Giriraj Civil Developers Ltd. Share Price

Karamtara Engineering

• Karamtara Engineering is coming out with a 100% book building; initial public offering (IPO) of 3,63,07,052 shares of face value Rs 10 each in a price band Rs 241-254 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on September 09, 2026 and will close on September 11, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 24.10 times of its face value on the lower side and 25.40 times on the higher side.
• Book running lead managers to the issue are JM Financia, ICICI Securities and IIFL Capital Services.
• Compliance officer for the issue is Manoj Kumar Srivastava. 

Profile of the company

Karamtara Engineering is a backward integrated manufacturer of products for renewable energy and transmission lines sectors. It is the largest integrated manufacturer in terms of installed capacity in India for solar mounting structures and tracker components in Fiscal 2026. Its aggregate installed capacity was 889,200 MTPA (including 492,000 MTPA for solar products equivalent to approximately 16.81 GW) and 480,000 pieces as of March 31, 2026 (excluding its galvanizing capacity). It offers a diverse product portfolio which enables it to serve as a one-stop shop for solar structures (fixed-tilt and trackers). It offers structures and fasteners in the solar energy and transmission sectors, and overhead transmission line (OHTL) hardware fittings and accessories. It was one of the largest exporters of solar products from India to North America in Fiscal 2025. It has also forayed into the wind energy sector by commencing production of angular towers for wind turbines and tubular towers for wind turbines in March 2025 and June 2025, respectively. Further, it intends to enter into the business of battery energy storage systems (BESS) through its wholly owned subsidiary (being Karamtara Green Energy Limited (KGEL)) that was incorporated in May 2025. In addition, it intends to set up manufacturing facilities for prefabricated engineered building (PEB) structures.

The company has a wide geographical footprint with a global delivery model, with exports to over 50 countries cumulatively as of March 31, 2026, across North America, Europe, Asia, Africa, Australia and Latin America. It has built a strong customer base of international customers, including original equipment manufacturers (OEMs) and engineering, procurement and construction (EPC) companies and independent power producers (IPPs). The company serves 16 of the top 24 EPC companies in the United States (in terms of installed capacity totalling to approximately 233 GW) as of March 31, 2026. Its revenue from exports grew at a CAGR of 11.89% from Rs 13,958.32 million in Fiscal 2024 to Rs 17,474.92 million in Fiscal 2026, representing 57.56% and 40.52% of its total revenue from operations during the corresponding years, respectively. The company is recognized as a Four Star Export House by the Directorate General of Foreign Trade, Ministry of Commerce & Industry, Government of India, establishing its contribution to foreign trade.

The company places key focus on its backward integration capabilities. The company is one of the few product manufacturers to operate in-house galvanizing facilities, which is also the largest installed capacity in the solar energy sector in India with a capacity of 276,800 MTPA as of March 31, 2026. It also has two in-house rolling mill furnaces to manufacture various grades of structural steel for a wide range of products, including angles, channels and beams used across the solar energy and transmission industries. These in-house facilities provide it with significant competitive advantages in its manufacturing processes, including supply chain advantages, time efficiency and cost benefits. The company’s manufacturing facilities have received various quality certifications and accreditations, including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, EN 1090-1:2009+A1:2011, ISO 27001:2022, EN15048 – 1: 2016 and EN 14399-1:2015.

Proceed is being used for: 

• Funding prepayment, repayment and/ or payment obligations to its lenders towards borrowings and Acceptances, in part or full
• General corporate purposes

Industry overview

India’s installed electricity generation capacity has expanded dramatically since independence, not just in scale, but in the composition of sources. Growth in demand has been answered not only by thermal power (coal, gas, lignite) but increasingly through renewables, particularly solar and wind. As of March 31, 2026, renewable and non-fossil fuel sources have crossed 53% of installed capacity, ahead of the Fiscal 2030 target. India is transitioning from coal-based power to renewable energy, with a projected total power generation capacity of 868 GW by Fiscal 2031E and surpassing renewable energy target of 500 GW by CY2030E, including 282 GW from solar power. Simultaneously, the country is strengthening and expanding its power transmission infrastructure to accommodate rising electricity demand and the increasing penetration of renewable energy into the grid. As India advances toward its target of 500 GW of nonfossil fuel power capacity by 2030, significant investments are being made in grid modernization, transmission corridors, and interstate transmission networks to facilitate the integration of renewable power. Consequently, demand for transmission infrastructure and related equipment is expected to witness sustained growth.

