LCC Projects Q2 revenue up 34% to Rs 885.7 crore, PAT up 58% as execution rebounds

LCC Projects builds large water infrastructure like canals, dams and piped water networks that carry water to farms and homes across India, describing itself as a multidisciplinary EPC company in irrigation and water supply with focus on complex projects . On October 30, 2026 it reported consolidated Q2 FY27 revenue from operations of Rs 885.7 crore, up 34% year on year, with PAT up 58% year on year, while H1 revenue grew 5% and the order book stood at Rs 8,146.6 crore . The takeaway is a sharp Q2 rebound after a weak Q1, with higher execution and better margins supporting near-term visibility from a large backlog .

Q2 rebound follows a soft Q1

Q2 growth looks strong partly because Q2 FY26 was a low base (Rs 661.3 crore against Rs 945.5 crore in Q1 FY26); across H1, revenue grew only 5%. Management said Q1 execution was hit by supply-chain disruption from global geopolitical tensions leading to shortage of commercial fuel availability and by temporary workmen shortages linked to state elections .

Management added that the situation has since normalized with rising on-ground workforce and better material availability . In Q2, it reported robust 34% year-on-year growth in execution despite seasonal disruptions caused by the monsoon .

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The full-year revenue CAGR for FY24 to FY26 is shown at 21.5% . The financial matrix puts Q1 FY27 consolidated revenue at Rs 802.59 crore , in line with the Rs 802.6 crore shown in presentations .

Total income including other income is shown below on a Consolidated basis.

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Profit grew faster than sales on mix and cost control

EBITDA excluding other income, EBIT and PAT all grew faster than revenue in Q2 and H1. Margins were higher than last year and higher than the FY26 full-year level. Management linked the healthy 58% PAT growth to disciplined project selection and execution strategy .

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Q2 EBITDA rose 46% and EBIT rose 52% year on year, while H1 EBITDA rose 16% and EBIT rose 18% . PAT margins in Q2 and H1 were above year-ago levels and above the FY26 level, as shown in the table above .

Profit before tax on a Consolidated basis is shown below.

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Basic and diluted EPS on a Consolidated basis is shown below.

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Management attributes margin improvement to careful project identification and cost optimisation through optimum planning . It cites strategic pre-bidding with surveys, feasibility, design and cost analysis, with competitive value-based pricing reviewed by top management .

It also cites efficient resource use and expense control, integrated inventory for timely resource mobilisation, and site-level budget discipline with regular reviews . Delivery is supported by about 700 qualified engineering and technical staff and complete in-house expertise from project identification to operation and maintenance .

Technology levers cited include SCADA, Water Gems, Water Hammer, KY Pipe, Staad-pro, AutoCAD, GIS and E-Survey . For risk control, it prefers projects with steady cash flows and milestone-based payment and contracts with escalation clauses to reduce cost overrun risks .

Order book gives about two years of visibility

The order book grew from FY24 to FY26 but slipped in Q2, to Rs 8,154.0 crore at end-September from Rs 8,387.8 crore at end-June. Management frames it as about 2.21 times order book to revenue reflective of future potential, with consistent growth driven by experience, quality standards and execution skills .

The trend below is on a Consolidated basis.

Sources: FY24, FY25, FY26, September 30, 2026 — ; June 30, 2026 — .

The results release puts the September 30, 2026 order book at Rs 8,146.6 crore, with public sector about 75% and private sector about 25% . The presentation puts it at Rs 8,154.0 crore as on September 30, 2026 against Rs 7,953.2 crore as on March 31, 2026 .

The order book comprises more than 100 projects. By count, 75.4% of the company's 116 projects are for government departments and 24.6% for private customers . Management says backed by a strong order book and healthy project visibility, it remains well-positioned to drive sustainable growth and create long-term stakeholder value .

Order inflows and L1 pipeline as disclosed are shown below on a Consolidated basis.

Sources: Year-to-date booking split — ; H1 booking and L1 as on September 30, 2026 — .

The Q1 presentation had shown L1 of Rs 1,767.3 crore alongside the Rs 2,229.1 crore year-to-date booking . The two booking figures do not agree: the results release and the Q1 presentation put FY27 booking at Rs 2,229.1 crore, while the Q2 presentation puts H1 booking at Rs 1,641.3 crore, a Rs 587.8 crore gap the company does not explain . CMD Arjan Suja Rabari said focus on timely project delivery, efficient resource utilization and disciplined project management enabled higher execution while enhancing operating margins .

