{"id":14809,"date":"2026-09-08T07:10:42","date_gmt":"2026-09-08T07:10:42","guid":{"rendered":"https:\/\/www.incredmoney.com\/blog\/?p=14809"},"modified":"2026-09-09T07:17:38","modified_gmt":"2026-09-09T07:17:38","slug":"lcc-projects-ipo","status":"publish","type":"post","link":"https:\/\/www.incredmoney.com\/blog\/lcc-projects-ipo\/","title":{"rendered":"LCC Projects IPO: Wade In The Water"},"content":{"rendered":"<p><em>LCC Projects Limited is launching an IPO. The company runs an EPC business, designing, procuring materials for, and constructing irrigation and water supply infrastructure such as canals, dams, barrages, pipelines and lift irrigation systems, alongside metro rail and mining EPC works, and precast concrete manufacturing.<\/em><\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"ipo-summary\">IPO Summary<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!-2un!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F42f0361a-02ee-4121-bef1-edf41a7f8294_872x642.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-2un!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F42f0361a-02ee-4121-bef1-edf41a7f8294_872x642.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-2un!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F42f0361a-02ee-4121-bef1-edf41a7f8294_872x642.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-2un!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F42f0361a-02ee-4121-bef1-edf41a7f8294_872x642.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!-2un!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F42f0361a-02ee-4121-bef1-edf41a7f8294_872x642.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!-2un!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F42f0361a-02ee-4121-bef1-edf41a7f8294_872x642.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-2un!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F42f0361a-02ee-4121-bef1-edf41a7f8294_872x642.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-2un!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F42f0361a-02ee-4121-bef1-edf41a7f8294_872x642.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-2un!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F42f0361a-02ee-4121-bef1-edf41a7f8294_872x642.png 1456w\" alt=\"\" width=\"552\" height=\"406.4036697247706\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/42f0361a-02ee-4121-bef1-edf41a7f8294_872x642.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:642,&quot;width&quot;:872,&quot;resizeWidth&quot;:552,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"introduction\">Introduction<\/h2>\n<p>India holds about 4% of the world\u2019s fresh water and must feed 1.4 billion people on it. Agriculture uses most of that water, so irrigation efficiency decides how much food the country grows.<\/p>\n<p>LCC Projects Limited builds the canals, pipelines, and dams that the Government pays for. The Ahmedabad based company has worked in the irrigation and water supply segment for two decades.<\/p>\n<p>They\u2019re now raising money through an IPO consisting of a Fresh Issue of \u20b9258 Cr and an Offer for Sale of ~\u20b9169 Cr, from 9th to 11th Sep, 2026.<\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"the-business-model\">The Business Model<\/h2>\n<p>LCC Projects operates as an EPC contractor, generating revenue entirely by winning and executing new contracts rather than relying on recurring, steady-state fees. While their primary clients are government departments that dictate project specifications and milestone-based payment schedules.<\/p>\n<p>LCC adapts to various commercial structures; offering:<\/p>\n<ul>\n<li>Item rate<\/li>\n<li>Turnkey<\/li>\n<li>Lump sum and<\/li>\n<li>Percentage contracts based on client needs.<\/li>\n<\/ul>\n<p>Though historically anchored in large-scale irrigation and water supply infrastructure like dams and canals, the company is actively diversifying its portfolio to include heavy infrastructure such as mining, roadwork, and urban transit systems.<\/p>\n<p>This strategic expansion is reflected in their notable projects, which ranges from the<\/p>\n<ul>\n<li>Tawa Left Bank Canal and Sondwa Lift Micro Irrigation Project in Madhya Pradesh<\/li>\n<li>Paldi Station Metro Rail Project in Gujarat<\/li>\n<li>Bishrampur Mining Project in Chhattisgarh, etc<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!ljz9!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec1e75a4-be6f-4ce4-a5c8-0b99c0271a0e_978x188.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ljz9!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec1e75a4-be6f-4ce4-a5c8-0b99c0271a0e_978x188.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ljz9!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec1e75a4-be6f-4ce4-a5c8-0b99c0271a0e_978x188.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ljz9!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec1e75a4-be6f-4ce4-a5c8-0b99c0271a0e_978x188.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img fetchpriority=\"high\" decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!ljz9!