital structure and transactions with the offer. It clarifies that no financing arrangements were made by promoters or related parties for securities purchases during the preceding six months, nor were any buy-back arrangements entered into. The text also confirms that equity shares are fully paid-up and details regarding the dematerialization of shares held by promoters and other specified parties are mentioned. Furthermore, it outlines restrictions on the offer process, including who can participate and the limitations on future capital structure changes.

The Offer involved a Fresh Issue of 1,76,71,232 Equity Shares and an Offer for Sale of 1,15,85,000 Equity Shares. The proceeds from the Offer for Sale will be received by the Selling Shareholders, while the Company will not receive any proceeds from that portion. The Net Proceeds from the Fresh Issue are proposed for utilization in three main areas: the purchase of equipment, the prepayment or repayment of outstanding borrowings, and general corporate purposes. The utilization plan details the estimated amounts for these purposes, with specific allocations for capital expenditure and working capital loans.

This section details various borrowings from different lenders, primarily through equipment term loans, with varying principal amounts and repayment schedules. The purpose of these borrowings is consistently categorized as funds for acquiring machinery and equipment. The repayment terms and penalties differ across the various loan agreements, with some requiring a percentage of the outstanding principle for repayment.

The company has obtained a certificate from its Statutory Auditors confirming that the borrowings have been utilized for the intended purposes. The company has also secured necessary consents from its lenders for the activities related to this Offer, including changes to the capital structure and shareholding patterns. The company intends to deploy an amount of ₹41.73 Crore towards general corporate purposes, subject to not exceeding 25% of the Gross Proceeds. The utilization of funds for specific purposes will be determined by the Board based on business requirements, with flexibility to use surplus amounts.

The section details the various fees and expenses associated with the Offer, outlining how these costs are to be borne by the Company and the Promoter Selling Shareholders. It provides a breakdown of estimated offer expenses, including fees for various intermediaries, listing, printing, advertising, and auditors. Furthermore, it specifies different commission structures based on the type of bidder (Retail Individual Bidders vs. Non-institutional Bidders) and the mechanism used for procurement, including various processing and uploading charges.

The section details the Key Performance Indicators (KPIs) used by the company to determine the basis for the Offer Price, which have been approved by the Audit Committee and certified by the Chairman and Managing Director. The company confirms that these KPIs have been disclosed in accordance with SEBI ICDR Regulations. Furthermore, the management and Audit Committee have confirmed that no other KPIs have been disclosed in the three years prior to the Draft Red Herring Prospectus date. The company also commits to continue disclosing these KPIs periodically for a duration specified by the utilization of the offer proceeds.

This section details the offer for sale of equity shares and the special tax benefits available to the company and its shareholders under various Indian tax laws. It clarifies the context for the offer price determination and outlines specific tax provisions that may benefit the company, such as a lower corporate tax rate and deductions for employing new employees. The statement emphasizes that the availability of these benefits is contingent upon the company and its shareholders fulfilling prescribed conditions.

The section discusses the availability of special tax benefits for the company and its shareholders. It explicitly states that there are no special indirect tax benefits available to the company under Indirect Tax Laws. Furthermore, there are no special tax benefits available to the shareholders under the Tax Laws. The statement includes caveats noting that the information is based on management's available information and does not guarantee the continuation of these benefits or concurrence from revenue authorities or courts.

This section details the Independent Auditor's Examination Report on the Restated Consolidated Financial Information of Lcc Projects Limited, covering financial data as of March 31, 2026, 2025, and 2024. The report confirms that the financial information was prepared in accordance with Indian Accounting Standards (Ind AS) and relevant regulations. The auditors relied on prior audited financial statements and reports from other auditors for their examination.

This section provides restated consolidated financial statements for Lcc Projects Limited for the years ended March 31, 2026, 2025, and 2024, covering the Statement of Assets and Liabilities, Profit and Loss, Cash Flow, and changes in Equity. The data includes various line items such as revenue, expenses, profits, taxes, and cash movements, along with the corresponding balances for different periods. The statements detail the financial position, performance, and cash generation activities of the company.

This section details the corporate information, basis of preparation, and accounting policies for the Restated Consolidated Financial Information. It specifies the financial statements cover periods ending March 31, 2026, 2025, and 2024, and outlines the standards used for preparation. The financial statements were prepared to comply with various legal and regulatory requirements. The text also covers classifications for current and non-current assets and liabilities, key sources of estimation uncertainties, and material accounting policies regarding consolidation of subsidiaries and associates.