India possesses immense solar energy potential, with approximately 5,000 trillion kWh of solar energy received annually, translating to 4-7 kWh per square meter per day. This abundant resource positions the country as a key player in harnessing solar energy for sustainable development. According to the National Institute of Solar Energy, India's theoretical potential for solar power generation stands at approximately 749 GWp, based on the assumption that 3.0% of the nation's wasteland can be utilized for installing Solar PV modules. As of April 1, 2026, India has tapped into around 21% of this potential, with a total installed solar capacity reaching 157 GW. This significant progress reflects India's commitment to renewable energy expansion, supported by favourable government policies and large-scale projects.

Meanwhile, India boasts a robust domestic wind power industry that has consistently driven sector expansion over the past two decades. This growth has fostered a strong ecosystem of developers, EPC contractors, component suppliers, and turbine manufacturers, while also strengthening project execution and operational capabilities. As of Fiscal 2026, India has an annual wind turbine manufacturing capacity of approximately 18,000 MW (18 GW), supported by a well-established domestic supply chain for blades, towers generators, gearboxes, and other key components. As a testament to this success, India continues to rank as the fourth-largest wind power market globally in terms of cumulative installed wind energy capacity, with over 56 GW of installed wind power capacity as of Fiscal 2026.

Pros and strengths 

Market leadership and strong product portfolio: The company is the largest integrated manufacturer in terms of installed capacity in India for solar mounting structures and tracker components in Fiscal 2026. Its product offerings include a comprehensive range of products, including Solar MMS, solar tracker piles and piers, solar torque tubes, lattice towers for transmission lines, angular towers, tubular towers for wind turbines and fasteners for solar, transmission lines, wind power projects applications and industrial fasteners, together with OHTL hardware fittings and accessories. Its operations are equipped with enhanced backward integration capabilities that offer it several competitive advantages.

Diversified product portfolio across renewable energy: The company is a one-stop shop equipped to design, manufacture and supply various solar structures (fixed-tilt and trackers). It has established a diverse product portfolio, including products in the solar energy sector (such as module mounting structures, tracker piles and piers and torque tubes) and the transmission sector (such as lattice towers for transmission lines). It also produces fasteners (such as bolts, nuts, studs and washers) and OHTL hardware fittings and accessories (such as insulator string fittings, jumper tubes, suspension clamps and vibration dampers). Further, its foray into the production of angular towers for wind turbines and tubular towers for wind turbines led it to venture into the wind energy sector, which will enable it to strengthen its market position in the renewable energy sector.

Expanding global footprint through export growth: The company’s capabilities have enabled it to serve various customers in the international markets and it supplied its products to over 50 countries as of March 31, 2026 across North America, Europe, Asia, Africa, Australia and Latin America. It was one of the largest exporters of solar products from India to North America in Fiscal 2025. Its in-house rolling mill furnace and large galvanizing facilities enhance its capability to convert raw material into finished goods at a fast pace ensuring high quality. These capabilities together with efficient logistics arrangement allow it to supply its products based on customer demands and in a timely manner across the world. Its revenue from exports grew at a CAGR of 11.89% between Fiscals 2024 and 2026 from Rs 13,958.32 million in Fiscal 2024 to Rs 17,474.92 million in Fiscal 2026. Further, it served 42 international customers as of March 31, 2026.

Established relationships with global solar customers: The company has established strong relationships with global customers, primarily comprising OEMs, EPCs and IPPs. Its customers include certain solar energy solutions companies globally. It is an approved supplier and critical partner to many of the leading solar energy companies in the world as of March 31, 2026. The total number of customers it served for solar energy products was 48 in Fiscal 2024, 73 in Fiscal 2025 and 65 in Fiscal 2026. In addition, its average revenue per customer from its solar energy products have increased from Rs 413.05 million in Fiscal 2024 to Rs 524.02 million in Fiscal 2026.

Risks and concerns

High exposure to Maharashtra-based operations: The company is significantly dependent on its manufacturing facilities. Any unscheduled, unplanned or prolonged disruption, slowdown or shutdown of its manufacturing facilities could have a material adverse effect on its business, financial condition, cash flows and results of operations. Further, the majority of its manufacturing facilities are located in Maharashtra in India. The company’s revenue attributable to its facilities in Maharashtra, India accounted for 90.84%, 98.61% and 99.18% of its total revenue from operations in Fiscals 2026, 2025 and 2024, respectively, which exposes its operations to potential risks arising from local and regional factors which may restrict its operations and adversely affect its business, financial condition, cash flows and results of operations.

High dependence on the solar energy industry: The company has derived a substantial portion of its revenue from the sale of products in the solar industry (78.99%, 81.40% and 81.75% of its total revenue from operations in Fiscals 2026, 2025 and 2024, respectively), and any adverse trend in the solar energy industry could have a material adverse effect on its business, financial condition, cash flows and results of operations.