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec1e75a4-be6f-4ce4-a5c8-0b99c0271a0e_978x188.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!ljz9!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec1e75a4-be6f-4ce4-a5c8-0b99c0271a0e_978x188.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ljz9!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec1e75a4-be6f-4ce4-a5c8-0b99c0271a0e_978x188.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ljz9!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec1e75a4-be6f-4ce4-a5c8-0b99c0271a0e_978x188.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!ljz9!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec1e75a4-be6f-4ce4-a5c8-0b99c0271a0e_978x188.png 1456w\" alt=\"\" width=\"978\" height=\"188\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/ec1e75a4-be6f-4ce4-a5c8-0b99c0271a0e_978x188.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:188,&quot;width&quot;:978,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<p>The company has developed a precast concrete manufacturing unit at Jaspur, Gujarat, which began production in December 2025.<\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"unit-economics-value-per-order\">Unit Economics: Value per Order<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Srbg!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff07ea396-766f-44c1-90f5-d388c0d923e0_924x792.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Srbg!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff07ea396-766f-44c1-90f5-d388c0d923e0_924x792.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Srbg!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff07ea396-766f-44c1-90f5-d388c0d923e0_924x792.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Srbg!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff07ea396-766f-44c1-90f5-d388c0d923e0_924x792.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Srbg!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff07ea396-766f-44c1-90f5-d388c0d923e0_924x792.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Srbg!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff07ea396-766f-44c1-90f5-d388c0d923e0_924x792.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Srbg!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff07ea396-766f-44c1-90f5-d388c0d923e0_924x792.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Srbg!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff07ea396-766f-44c1-90f5-d388c0d923e0_924x792.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Srbg!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff07ea396-766f-44c1-90f5-d388c0d923e0_924x792.png 1456w\" alt=\"\" width=\"598\" height=\"512.5714285714286\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/f07ea396-766f-44c1-90f5-d388c0d923e0_924x792.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:792,&quot;width&quot;:924,&quot;resizeWidth&quot;:598,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li><strong>Average Order Value has shrunk,\u00a0<\/strong>from \u20b9231 Cr in FY24 to \u20b9145 Cr in FY26.<\/li>\n<li>A<strong>dj. EBITDA per order<\/strong>\u00a0rose in FY25 before falling back in FY26 to \u20b921 Cr.<\/li>\n<li><strong>EBITDA Margin<\/strong>, though, stayed stable between FY25 to FY26.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"operating-metrics\">Operating Metrics<\/h2>\n<ul>\n<li><strong>Order Book<\/strong>: Grew from\u00a0<strong>\u20b96,269 Cr\u00a0<\/strong>in FY24 to\u00a0<strong>\u20b97,953 Cr\u00a0<\/strong>in FY26, but almost all of that growth came in FY25.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!19fJ!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1d5e2be-7cb0-4293-ab73-cbc8cd4d20b2_496x307.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!19fJ!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1d5e2be-7cb0-4293-ab73-cbc8cd4d20b2_496x307.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!19fJ!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1d5e2be-7cb0-4293-ab73-cbc8cd4d20b2_496x307.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!19fJ!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1d5e2be-7cb0-4293-ab73-cbc8cd4d20b2_496x307.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!19fJ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1d5e2be-7cb0-4293-ab73-cbc8cd4d20b2_496x307.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!19fJ!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1d5e2be-7cb0-4293-ab73-cbc8cd4d20b2_496x307.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!19fJ!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1d5e2be-7cb0-4293-ab73-cbc8cd4d20b2_496x307.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!19fJ!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1d5e2be-7cb0-4293-ab73-cbc8cd4d20b2_496x307.