Anand Rathi Urges Investors to Subscribe to LCC Projects Ltd IPO

On September 7, 2026, Anand Rathi released a research note that essentially says: if you’re looking for a fresh IPO to add to a long‑term basket, LCC Projects Ltd is worth a closer look. The brokerage has slapped a “Subscribe – Long Term” rating on the issue, urging investors to hop on board.

LCC Projects Ltd is not a brand‑new player. It is a multidisciplinary engineering‑procurement‑construction (EPC) firm that has spent more than two decades building India’s irrigation and water‑supply backbone. Think dams, barrages, weirs, canals, lift‑irrigation systems and village‑level water distribution networks. Its footprint now spans 12 states, catering mainly to central and state government agencies.

From a valuation perspective, the numbers look fairly comfortable. At the top of the price band, the company trades at roughly 14.8 times its FY26 earnings (P/E) and about 9.6 times FY26 EV/EBITDA. That translates into a post‑issue market cap of around ₹42,292 million. Given a robust order book and steady earnings growth, the analysts believe the pricing is justified.

Why does Anand Rathi feel bullish? The firm points to three things: a healthy pipeline of water‑related projects that are likely to stay funded, earnings momentum that should accelerate as projects move into execution, and a sector outlook that remains positive amid government push for agricultural and rural water infrastructure.

In short, the recommendation isn’t a fleeting hype. It’s grounded in concrete project data and a sector that enjoys policy tailwinds. As always, investors should do their own homework and consider their risk appetite before committing.

Disclaimer: The views expressed are those of Anand Rathi and do not constitute investment advice from Moneycontrol. Readers are advised to consult a certified financial professional before making any investment decisions.