This section details various accounting procedures related to the consolidation of financial statements, including treatment for subsidiaries, joint operations, and intragroup transactions. It outlines specific rules for goodwill and capital reserve recognition, the measurement and depreciation of Property, Plant and Equipment, the treatment of intangible assets, investment properties, inventories, foreign currency translations, and the recognition of borrowing costs. Furthermore, it describes the principles for revenue recognition from contracts with customers, including the application of the output method and percentage-of-completion method.

This section details various accounting treatments for different types of contracts, income recognition, financial instruments, and provisions under the Restated Consolidated Financial Information. It outlines specific rules for recognizing revenue from the sale of services, sale of goods, and other income based on contractual terms and transfer of control. Furthermore, the text explains how to account for contract balances, including contract assets and liabilities, and the accounting for employee benefits such as defined benefit plans and defined contribution plans. It also covers the recognition of income tax components and the treatment of contingent liabilities and assets.

This section details the accounting policies for financial liabilities, leases, and fair value measurements, as well as various accounting pronouncements. It outlines how financial liabilities are initially recognized at fair value, how loans and borrowings are subsequently measured at amortized cost using the EIR method, and the criteria for derecognition. The text also covers specific accounting treatments for leases, including the recognition of right-of-use assets and lease liabilities, and the treatment of short-term leases. Furthermore, it describes the methodology for fair value measurement, including the fair value hierarchy, and provides updates on recent accounting pronouncements from the Ministry of Corporate Affairs (MCA).

This section details various aspects of Lcc Projects Limited's financial statements, including Capital Work-in-Progress, Investment Property details, and various financial assets and liabilities. It provides historical balances and movements for these items, including provisions for tax and credit losses. The data covers balances as of March 31, 2024, March 31, 2025, and March 31, 2026, across different categories.

This section details various components of the company's financial position, including inventories, trade receivables, cash and cash equivalents, current tax positions, equity structure, and various liabilities. It provides comparative data across fiscal years, showing trends in assets, liabilities, and equity balances. Specific notes clarify the valuation methods for inventories, the nature of trade receivables, the composition of cash balances, and the breakdown of borrowings and payables.

This section details various financial components for Lcc Projects Limited, including revenue from operations, other income, construction expenses, cost of materials consumed, purchase of stock in trade, change in inventories, employee benefits expenses, finance costs, other expenses, and trade receivable ageing schedules. The data is presented across different fiscal years, showing trends in these line items.

This section details various aspects of the company's financing arrangements, including short-term and long-term borrowings, and the structure of trade payables. It lists numerous lenders, the nature of their facilities, sanctioned amounts, and repayment terms, which vary significantly based on the type of loan and the lender. Furthermore, it outlines security provisions, such as personal guarantees and charges on assets, and provides a breakdown of trade payable ageing schedules.

This section details various financial instrument balances, including financial assets and liabilities, as of March 31, 2024, 2025, and 2026. It also outlines components of the capital structure, such as borrowings, net debt, and equity, along with risk management policies related to market, credit, and liquidity risks. The text also provides information on the impact of interest rate changes, commodity price volatility, and the impairment of financial assets.

This section primarily details various actuarial assumptions and sensitivity analyses related to the defined benefit plan, including changes in discount rates, salary growth rates, and withdrawal rates. It also outlines the maturity profile of the defined benefit obligation, showing weighted average durations for different time horizons. Furthermore, the text discusses the actuarial risks associated with the defined benefit plans, such as salary risk, investment risk, asset-liability matching risk, concentration risk, mortality risk, and interest rate risk.

This section details various financial transactions and related party dealings for Lcc Projects Limited across different periods. It includes information on investments in joint ventures, contract income, bank guarantees, trade receivables, and various related party transactions, including loans, remuneration, and expenses. Furthermore, it covers Corporate Social Responsibility (CSR) expenditures, the impact of new Labour Codes, and details regarding the issuance of bonus equity shares and the subdivision of equity shares.

This section provides details on contingent liabilities, capital commitments, and tax matters for Lcc Projects Limited across different fiscal years. It also details the movement in tax and deferred tax assets/liabilities, including various components like current income tax, deferred tax, and income tax expense. Furthermore, the data includes segment reporting for Infrastructure Development, showing revenues, expenses, and resulting profit before tax and after tax. The segment assets and liabilities are also provided for comparison across the periods.