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!19fJ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc1d5e2be-7cb0-4293-ab73-cbc8cd4d20b2_496x307.png 1456w\" alt=\"\" width=\"496\" height=\"307\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/c1d5e2be-7cb0-4293-ab73-cbc8cd4d20b2_496x307.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:307,&quot;width&quot;:496,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<p><strong>Revenue by State:\u00a0<\/strong>Gujarat\u2019s contribution to revenue jumped from\u00a0<strong>11%<\/strong>\u00a0in FY24 to\u00a0<strong>40%<\/strong>\u00a0in FY26, while Madhya Pradesh\u2019s share fell from\u00a0<strong>66%<\/strong>\u00a0to\u00a0<strong>37%<\/strong>\u00a0over the same period.<\/p>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!19um!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ec666ef-1e6b-4ff2-973a-9a8f02ff4e39_600x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!19um!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ec666ef-1e6b-4ff2-973a-9a8f02ff4e39_600x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!19um!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ec666ef-1e6b-4ff2-973a-9a8f02ff4e39_600x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!19um!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ec666ef-1e6b-4ff2-973a-9a8f02ff4e39_600x371.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!19um!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ec666ef-1e6b-4ff2-973a-9a8f02ff4e39_600x371.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!19um!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ec666ef-1e6b-4ff2-973a-9a8f02ff4e39_600x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!19um!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ec666ef-1e6b-4ff2-973a-9a8f02ff4e39_600x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!19um!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ec666ef-1e6b-4ff2-973a-9a8f02ff4e39_600x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!19um!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6ec666ef-1e6b-4ff2-973a-9a8f02ff4e39_600x371.png 1456w\" alt=\"\" width=\"506\" height=\"312.87666666666667\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/6ec666ef-1e6b-4ff2-973a-9a8f02ff4e39_600x371.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:371,&quot;width&quot;:600,&quot;resizeWidth&quot;:506,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<p><strong>Revenue Mix by Segment:\u00a0<\/strong>The company remains overwhelmingly dependent on the irrigation and water supply sector, which consistently accounted for the vast majority of its total mix.<\/p>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!aNgx!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F07b7ff18-0725-4e1f-867b-aeacbbe6f3cb_600x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!aNgx!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F07b7ff18-0725-4e1f-867b-aeacbbe6f3cb_600x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!aNgx!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F07b7ff18-0725-4e1f-867b-aeacbbe6f3cb_600x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!aNgx!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F07b7ff18-0725-4e1f-867b-aeacbbe6f3cb_600x371.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!aNgx!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F07b7ff18-0725-4e1f-867b-aeacbbe6f3cb_600x371.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!aNgx!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F07b7ff18-0725-4e1f-867b-aeacbbe6f3cb_600x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!aNgx!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F07b7ff18-0725-4e1f-867b-aeacbbe6f3cb_600x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!aNgx!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F07b7ff18-0725-4e1f-867b-aeacbbe6f3cb_600x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!aNgx!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F07b7ff18-0725-4e1f-867b-aeacbbe6f3cb_600x371.png 1456w\" alt=\"\" width=\"480\" height=\"296.8\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/07b7ff18-0725-4e1f-867b-aeacbbe6f3cb_600x371.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:371,&quot;width&quot;:600,&quot;resizeWidth&quot;:480,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"the-financial-stuff\">The Financial Stuff<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!D9te!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3e391dc4-c956-4476-b6f3-944b010501da_1188x1092.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!D9te!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3e391dc4-c956-4476-b6f3-944b010501da_1188x1092.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!D9te!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3e391dc4-c956-4476-b6f3-944b010501da_1188x1092.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!D9te!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3e391dc4-c956-4476-b6f3-944b010501da_1188x1092.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!D9te!