Significant dependence on major customers: The company depends on certain key customers for a significant portion of its revenues (its top 10 customers contributed to 48.63%, 40.40% and 63.47% of its total revenue from operations in Fiscals 2026, 2025 and 2024, respectively). Any decrease in revenues from any of its key customers or any loss of these customers may adversely affect its business, financial condition, cash flows and results of operations.

High dependence on export markets: The company derives a significant portion of its revenue from operations from exports (40.52%, 51.31% and 57.56% of its total revenue from operations in Fiscals 2026, 2025 and 2024, respectively) which exposes it to risks inherent to operations in these foreign jurisdictions. Any adverse developments in the international markets that it operates or intend to expand to, including but not limited to foreign currency exchange rate fluctuations, could have an adverse effect on its business, financial condition, cash flows and results of operations.

Outlook

Karamtara Engineering is engaged in the business of manufacturing Products for renewable energy and transmission lines. The company offers a diverse product portfolio, serving as a one-stop shop for solar structures (fixed-tilt and trackers), fasteners for solar energy and transmission sectors, and overhead transmission line hardware fittings. It is largest integrated manufacturer in India for solar mounting structures and tracker components. It has diverse product offerings acting as a one-stop shop for solar structures (fixed-tilt and trackers). On the concern side, the company has significant dependence on major customers, making its revenues vulnerable to the loss or reduction in orders from key clients. Its high exposure to the solar energy industry means any slowdown in solar demand, project delays or changes in government policies could impact business performance. The company also has a high concentration of manufacturing operations in Maharashtra. Any disruption due to local events, regulatory issues, supply constraints or other operational factors in the region could affect production and revenues.

The issue has been offering 3,63,07,052 shares in a price band of Rs 241-254 per equity share. The aggregate size of the offer is around Rs 875.00 crore to Rs 922.20 crore based on lower and upper price band respectively. Minimum application is to be made for 59 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 36.52% from Rs 31,584.45 million in Fiscal 2025 to Rs 43,119.76 million in Fiscal 2026. Moreover, the company’s profit after tax increased by 64.18% from Rs 1,393.32 million in Fiscal 2025 to Rs 2,287.54 million in Fiscal 2026.

Meanwhile, the company intends to undertake capacity expansion to enhance its existing production capabilities. For instance, it is in the process of setting up a new structural steel profile manufacturing facility in Taluka Bhachau, Kutch, Gujarat by Fiscal 2027, in addition to its existing structural steel profile manufacturing capacity at Unit Profiles, located at Palghar, Maharashtra (which it utilizes for its captive consumption). The company’s expansion activities, once successfully completed and operational, will enable it to expand its footprint in the solar energy and transmission line sector in India and internationally, cater to increased customer demand, serve an increased number of customers at a given time and otherwise reduce its exposure to risks related to insufficient capacities. An expanded capacity base will also enable it to cater to a larger customer base and reduce its dependency on a limited number of customers. In addition to higher economies of scale, these expansion strategies upon completion will enable it in enhancing its overall operating efficiency and cost optimization.

Desco Infratech has informed that the Company has published newspaper advertisements on 8th September, 2026, containing information relating to the convening of the 15th Annual General Meeting of the Company, Remote e-voting facility being provided to members, and Other related instructions including book closure details. The advertisement has been published in the newspapers, both of which also have electronic editions: The Financial Express (English) and The Financial Express (Gujarati). These advertisements have been published in accordance with the provisions of Section 108 of the Companies Act, 2013, read with Rule 20 of the Companies (Management and Administration) Rules, 2014 (as amended), and Regulation 44 of the SEBI (LODR) Regulations, 2015. The same has also been made available on the Company's website at www.descoinfra.co.in.

The above information is a part of company’s filings submitted to BSE.

Infrax Renewable 

• Infrax Renewable is coming out with an initial public offering (IPO) of 39,31,200 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 104 per equity share.
• The issue will open on September 09, 2026 and will close on September 11, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 10.40 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Smart Horizon Capital Advisors.
• Compliance Officer for the issue is Shreya Siddhartha Mehta.

