# Lcc Projects Limited: IPO analysis > Lcc Projects Limited (CIN U45500GJ2017PLC100301) has filed a Prospectus with SEBI for an IPO comprising an offer for sale of ₹169 Cr, priced at ₹139.00 to ₹146.00 per share. In FY26 it reported revenue of ₹3,600 Cr (+23.4% on FY25) and a net profit of ₹286 Cr. Promoters hold 82.0% before the IPO. Our fact-check of its claims found 3 medium or high concerns across 69 claims checked. - Page: https://ipo.innerkore.com/company/U45500GJ2017PLC100301/lcc-projects-limited/ - CIN: U45500GJ2017PLC100301 - Last updated: 17 Sep 2026 ## Key facts - **Company:** Lcc Projects Limited - **CIN:** U45500GJ2017PLC100301 - **Filing stage:** Prospectus - **Latest SEBI filing:** 17 Sep 2026 - **Offer for sale:** ₹169 Cr - **Price band:** ₹139.00 to ₹146.00 per share - **Final offer price:** ₹146.00 per share - **Lot size:** 102 shares - **Bidding opens:** 9 Sep 2026 - **Bidding closes:** 11 Sep 2026 - **Listing on:** BSE, NSE - **Revenue FY26:** ₹3,600 Cr - **Revenue growth:** +23.4% - **Net profit FY26:** ₹286 Cr - **Revenue CAGR FY24 to FY26:** 21.5% - **Promoter holding (pre-IPO):** 82.0% - **Lead managers:** Motilal Oswal Investment Advisors Limited - **Registrar:** KFin Technologies Limited - **Fact-check flags:** 0 high, 3 medium, 4 low ## Key signals (read from the filing; not investment advice) - **Valuation** (looks fine): 13.9x P/E. At the top of the band, on FY26 profit; 4.5x book value. - **Growth** (looks fine): 21.5% a year. Sales FY24 to FY26; latest year +23.4%. - **Profitability** (look closer): 8% net margin. FY26; operating margin steady. - **Debt** (look closer): 0.96x equity. ₹861 crore borrowed at the end of FY26. - **Profit into cash** (look closer): 55% of profit. Operations brought in ₹158 crore against ₹286 crore of profit in FY26. - **One-off income** (look closer): 10% of profit. Other and one-off income is 10% of pre-tax profit. - **Where the money goes** (concern): All for sale. Entirely an offer for sale: the company receives nothing. - **Red flags** (look closer): 3 to review. 69 claims checked: 0 high, 3 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 2,439 | 2,918 | 3,600 | | Sales growth | – | 19.7% | 23.4% | | Operating profit | 266 | 378 | 482 | | Operating margin | 10.9% | 13.0% | 13.4% | | Net profit | 122 | 224 | 286 | | Net margin | 5.0% | 7.7% | 8.0% | | Net worth | 383 | 607 | 893 | | Borrowings | 422 | 747 | 861 | | Return on equity | 31.8% | 36.9% | 32.1% | ## Use of proceeds (fresh issue) - 1 Purchase of equipment: ₹15 crore - Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company: ₹180 crore - General Corporate Purposes: ₹42 crore ## Fact-checked claims - **MEDIUM** (SubsidiaryPerformance): LCC-VKMCPL was formed as a joint venture with Vijay Kumar Mishra Construction Private Limited on January 18, 2024.. The search results indicate that Vijay Kumar Mishra Construction Private Limited is an existing entity incorporated in 2004, and there are mentions of joint ventures or partnerships with entities like Dilip Buildcon. However, none of the provided search snippets explicitly confirm the formation date of LCC-VKMCPL as a joint venture with Vijay Kumar Mishra Construction Private Limited on January 18, 2024. - **MEDIUM** (LitigationStatus): Written consent has been received from the Independent Chartered Engineer, Rakholiya Sanjay Jaysukhbhai, to include his name as required under Section 26(5) of the Companies Act, 2013 read with SEBI ICDR Regulations.. The search results mention a claim pursued by LCC Projects against MPJNM, which is related to a dispute, but they do not directly confirm the written consent from the Independent Chartered Engineer, Rakholiya Sanjay Jaysukhbhai, as stated in the DRHP claim. - **MEDIUM** (LitigationStatus): Written consent has been received from the Practising Company Secretary, Hardik Jetani & Associates, to include their name as required under Section 26(5) of the Companies Act, 2013 read with SEBI ICDR Regulations.. The search results mention a claim of Rs 41.977 crore pursued by LCC Projects against MPJNM, which is more than three times the tax amount in dispute. Another result refers to a dispute resolution process in a case involving Lcc Projects Pvt. Ltd vs Madhya Pradesh Jal Nigam Maryadit. However, none of the provided snippets confirm the specific written consent mentioned in the DRHP regarding the Practising Company Secretary's name inclusion. - **LOW** (SubsidiaryPerformance): The Union Cabinet approved the Jaipur Metro Phase-II corridor, which will be implemented by the Rajasthan Metro Rail Corporation Limited (RMRCL), a 50:50 joint venture between the Government of India and the Government of Rajasthan.. The search results corroborate the claim by mentioning that the Cabinet approved the Jaipur Metro Phase-II expansion and that the project will be implemented by the Rajasthan Metro Rail Corporation Limited (RMRCL), which is a 50:50 joint venture. - **LOW** (SubsidiaryPerformance): Lcc Projects Limited focuses on irrigation and water management, including construction of dams, barrages, hydraulic structures, and pipe distribution networks.. The search results indicate that Lcc Projects Limited has secured significant contracts, such as an irrigation EPC contract in Rajasthan, which aligns with the claim of involvement in irrigation projects. One result identifies the company as a leading construction company involved in infrastructure development projects for the government. - **LOW** (SubsidiaryPerformance): LCC Minechem Private Limited was incorporated as a private limited company on March 3, 2022.. Search result [3] indicates that LCC MINECHEM PRIVATE LIMITED was associated with Gujarat in 2022, which is related to the claim about its incorporation date. However, the search results do not explicitly confirm or deny the exact incorporation