This section details the group's structure, including various joint ventures and subsidiaries, with specified equity interests in different entities. It provides a summary of the consolidated financial information, including net assets and various adjustments, for different reporting periods. The data covers financial performance metrics and the consolidation process across multiple entities.

This section provides various regulatory disclosures and details regarding the company's financial statements and operational scope. It confirms that the company does not have certain types of borrowings and has complied with various statutory requirements related to company structure and transactions. The text also details the company's business as an EPC company in the irrigation and water supply segment, outlining its experience and ongoing projects. Furthermore, it lists details of several significant ongoing projects, including those related to lift irrigation systems and multi-village schemes.

This section details various completed and ongoing projects, including details on contract values, completion status, and the company's diverse geographical execution capabilities across India. The company has executed numerous projects involving engineering, procurement, construction, and various types of water supply and irrigation schemes. Furthermore, the text highlights the company's reliance on government and private sector contracts and discusses the factors affecting its financial condition, such as dependency on government policies and the nature of the projects undertaken.

This section details the composition of revenue from operations based on the type of client, showing a significant reliance on government departments. The revenue mix is dominated by government departments, which accounted for 89.34% of revenue in FY26, compared to 86.75% in FY25 and 86.75% in FY24. The business vertical mix shows a strong focus on irrigation and water supply projects, which constituted 87.44% of revenue in FY26, down from 93.74% in FY24. The text also discusses risks related to government policies and the execution of contracts, as well as the reliance on major customers and the supply chain for raw materials.

This section details the basis for preparing the audited consolidated financial statements, including the application of Indian Accounting Standards (Ind AS) and the treatment of various financial instruments. It specifies the functional and presentation currency as Indian Rupees (₹) and notes that amounts are rounded to the nearest Million, except for per-share data and face value of equity shares. The text also outlines the criteria for classifying assets and liabilities as current or non-current, based on the normal operating cycle of twelve months. Furthermore, it discusses key assumptions and judgments related to the estimation of various items, such as useful lives for Property, Plant and Equipment, fair value measurement of financial instruments, and the valuation of defined benefit plans.

This section details various accounting treatments and recognition principles for different financial statement line items and transactions. It covers impairment testing for assets, measurement criteria for investment properties, handling of foreign currency transactions, treatment of borrowing costs, revenue recognition for various contracts, classification of contract balances, employee benefits, income tax recognition, and segment reporting. It also outlines the recognition criteria for provisions, contingent liabilities, and financial instruments.

This section details the accounting policies for the initial recognition and subsequent measurement of financial assets and liabilities, including various classifications based on business models and contractual terms. It outlines different categories for financial assets such as those measured at amortized cost, fair value through other comprehensive income, and fair value through profit or loss. Furthermore, the text covers the de-recognition criteria for financial assets, impairment recognition using the expected credit loss model, and the initial recognition and subsequent measurement of financial liabilities, including loans and borrowings. It also provides detailed accounting treatments for leases, including right-of-use assets and lease liabilities, and fair value measurement principles for financial instruments.

This section provides a detailed breakdown of various financial line items, including employee benefits, finance costs, depreciation, and other expenses, comparing results across fiscal years 2026, 2025, and 2024. It also details the comparison between fiscal years, highlighting growth in revenue and other income, alongside changes in expenses and inventory. Furthermore, the text covers liquidity, capital requirements, and cash flow data for the specified periods.

This section details various cash flow and financial statement line items for fiscal years 2024, 2025, and 2026, including adjustments for working capital changes. It provides data on net cash from operating activities, profit before tax, investing activities, and financing activities. Furthermore, it outlines the company's indebtedness, contractual obligations, and various market risks such as interest rate, foreign currency, and commodity risks.

This section details the capitalization structure and outstanding borrowings of the company as of March 31, 2026, and outlines the terms and conditions related to credit facilities. The capitalization data shows the breakdown of borrowings and shareholders' funds, along with derived ratios. Furthermore, the text describes the aggregate outstanding borrowings as of July 31, 2026, categorized into fund-based and non-fund based borrowings. It also provides extensive details regarding the principal terms of the borrowings, including interest rates, tenor, security provisions, and various events of default.