Profile of the company

Infrax Renewable is an ISO 9001:2015 certified. It is engaged in providing solar Engineering, Procurement and Construction (EPC) services, including solar power solutions for Rooftop and Ground Mount solar projects. Its EPC services encompass project design, engineering, procurement, installation, testing, commissioning and comprehensive operation & maintenance services, enabling it to manage all aspects of project execution from site assessment to final commissioning. Installation is undertaken majorly by its dealers or by third parties hired by the company, as the case may be. It is engaged in the supply and distribution of a wide range of solar products, including Solar PV (Photovoltaic) modules, Solar PV inverters and related solar products. It is also engaged in Independent Power Producer (IPP) activities through execution of Power Purchase Agreements (PPAs) with Paschim Gujarat Vij Company (PGVCL) by establishing its own solar power plant situated at Bhadla (Jasdan) Gujarat for generation and sale of electricity to PGVCL. 

The company supplies its services and products through a diversified sales and distribution network comprising authorised dealers across various regions, enabling wider market reach and efficient customer servicing. Further, the company has been empaneled as a national vendor for implementation of solar power projects under government-sponsored schemes including the PM Surya Ghar: Muft Bijli Yojana Rooftop Solar Programme. It procures the raw materials required for providing the aforesaid services from domestic suppliers located across Gujarat, Madhya Pradesh, Rajasthan, Telangana, Maharashtra and Uttar Pradesh based on project specifications, technical requirements and commercial considerations. As of March 31, 2026, it operated 3 warehouses situated at Rajkot, Ahmedabad and Kanpur, where raw materials are stored for execution of its services. Further, it has a presence across 4 states in India namely Gujarat, Maharashtra, Madhya Pradesh and Uttar Pradesh through its branch offices. 

Currently, the components/products required for execution of its projects are procured from third-party vendors and suppliers. Going forward, the company intends to establish in-house manufacturing facility for (A) solar panel recycling and silver extraction production line, (B) manufacturing of structures for solar roofing and mounting applications, and (C) solar frame production line. The proposed facilities are expected to provide the benefits of backward integration, reduce dependency on third-party vendors, improve operational efficiencies and strengthen the overall profitability of the company.

Proceed is being used for:

• Funding of capital expenditure of the company towards purchase of machineries and equipments for proposed manufacturing facility.
• Funding working capital requirements of the company.
• General corporate purposes.

Industry Overview

India’s energy demand is projected to rise more than any other country in the coming decades, driven by its large population and growth potential. To meet this surge sustainably, most of the additional demand must come from low carbon, sources. India’s commitment to net zero emissions by 2070 and 50% renewable electricity by 2030 marks a major global climate milestone. As of May 2026, India’s installed renewable energy capacity, including large hydro projects, stood at 282.75 GW, underscoring the country’s continued progress in expanding its clean energy portfolio. India ranked 3rd globally in renewable energy installed capacity, reaching 250.52 GW as of December 2025. China leads with 2,258.02 GW, followed by the United States at 467.92 GW, while India remains ahead of countries such as Brazil (228.20 GW) and Germany (199.92 GW). India is the market with the fastest growth in renewable electricity, and by 2026, new capacity additions are expected to double. India has officially surpassed Japan to become the world's third-largest solar energy producer. India generated 1,08,494 GWh of solar power, exceeding Japan's 96,459 GWh.

India has set ambitious climate and energy goals, including reducing the carbon intensity of its economy by 45% by 2030, achieving 50% of cumulative installed power capacity from renewables by 2030, and reaching net-zero emissions by 2070. Low-carbon technologies alone could create a market worth up to $80 billion in the country by 2030. Green hydrogen is expected to play a pivotal role in this transition. India targets production of five million tonnes of green hydrogen annually by 2030, supported by an electrolyser manufacturing capacity projected to reach 8 GW per year by 2025. To meet this goal, at least 50 GW of electrolysers will be required, and the cumulative value of the green hydrogen market could reach $8 billion by 2030. 

The transformation of India’s power sector is being accelerated by rising population, rural electrification, and growing energy needs. Clean energy adoption is enabling villages to become self-sustainable, reducing pollution and dependence on fossil fuels. With advances in battery storage, solar costs could reduce by as much as 66% from current levels. Replacing coal with renewables could also save the country Rs 54,000 crore ($8.43 billion) annually. Renewable energy’s share in power generation is projected to rise from 18% in 2022 to 44% by 2030, while thermal power is expected to fall from 78% to 52%. By then, India’s total power demand is estimated to reach 817 GW, underlining the scale of opportunity for the renewable energy sector.

Pros and strengths

Strong relationship with customers: The company generates its revenue primarily from domestic operations. Through its network of dealers and third-party partners, as applicable, it has developed a client base that provides recurring business for their ongoing requirements. Its strong relationship with its customers has been one of the most significant factors contributing to its growth. Its commitments to timely delivery and quality have been a contributing factor to its robust customer relations. Even though it does not have any long-term supply agreements with them, it has continually received repeat business from many of its customers. This indicates their level of confidence in its ability to deliver its products. This has helped it to maintain a long-term working relationship with its customers and improve its customer retention strategy. Its existing relationship with its clients represents a competitive advantage in gaining new clients and increasing its business. Further, because of the trust of its customers, it has been able to attain orders from a diverse range of client base.