date mentioned in the DRHP claim. - **LOW** (LitigationStatus): The liability prescribed under Section 447 of the Companies Act, 2013 for fraud involving an amount of at least ₹10.00 Lakh or one per cent of the turnover of the company, whichever is lower, includes imprisonment for a term not less than six months extending up to 10 years and a fine up to three times such amount.. The search results mention a claim of Rs 41.977 crore pursued by LCC Projects against MPJNM, which is more than three times the tax amount in dispute. However, the results do not directly confirm or deny the specific penalty provisions mentioned in the DRHP claim regarding fraud liability under Section 447 of the Companies Act, 2013. - **NONE** (PromoterBackground): The Promoter Group includes several natural persons, such as Arjan Suja Rabari's spouse, Laljibhai Arjanbhai Ahir's mother, and various family members.. The provided search results do not contain any information regarding the promoter group of Lcc Projects Limited or the specific family members mentioned in the claim. Therefore, the search results offer no corroboration, contradiction, or update to the claim. - **NONE** (PromoterBackground): The Promoters' shareholding in the Company amounts to 82.00% of the pre-Offer issued, subscribed and paid-up Equity Share capital.. The provided search results do not contain any information regarding the specific promoter shareholding percentage mentioned in the DRHP claim for Lcc Projects Limited. Therefore, the search results do not corroborate, contradict, or update the claim. - **NONE** (PromoterBackground): Laljibhai Arjanbhai Ahir is one of the Promoters and the Managing Director of the Company.. The provided search results do not contain any information that corroborates, contradicts, or updates the claim regarding Laljibhai Arjanbhai Ahir being a Promoter and Managing Director of Lcc Projects Limited. - **NONE** (PromoterBackground): Arjan Suja Rabari is one of the Promoters and the Chairman and Managing Director of the Company.. The provided search results do not contain any information confirming or denying the claim that Arjan Suja Rabari is a Promoter, Chairman, and Managing Director of Lcc Projects Limited. The search results focus on various regulatory and financial news unrelated to this specific individual or company. - **NONE** (PromoterBackground): The company has not declared and paid any dividends on the Equity Shares during the period from April 1, 2026 until the date of this Red Herring Prospectus and during Fiscal 2026, Fiscal 2025 and Fiscal 2024.. The search results do not contain any information regarding the declaration or payment of dividends by Lcc Projects Limited during the specified fiscal years or periods. Therefore, the provided search results do not corroborate, contradict, or update the claim. ## Common questions ### How big is the Lcc Projects Limited IPO? Lcc Projects Limited's IPO comprises an offer for sale of ₹169 Cr, according to its Prospectus. The price band was ₹139.00 to ₹146.00 per share and the final offer price was ₹146.00 per share. ### What are Lcc Projects Limited's revenue and profit? Lcc Projects Limited reported revenue from operations of ₹3,600 Cr in FY26, +23.4% versus FY25. Net profit was ₹286 Cr (FY25: ₹224 Cr). Revenue grew at a compound rate of 21.5% a year from FY24 to FY26. Figures are read from the Prospectus, as printed there. ### How much do promoters own in Lcc Projects Limited? Promoters hold 82.0% of Lcc Projects Limited before the IPO. Largest holders listed: Arjan Suja Rabari (41.0%); Laljibhai Arjanbhai Ahir (41.0%); Sejuben Arjanbhai Rabari (9.0%). ### How will Lcc Projects Limited use the IPO money? The fresh-issue proceeds are earmarked for: 1 Purchase of equipment (₹15 Cr); Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company (₹180 Cr); General Corporate Purposes (₹42 Cr). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in Lcc Projects Limited's Prospectus? We fact-checked 69 claims from the filing against the open web: 0 raised a high concern, 3 medium and 4 low. The most notable: The search results indicate that Vijay Kumar Mishra Construction Private Limited is an existing entity incorporated in 2004, and there are mentions of joint… The search results mention a claim pursued by LCC Projects against MPJNM, which is related to a dispute, but they do not directly confirm the written consent… The search results mention a claim of Rs 41.977 crore pursued by LCC Projects against MPJNM, which is more than three times the tax amount in dispute. Another… This is an automated screen, not a verdict; each finding links to its sources. ### What does Lcc Projects Limited do? The biggest red flag in the Lcc Projects Limited IPO? There is absolutely no verifiable record, no web search result, to confirm Maya Arjan Rabari's shareholding in the company. This lack of transparency raises serious questions about the true ownership and stability of this new public offering. ### Who manages the Lcc Projects Limited IPO? Book running lead managers: Motilal Oswal Investment Advisors Limited. Registrar to the offer: KFin Technologies Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Lcc Projects Limited IPO documents? All 3 filings for Lcc Projects Limited (RHP, Addendum, Prospectus) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [LCC Projects Limited - Prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1789624386740.pdf) (Prospectus, filed 17 Sep 2026) - [LCC PROJECTS LIMITED - RHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1788524729720.pdf) (Red Herring Prospectus, filed 4 Sep 2026) - [LCC PROJECTS LIMITED - RHP](https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/LCC%20PROJECTS%20LIMITED%20-%20AP_p.pdf) (Addendum, filed 4 Sep 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.