He added that improved project mix, better operational efficiencies and stringent cost controls contributed to margin expansion .

Project mix is shifting beyond core irrigation and water

LCC remains primarily into execution of irrigation and water supply segments with focus on complex projects and a track record of timely completion mostly ahead of or on schedule . It had presence across 12 states as of September 30, 2026, and the presentation counts 80 completed projects .

Revenue mix on a Consolidated basis is shown below.

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Other projects include mining, road work and metro rail related work . In the Q1 presentation, irrigation and water supply made up 83.3% of projects by type, against 16.7% for other projects .

The company has completed its first metro rail project including station, approaches and viaducts and is currently executing EPC for a mining project . Forward strategy is to diversify into renewable energy, mining, waste-water management, desalination, railways, metro rail and sewerage network and treatment .

It also plans to focus on high-value projects to boost margins and cash flows, and expand from 12 states with planned expansion in Bihar and Goa .

Geographic mix of revenue on a Consolidated basis is shown below.

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Key government clientele named includes Madhya Pradesh Jal Nigam, Indira Gandhi Nahar Project Rajasthan and Department of Water Resources Odisha . Others named are Water Resource Division MP, Sauni Yojana Division Rajkot, Water Resources Investigation Division Gandhinagar and Sardar Sarovar Narmada Nigam Gujarat .

Debt lower relative to equity after IPO, working capital improved

Gross debt as at September 30, 2026 stood at Rs 884.5 crore, with gross debt to equity at 0.70 times . Leverage and net worth on a Consolidated basis are shown below.

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During H1 FY27 the company raised Rs 258.0 crore via IPO in a fresh issue . Balance-sheet total equity was Rs 1,276.2 crore as of September 2026 from Rs 893.2 crore as of March 2026, slightly above the net worth shown in the table above (Rs 1,267.2 crore and Rs 888.4 crore) .

Borrowings split on a Consolidated basis is shown below.

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Cash and cash equivalents were Rs 238.4 crore and bank balances were Rs 296.8 crore as of September 2026 . Working capital days improved to 40 days as of September 30, 2026 from 45 days as of March 31, 2026, reflecting enhanced working capital management and improved operational efficiency .

Over 35% of non-fund based limits remained unutilised, which management says enhances capacity to bid for larger projects .

Two October wins fall outside the H1 total

Two orders announced in October came after the September 30, 2026 cut-off and so sit outside H1 booking. Details are shown below.

Sources: Jamnagar commitment — ; Rajkot tender acceptance — .

Together the two October wins total Rs 213.89 crore and will add to future backlog rather than the H1 total .

Demand outlook tied to government water spending

Management frames demand around irrigation and water security . It notes India needs over 2.2 trillion dollars in infrastructure investment to become a 7 trillion dollar economy by 2030 .

It adds that 1.5 trillion dollars was earmarked under the National Infrastructure Pipeline for FY2020-25, with significant allocations targeting irrigation, river interlinking and micro-irrigation .

On agriculture, it cites a goal to irrigate about 8.50 crore hectares, about 61% of cultivable land, by FY2025 . It puts India irrigation systems market growth at 10.9% CAGR during FY2023-28 .

Growth drivers cited include limited water resources with erratic monsoons, the Micro Irrigation Fund operationalized by NABARD in 2019-20 with initial corpus of Rs 5,000 crore, and the National Perspective Plan for inter-basin transfer . Other drivers are watershed measures such as rainwater harvesting and groundwater recharge, and drip and sprinkler technology .

Government scheme progress as cited is shown below.

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Management says India irrigation and water management offers significant opportunities supported by government emphasis on water conservation, agricultural productivity and sustainable irrigation infrastructure . It adds that its healthy order book provides strong revenue visibility for sustaining execution momentum, with selective evaluation of new projects aligned to execution strengths and profitability objectives .

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Sources

1. 1 LCC Project Limited has informed the Exchange regarding a press release dated October 30, 2026 titled "Revenue from Operations in Q2 FY27 at Rs. 8857 mn, up by 34% y-o-y Robust Order Book ....
2. 2 Investor presentation, 2026-10-30
3. 3 Investor presentation, Oct 2026
4. 4 LCC Projects Ltd — historical financial matrix and financial statement analysis
5. 5 LCC Projects Ltd - 544918 - Intimation Of Receipt Of Letter Of Commitment Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015
6. 6 LCC Projects Ltd - 544918 - Announcement under Regulation 30 (LODR) - Bagging/receiving of order(s) or contract(s)