Wide range of products: Along with turnkey solutions for various renewable projects, it is engaged in the supply and distribution of a wide range of solar products, including Solar PV (Photovoltaic) modules, Solar PV inverters and related solar products. Maintaining a diversified portfolio of solar products enables it to cater to the evolving energy requirements of a broad customer base across different segments. Its revenue streams are driven by the sale and supply of solar products across various regions. Over the years, it has focused on strengthening its distribution and service network, recognizing its importance in enhancing market reach and customer satisfaction. This strategic approach has contributed to the steady growth of its business and customer base.

Financial stability through the IPP Model: The company has developed a solar power plant under the Power Purchase Agreement (PPA) through IPP model, which establishes a steady and reliable revenue stream over an extended period. By selling electricity directly to government, the company generates consistent cash flow, allowing it to maintain financial stability. This approach provides a dependable source of income and lays the groundwork for the company to invest in further growth and expansion efforts.

Risks and concerns

Significant business reliance on government policies and incentives: Its business is significantly dependent on the continued support of various central and state government policies, schemes, subsidies, incentives and regulatory frameworks promoting the adoption of solar power solutions. Demand for its products and services, particularly in the rooftop solar and ground-mounted solar segments, is influenced by the availability and continuity of such support mechanisms. Any reduction, withdrawal, delay, suspension or unfavourable modification of government policies, subsidies, incentives, net-metering regulations, approval processes or other regulatory frameworks, whether due to regulatory changes, political developments or budgetary constraints, may adversely affect the commercial viability and attractiveness of solar projects for customers. Further, changes in policies relating to grid connectivity, power evacuation, environmental clearances or project approvals may result in delays in project execution, increased compliance costs, lower project profitability or reduced customer demand. Any adverse regulatory developments or uncertainty regarding the continuation of government support mechanisms may negatively impact investment decisions by customers and the overall growth of the solar energy market.

Dependence on dealers for significant portion of revenue: Its dealers play an important role in its business development by identifying and generating leads, acquiring customers, and creating market opportunities through their industry experience, local market knowledge, business networks, customer relationships, and established presence within their respective territories. Their connections and credibility in the market helps it to expand its customer base and secure new business opportunities. Its business model focuses on establishing a dealership network across various states, thereby ensuring high visibility and easy accessibility for customers. It focuses on deepening its presence in the regions it operates in before venturing into new markets which has led it to establish presence. Its dealership model enables it to establish a network of dealers who are residents of the regions in which it operates and are therefore able to effectively penetrate the markets through their understanding of local market dynamics, familiarity with the area and relationships with target customers.

Geographic concentration of revenue in Gujarat: Currently it is supplying services and selling solar products in various states of India includes Gujarat, Uttar Pradesh, Madhya Pradesh, Maharashtra, Rajasthan and Telangana. It derives a significant portion of its revenues from the state of Gujarat, that accounted for 97.41%, 100%, and 100% of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Such geographical concentration of its business in these regions heightens its exposure to adverse developments related to competition, as well as economic and demographic changes in these regions which may adversely affect its business prospects, financial conditions and results of operations.

Outlook

Infrax Renewable is engaged in providing solar Engineering, Procurement and Construction (EPC) services, including solar power solutions for Rooftop and Ground Mount solar projects. It focuses on building sustained and long-term relationship with its suppliers. Its long-term relationships with suppliers will enable it to continue to grow its business. A key aspect of its supply chain strength also lies in its ability to manage the complexities of logistics effectively. On the concern side, it is exposed to risks associated with fluctuations in the prices and availability of solar products (i.e., Solar PV (Photovoltaic) Modules, solar panels, Solar PV Inverters and other solar products) procured from third-party suppliers. Any increase in procurement costs, supply chain disruptions or shortage of components may adversely affect its business, financial condition and results of operations.

The company is coming out with an IPO of 39,31,200 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 104 per equity share to mobilize Rs 40.88 crore. On performance front, its revenue from operations increased by 205.94% to Rs 9,321.49 lakh for FY 2026 from Rs 3,046.86 lakh for FY 2025. Profit after tax has increased by 257.72% from Rs 285.18 lakh for FY 2025 to Rs 1,020.14 lakh for FY 2026.