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3e391dc4-c956-4476-b6f3-944b010501da_1188x1092.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!D9te!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3e391dc4-c956-4476-b6f3-944b010501da_1188x1092.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!D9te!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3e391dc4-c956-4476-b6f3-944b010501da_1188x1092.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!D9te!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3e391dc4-c956-4476-b6f3-944b010501da_1188x1092.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!D9te!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3e391dc4-c956-4476-b6f3-944b010501da_1188x1092.png 1456w\" alt=\"\" width=\"560\" height=\"514.7474747474747\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/3e391dc4-c956-4476-b6f3-944b010501da_1188x1092.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1092,&quot;width&quot;:1188,&quot;resizeWidth&quot;:560,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li>Net profit margin improved from\u00a0<strong>5%<\/strong>\u00a0in FY24 to\u00a0<strong>8%<\/strong>\u00a0in FY26. The profit boost was driven by managing construction costs more efficiently as sales grew, since interest and tax expenses simply increased alongside overall earnings.<\/li>\n<li>Net Profit (PAT) saw a massive jump of roughly 83% in FY25 and continued to grow in FY26.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"lccs-peers-fy26\">LCC\u2019s Peers (FY26)<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!qXOx!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5af7079a-0df6-4de1-8442-e2b7899d54ff_1064x488.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!qXOx!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5af7079a-0df6-4de1-8442-e2b7899d54ff_1064x488.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!qXOx!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5af7079a-0df6-4de1-8442-e2b7899d54ff_1064x488.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!qXOx!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5af7079a-0df6-4de1-8442-e2b7899d54ff_1064x488.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!qXOx!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5af7079a-0df6-4de1-8442-e2b7899d54ff_1064x488.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!qXOx!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5af7079a-0df6-4de1-8442-e2b7899d54ff_1064x488.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!qXOx!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5af7079a-0df6-4de1-8442-e2b7899d54ff_1064x488.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!qXOx!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5af7079a-0df6-4de1-8442-e2b7899d54ff_1064x488.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!qXOx!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5af7079a-0df6-4de1-8442-e2b7899d54ff_1064x488.png 1456w\" alt=\"\" width=\"568\" height=\"260.5112781954887\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/5af7079a-0df6-4de1-8442-e2b7899d54ff_1064x488.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:488,&quot;width&quot;:1064,&quot;resizeWidth&quot;:568,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li>LCC Projects operates on a much larger scale, generating \u20b93,600 Cr in\u00a0<strong>revenue<\/strong>, than its peers.<\/li>\n<li>LCC Projects also carries a higher\u00a0<strong>D\/E ratio<\/strong>\u00a0than JWIL Infra, and has higher levels of debt over the past few years, with climbing Finance Costs.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"key-risks\">Key Risks<\/h2>\n<ul>\n<li><strong>Customer concentration.\u00a0<\/strong>LCC\u2019s top ten customers supplied\u00a0<strong>72%<\/strong>\u00a0of FY26 revenue. Nearly all of these customers are central or state government departments. The loss of, or a payment delay from, any one of them would hit revenue.<\/li>\n<li><strong>High Leverage:\u00a0<\/strong>LCC\u2019s total debt to equity ratio stood at\u00a0<strong>0.97x<\/strong>\u00a0as of FY26. Total debt has doubled since FY24. A large share of cash flow goes toward servicing debt rather than funding growth, and this leaves less room to absorb a rise in interest rates or a slowdown in billing.<\/li>\n<li><strong>Receivables are aging fast:\u00a0<\/strong>The trade receivables turnover ratio fell from\u00a0<strong>14.46 times<\/strong>\u00a0in FY24 to\u00a0<strong>10.20 times<\/strong>\u00a0in FY26. Trade receivables as a share of revenue nearly doubled over the same period. Cash is taking longer to come in even as revenue grows, which puts more strain on working capital and, in turn, on the borrowing that funds it.