The section states that there are no pending criminal proceedings involving the Company, Subsidiaries, Directors, Promoters, Key Managerial Personnel, or Senior Management. It also confirms no actions taken or penalties imposed by statutory or regulatory authorities against the Relevant Parties, Key Managerial Personnel, or Senior Management. Furthermore, there are no pending litigation involving Group Companies that the Board believes may have a material impact on the Company's business prospects. The document details a Materiality Policy for identifying outstanding litigation, which includes civil litigation, arbitration proceedings, and claims related to direct and indirect taxes, subject to certain monetary thresholds based on turnover, net worth, or profit/loss.

The company disclosed no outstanding litigation involving its group companies that could have a material impact on its operations. The section details various financial dues to creditors, including amounts owed to micro, small, and medium enterprises, material creditors, and other creditors. Furthermore, the company provided details on various regulatory approvals obtained, including tax registrations, professional tax, and various industry-specific registrations. The disclosure also outlines the identification of group companies and clarifies that the group companies are not involved in any litigation with the company, nor do they have business interests or transactions with the company.

The section details various authorizations related to the offer, including resolutions passed by the Board and Shareholders for the Offer, and approvals for filing the Draft Red Herring Prospectus with SEBI and the RoC. It also confirms that selling shareholders have consented to the inclusion of offered shares for the Offer for Sale. Furthermore, the text outlines in-principle listing approvals from BSE and NSE and confirms that the company and its promoters are not prohibited from accessing capital markets. The section also covers compliance with various rules, such as the Companies (Significant Beneficial Owners) Rules, 2018, and confirms that directors are not associated with the securities market.

The section details the disclaimer clauses provided by BSE Limited and the National Stock Exchange of India Limited (NSE) regarding the use of the company's name in the Draft Red Herring Prospectus. It specifies that both exchanges scrutinized the document for internal purposes and provided permissions, but explicitly stated that these permissions do not warrant or certify the correctness of the document's contents or the securities' future listing status. Furthermore, it outlines the process for obtaining permission to deal in and for an official quotation of equity shares, and the company's obligation to repay monies received if listing or trading approval is not granted.

This section details various procedural aspects related to the offer, including the track record of the Book Running Lead Manager (BRLM), mechanisms for investor grievance redressal, and various legal and regulatory compliance requirements. It outlines procedures for addressing grievances related to the offer, including different requirements for various types of bidders (e.g., Anchor Investors vs. general bidders). Furthermore, it specifies the legal framework governing the issuance and transfer of equity shares, the ranking of equity shares, and the process for paying dividends. The section also covers the requirements for the mode of payment for dividends and the determination of the offer price components.

This section details various procedural aspects related to the bid/offer process, including nomination procedures, timelines for various events, and compensation clauses for delays. It specifies that nominations registered with Collecting Depository Participants will prevail, and outlines penalties for delays in unblocking funds. Furthermore, it mandates that the company ensure all formalities for listing and trading are completed within three working days of the bid/offer closing date, subject to extensions by the Stock Exchanges. The offer is also contingent upon obtaining final listing and trading approvals from the Stock Exchanges and the final RoC approval of the Prospectus.

The offer was conducted through the Book Building Process in compliance with Regulation 31 of the SEBI ICDR Regulations. The offer structure involved a fresh issue and an offer of sale of equity shares, constituting 10.10% of the post-Offer paid-up equity share capital. Specific rules were detailed regarding the allocation of shares to different investor categories, including QIBs, Non-Institutional Investors, and Retail Individual Investors, with various reservations and proportionate allocations. The process also detailed requirements for bid submission, payment mechanisms, and the handling of under-subscription across different investor segments.

The section details various regulatory requirements and phased implementation of the UPI payment mechanism for public issues, as mandated by SEBI circulars. It outlines different phases of UPI implementation, including Phase I, II, and III, which affect the timeline for public issue closure to listing. Furthermore, it specifies requirements for investor grievance redressal, including the appointment of a nodal officer and timely unblocking of funds. The text also covers the procedures for Bidders to provide UPI IDs and the requirements for submitting bids through various intermediaries and the handling of different investor categories.

This section details various restrictions and requirements concerning who can bid in the Offer, including different categories of investors such as NRIs, FPIs, HUFs, Limited Liability Partnerships, insurance companies, and various financial institutions. It outlines specific rules regarding the use of forms, required documentation, investment limits based on FEMA and SEBI regulations, and procedures for handling multiple bids from certain investor groups. Furthermore, it specifies rules for participation by Anchor Investors and clarifies the responsibilities of bidders regarding compliance with applicable laws and investment limits.