Meanwhile, it intends to expand its business operations by entering into the manufacturing segment of solar panel recycling and silver extraction production line, manufacturing of structures for solar roofing and mounting applications and Solar frame production line. Currently, it is primarily engaged in providing and sale of solar EPC solutions, including design, engineering, procurement, installation, testing, commissioning and maintenance of rooftop solar systems. At present, the components/products required for execution of its projects are procured from third-party vendors and suppliers. Going forward, it intends to establish an in-house manufacturing facility in order to strengthen its operational capabilities, achieve higher efficiency, reduce lead times and ensure better quality control over key components/products used in its operations. Proposed facility will provide advantages of backward integration, reduce dependency on third-party vendors, improve operational efficiencies and strengthen the overall profitability of the company.

LCC Projects

• LCC Projects is coming out with a 100% book building; initial public offering (IPO) of 3,01,46,151 shares of face value Rs 5 each in a price band Rs 139-146 per equity share. 
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on September 09, 2026 and will close on September 11, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 5 and is priced 27.80 times of its face value on the lower side and 29.20 times on the higher side.
• Book running lead manager to the issue is Motilal Oswal Investment Advisors.
• Compliance officer for the issue is Gayatri Desai. 

Profile of the company

LCC Projects is a multidisciplinary engineering, procurement and construction (EPC) company in the irrigation and water supply projects segment from Gujarat. The company is a multidisciplinary large corporate EPC company from Gujarat, poised to undertake infrastructure projects across 12 states in India. Over a period of two decades (including projects undertaken through the partnership firm prior to conversion to the company), it has executed a wide range of projects in the irrigation and water supply segment such as construction of dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, water supply schemes, and other EPC projects. Additionally, it has executed a project related to the construction of metro rail project including construction of station along with its approaches and viaducts and are in the process of executing a mining development and operations (MDO) project.

Further, it has established a manufacturing unit, strategically located in Jaspur, Gujarat, for the production of precast concrete solutions for the infrastructure and construction industries. This unit has been set up to manufacture precast concrete elements, which are cast and cured in a controlled factory environment before being transported to construction sites for installation.

The company has experience of executing projects across diverse geographic locations in India. For instance, it has diversified its geographical presence in the construction and development and execution of projects in various states of India, such as Madhya Pradesh, Gujarat, Odisha, Maharashtra, Chhattisgarh, Jharkhand, Uttar Pradesh, Haryana, Himachal Pradesh, Rajasthan, Andhra Pradesh, and Karnataka. It has undertaken projects with different levels of complexities in relation to project execution such as managing water flow dynamics, ensuring structural stability, mitigating geographical challenges like uneven terrain and soil conditions, construction in hilly terrain slope protection and rock fall protection due to high rainfall.

Proceed is being used for: 

• Purchasing equipment
• Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company
• General corporate purposes

Industry overview

Agriculture and allied activities form an integral part of the Indian economy and currently, around 18% of India’s Gross Value Added (GVA) is contributed by this sector. India, possessing around 4% of the world’s water resources supports a population of 1.4 billion. Limited water resources for agricultural activities, coupled with erratic monsoons and change in weather patterns, intensifies the need for efficient irrigation practices so as to ensure reduction of water stress in the country. Furthermore, this has resulted in irrigation systems becoming critical in maximizing agricultural output and ensuring food security for the nation. The disparity between availability of water and the actual demand for it necessitates innovation and sustainable management practices in the agricultural sector.

The agricultural sector of India employs an estimated around 45% of India’s workforce and comprises an estimated around 15% of India’s GVA, making itself pivotal to the economy. However, traditional farming methods often yield less efficiency and productivity. This led the Government of India (GoI) to bring about the fourth agricultural revolution known as Agriculture 4.0. This initiative aims to improve yield quality and precision, while minimizing environmental damage, leading to more efficient and sustainable farming methods. Despite recent global headwinds, the sector has shown resilience and has even been a driving force to boost the economy forward. During the First Five Year Plan, India had 74 major and 143 medium irrigation projects. This number increased significantly with the government taking up 406 major, 1135 medium and 259 ERM schemes during FY1951 to FY2012 (end of XI Plan). 231 major, 880 medium and 122 ERM projects have been recorded as completed by end of XI Plan.

