VVIP Infratech Ltd. Share Price

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.

Faalcon Concepts has informed that the Company has completed the dispatch of the Notice of the 08th Annual General Meeting and the Annual Report of the Company for the financial year ended March 31, 2026 on September 05, 2026. In compliance with the provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company has enclosed copies of newspaper advertisements regarding the 08th Annual General Meeting of the Company published on September 05, 2026, in the newspapers: a) Financial Express of (in English); and b) Hindi edition of Jansatta (in Hindi). 

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