This section details various procedural requirements and restrictions related to the bidding and allotment process, including rules for bid revisions, the format of pre-offer advertisements, and instructions for different types of investors. It outlines specific requirements for how bids must be submitted, including details on required documentation, the use of various payment mechanisms like UPI, and restrictions on bid amounts and timing. Furthermore, it specifies grounds for the rejection of bids based on non-compliance with these instructions.

This section details various restrictions and procedures related to bids, allotments, and ownership, including specific criteria for bids based on PAN verification, bid amounts, and timing. It outlines procedures for resolving pre-offer or post-offer issues, including compensation for delays in fund unblocking, and the coordination required with the BRLM regarding public issuance processes. Furthermore, it specifies rules concerning foreign investment in Indian securities, including regulations from the Industrial Policy, FEMA, and various FDI policies.

This section primarily discusses foreign exchange laws governing foreign investment in the company, noting that FDI up to 100% is permitted under the automatic route according to the FDI Policy. It outlines conditions for the transfer of shares between an Indian resident and a non-resident, which involves conditions related to the automatic route, sectoral limits, and pricing guidelines from SEBI and RBI. Furthermore, the text mentions that certain entities, such as OCBs, could not participate in an offer as per existing government policy. The latter part of the section details various provisions related to the Articles of Association, including definitions of terms, rules regarding share capital, member rights to certificates, and procedures for splitting or consolidating shares.

This section details various provisions related to the issuance, conversion, and transfer of shares and debentures, including interactions with the Government. It outlines conditions under which debentures or loans can be converted into shares upon direction by the Government, including the process for appeal. The provisions also cover the Board's authority to offer and allot shares, the conditions under which capital increases are approved, and the Board's power to issue shares for consideration of services rendered. Furthermore, the text establishes the company's lien on shares and debentures, the procedures for enforcing this lien through sale, and the rules governing the transfer of shares, including requirements for written instruments and the Board's right to refuse registration.

This section details various provisions related to the rights and liabilities of persons acquiring shares through the death or insolvency of a member, including the Board's discretion in dispensing with legal documentation. It outlines procedures for electing to register as a holder or transferring shares, and the Board's power to withhold payments if such elections are not complied with within ninety days. Furthermore, the text covers provisions for the forfeiture of shares due to non-payment of calls or installments, the process for notifying members about such forfeiture, and the subsequent rights of the former member regarding payments. The section also discusses the Board's power to dispose of forfeited shares and the liability of the former member after forfeiture.

This section details various provisions related to the capitalization of profits, powers of the Board concerning bonus declarations, the buy-back of shares, and the procedures for General Meetings. It outlines rules for how profits and assets can be capitalized and distributed, the Board's authority in making such resolutions, and the procedures for convening and conducting general meetings, including quorum requirements and voting rights. Furthermore, the text covers rules regarding the conduct of meetings, the handling of various votes, and the instruments and validity of proxies.

This section details various provisions related to the appointment, remuneration, and rights of Directors, as well as the powers of the Board of Directors. It outlines the entitlement of Directors to fees for board meetings and their travel expenses, with exceptions for full-time employees. The provisions also cover the Board's power to sanction and pay remuneration to Directors, including a percentage of net profits, and the Board's ability to pay special remuneration for expert services. Furthermore, the text discusses the Board's authority to handle various legal and financial matters, such as contracting with the company, securing contracts through mortgages, and the power to borrow money.

This section details various powers delegated to the Board, rules concerning the maintenance of registers, and procedures related to the appointment, removal, and rotation of various types of directors. It outlines stipulations regarding the delegation of powers for borrowing, investing, and making loans, as well as requirements for keeping records of mortgages and debenture holders. Furthermore, it covers provisions for the appointment of Additional Directors, the tenure of Managing Directors, the appointment of Independent Directors, and rules for the rotation and removal of directors.

The provided section details various provisions related to director disqualifications, board proceedings, and the handling of dividends and reserves. It outlines conditions under which individuals may be disqualified from holding directorial appointments, including conviction for certain offenses or failure to pay calls on company shares. Furthermore, the text covers the procedures for board meetings, including quorum requirements and the powers of continuing directors. It also specifies rules for the declaration and payment of dividends, including provisions for setting aside reserves and adjusting dividends against calls.

This section primarily details provisions related to dividend handling, accounting records, financial statements, and the rights and duties of auditors under relevant regulations. It outlines procedures for handling unclaimed dividends, the transfer of shares, the maintenance of books of accounts, and the requirements for financial statements to be laid before the company. Furthermore, it covers the responsibilities and indemnification provided to company directors and officers regarding their duties and liabilities.