The irrigation sector forms the backbone of India’s agricultural landscape, playing a crucial role in ensuring food security, improving climate resilience, and stabilising farm incomes. Strengthening this sector through the development of robust infrastructure, modernisation of irrigation systems, and the promotion of sustainable water management is essential to enhance productivity. To achieve this, the Government of India has introduced several targeted programmes and schemes that encourage the adoption of water-efficient irrigation practices. The flagship scheme, Pradhan Mantri Krishi Sinchayee Yojana (PMKSY), has been central to this effort by improving irrigation coverage, promoting innovative techniques, and providing financial support for sustainable practices. Within this framework, the Per Drop More Crop (PDMC) initiative, which has been implemented under the Rashtriya Krishi Vikas Yojana (RKVY) since 2022–23, focuses on strengthening and incentivising micro-irrigation projects. Together, these initiatives aim to expand cultivable areas with reliable water access, enhance water use efficiency, and modernise irrigation methods, ultimately making farming more sustainable and resilient. 

Pros and strengths 

Multidisciplinary EPC company in India for irrigation and water supply projects: The company is a multidisciplinary EPC company in India. It focuses on complex projects and has a strong track record in successful project management, execution and timely completion of irrigation and water supply projects across India, with a majority of its projects being executed ahead of or on schedule.  As of March 31, 2026, the company has a track record of completing 80 projects for various Government departments and other customers. Its track record showcases its ability to capitalize on its design and engineering capabilities, execution expertise, and effective internal systems. Its skilled workforce, supported by an execution-driven culture, is as an integral factor of its success. Further, its ability to leverage its experience in executing projects across India provides it with a significant advantage in project execution and timely delivery. By consistently demonstrating its ability to handle large-scale projects and leveraging its project management and execution capabilities, it is well-positioned to pursue new opportunities across geographies.

Strong order book and diversified project portfolio: In the industry in which it operates, an Order Book holds significant importance as it represents the estimated contract value of the unexecuted portion of a company’s existing projects and provides visibility on possible future revenues. Its order book has grown from Rs 62,689.68 million as of March 31, 2024, and to Rs 78,821.71 million as of March 31, 2025 to Rs 79,531.81 million as of March 31, 2026. Its order book is diversified across business verticals. Albeit irrigation and water supply projects form the largest part of its Order Book, it has different components which ensure that its Order Book continues to remain diversified. In an industry which requires significant working capital management, managing large equipment and materials along with manpower resources, it is vital for it to be selective and careful while expanding its business. The consistent growth in its Order Book is a result of its extensive experience, its commitment to maintaining quality standards and its project execution skills. The growth in its Order Book has also contributed to its strong financial performance. Further, its financial strength also enables it to access additional bank financing, which in turn, will enable it to bid for additional projects which will help it builds a strong order book.

In-house project designing capabilities with robust technical knowledge: It has qualified in-house teams who are responsible for different aspects of its projects starting from identifying prospective projects to the operation and maintenance of the projects. It is able to undertake a significant number of activities related to the projects in-house, thereby ensuring timely completion of its projects, reducing its reliance on third parties and decreasing its costs. Its integrated structure also allows it to control its budget and maximize returns for the project, including the operation and maintenance margins. The company has an in-house design and engineering team comprising 698 qualified engineers and technical personnel as on July 31, 2026. The average work experience of its design team members is over five years. The company is also focused on ensuring that each project is executed in conformity with the work description provided in the contracts and adheres to the quality and standard of construction associated with the company.

Strong risk management, project selection and dispute resolution processes: It recognizes the inherent risks prevalent in the infrastructure sector and have set up a risk management system that assists in identifying, measuring and monitoring the various risks that may arise in its operations. Its project selection process focusses on finding and winning projects in which it expects to have steady cash flows through periodic payments, which it expects will allow it to stay cash flow positive throughout the project lifecycle. It has a team of experienced Senior Management within the company that is responsible for analysing and evaluating all proposed new bids and investments. Their assessment includes a review of various aspects, including credit risk, market risk, and operational risk associated with such bids or capital expenditures. its risk management processes span the entire project lifecycle. At the pre-tendering stage, the risks that it evaluates include customers risk, project risk and joint venture risk. The teams involved in analysing these risks include business development executives, the tendering team and the strategy team. At the tendering stage, detailed analysis is done towards scope of work, construction method, estimates of construction materials and equipment. age, detailed analysis is done towards scope of work, construction method, estimates of construction materials and equipment. This analysis is prepared by the techno commercial team along with the risk management team and shared with the business unit head along with a risk pricing plan and a risk mitigation plan.

Risks and concerns

Significant dependence on top ten customers, primarily state and central government departments: The company derives a significant portion of its revenue from operations from its top ten customers which are primarily state and central government departments and thus it is majorly dependent on these state and central government departments. Revenue from its top ten customers comprise a significant portion of its revenue from operations i.e. 72.30% for Fiscal 2026, 84.10% for the Fiscal 2025, and 82.76% for the Fiscal 2024. Any failure to maintain its relationship with these customers, any adverse changes affecting their financial condition or the loss of any of its customers will have an adverse effect on its business, results of operations, financial condition and cash flows.