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"conclusion\">Conclusion<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\"><\/div>\n<p>LCC Projects has grown revenue and profit faster than either of its named listed peers, on the back of a large, government-heavy order book in irrigation and water supply. But the order book grew only ~1% in FY26 even as revenue grew ~23%. The bid success rate has fallen for three straight years, and both leverage and receivables have moved in the wrong direction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>LCC Projects Limited is launching an IPO. The company runs an EPC business, designing, procuring materials for, and constructing irrigation and water supply infrastructure such as canals, dams, barrages, pipelines and lift irrigation systems, alongside metro rail and mining EPC works, and precast concrete manufacturing. IPO Summary Introduction India holds about 4% of the world\u2019s [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":14810,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[59],"tags":[2],"class_list":["post-14809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>LCC Projects IPO: Review, Financials, Business &amp; Risks | InCred Money<\/title>\n<meta name=\"description\" content=\"Explore the LCC Projects IPO, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.incredmoney.com\/blog\/lcc-projects-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LCC Projects IPO: Review, Financials, Business &amp; Risks | InCred Money\" \/>\n<meta property=\"og:description\" content=\"Explore the LCC Projects IPO, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.incredmoney.com\/blog\/lcc-projects-ipo\/\" \/>\n<meta property=\"og:site_name\" content=\"InCred Money\" \/>\n<meta property=\"article:published_time\" content=\"2026-09-08T07:10:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-09-09T07:17:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/09\/3f73d21a-c84b-47fe-ad3d-12053daf38ad_1299x724-1.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1299\" \/>\n\t<meta property=\"og:image:height\" content=\"724\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"InCred Money\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"InCred Money\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/lcc-projects-ipo\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/lcc-projects-ipo\\\/\"},\"author\":{\"name\":\"InCred Money\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#\\\/schema\\\/person\\\/91d1ca8413938f5afdb8971df15afacc\"},\"headline\":\"LCC Projects IPO: Wade In The Water\",\"datePublished\":\"2026-09-08T07:10:42+00:00\",\"dateModified\":\"2026-09-09T07:17:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/lcc-projects-ipo\\\/\"},\"wordCount\":722,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/lcc-projects-ipo\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/3f73d21a-c84b-47fe-ad3d-12053daf38ad_1299x724-1.webp\",\"keywords\":[\"Blogs\"],\"articleSection\":[\"IPO\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/lcc-projects-ipo\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/lcc-projects-ipo\\\/\",\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/lcc-projects-ipo\\\/\",\"name\":\"LCC Projects IPO: Review, Financials, Business & Risks | InCred Money\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/lcc-projects-ipo\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/lcc-projects-ipo\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/3f73d21a-c84b-47fe-ad3d-12053daf38ad_1299x724-1.webp\",\"datePublished\":\"2026-09-08T07:10:42+00:00\",\"dateModified\":\"2026-09-09T07:17:38+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#\\\/schema\\\/person\\\/91d1ca8413938f5afdb8971df15afacc\"},\"description\":\"Explore the LCC Projects IPO, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/lcc-projects-ipo\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/lcc-projects-ipo\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/lcc-projects-ipo\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/3f73d21a-c84b-47fe-ad3d-12053daf38ad_1299x724-1.webp\",\"contentUrl\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/3f73d21a-c84b-47fe-ad3d-12053daf38ad_1299x724-1.webp\",\"width\":1299,\"height\":724},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/lcc-projects-ipo\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"LCC Projects IPO: Wade In The Water\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/\",\"name\":\"InCred Money\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#\\\/schema\\\/person\\\/91d1ca8413938f5afdb8971df15afacc\",\"name\":\"InCred Money\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/fa3ca621e2126aa06847bfc76570805abd5bcc3be1841b0be0f56d69de3b1d18?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/fa3ca621e2126aa06847bfc76570805abd5bcc3be1841b0be0f56d69de3b1d18?