LCC Projects Limited – Investor Presentation Summary
Key Operational Highlights
- Achieved 34% year-on-year growth in execution during Q2 FY27 despite seasonal monsoon disruptions
- Working capital days improved to 40 days as of September 30, 2026 from 45 days as of March 31, 2026
- Strong headroom in non-fund based limits with over 35% remaining unutilized
- Company has delivered 80 projects for various government departments and other customers
- Geographical presence across 12 states with planned expansion in Bihar and Goa
Key drivers of operational performance:
- Disciplined project selection and execution strategy
- Enhanced working capital management and improved operational efficiency
- Skilled workforce of approximately 700 qualified engineering & technical staff
- Complete in-house expertise from project identification to operation & maintenance
Segment-wise Performance
Not Specified
Financial Highlights
Q2 FY27 Performance:
- Revenue from Operations: ₹8,857 million (34% YoY growth)
- EBITDA: ₹1,369 million (46% YoY growth)
- EBITDA Margin: 15.5% (vs 14.2% in Q2 FY26)
- EBIT: ₹1,303 million (52% YoY growth)
- EBIT Margin: 14.6% (vs 12.8% in Q2 FY26)
- PAT: ₹770 million (58% YoY growth)
- PAT Margin: 8.6% (vs 7.3% in Q2 FY26)
- Basic & Diluted EPS: ₹2.6
H1 FY27 Performance:
- Revenue from Operations: ₹16,883 million (5% YoY growth)
- EBITDA: ₹2,564 million (16% YoY growth)
- EBITDA Margin: 15.2% (vs 13.8% in H1 FY26)
- EBIT: ₹2,464 million (18% YoY growth)
- EBIT Margin: 14.5% (vs 12.9% in H1 FY26)
- PAT: ₹1,427 million (13% YoY growth)
- PAT Margin: 8.4% (vs 7.8% in H1 FY26)
- Basic & Diluted EPS: ₹4.8
Drivers of financial performance:
- Robust execution growth despite monsoon disruptions
- Effective cost management and operational efficiencies
- Disciplined project selection strategy
Geographical Revenue Split
Not Specified
Balance Sheet Snapshot (Consolidated as of September 30, 2026)
- Total Assets: ₹29,056 million
- Total Equity: ₹12,762 million
- Share Capital: ₹1,448 million
- Other Equity: ₹11,220 million
- Non-Current Liabilities: ₹960 million
- Current Liabilities: ₹15,333 million
- Non-Current Assets: ₹3,439 million
- Current Assets: ₹25,616 million
- Cash and Cash Equivalents: ₹2,384 million
- Bank Balances: ₹2,968 million
- Trade Receivables: ₹6,737 million
- Inventories: ₹889 million
- Borrowings (Current): ₹8,331 million
- Trade Payables: ₹3,882 million
Financial Health Insights:
- Strong cash position with ₹2,384 million cash equivalents
- Improved working capital management
- Company raised ₹2,580 million via IPO (Fresh Issue) in H1 FY27
Capex & Cash Flow Health
H1 FY27 Cash Flow (Consolidated):
- Profit Before Tax: ₹1,942 million
- Cash from Operating Activities (Net): (₹1,160) million
- Cash used in Investing Activities (Net): (₹357) million
- Cash Generated from Financing Activities (Net): ₹2,180 million
- Net Change in Cash and Cash Equivalents: ₹663 million
- Opening Cash Balance: ₹1,722 million
- Closing Cash Balance: ₹2,384 million
Investment Rationale:
- Focus on capacity expansion and technology upgrades
- Maintaining robust fleet of modern construction equipment
Strategic & R&D Initiatives
Investments in Innovation:
- Use of cutting-edge software: SCADA, Water Gems, Water Hammer, KY Pipe, Staad-pro, AutoCAD, GIS, E-Survey
- Deployment of advanced tools like soil testing kits and GPS for precise location data
- Investing in advanced technologies like CAD, IoT, SCADA, and ERP
Strategic Rationale:
- Expanding geographical footprint with projects in 12 states and planned expansion in Bihar and Goa
- Diversifying into new EPC portfolio including renewable energy, mining, waste-water management, desalination, railways, metro rail and sewerage network and treatment
- Focus on high-value projects to boost margins and cash flows
Industry Trends & Business Environment
Macro/Industry Trends:
- India needs over $2.2 trillion in infrastructure investment to become a $7 trillion economy by 2030
- $1.5 trillion earmarked under National Infrastructure Pipeline (NIP) for FY2020-25
- Significant NIP allocations target irrigation, river interlinking, and micro-irrigation
- Goal to irrigate ~85 million hectares (~61% of cultivable land) by FY2025
- PMKSY has emerged as key driver with central assistance exceeding ₹64,407 crore
- Union Budget FY2026–27 allocated ₹6,587 crore to PMKSY
- India's irrigation systems market projected to grow at 10.9% CAGR during FY2023–28
Impact on Company:
- Strong government focus on irrigation and water management creates significant growth opportunities
- Company positioned to benefit from massive infrastructure investment programs
Management Commentary & Growth Outlook
Strategic Outlook:
- Focus on complex projects with strong track record in timely completion
- Backed by strong order book of ₹81,540 million and healthy project visibility
- Robust L1 position for projects worth ₹15,828 million as on September 30, 2026
Growth Drivers:
- Expanding geographical footprint across 12 states
- Diverse and optimized project mix
- Enhancing technology infrastructure
- Efficient cost management in relation to project execution
- Skilled workforce & equipment strengthening
Order Book & Pipeline:
- Order Book: ₹81,540 million as on September 30, 2026 (vs ₹79,532 million as on March 31, 2026)
- Orders booking in H1 FY27: ₹16,413 million
- L1 position: ₹15,828 million as on September 30, 2026
Notable Projects
Recent Major Projects:
- Siddhi Bansagar Project, Madhya Pradesh (₹13,865 million, completion 2027)
- Bishrampur Mining Project, Chhattisgarh (₹6,693 million, completion 2030)
- Gandhi Sagar Project, Madhya Pradesh (₹10,490 million, completion 2026)
- Jhajjar Project, Haryana (₹823 million, completion 2026)
- Kushabhadra Project, Maharashtra (₹851 million, completion 2025)
Historical Projects Delivered:
- Kachchh Branch Canal Project Long Canal Syphon (₹1,413 million, 2016)
- Dudhai Sub Branch Canal Project (₹3,202 million, 2021)
- Parbati Dam Project (₹1,463 million, 2023)