Geographical concentration in Gujarat and Madhya Pradesh: Its operations are geographically concentrated in the states of Gujarat and Madhya Pradesh. Its revenue from operations from Gujarat accounted for 39.64%, 35.52% and 10.97% in Fiscals 2026, 2025 and 2024, respectively. Its revenue from operations from Madhya Pradesh accounted for 36.58%, 45.41% and 66.03% in Fiscals 2026, 2025 and 2024, respectively. This concentration of its projects in the states of Gujarat and Madhya Pradesh heightens its exposure to adverse developments related to regulatory, political, as well as economic, demographic and other changes in the respective states of as well as the occurrence of natural and man-made disasters, which may adversely affect business, results of operations and financial condition in the respective states.

High dependence on Jal Jeevan Mission for order book: A significant portion of its order book is derived from Jal Jeevan Mission projects. For Fiscal 2026, projects under the Jal Jeevan Mission constituted 19.54% of its total Order Book, amounting to Rs 15,550.07 million. Further, for Fiscals 2025, and 2024, projects awarded under the Jal Jeevan Mission constituted Rs 20,411.49 million, and Rs 28,053.98 million of its total order book, amounting to 25.90%, and 44.75% respectively. Any adverse changes in policy, funding, or implementation of this mission could lead to delays, cancellations, or reduced opportunities, which may negatively impact its business, results of operations, and financial condition. Further, its dependency on the Jal Jeevan Mission exposes it to concentration risks both in terms of geography and customer profile. A decline in the scale of the scheme or reduced participation by states could materially impact its revenues, cash flows and overall financial performance.

Dependence on customers for land acquisition and statutory clearances: Its infrastructure projects, particularly those related to irrigation and water supply, often require significant land acquisition and may impact local communities, which can lead to resistance and opposition. The construction and operation of its projects may face opposition from local communities and special interest groups, which can result in delays or disruptions. Key challenges include delays in the acquisition of private land, securing rights of way, eviction of encroachments, and obtaining environmental clearances, which are typically the responsibility of its customers. A failure by its customers to acquire the necessary land free of encumbrances and on time can cause significant project delays, cost overruns, or even force it to alter or abandon projects altogether. Any significant delays in the completion of its projects on account of the aforementioned factors could lead to the termination of its contracts, cost overruns, or claims for damages, which could have an adverse effect on its cash flows, business, results of operations, and financial condition. Furthermore, these issues can lead to disputes and crossclaims for liquidated damages between it and its customers.

Outlook

LCC Projects is engaged in the business of designing, construction, and operation and maintenance of roads and highways, bridges, irrigation and mining projects, construction of commercial buildings, and other ancillary services like toll collection, operation and maintenance of highways. This includes Water and Wastewater Treatment Plants (WWTPs). WWTPs include Sewage Treatment Plants (STPs), Common Effluent Treatment Plants (CETPs), along with Sewerage Networks, Water Treatment Plants (WTPs) and Water Supply Scheme Projects (WSSPs). On the concern side, its business significantly depends on its ability to successfully bid for and acquire projects in the irrigation and water supply projects segment. In the Fiscals 2026, 2025, and 2024, its bid success rate was 13.53%, 21.35%, and 22.89%, respectively. Its inability to successfully bid for and acquire new projects in the irrigation and water supply projects segment could have an adverse effect on the growth of its business.

The issue has been offering 3,01,46,151 shares in a price band of Rs 139-146 per equity share. The aggregate size of the offer is around Rs 419.03 crore to Rs 440.13 crore based on lower and upper price band respectively. Minimum application is to be made for 102 shares and in multiples thereof thereafter. On performance front, its total income increased by 23.75% to Rs 36,394.54 million for Fiscal 2026 from Rs 29,410.13 million for Fiscal 2025. Its profit after tax increased by 28.09% to Rs 2,864.41 million for Fiscal 2026 from Rs 2,236.25 million for Fiscal 2025.

Meanwhile, it intends to further develop its long-standing customer relationships by continuing its focus on quality in delivery and execution. Through client interaction, real-time reporting implemented under its stakeholder communication system, its project management teams closely monitor client satisfaction and are responsive to their evolving needs. The company possesses a track record of timely project completion through competent and experienced project management teams and active promoter engagement. In line with the same, completing its customers’ projects in a timely manner whilst upholding the high standards of quality, is the most effective manner in which it can develop and maintain strong relationships with its customers.