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/fa3ca621e2126aa06847bfc76570805abd5bcc3be1841b0be0f56d69de3b1d18?s=96&d=mm&r=g\",\"caption\":\"InCred Money\"},\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/author\\\/incred-money-team\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"LCC Projects IPO: Review, Financials, Business & Risks | InCred Money","description":"Explore the LCC Projects IPO, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.incredmoney.com\/blog\/lcc-projects-ipo\/","og_locale":"en_US","og_type":"article","og_title":"LCC Projects IPO: Review, Financials, Business & Risks | InCred Money","og_description":"Explore the LCC Projects IPO, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money","og_url":"https:\/\/www.incredmoney.com\/blog\/lcc-projects-ipo\/","og_site_name":"InCred Money","article_published_time":"2026-09-08T07:10:42+00:00","article_modified_time":"2026-09-09T07:17:38+00:00","og_image":[{"width":1299,"height":724,"url":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/09\/3f73d21a-c84b-47fe-ad3d-12053daf38ad_1299x724-1.webp","type":"image\/webp"}],"author":"InCred Money","twitter_card":"summary_large_image","twitter_misc":{"Written by":"InCred Money","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.incredmoney.com\/blog\/lcc-projects-ipo\/#article","isPartOf":{"@id":"https:\/\/www.incredmoney.com\/blog\/lcc-projects-ipo\/"},"author":{"name":"InCred Money","@id":"https:\/\/www.incredmoney.com\/blog\/#\/schema\/person\/91d1ca8413938f5afdb8971df15afacc"},"headline":"LCC Projects IPO: Wade In The Water","datePublished":"2026-09-08T07:10:42+00:00","dateModified":"2026-09-09T07:17:38+00:00","mainEntityOfPage":{"@id":"https:\/\/www.incredmoney.com\/blog\/lcc-projects-ipo\/"},"wordCount":722,"commentCount":0,"image":{"@id":"https:\/\/www.incredmoney.com\/blog\/lcc-projects-ipo\/#primaryimage"},"thumbnailUrl":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/09\/3f73d21a-c84b-47fe-ad3d-12053daf38ad_1299x724-1.webp","keywords":["Blogs"],"articleSection":["IPO"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.incredmoney.com\/blog\/lcc-projects-ipo\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.incredmoney.com\/blog\/lcc-projects-ipo\/","url":"https:\/\/www.incredmoney.com\/blog\/lcc-projects-ipo\/","name":"LCC Projects IPO: Review, Financials, Business & Risks | InCred Money","isPartOf":{"@id":"https:\/\/www.incredmoney.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.incredmoney.com\/blog\/lcc-projects-ipo\/#primaryimage"},"image":{"@id":"https:\/\/www.incredmoney.com\/blog\/lcc-projects-ipo\/#primaryimage"},"thumbnailUrl":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/09\/3f73d21a-c84b-47fe-ad3d-12053daf38ad_1299x724-1.webp","datePublished":"2026-09-08T07:10:42+00:00","dateModified":"2026-09-09T07:17:38+00:00","author":{"@id":"https:\/\/www.incredmoney.com\/blog\/#\/schema\/person\/91d1ca8413938f5afdb8971df15afacc"},"description":"Explore the LCC Projects IPO, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money","breadcrumb":{"@id":"https:\/\/www.incredmoney.com\/blog\/lcc-projects-ipo\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.incredmoney.com\/blog\/lcc-projects-ipo\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.incredmoney.com\/blog\/lcc-projects-ipo\/#primaryimage","url":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/09\/3f73d21a-c84b-47fe-ad3d-12053daf38ad_1299x724-1.webp","contentUrl":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/09\/3f73d21a-c84b-47fe-ad3d-12053daf38ad_1299x724-1.webp","width":1299,"height":724},{"@type":"BreadcrumbList","@id":"https:\/\/www.incredmoney.com\/blog\/lcc-projects-ipo\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.incredmoney.com\/blog\/"},{"@type":"ListItem","position":2,"name":"LCC Projects IPO: Wade In The Water"}]},{"@type":"WebSite","@id":"https:\/\/www.incredmoney.com\/blog\/#website","url":"https:\/\/www.incredmoney.com\/blog\/","name":"InCred Money","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.incredmoney.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.incredmoney.com\/blog\/#\/schema\/person\/91d1ca8413938f5afdb8971df15afacc","name":"InCred Money","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/fa3ca621e2126aa06847bfc76570805abd5bcc3be1841b0be0f56d69de3b1d18?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/fa3ca621e2126aa06847bfc76570805abd5bcc3be1841b0be0f56d69de3b1d18?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/fa3ca621e2126aa06847bfc76570805abd5bcc3be1841b0be0f56d69de3b1d18?s=96&d=mm&r=g","caption":"InCred Money"},"url":"https:\/\/www.incredmoney.com\/blog\/author\/incred-money-team\/"}]}},"_links":{"self":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts\/14809","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/comments?post=14809"}],"version-history":[{"count":1,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts\/14809\/revisions"}],"predecessor-version":[{"id":14811,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts\/14809\/revisions\/14811"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/media\/14810"}],"wp:attachment":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/media?parent=14809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/categories?post=14809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/tags?post=14809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}