This section details various aspects related to the company's regulatory framework, including provisions regarding lock-in periods under SEBI ICDR Regulations. It also outlines secrecy clauses that bind company personnel to observe strict confidentiality concerning company transactions and accounts. Furthermore, the text covers procedures for inspecting statutory registers, the authority granted to the company to conduct certain transactions, and requirements for authenticating documents. A significant portion of the section lists numerous material contracts and documents that were made available for inspection, along with various resolutions and certificates from auditors and other experts.

The provided section consists entirely of declarations from various directors affirming compliance with relevant laws and regulations. Each declaration certifies that all relevant provisions of the Companies Act, 2013 and guidelines issued by the Government of India or the Securities and Exchange Board of India have been complied with. Furthermore, the declarations assert that no statement in the Prospectus contradicts the provisions of the Companies Act, the SCRA, the SCRR, and the Securities and Exchange Board of India Act, each as amended, or the rules and regulations made thereunder. These statements are made by different directors, including the Chairman and Managing Director, Managing Director, Non-Executive Director, and Independent Directors.

The provided section primarily consists of declarations from various directors and promoters affirming compliance with relevant laws and regulations. These declarations confirm that all statements made in the Prospectus adhere to the provisions of the Companies Act, 2013, the SCRA, the SCRR, and the Securities and Exchange Board of India Act, 1992, as amended. Several individuals, including a Director, the Chief Financial Officer, and two Promoter Selling Shareholders, have certified the truth and correctness of the disclosures made in the document.

This section summarizes various related party transactions for Fiscal 2026, Fiscal 2025, and Fiscal 2024, detailing loans, remuneration, and various financial dealings. Key disclosures include loans received from key managerial personnel, interest expenses, director's sitting fees, and various payments and deposits involving related parties. The data is presented across different fiscal years, showing percentage breakdowns of long-term borrowings and other financial metrics.

The company's Board of Directors comprises six members, consisting of two Executive Directors and four Non-Executive Directors, with two women directors on the board. The Board structure is governed by Articles of Association requiring a minimum of three and a maximum of fifteen Directors. Key personnel include the Chairman and Managing Director, Arjan Suja Rabari, and the Managing Director, Laljibhai Arjanbhai Ahir, who are responsible for the overall management of the Company. Several Independent Directors are also listed, alongside a Non-Executive Director, Maya Arjan Rabari.

The company outlines various provisions regarding director interests, borrowing powers, and corporate governance compliance. It specifies that certain directors do not have interests in the company's property transactions or loans. The Board has been authorized to borrow funds up to a certain aggregate amount, subject to limits. The company is committed to complying with corporate governance requirements set by the Companies Act, 2013, and SEBI Listing Regulations. Several Board-level committees, including the Audit Committee and Nomination and Remuneration Committee (NRC), have been constituted to oversee various aspects of the company's operations and reporting.

The provided text details various procedural aspects related to employee stock option schemes, corporate actions, and compliance with securities laws. It also outlines the composition and terms of reference for several key Board committees, including the Corporate Social Responsibility (CSR) Committee, the Stakeholders Relationship Committee (SRC), and the Risk Management Committee (RMC). These committees have defined responsibilities concerning CSR policy formulation, shareholder grievance redressal, and risk management frameworks.

This section details the profiles of the Key Managerial Personnel and Senior Management of the company. It introduces Gayatri Desai as the Company Secretary and Compliance Officer, and Artiba Narpatsinh Jadeja as the Chief Financial Officer. It then lists several other senior management personnel, including a Vice President, a Vice President – Technical, a Senior General Manager – Projects, a Chief Operating Officer – Civil, and various Regional Managers. The text also clarifies that all Key Managerial Personnel and Senior Management members are permanent employees, and details regarding their retirement, relationships with directors, arrangements with third parties, and shareholding are disclosed elsewhere.

The company's promoters include Arjan Suja Rabari, Laljibhai Arjanbhai Ahir, and Maya Arjan Rabari, holding 41.00% each in the company, with Maya Arjan Rabari's holding being negligible. Arjan Suja Rabari is the Chairman and Managing Director, and Laljibhai Arjanbhai Ahir is the Managing Director. The document details that the promoters have not been involved in other ventures and have not recently dissociated from any companies. Furthermore, the document outlines various relationships within the promoter group and lists numerous entities that form part of the promoter group.